What Is Bitcoin Private?

The number of existing and upcoming Bitcoin hard forks continues to grow at an alarming rate. In fact, it seems the next fork is always just around the corner. Bitcoin Private, for example, is one of those upcoming forks, but these tokens will not be issued to BTC holders. That in itself is a rather remarkable decision. Whether or not anyone will care about this fork remains to be determined, though.

It is evident that Bitcoin lacks privacy and anonymity traits. Although some government officials like to label Bitcoin as anonymous, it is anything but. Instead, users achieve some degree of pseudonymity when using the world’s leading cryptocurrency, but that is far from the same as anonymity. Adding more privacy-centric elements to Bitcoin is certainly possible, although it will not be easy whatsoever. Various developers are contemplating borrowing elements from Monero to achieve that goal in the future, though.

Until that happens, we will most likely see more hard forks which offer some privacy upgrades. Bitcoin Private is a perfect example of how things will most likely evolve in this regard. It is a brand new Bitcoin hard fork which uses the same privacy technology as is found in ZClassic these days. More specifically, the fork will use zk-snarks to achieve privacy, even though it still comes nowhere close to actually being a privacy-oriented currency. Optional privacy is good, but some people will look for something more than that.

Additionally, Bitcoin Private will serve as a peer-to-peer form of digital money in which no intermediaries are involved. Transactions will be broadcast and verified by nodes before they are passed along to miners for final approval. There will be a slightly bigger block size compared to Bitcoin, which will be of some interest to users all over the world. After all, Bitcoin has major scaling issues, and they won’t be resolved overnight without some major shakeups.

read more at themerkle.com

error: Content is protected !!