Sunday, December 26, 2021

Bitcoin Private – the Way Forward for Zclassic

What is Bitcoin Private?

Bitcoin Private is a cryptocurrency that was forked from Zclassic and Bitcoin in March 2018. The project aims to adopt privacy on the blockchain while providing a standard user-friendly service similar to Bitcoin and Bitcoin Cash. Although the community largely runs it, a group of coders and scientists is actively involved in its development.

Privacy for the people

The technology behind BTCP, zk-SNARKs, is based on the Zerocash protocol developed by American and Israeli scientists to achieve enhanced privacy in payment transactions. It uses a variant of zero-knowledge proofs that allows one party to prove to another that a certain statement is true without revealing any of its details. When it was implemented in Zcash (ZEC) in 2016, some were dissatisfied with the hefty Founder’s Reward built into that project. Zclassic (ZCL), an identical coin without the fee, was launched barely a week later. As a fork of Zclassic, Bitcoin Private has the same ASIC-resistant Equihash Proof-of-Work (PoW) algorithm, meaning that there is an excellent climate for mining.

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Stronger Together

the project stagnated. As soon as it was announced that BTC and ZCL holders would receive BTCP in an airdrop at a 1:1 ratio, the new coin received great attention and support, which led to massive price appreciation. Unfortunately, Zclassic failed to attract a significant user base, and the project stagnated without a way to incentivize and reimburse the developers financially. By leveraging Bitcoin’s global brand recognition and the innovative technology from Zcash, Bitcoin Private aims to establish itself as the most trusted privacy coin out there. Only time will tell whether the project will achieve its long-term goals. However, it has a working product, a large community of fans, and dedicated users.

Where to store Bitcoin Private?

Whether you are a security expert or a brand new user, with our Magnum Wallet, you can manage and exchange your BTCP securely and efficiently. Magnum Wallet offers a fully decentralized way with which only you can control your private keys and funds. And if you still haven’t claimed your BTCP, Magnum will do it for you with just one click.

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