This video explains everything about Bitcoin Private (BTCP). What it is, how you can mine it, and even get it for free!
Below is the video transcript:
Hello guys. Hope you all are doing great. So recently a new cryptocurrency is trending on the web. I am not surprised since it happens almost daily, a new crypto is launched and breaks the internet.
But this cryptocurrency, Bitcoin Private, that I'm talking about today is a little bit different which makes it very promising. So, today I'll be discussing all about Bitcoin Private, how to mine it, and how you can even get it for free.
Now before getting into the main topic, let's clear some terminologies first for better understanding. There are two terms that you need to know to understand things better. One is Fork and other is the hard fork.
So basically what a fork means is "change in the source code of a cryptocurrency". It happens when some users of that particular cryptocurrency agree to the change. Now this change can be anything. Any change in the algorithm, or hardening of security, or code improvements for better performance.
When a fork happens for a cryptocurrency, it follows both the codes. The existing ones and the code that is implemented in the fork. In simple terms, fork improves a crypto in many ways. It's just like updating the system software on your smartphone.
Now a hard fork is something different. It happens when some users agree to bring a new feature to the existing blockchain that will change it significantly. So, instead of making changes to the existing code, they pick the old source, make changes to it and declare it as an individual cryptocurrency.
Unlike a soft fork or simply fork you can say where crypto follows both the original source code and the new modifications, a crypto follows only the modified source code in the case of the hard fork. Which makes it a completely new project.
And it's not the first time that Bitcoin is hard forked to a different currency by the community. Bitcoin Cash and Bitcoin Gold are the two most popular and successful hard forks of Bitcoin.
I hope now you understand what a fork and hard fork is if you didn't know already. Now the reason why I emphasized so much on these terms is because Bitcoin Private is based on the hard fork of ZClassic and Bitcoin.
It is derived from the source code of existing Bitcoin's blockchain and ZClassic's blockchain. In layman's terms, you can say that it is the child of Bitcoin and ZClassic. Now lot's of people are confused about why this hard fork thing happened between Bitcoin and ZClassic or was it really necessary.
*Well, everything happens for a reason. Even the Dogecoin has a purpose no pun intended Bitcoin has some limitations and one of them is the transaction speed. *
Bitcoin is much slower in processing transactions and you must have felt that too if you ever sent or received any amount of Bitcoin. It literally takes hours to process a single transaction. Also, Bitcoin lacks privacy too much. I admit it's open source but what if someone requires privacy in his transactions?
Anyone can see your transactions on the blockchain. On the other hand, Zclassic is a private coin and due to less demand, its transaction speed is much faster than Bitcoin. So, Bitcoin Private is a combination which takes advantages of both Bitcoin and Zclassic and aims to fix their weaknesses too.
Now, let's discuss how you can mine Bitcoin Private. To answer that in short, you can't, at least for now! Why? Because Bitcoin Private is not in existence yet. The official snapshot date for the Bitcoin Private fork is said to be on February 28, 2018. So, for now, you can't mine it but once it's released, a wallet is available, and an exchange is ready then you are good to go.
But you can still have Bitcoin Private coins for free. Now that's the best part about Bitcoin Private as compared to the previous forks. If you own Bitcoin or Zclassic or both then you'll receive Bitcoin Private coin at a one-to-one ratio upon the snapshot of the network. For example, if you own 10 Bitcoins and 30 Zclassic then you will get 40 BTCP or Bitcoin Private Coins.
In order to receive BTCP, it is recommended you store your Zclassic and Bitcoin in private wallets to guarantee you receive your tokens. Make sure you don't hold your coins on an exchange because it's not announced yet whether your coins on an exchange will be eligible for this reward or not since you don't hold their private keys.
The total circulating supply for BTCP will be 18.5 million with a max supply of 21 million. Also, if you check the recent graph of Zclassic price and market cap then you can see it's on skyrocket mode. The market’s response to Zclassic being a part of the Bitcoin Private fork is truly spectacular. In less than a week, Zclassic went from roughly $7.50 all the way up to $120, a 1600% price change, taking it from a $4.5 million market cap to a $217 million market cap. That's really amazing. Currently, Zclassic holds a price tag of around $170.
That's it for today. I hope I was able to explain everything about Bitcoin Private. If you liked this video give it a thumbs up. Also, I will really appreciate if you put your suggestions for more content in the comments section below. I will see you guys next time and till then, stay awesome. Cheers!