Review on Bitcoin Private by David Olayide
Bitcoin Private: A Privacy Oriented Cryptocurrency
In the world of cryptocurrency, forks are meant to improve upon the perceived faults of the parent currencies from which they have their existence. A fork of a cryptocurrency sets out to improve or correct the mistakes or shortcomings of the cryptocurrency. We have a lot of forks of different cryptocurrencies today. From Bitcoin to Ethereum, to Litecoin and many other cryptocurrencies, forks have become a thing recognized by all in the crypto community.
Bitcoin Private is fork from Bitcoin and of course it is not the only fork we actually have. This coin is however, also a copy of ZClassic because they use the same technology. What we are primarily concerned with now, is to identify what faults this new fork attempts to correct. In case you have noticed, Bitcoin lacks privacy and anonymity. Bitcoin was not created to have privacy features. Every transaction is made publicly available on the ledger.
Bitcoin Private however, provides a certain privacy technology that allows anonymity. The cryptocurrency's database is actually available for viewing and verification due to the fact that it is open source. Transactions can be made between users as no intermediaries are needed in this decentralized system. Bitcoin Private is also faster than Bitcoin because it supports a bigger block size when compared to Bitcoin.
Bitcoin Private has a circulating supply of 4.8 Million BTCP coins and a maximum supply of 21 Million coins. You can get your hands on some of the coins on the cryptocurrency exchange known as TradeOgre which also happens to be the most active market trading it. One thing about most forks, is that they are not as popular as the parent currencies. This one is no exception and not a lot of people are aware of it’s existence. Bitcoin is already a giant in the cryptocurrency world so it would be almost impossible for even forks to catch up.
Pros
- Bitcoin Private offers features of privacy and anonymity
- The cryptocurrency project is more open source oriented
- Much faster than Bitcoin and supports a larger block size
Cons
- Forks are mostly never as popular and we'll accepted as the original cryptocurrency
- Bitcoin is far too expensive for any forks to catch up now
