Bitcoin Private Fork Aiming To Make Bitcoin Anonymous
Bitcoin’s newest fork is only a few weeks away, and it’s a bit different from the rest. Instead of just tinkering with Segwit or adjusting block sizes, Bitcoin adds private (BTCP) zk snarks. The privacy enhancement feature is best known for its use in the Z coin family, including zcash, zclassic and zencash. This is not surprising given that Rhett Creighton, who is simultaneously manufacturing Bitcoin and Zclassic on February 28, is creating BTCP, which will be available to holders of both coins.
The task of making Bitcoin private again
Bitcoin Private Fork Aiming Bitcoin Anonymous Like All Forks Bitcoin Private is not without controversy. Bitcoin’s underlying code has not changed significantly over the years, but has the ability of law enforcement agencies, the IRS, and other busy bodies to investigate blockchain activities. While bitcoin could be used on the Internet and elsewhere with a reasonable privacy assumption, it carries risks today. The rise in privacy coins like Monero is a direct answer to this gradual erosion of privacy.
On February 28th, a snapshot of the zclassic and bitcoin blockchains will be made, and the owners of each cryptocurrency will be admitted to Bitcoin Private, distributed in a 1: 1 ratio, as soon as the BTCP Mainnet launches a few days later. The combination of the BTC and ZCL rounds will create a total of 20 million coins. When the fork was announced late last year, zclassic’s price rose from around $ 4 on December 22 to its current price of around $ 97. For anyone who wants to claim their maximum allocation of Bitcoin privately, it makes sense to load on zclassic, since it is orders of magnitude cheaper than Bitcoin even at $ 100. As the date gets closer to the hard fork, Zclassic will probably continue to climb.
Smart Thinking or Cynical Ploy?
Unlike most bitcoin forks, BTCP seems to be well thought out. It has a real development team and the code is currently undergoing extensive testing. One of the reasons why the Fork Date was recently announced was that BTCP wallets should be thoroughly tested. While it’s too early to claim that the fork gets along without incident, the signs look promising. Many of the most recent Bitcoin forks, by contrast, have encountered little github activity and bad wallets. The BTCP team was eager to avoid repeating problems like Bitcoin Gold.
Bitcoin Private is the fork with the goal to make Bitcoin Anonymous again
The biggest question that concerns the launch of Bitcoin Private is why? Why bother implementing a privacy technology that already exists in zclassic and its coin family? The second question surrounds what happens to Zclassic after the branch. Rhett Creighton has stated that ZCL’s development continues to be supported, but after launching BTCP, there seems to be little purpose for its existence. It is generally expected that Zclassic will ease the consequences of the diversion. And finally, the question arises, which stock exchanges support the BTCP.
As is currently the case, Bittrex and Cryptopia are the only major exchanges on which zclassic can be traded. It is assumed that these platforms will distribute BTCP, but there is still no confirmation. The Coinomi wallet has at least confirmed that it will support the fork, and the BTCP team has applied for admission to Binance. ZCL holders also have the option of storing their coins in front of the fork in the Electrum wallet. Last but not least, it will be interesting to see how many Bitcoin holders claim their BTCP. The results should give an indication of how much bitcoins value their privacy. However, should BTCP achieve any kind of market value, many will simply claim their free allocation for withdrawal.