Bitcoin Private, one of John McAfee’s dearest coins, has been hitting a boring patch as of lately. Coin’s BTC value has been on a constant slow bleed throughout the month of July, going from just above 171 thousand satoshi to a monthly low of 90 thousand in just a couple of weeks. USD price has varied a bit more and has gone from the highs of $11,50 to the lows of $6,59 in the same timeframe. Since then BTCP managed to collect itself for a significant USD run, while its BTC valuation basically didn’t change that much.
On July 24th, the coin was worth $9,72/119652 satoshi, which was the top of the mentioned run. Until now BTCP was following a sideways pattern, before some strong bear action saw it drop today. The coin is currently priced at $7,95 (5,93% drop in the last 24 hours)/96240 satoshi (7,40% drop in the same timeframe). A market cap of 163,001,582 USD makes BTCP the 65th most valuable cryptocurrency on the market.
The biggest event surrounding Bitcoin Private is the launch of their BTCP Pay platform. The privacy coin that has had some dubious history will launch this platform that will enable BTCP holders to use their coins to pay for various goods and services. Over 300 merchants are signed up for the service and one of them is M3D, one of the largest 3D printer manufacturers in the USA. The service will have fiat to crypto conversion capabilities and will add Geo IP identification in the future.
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The team also developed WordPress and WooCommerce-compatible BTCP Pay widgets which will open up the use cases for the currency significantly. A similar widget for Spotify is in the workings and should be ready by mid-August. The team also suggested that there is an Electronic Point of Sales system in the workings, which will allow people to perform payments with BTCP in restaurants, stores and other public stenarios.
Bitcoin Private has been available on all bgst Bitcoin ATMs since Monday 23rd. The coin is also available on General Bytes ATM’s, which will help increase the coin’s liquidity. The team recently decided to go public with their Discord development meetings and have been uploading recordings of those to Youtube in an effort to provide additional transparency, which is a commendable effort. The streams/recordings can be watched on this Youtube channel. The project also called for developers and community members to join them on Github/Discord if they’d like to get involved more.
Upon the launch of BTCP Pay, the team plans to continue working on The Rebase, an effort to rebase all zk-SNARKs related consensus rules on top of the latest Bitcoin core node implementation. Upon completion, this will immediately upgrade the BTCP protocol and reference implementation with a number of important core blockchain related upgrades and provide a solid foundation upon which to build future features. Basically, BTCP will become Bitcoin 0.16 with zkSNARKs technology. The community seems positive about the upcoming rebase:
“Once the rebase is completed, most big exchanges will want to list BTCP as it will have all BTC updates into BTCP and exchanges will see this is NOT a scam coin as there has been lot of work in this project. Right now looking at the exchanges point of view is just a good project with lots of promises, but they want facts, not promises.”
The exchanges have been an especially contentious matter for the project, as a special treasury was created to siphon funds from it to pay for exchange listings. This treasury hasn’t really helped a lot, as the biggest platform to accept the token so far has been HitBTC (which has been having problems of its own as of lately). Successful rebase could help more exchanges (and more users) take serious notice of the coin. There is a burning debate inside the community should they attempt a focused attack on a couple of big exchanges or a scattershot over several smaller top 60 ones.
Once the rebase is completed, BTCP is supposed to have all the key features and USP’s of Bitcoin Cash, Bitcoin Gold, Bitcoin Atom, BitCore, Zcash. It will also have good features of obfuscation coins like Monero, Verge, Dash. Combine these with an active merchant platform development, both Ledger and Trezor support already in place, SMS-payments, Point Of Sale’s terminals and ATM support, Bitcoin Private could emerge as a strong winner once the crypto market starts rising again.