Bitcoin Private – a new Bitcoin hard fork that promotes anonymity

Bitcoin Private (BTCP) is the latest hard fork that is planned to take place on Bitcoin's blockchain in the near future. BTCP will provide more privacy to its users. The transactions will still be stored on a public ledger, however, the meta data of users will not be stored onto it.
The transactions of any cryptocurrency are broadcast and saved onto a public ledger. This ledger prints the amount, sender, and receiver of any given transaction. This means that anyone on the network can access the ledger to gather information about users.

To resolve this privacy constraint, a couple of developers teamed up to build ZClassic. The unique feature of ZClassic is its privacy technology, which ensures that the sender's address, recipient's address, and other data related to the transaction, remain hidden.

Bitcoin Private will be formed after co-forking both of Bitcoin's and ZClassic's blockchains. Owners of zclassic (ZCL) and bitcoin cash (BCH) coins will also be able to receive bitcoin private tokens. Since the owners of both coins will receive the newly forked tokens, the total circulating supply of bitcoin private will be equal to the sum of bitcoin’s and zclassic’s supply. The total supply will be equal to:

16,780,000 bitcoins + 1,900,000 zclassics = ~18.7 million bitcoin privates

Bitcoin Private has an active GitHub page, where it is described as a co-fork of Bitcoin and ZClassic, which uses Zk-snark technology for privacy. The new Bitcoin Private will also increase the block size to 2MB and has a team of 20+ developers working on it.

Ever since the announcement of Bitcoin Private, zclassic's price has witnessed a +1,600% price change. The price went from $7.50 to all the way up to $120. The market capitalization of zclassic soared from $4.5 million to $217 million.

However, after a short price adjustment, zclassic is now being traded at around $80. The sudden rise in the price can be explained by FOMO (Fear Of Missing Out), as investors are trying to buy cheap zclassic tokens to get bitcoin private tokens. The hard fork is expected to take place on February 28th.

Bitcoin is pseudonymous and the creation of Bitcoin Private will boost its privacy and anonymity levels. This might lead to a backlash by the regulatory bodies, which are already very concerned regarding bitcoin. Whether the creation of such a privacy coin is a good idea or not, is yet to be found out during the upcoming few weeks.
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