What is Bitcoin Private? - Everything you need to know

in #cryptocurrency6 years ago (edited)

Bitcoin cryptocurrency is too popular these days as it allows the user to perform the transaction without the involvement of any third party or any intermediate in between.

It is the biggest cryptocurrency all over the world with some margin. Though it is risky and not that much secured. It takes more time than usual to perform payment transactions which might one of the reasons of delay for the actual work due to which investors are looking for better options and also charging High transaction fees for doing payments.

As we are aware that this currency is not owned by anyone specifically to report any such kind of issues either it is related to privacy or performance. Though, these issues cannot be resolved overnight which is also true.

Thus, to overcome such kind of issues, Bitcoin Private comes into the picture.

What exactly Bitcoin Private is??

Bitcoin Private is the digital currency similar like Bitcoin which allows performing peer –to –peer transaction without third-party involvement but under this, transactions are broadcasted and verified by nodes before sending to the miners for final approval.

Let’s check out how Bitcoin Private Works …

It provides the facility to the user to keep the sender, receiver and amount private from the other users. As it provides privacy to the people involved in that transaction by hiding their details.

It uses the different mining algorithm named as Equihash which offers many advantages over Bitcoin.

Though, Bitcoin Private is an open source, decentralized and faster Cryptocurrency that has bigger block size approx. 2MB and block time is also less round to 3 minutes which is better than Bitcoin.

Bitcoin Private first pull request was made in December 2017. From that time, it’s making a place in the market and overwhelmed by their users due to their privacy and security features.

Why Use Bitcoin Private (BTCP)?

It is the hard fork which provides the privacy as similar to ZClassic these days, though they are nowhere near to privacy level provided by zk-snarks for privacy. Still, they have reasons due to which people are opting for it.

Hard Fork basically means a single cryptocurrency which splits into two i.e. old and new versions. It happens when the existing cryptocurrency code is changed or modified. BTCP is co-forked by BTC (Bitcoin) and ZCL (ZClassic technology).

To continue reading click here: https://cointopper.com/guides/everything-about-bitcoin-private-cryptocurrency

Follow Us

Website: https://cointopper.com

Twitter: https://twitter.com/cointopper

Coin Marketplace

STEEM 0.35
TRX 0.12
JST 0.040
BTC 70884.24
ETH 3570.27
USDT 1.00
SBD 4.76