Get Ready for another Bitcoin Fork – Bitcoin Private

There have been a couple of forks of the Bitcoin blockchain previously and these gave rise to new cryptocurrencies that replicated Bitcoin in the forms of Bitcoin Cash (BCH), Bitcoin Gold (BTG) and some others.

There is yet another impending fork of the Bitcoin blockchain. This particular fork has a different objective as compared to previous forks in the sense that unlike BCH that tried to replace and take over original Bitcoin (BTC), this fork aims to improve on existing privacy of Bitcoin transactions. The expected fork which is to be called Bitcoin Private (BTCP) will incorporate zk-Snarks which is used in a number of cryptocurrencies such as zCash. The snapshot for this fork is to take place on Wednesday 28th February, 2018.

A number of people in the crypto community have been concerned about the increasing loss of privacy with Bitcoin transactions. Bitcoin used to be extremely difficult to track but recently it has become quite easy for both legitimate and illegitimate entities to monitor and track Bitcoin transactions.

20 Million BTCPs are expected to be created from this fork and it is to be allocated at a ratio of 1:1 to BTC. What makes this additionally interesting is the fact that Bitcoin will not be the only blockchain forking, zClassic will be forking as well. This means that holders of both BTC and zClassic will likely be getting some free BTCP coins when the fork happens. Since the news of this fork became public, the value of zCalssic has raced from $4 to a high of $96.

Slowly interest in the BTCP fork is gaining interest and there is increasing buzz within and without the community. The team behind this seems to have done some extensive backtesting with more code optimization being carried out to ensure a proper product is released by the time of the fork. The team is led by Rhett Creighton and they are working to rope in as much exchanges as possible to support the currency.

Bittrex and Cryptopia who currently support zClassic transactions are expected to support BTCP as well. A number of wallets and platforms are expected to support this new currency and the next couple of days will see some announcements in this regard.