How to buy, sell and trade Bitcoin Private (BTCP)

Launched in February 2018, Bitcoin Private (BTCP) aims to offer a few key advantages over bitcoin, including privacy, decentralization and faster transactions. Created from a fork-merge of bitcoin (BTC) with Zclassic (ZCL), it was issued using a 1:1 airdrop to BTC and ZCL holders.

As one of the world’s 50 largest cryptocurrencies by market cap at the time of writing (April 2018), Bitcoin Private has attracted plenty of attention from the wider crypto community. If you’re thinking of buying BTCP, read on to find out where you can access this new digital currency and the steps you need to follow to complete your purchase.

Where to buy Bitcoin Private

Bitcoin Private is currently listed on a limited number of exchanges, including:

• Trade Satoshi
• Nanex
• Octaex
• Exrates
• BarterDEX

A step-by-step guide to buying Bitcoin Private

If you want to know how to buy Bitcoin Private, check out this simple guide:

Step 1. Register for an account on a cryptocurrency exchange that offers BTCP in a currency pairing

The first thing you need to know is that Bitcoin Private isn’t listed on every possible cryptocurrency exchange, so you’ll need to search for a platform that offers this new digital currency in one or more pairings. Once you’ve found a suitable site, sign up for an account by providing your email address and creating a password.

Depending on the exchange you choose, you may be asked to provide personal information (such as your name, address and contact details) as well as proof of ID to satisfy Know Your Customer (KYC) requirements.

Don’t forget to also enable 2-factor authentication on your account, as this provides an extra layer of security for your funds.

Step 2. Deposit funds into your account

It’s currently not possible to exchange fiat currency (such as US dollars) for BTCP. Instead, you’ll need to exchange another cryptocurrency listed in pairings with Bitcoin Private, such as bitcoin. If you don’t already own any bitcoin, check out our how to buy bitcoin guide. Log in to your account and check your wallet address, then copy that address to transfer BTC to your account.

Step 3. Buy BTCP

The final stage of the process begins when you log into your account and navigate to the exchange or markets section. You’ll then be able to search for BTCP pairings and click on your desired pair, such as BTCP/BTC.

Click on the “Buy BTCP” button and enter the specifics of your transaction, such as how much BTCP you want to buy or how much BTC you want to spend. Finally, take a moment to review all the details of your purchase before confirming it.

How to sell Bitcoin Private

If you want to sell your Bitcoin Private holdings, the process for doing so is very similar to that outlined in step 3 above. Of course, you’ll need to make sure to look for the “Sell BTCP” link on your chosen exchange.

It’s also important to point out that cryptocurrency exchanges simply don’t offer every possible currency pairing, so you may not be able to directly exchange BTCP for the currency you want.

Which wallets can I use to hold Bitcoin Private?

While you do have the option of storing your BTCP on an exchange, this exposes you to a number of security risks and isn’t recommended for long-term holders. Instead, you can move your coins into a secure wallet that’s compatible with BTCP.

On the official BTCP website, you can find links for a full-node desktop wallet or for help in creating a paper wallet, while the coin is also supported by the Coinomi mobile app and an Electrum wallet.

To find out more about cryptocurrency wallets, check out our ultimate guide.

How Bitcoin Private works

Bitcoin may be the biggest cryptocurrency in the world by some margin, but that doesn’t mean it’s escaped criticism for several shortcomings, which include:

• The absence of privacy.
• Slow transaction processing times.
• High transaction fees.
• The centralization of mining.

Bitcoin Private was launched with the goal of overcoming these problems. A fork-merge of bitcoin and Zclassic, BTCP is designed to combine the former’s security and high standing in the community with the latter’s privacy features.

On February 28, 2018, BTCP was airdropped on a 1:1 ratio to BTC and ZCL holders – in other words, 1 BTCP for every BTC and ZCL. It uses a different mining algorithm than bitcoin, Equihash, and offers a larger block size and shorter block time than the world’s biggest digital currency. To provide private and anonymous transactions, it uses zk-SNARKs, a privacy technology originally implemented by the Zcash Foundation.

How does Bitcoin Private differ from bitcoin and the other forks of the world’s best-known cryptocurrency? Check out the table below to see how they all compare.

What to consider when buying BTCP

Cryptocurrencies are not only notoriously volatile but also highly complicated, and there are many factors that can play a part in determining future price movements. With this in mind, make sure to undertake a careful assessment of any coin or token before buying.

If you’re thinking of purchasing any BTCP, remember to consider the following factors first:

By considering these and a range of other factors, you’ll be well placed to make an informed decision on buying BTCP.

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  The ultimate guide to crypto wallets

Picture: Shutterstock

Disclosure: At the time of writing, the author holds IOTA and XLM.