Review on BitcoinZ by Freedom Miner
BitcoinZ has a powerful but not very slick secret...Solid Governance.
There are over 15,000 cryptocurrencies in the world as I write this review and while it is near impossible for anyone to review them all, I can share some of my views on BitcoinZ and how it compares to hundreds I have done a deep dive on. I have been involved in the cryptocurrency space for nearly 6 years starting with some early mining of Bitcoin (and lost them when there were only worth pennies). I love Bitcoin and believe in it as a project, but over the years I have noticed it getting caught up on a lot "analysis paralysis" on growing the technology and adding real value beyond the white paper. Lots of opinions and lots of drama has taken place in that community and it has left a mark for sure on the coin, namely it is slow to make progress. It is also not as private as the world needs which is fine as there are other cryptos for that purpose.
BitcoinZ is not the first privately focused coin, but it is the only one I am aware of that had no pre mine, no initial handouts of coins to friends and family, and no Corporation, University, Government, or other official organization behind it. Rather just a bunch of near strangers getting together to start something community based and fair for all now and into the future. It all began in 2017 with very humble beginnings and it caught my eye. This is in contrast to MANY other coins that spun up at the same time that had very slick marketing, famous figures heads, pre mines and other techniques to lure people in. It work and some of them even worked on me as I mined/invested in some only to later discover they were nothing more than hype and essentially a scam (some in litigation to this day).
Meanwhile I noticed that of the 15 coins I was mining only BitcoinZ retained their miners during the 2018 crypto price drop, whereas many other coins lost nearly all of miners in a matter of months. Some had ZERO miners and were essentially abandoned projects. Ironically many of these types of coins score higher on coin market cap than BitcoinZ even to this day...how? I have no idea, but as they say, there is a sucker born every minute.
Here we are 3 years later and despite a downturn in the overall crypto market and many miners not even breaking even on electricity costs, BitcoinZ still has a dedicated mining community. Further, the rest of the BitcoinZ team are constantly heads down, focused and trying many things to see what sticks and adds value to the coin. This is all great, but what really sets this coin apart from many many others is not all the great things above including its fair approach, but its solid and functional governance processes. This cannot be emphasized enough and it is what will get BitcoinZ noticed by smart people in due time. Slick marketing and a wonderful vision is great, but actions speak louder than words and without a killer governance to actually get things done, nothing does. Even the mighty Bitcoin that started it all, needs better governance, but it is hard to implement once the train has left the station and millions are involved all with conflicting views and priorities. I believe this is the biggest issue with crypto and is a design flaw few cryptocurrencies have addressed like BitcoinZ has.
I am not writing this review as a way to convince you the reader to get involved with BitcoinZ. Not my style. Rather, I wrote this review to put some thoughts out there and encourage you to do your own investigation on this coin and any coin you decide to get involved with. I did this, and in fact continually reevaluate to determine if I should still continue to support as plenty of great coins died on the vine with thousands still hanging around unaware it even died. Comically so. With BitcoinZ I am happy to see a happy, humble community that just wants to build a great cryptocurrency that takes the learnings from the space and implements them in ways that are fair for all involved. It reminds me of Bitcoin in the early days before the lack of solid governance started to really impact the project. Maybe you have not missed the crypto boom, as perhaps 3, 7, 10, 20 years down the line, those cheap 2020 BitcoinZ coins will be worth 10,000 times more. I wish I foresaw this when I held Bitcoin as I would more than just mine BitcoinZ, I would invest Millions as this is truly the people's coin and has potential not see in many places. Reject slick marketing and look for signs of real value as words are cheaper than actions.
Pros
- Benchmark Governance and Continuous Improvement
Cons
- Missing the slick marketing many seem to be drawn too
