We are in a new phase of evolution in Bitcoin and the Cryptocurrency Era. Investment on a global scale will pour in faster than we can keep up with, creating the perfect storm for hackers, government and the rest to target your wealth; but anonymity, without more, simply isn’t enough. For example, Bitfury’s de-anonymizing of 15% of Bitcoin’s blockchain exposed investor bitcoin address, location, and even identity. These type of ledgers leave an investor’s identity and account balance vulnerable to hackers, cartels, criminals and the government. The inability to protect one’s own personal identifying information (PII) is a problem that desperately needs a solution. The solution is here, and its called (wait for it) Bitcoin Private (BTCP).
Bitcoin Private, the product of Bitcoin’s upcoming hardfork with ZClassic has a snapshot date of February 28th 2018, will utilize the best of Bitcoin and Satoshi’s vision combined with proven privacy technology called ZKSnarks from ZClassic to bring privacy to the blockchain. It will utilize GPU mining, offering miners all around the world an alternative to the more expensive ASICS equipment. The lead developer Rhett Creighton proves wise in his development strategy by observing the communities pulse and analyzing the long-term effect on BTCP. Bitcoin Private will provide an even better inflationary rate than Bitcoin and with its added privacy element, will become the scarcest coin on the planet.
The Beginning
Prior to Bitcoin, our faith and trust in currency was strongly tied to fiat, issued by Government Tied Entities. On the American Dollar, you’ll find In God We Trust. This statement proposes something inherent in nature, to say that our faith isn’t in Government but to a higher power that ties every human being together, so we trust it. The issue is that we still count on a third party to provide that trust and unfortunately it hasn’t worked out so well. Satoshi Nakamoto introduced to the world a solution for peer to peer transactions that eliminated the need for trust in a third party as well as a solution to double spending by creating Bitcoin; electronic transactions verified by proof of work and recorded across the globe through nodes making it virtually impossible or extremely hard to ever stop. This methodology is also known as decentralization. A Bitcoin cannot be printed twice, or fraudulently spent in two places at the same time because the system will disregard any attempt to create fake Bitcoin.
So here we are today, in one of the most important times in cryptocurrency history, where Bitcoin has hit mainstream and the concept of block-chain technology is being studied, debated and regulated by the same system that Satoshi referenced in “the London article”. We give our right to privacy on every app we download and social media site we subscribe to. This has enabled government at large to spy on its citizens, after all, we are willing to give away our right to privacy right? Now we have a peaceful resolution in Bitcoin Private and cryptocurrency at large. No wars need to be fought, legal action taken or anything else other than mass adoption of a coin that brings privacy to the blockchain.
Bitcoin Private incorporates all of the elements referenced in the whitepapers, in addition to adding a much stronger privacy aspect to the coin. Rhett Creighton has always believed in the importance of privacy and the innovation of Satoshi’s revolution that is the foundation of Bitcoin’s infrastructure. And it’s this belief that has inspired Rhett to create Bitcoin Private….a new vision that the BTCP Community will bring to life. Privacy is an inherent right and we don’t need a third party to validate this, instead it has been built into an electronic cash system and that system is called Bitcoin Private.
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Disclaimer: As a blogger and personal investor of cryptocurrencies, anything that I write in connection with cryptocurrency represents a potential conflict of interest. I wish to remain transparent and impartial to the cryptocurrency community at all times, and therefore, the content of my blog posts are for general information purposes only. Nothing that I write should be construed as, or relied upon as, investment, financial, legal, regulatory, accounting, tax or similar advice. Nothing should be construed as a solicitation to invest in any cryptocurrency, and nothing herein should be construed as a recommendation to engage in any investment strategy or transaction. Please be advised that is in your own best interests to consult with investment, legal, tax and/or similar professionals regarding your any specific situation and any specific decisions.