Review on Bitcoin Private by Stephen Toluwani
Decentralised payment system with a mint of privacy
If you ask anyone what or why they use Bitcoin, one reason they will give you is the note of privacy. But in the actual sense, Bitcoin is not as private as it may seem because for every transaction that goes through ones wallet, gets recorded on the blockchain for everyone to see. That is what Bitcoin Private had come to solve. The issue of privacy is faced squarely as Bitcoin Private, which works more as a fork of Bitcoin, imports zk-snarks technology in order to bring about shielded addresses for transactions, a much needed tool for many interested in the privacy of their funds.
The Bitcoin Private project was said to have come under many heavy scrutiny in regards of proliferating the trading volumes on CEXs of which it was listed on. This scrutiny among other things, crashed the price of the coin from $90 to the coin now Trading in cents. Also, the coin has only managed to secure a few exchange listing.
The coin is still a good value for private centric merchants. The speed is better, fees are lower and tracking is made impossible. So this project still makes the count.
Pros
- Bitcoin Private brings privacy to transactions by adding zk-snarks technology to its underlying code
- Transaction speed is relatively faster than Bitcoin and fees are low
Cons
- Very low value following scrutiny
