Basics of Bitcoin
Bitcoin is a cryptocurrency, however, there are significant differences between it and other cryptocurrencies.
The first difference is that Bitcoins can be sent anonymously through the use of cryptography. The second difference is that the supply of bitcoins isn't capped like many other currencies. However, these two factors also pose challenges for people trying to acquire bitcoins because someone could just copy an address and send them money without their permission which makes bitcoin transactions harder to trace. This leads to a third difference which is that bitcoin addresses always begin with a 1 or 3 which helps identify who was the sender and receiver in all transactions. But first, you need to do a bitcoin up login for getting things started.
Bitcoin is a cryptocurrency that utilizes Bitcoin's blockchain. Bitcoin was designed as open-source software in 2009 by an unknown developer under the alias of Satoshi Nakamoto. Bitcoin is essentially a decentralized digital currency; Bitcoin is not issued by any government agency nor is it backed by physical commodities like gold or silver. Bitcoin allows for anonymous trading and its transactions are recorded on Bitcoin's public ledger without revealing the identity of either the buyer or seller, which has led Bitcoin to become popular with libertarians, hackers, entrepreneurs, and criminals. Bitcoin's blockchain allows Bitcoin to serve as an immutable public ledger for all Bitcoin transactions that have ever occurred.
Bitcoin is the most widely used cryptocurrency in terms of total market capitalization and trading volume. Bitcoin has spawned numerous competitors, with some cryptocurrencies similar in design while others are completely unique. Bitcoin's structure allows for anonymous trading without revealing one's identity, which has led it to be widely utilized by libertarians, criminals, hackers, entrepreneurs, bankers, drug dealers, mercenaries, doomsday preppers, dictators, technophiles, spiritualists, tax evaders, regulators and law enforcement officers. Bitcoin has also been found appealing by those who distrust banks because Bitcoin cannot be controlled or regulated by governments or central banks.
Bitcoin transactions are recorded on its public ledger (called the blockchain) but only displays the wallet amount and not who owns that wallet; this makes Bitcoin very hard for governments or law enforcement agencies to regulate. Bitcoin transactions are also completely transparent and can be viewed by all users at any time, allowing for a greater level of transparency - while Bitcoin owners remain anonymous. Bitcoin has been criticized for being restricted to a finite number of coins (21 million), making it more valuable as the number becomes smaller over time. Bitcoin's value is also incredibly volatile - which makes people hesitant to use Bitcoin in their everyday lives.
Bitcoin Private is a Bitcoin/Zcash hybrid that uses Bitcoin Core code with Zcash privacy. Bitcoin Private aims to improve upon Bitcoin while maintaining its decentralization and privacy protections. Bitcoin Private transactions occur on a larger block size than Bitcoin's, which means that the protocol can process more transactions per minute. With Bitcoin Private, users will be able to send both public and private transactions.
Bitcoin Private uses an algorithm called Equihash (the same as Zcash) to solve miner centralization when using the GPU to mine blocks. Bitcoin Private plans to implement the Lightning Network in order to scale its network faster than Bitcoin Core would have been capable of doing so alone. Furthermore, Bitcoin Private implemented replay protection in their code which protects exchanges from losing funds during forks or other splitting occurrences.
The development team added zk-SNARKs ('zero-knowledge proofs') to protect the identities of Bitcoin Private senders and receivers. Bitcoin Private is using the Bitcoin Core codebase with added privacy features, which means that Bitcoin Private has access to all past Bitcoin Core updates. The use of Bitcoin Core allows Bitcoin Private to tap into a large user base, which will contribute to their network security by adding more support for transactions on their blockchain.
Bitcoin Private wants equal contribution from community members in order to ensure optimal decentralization of their open-source project. The development team's website contains links where users can go to contribute to various aspects of the project such as marketing or programming. There are also opportunities for community members to earn Bitcoin Private coins through bounties if they complete tasks set out by the development team, such as fixing bugs or updating documentation.
Bitcoin Private is currently trading on BitcoinTalk.org, BitcoinPride.com, Coinexchange.io, Crex24.com, and Cryptopia. co.NZ, Stocks.Exchange and TradeSatoshi Exchange. Bitcoin Private can be traded for Bitcoin and Tether (USDT) with Bitcoin and Litecoin (LTC) with Bitcoin via ShapeShift integration within the Bitcoin Private wallet which you can download from their official website or Github page.