cool hit counter The Bitcoin-specific fork that makes Bitcoin anonymous_Intefrankly

The Bitcoin-specific fork that makes Bitcoin anonymous

The latest branch of Bitcoin is only a few weeks old, which is a bit different from the rest. Rather than simply modifying Segwit or resizing blocks, Bitcoin Private (BTCP) adds zk-Snarks. This privacy enhancement is known for Z-series coins like Zcash, zclassic and zencash. This is not surprising, as Rhett Creighton launched both Bitcoin and zclassic on February 28 to create BTCP, which is available to holders of both coins.

The Task of Making Bitcoin Private Again

Like all branches, Bitcoin privatization is not without controversy. Bitcoin's basic code hasn't changed much over the years, but the ability for law enforcement, the IRS and other busy bankers to scrutinize blockchain activity has. Bitcoin today is fraught with risk given that once Bitcoin can be used with reasonable assumptions of privacy in the deep web and elsewhere. The rise of privacy coins such as monero is a direct response to this gradual erosion of privacy.

On February 28, the zclassic and bitcoin blockchains will be tapped, and each cryptocurrency holder will be eligible for bitcoin private status to be distributed in a 1:1 ratio once the main BTCP network launches a few days later. Combined circulating supply of BTC and ZCL for a total of 20 million coins. When the branch was announced late last year, it caused zclassic's bonus to rise from about $4 on Dec. 22 to about $97 currently. For anyone interested in claiming their maximum allocation of bitcoin, it makes sense to load up zclassic, even if at $100 it is several orders of magnitude cheaper than bitcoin. The zclassic will probably rise further as the hardcore days get closer.

Smart thinking or cynical tactics?

Unlike most bitcoin forks, BTCP seems to have been well thought out. It has a proper development team and the code is undergoing extensive testing. One of the reasons why the delivery date was only recently announced was to allow the BTCP wallet to be thoroughly tested. It's too early to conclude that the fork was accident-free, and the signs look promising. In contrast, many recent bitcoin forks have occurred, with low utilization of both Github activity and buggy wallets. The BTCP team has been eager to avoid a repeat of fork issues like Bitcoin Gold.


The biggest question surrounding the privatization of Bitcoin is why? Why spend all that time implementing privacy techniques that already exist in zclassic and its family? The second question revolves around what happens to zclassic after the fork. Rhett Creighton has announced that the development of the ZCL will continue to be supported, but its presence seems to be of little use after the launch of the BTCP. It was widely expected that Zclassic would dump after the bifurcation. Finally, what exchanges will support BTCP.

Currently, Bittrex and Cryptopia are the only major exchanges on which zclassic can be traded. It is assumed that these platforms will distribute BTCP, but this has not been confirmed. The Coinomi wallet has at least confirmed that it will support the branch, while the BTCP team has applied to be listed on Binance. ZCL holders also have the option of storing their coins in an Electrum wallet before forking them. If nothing else, it will be interesting to see how many bitcoin holders are reluctant to ask for their BTCP. The results should show the extent to which bitcoiners value their privacy, no matter how inaccurate. Then, if BTCP reaches any market value, then many will claim that the free allocation is just to cash in.

Would you bother asking for your bitcoin privately? Please let us know in the comments section below.

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