An Investment in Bitcoin Private. Why Should You?

in #privacy3 years ago (edited)

First, I will start with a more artistic entry, followed by a more fundamental analysis of the Bitcoin Private [BTCP] development roadmap - from the developers, to the last point in the roadmap. I just need to stretch your mind a bit, in order to contribute to your brain activity, because I want to tell a lot, and of which I have something to say about.
Early summer, time to finish the business related stuff of the year and calmly go for a relaxed vacation and spend time with the family. As this is the only time of the year when many of us can collect their families for a longer period of time and relax together. A time for reflection for all, especially the [men and women] interested in investment. This is the time to reflect on your positions. Bitcoin Private comes to mind.

Bitcoin Private blockchain protocol is not issued using an ICO, but formed by a merge-fork between Zclassic(ZCL) and Bitcoin(BTC). The difference between a hardfork and ICO being that the first does not have the treasury size that your typical ICO collects, at launch. The review of these is essential in understanding its proper potential and the time frame for investment.

As such, there are several factors for investment to consider: - e.g. it should have a huge potential for growth, which means a good technology that can be improved upon a sizeable, dedicated and active development team; Personally, I am absolutely confident that a project should be created by the crypto-currency community, being decentralized, and not by a centralized company or entity - since then you fulfill someone's interests in for example money laundering or fraudulent accumulation, so there is a big risk to fly into the so-called "Matthew effect" - the rich get richer , and the poor are getting poorer.

Exploring the crypto-currency market in detail for eight plus months, I found myself several options for investing in the summer of 2018, one of which I want to discuss now (since others are absolutely different from this in application and ideas): Bitcoin Private.

BITCOIN PRIVATE (BTCP)


Before I start, the first thing I want to say - do not pay attention to attempts to pursue (anonymous) cryptocurrency issued by governments. It will live as long as there is a need and urgency to allow anonymous transactions, while the authorities will, one day, try to "bend" us - that is, in the end, always. China's social control agenda comes to mind, considering a backdoor present at all times, presumably.

1. BTCP Merge-fork


Firstly, Bitcoin Private is unique in that it is the first mergefork ever created in crypto using two different blockchains, namely Zclassic (ZCL) and Bitcoin (BTC) The blockchain protocol launch was more than successful. The newly created BTCP cryptocurrency received a blocksize of 2 Mb with blocktime of approx. 2.5 minutes, which makes it possible to conduct fast transactions at least 4 times faster than Bitcoin (BTC, 10 minute block time).

2. PRIVACY


The BTCP proven privacy technology zk-SNARKs, borrowed from Zcash / Zclassic, allows for a future opportunity to upgrade to zk-STARKs. And we should mention that Vitalik Buterin, creator of Ethereum is one of the people that are investing in development of this privacy protocol.

3. Technologicaly Evolution of True Privacy Protocols, not Obfuscation


Originally developed by MIT scientists in the mid 1980s, ZK-SNARK cryptographic tech containing Zero-Knowledge (ZK) proofs solves the problem as to how the public can trust input and computational output while preserving financial privacy. Only recently, its full potential is being realized, e.g. using our Bitcoin Private blockchain.
Full out, ZK-SNARK stands for Zero-Knowledge Succinct Non-Interactive Argument of Knowledge. It refers to a cryptographic proof technique where one can prove possession of certain information, without revealing that information, and without any required interaction between the prover and verifier. Zero-knowledge proofs allow one party (the prover) to prove to another (the verifier) that a statement is true, without revealing any information beyond the validity of the statement itself.
For more open source detailed information about Zk-SNARKs, please read Zcash analysis here: https://z.cash/technology/zksnarks.html
However, there are limitations to ZK-SNARKs, one being that is requires a 'trusted setup', one which cannot be transparent. A risk for the future involves the trusted setup becoming efficiently compromised by quantum computing algorithms. Not yet a concern today.
The next evolution of ZK-SNARKs cryptographic proofs is evolving with ZK-STARKs. ZK-STARKs, the difference being a T for Transparent in the middle, allows for scalable proof generation and verification. It brings public randomness, absent a trusted setup, as required by ZK-SNARKs. As such, ZK-STARKS is quantum secure. Consider this the future of privacy on decentralized blockchains. Bitcoin Private aims to lead the way, using proven technology to maintain your transactional privacy.

4. Rebase BTCP from ZEC to BTC codebase


As said before, Bitcoin Private codebase is similar to Zcash codebase, forked from Bitcoin in 2015/2016. ZEC codebase is generally 3 years behind bitcoin ( BTC). Bitcoin Private intends to change that. With Bitcoin Private you get a rebasing of the ZK-SNARKs privacy tech into the latest lean and mean BTC script code, allowing for Segwit transactions (essentially compression of transactions in the blocksize) and future readiness for Lightning Network (LN), allowing future scaling using payment channels to remain open for longer timeframe. Therefore, with the Rebase of Zclassic code to the latest BTC blockchain code base you can expect the following to be realized:
-BIP32
-Lightning Network (LN)
-Segwit

This lean and mean BTC(P) script code base also represents a big victory over competitor Monero (XMR), due to Monero being much more elaborous to code. This is also reason why Monero has difficulty finding talented developers to be able to integrate Monero into hardware wallets like Ledger Nano S and Trezor. For Bitcoin Private we have full integration of BTCP wallets ready to use on Ledger Nano S wallet. Trezor integration has been completed and awaits a Trezor release update for BTCP wallet to be fully implemented.

5. A promising roadmap:


  • BTCP merchant platform (BTCPpay.com)
  • Sending Bitcoin Private via SMS (cointigo.io)
  • Lightning Network
  • Jubjub
  • Dandelion - new anonymity protocol on Bitcoin's blockchain
  • Tor Wallet
  • BTCP decentralized exchange

6. Lightning Network
LN is a "second layer" payment protocol that operates off-chain the blockchain (most commonly Bitcoin). It enables instant transactions between participating nodes and has been touted as a solution to the bitcoin scalability problem. It features a peer-to-peer system for making payments of digital cryptocurrency through a network of bidirectional payment channels without delegating custody of funds and minimizing trust of third parties. Lightning Network allows for payments channels to open, remain open for extended periods of time, and eventually close onto the blockchain, minimizing the amount of on-chain transactions.
For an interesting short film explanation, watch here:

7. Jubjub


The Jubjub method is a new type of elliptic curve that uses math to shorten the time it takes to create a transaction. Thanks to this technology, it will be possible to reach record performance. zk-SNARKs transaction generation will occur about five times faster, while it will need 98 times less computing power.

8. Decentralized project


Bitcoin Private did not have a premine, there is no commission from the block rewards for mining. Resources for development came from the ZCL miner contributions, collected in donation fund. Therefore, the core team of developers are responsible for every coin donated and always pay attention to the community. A truly decentralized project, which makes marketing of the project a challenge.
As the developer team focuses on development, development, development… the contribution team makes sure the interaction takes place between the developers and the community. The contribution team makes sure the long term project interests are aligned with the long term investors and (often times) short-term investment mindset of the community that simply wants the price to pump. Short termism is inherent in crypto these days, with speculators and Pump N Dumpers abound.
However, the Bitcoin Private core team is there for the long haul. To fortify such long-term and dedicated mindset, our founder Rhett Creighton was released from the project due to a lack of focus, proving to be more interested in another creative hardfork, instead of focus on Bitcoin Private. Rhett went on to Prime. Bitcoin Private team went on developing.

9. Cheap and fast transactions
The low transaction cost you can see it in the block explorer.
https://explorer.btcprivate.org/

10. Marketing


Progressive marketing from the Bitcoin Private contribution team and one that listens to the community. After a huge community discussion about the lack of marketing from the team (with limited funds, dedicated for development) I was very surprised to see so many people who believe in this technology and the team. The community came together, creating btcpbrand.com just recently and went on to focus on John McAfee, creating banners and meme's to promote Bitcoin Private with limited resources. The result was tremendous. Just have a look at John McAfee's twitter feed, where he openly joins the privacy movement in promoting various coins, of course with Bitcoin Private leading the way in decentralized marketing. Proof of Work is what we call it. Every contribution counts. Alot of projects can learn from our decentralized community vibe and marketing approach.
With 11+ thousands of participants in the main-chat in the Telegram, more than 1000 active users and volunteers, a decentralized marketing team that consists and is managed by the community. Already more than 1000+ ambassadors from 100+ countries around the world, decentralized community meetings, this is more than just a typical Bitcoin or Zclassic community. And Bitcoin Private is just about 3 months (March 3rd, 2018) live on mainnet. Everything is achieved without bounty-programs. And what if the project would really have big money donations for development and marketing? Join us and donate whatever energy you can and want!

11. Excellent climate for mining


Fast block time, low hashrate, continued resistance to ASIC-mining. Our equihash algorithm is on of the most profitables ones around, currently for miners. This is what will give the people who are now mining it - a potential big profit in the future.
Eventually, as the last coin(s) are to be mined, the ASICs become undeniably important, being efficient and cost-effective mining machines. We believe ASIC resistance is futile, in the end. All proven options are to be considered for decentralized network security. No risk is acceptable to your financial security, as a user, using our Bitcoin Private protocol.
In the end, compounding transaction fees are to take over from miner block reward incentive, in support of the network nodes. If you know how compounding interest worked (you know, back in the days when we actually had interest rates, before ZIRP and NIRP), you would see that future adoption is key in establishing Bitcoin Private (BTCP) ecosystem.

12. Low price


Current Bitcoin Private (BTCP) price of only USD 22,- weighted average rate (June 3rd, 2018) is grossly undervalued in becoming the future decentralized privacy standard
USD 410 million of capitalization, with competitors that are either inferior or at equal level in development and privacy application:

  • -Zcash - USD 1,035 billion
  • Monero - USD 2,756 billion
  • Dash - USD 2,702 billion
  • Bytecoin - USD 1,205 billion
    https://coinmarketcap.com/currencies/bitcoin-private/
    The comparison picture with forks competitors is even more in favor of Bitcoin Private, forgive me the holders of these forks, as Bitcoin Private is far superior from a technological, community focussed and decentralized perspective.
  • Bitcoin Cash - USD 19,986 billion
  • Bitcoin Gold - USD 795 million
    Here it is still worth addingnoting that the Bitcoin Gold team borrowed Bitcoin Private development code base from Github.

13. No one superfluous in the team


A talented programmer, created the BTCP mergfork - Rhett Creighton was ejected from the core developer team due to lack of focus on Bitcoin Private. This was the person who could scam the project in order to create another fork (of course, it's more difficult to develop the technology than to make a fork of some ancient slag, like Bitcoin Prime). With his departure he passed the listing on HitBTC, the work of project development partners started, which will help BTCP to be in demand on any day of the week, but about this in the following paragraphs.

14. Exchanges are coming


For pump lovers, there is four decent exchanges that trade Bitcoin Private at the moment, which gives you the right to expect many pumps throughout the year as a result of expected future listings.
HitBTC: https://hitbtc.com/exchange/BTCP-to-BTC
Nanex: https://nanex.co/exchange/BTCPNANO
Trade Satoshi: https://tradesatoshi.com/Exchange?market=BTCP_BTC
Exrates(3 pairs): https://exrates.me/

15. Projects of partners who will bring real use of Bitcoin Private:
-http://cointigo.io/


A service through which transactions can be sent in a convenient way even where there is no Internet - using a mobile network, using SMS. The project is already at the stage of open beta testing.

-https://btcppay.com/


A platform for merchants / vendors , on which Bitcoin Private will act as a utility token/currency. With more than 50 registrations currently partcipating in BETA testing, we look forward to add many more shops and merchants that are willing to accept BTCP for fast, private and secure transactions, going forward. A great opportunity to get paid for the goods immediately in the form of investment (disinflationary).

16. And of course, Mr. John McAfee supports BTCP!


Not long ago John McAfee supported the project several times. And to clarify, from both sides the official statement was that he had not received any financial reward for this and would not receive it.
McAfee repeatedly and successfully predicted the direction of prices for various projects, will this be so this time around? Time will tell. This is a pleasant outlook, but believe me - the growth rate for Bitcoin Private will not be due to John, but because the BTCP project is highly undervalued and has excellent chances to grow and benefit, especially with the advent of large inflows of privacy sector investments. Institutional investors come to mind. Bitcoin Private is like the gold standard for privacy payments.

Of course, in the world of cryptocurrencies the expression DYOR - Do Your Own Research is key. Do not believe everything you hear and perform due diligence. Have an inquiring mind and study what is being said. Only this way, true knowledge and expertise of crypto-related investments can be found. Invest only in the best. Don't be like the rest. Invest in Bitcoin Private. But tell me … now, after reading this all, do you still believe that monopoly billionaires, centralized exchanges and Keynesian experts on e.g. Twitter will tell you the truth about what is really valuable? You will continue to buy slags at inflated prices, when what really is to become developed and proven privacy technology with bright future is left out?

Support please if you liked the article , I will be very grateful:
BTC: 13xhPuVUQRczkxdX6F9FBYREdemBMn7UPx
BTCP: b1NyaHebmoD8oSJwLpCABe8XyPktkL3nJdE

Thanks for images to @BrandStimulant.
Thanks to "Cryptochatter for translation.

https://btcprivate.org/?lang=en_US
https://t.me/BTCPrivate
https://www.facebook.com/groups/btcp.russia.ukraine.cis/
https://vk.com/btcp_russia
https://t.me/bitcoinprivaterussia

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Thanks for sending me this link. I like the code changes. I can see many benefits from it. Ideally, the core team works together with Bitcoin so to strengthen the same Bitcoin both teams are trying to work towards. Because Bitcoin has the marketing dominance, I can see Bitcoin just adopting BTP's codes that it likes. So I don't see BTP as a reserve currency or even as a store of value, but more transactional. Lightning network is a game changer. That will really set apart the Bitcoin forks because in the end, you want something solid, like TCPIP that can just do the job. You don't need a bunch of fancy code on layer 1. It's why I still think Bitcoin will dominate, both in value and network effect. But I like to see projects like BTP contribute at least knowledge-wise!