As the popularity of the crypto market is increasing, developers are introducing numerous new concepts which make this market much more interesting in contrast to other branches of the financial market. You can trading in cryptocurrencies to learn bitcoin trading even if you don’t have any prior experience n bitcoin trading, as it teaches you to trade from scratch, and you will learn to trade independently. Because of this, the market holders of BTC are waiting for the launch of BTCP and trying to understand the nature and features of this digital currency.
Therefore, the Coinprism team offers a unique guide to understanding all the modern technical specifications and advantages of BTCP before it is launched. Furthermore, this guide will decode the distinction between BTCP and Bitcoin (BTC) in the light of underlying technologies and the process through which this cryptocurrency is launched.
About BTCP and BTC
Bitcoin Private is a hard fork of Bitcoin, and it is a digital currency based on the code of Bitcoin, introducing several significant changes. For example, it uses the Equihash algorithm for mining instead of SHA256, which was used by the original Bitcoin. It also introduces the zk-SNARK feature, which allows hiding information about transactions in the blockchain. These changes make BTCP better than Bitcoin by improving transaction speed and privacy protection.
To understand the BTCP, we must compare it with Bitcoin (BTC). Initially, Bitcoin could become an all-time best cryptocurrency choice due to its many advantages, including fast transaction speed and a high degree of anonymity. The drawback is that it has only one coding for mining, so the process of BTC creation is slow. The developers could not find a solution and implement it within the current framework. So they decided to introduce the hard fork, improving the technical concept.
Understanding Bitcoin Private (BTCP):
As we mentioned above, the main aim of the BTCP is to improve transaction speed and privacy protection. So let’s focus on both of them in this section.
Improvement of Transaction Speed:
The main concern for all users is how long it will take to send their funds across the network. The level of improvement will be up to 60% compared to Bitcoin, allowing users to complete transactions faster. The throughput capacity of this cryptocurrency is 2MB, while Bitcoin has only 1MB of block size. It is the main reason why BTCP has better transaction speed.
At the same time, to improve the transaction speed of BTCP, developers have found a way to decrease the amount of required calculation called Equihash. This algorithm can process a large number of transactions within a short time, reducing the total time needed for sending transactions.
Privacy Protection:
Another critical factor is the privacy protection on which this cryptocurrency is based. While Bitcoin cannot offer privacy protection, the BTCP will provide Zero-Knowledge proof making the transactions fully anonymous. This feature allows hiding information about transactions in the blockchain, making it impossible to track where users send their funds. The wallets are also scrambled to protect users’ data and contacts.
To meet the requirements of the new generation of users, BTCP will implement a new feature called zk-SNARKS (Zero-Knowledge Succinct Non-Interactive Argument of Knowledge). This technology allows hiding information about transactions in the blockchain. As a result, the data is scrambled, and tracking where users send their funds is impossible. At the same time, wallets will be encrypted to protect users’ data and contacts.
When will BTCP be launched?
The date of launching a new cryptocurrency is announced by its developers on the official website. And this makes BTCP a unique and reliable project compared to other cryptocurrencies because there is only one time when you can receive a certain amount of assets in exchange for your Bitcoins.
To obtain BTCP cryptocurrency, you need to have a Bitcoin on your wallet or a personal wallet of the developers. Only this way will allow you receive bitcoins generated by mining. You can also buy these assets on exchanges only if they start trading Bitcoins privately, which will happen on the 27th of February.
Conclusion:
Bitcoin Cash was launched in August 2017 and has already gained popularity due to its improvements over Bitcoin. But this currency is not enough because it doesn’t allow users to send and receive BTCP coins. So even though the developers of the Coinprism team bring us this opportunity to obtain BTCP at a better price and with much lower transaction fees, we are still waiting for the launch of this project.
It takes too long to be launched, and most people think that the community behind this currency will abandon its goal. So the only way to be sure about the future of BTCP is to purchase Bitcoin Private at a reasonable price now.
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