Bitcoin Private (BTCP) is the latest proposed fork to occur on the Bitcoin network and will seek to address concerns regarding user privacy by adding zk-Snarks. The fork was designed by Rhett Creighton who previously made this feature popular in the Z cryptocurrency family such as zencash, zcash, and zclassic. The fork will occur on February 28.
Crypto forks are usually done under a cloud of controversy, and this is no different when it comes to BTCP. While the Bitcoin network has remained more or less the same ever since its establishment in 2009, law enforcement and regulatory agencies all over the world have tightened their respective policies to such a degree that any blockchain-related activity has become subject to severe scrutinization.
Previously, a bitcoin could be used anywhere online, be it in the Deep Web or anywhere else without anyone knowing or caring. However, this privacy has since been forfeited ever since bitcoin entered the mainstream finance landscape last year. While several crypto enthusiasts have flocked to more privacy-orientated cryptocurrencies, such as Monero, some believe that BCTP is the answer to the network’s decline of privacy.
On the day of the fork, a snapshot will be taken of both the bitcoin and zclassic blockchain, after which each holder of the respective cryptocurrency will receive their share of BCTP on a 1:1 ratio after the BTCP mainnet has officially launched. BTCP will have a total of 20 million coins which will see the combination of both ZCL and BTC.
Ever this the announcement of BTCP, the zclassic coin has significantly benefited which can be witnessed in the sudden price increase from $4 to $97 in just a few weeks. Ever since its involvement with Bitcoin, zclassic has become a much more lucrative coin, since it is easier for investors to buy zclassic than Bitcoin.
Despite the criticism, BTCP seems promising simply because the fork has been planned correctly. An excellent development team leads the fork and the code has been subject to adequate testing, to make sure that it is stable and is capable of meeting the demands of the network.
The team has delayed announcing a definite date for the fork to occur since they insisted on allowing enough time for BTCP wallet testing. While it is probably too early to predict success or failure, so far BTCP shows signs of promise, especially compared to previous disastrous forks, such as Bitcoin Gold.
However, a significant portion of the crypto community is still not entirely sure why this fork is strictly necessary, while another part has been asking what exactly will happen to Zclassic after the fork is complete? According to Creighton, Zclassic will continue, but this hardly seems necessary after combining the network with Bitcoin. So far, many have predicted that Zclassic would undergo a mass dumping shortly following the fork, but this is impossible to confirm with any certainty.
Currently, only Cryptopia and Bittrex have support for trading Zclassic. So far it has been assumed that these two platforms will also trade in BTCP, but neither platform has confirmed this yet. According to the BTCP team, Binance will list the cryptocurrency while Coinomi wallet has confirmed that they will add support for BTCP. If nothing else the latest fork will be an interesting experiment to see how many bitcoin users will bother to claim their fork generated funds.