There are thousands of virtual currencies in the market, including a group that is known as ‘privacy coins.’ Among these cryptocurrencies we can mention Monero, Zcash and the recently created, Bitcoin Private. Monero (XMR) and Zcash (ZEC) have been in the market for very long time, but Bitcoin Private (BTCP) has been created at the beginning of the year.
Which of them will be able to remain competitive? Will all of them be able to survive when there are so different options out there? For John McAfee, Bitcoin Private will eventually replace Monero. About Zcash, he does not have a good opinion.
McAfee Believes Bitcoin Private Will Replace Monero
John McAfee is one of the most important figures and experts in the virtual currency and blockchain world. He has been working during the last years in the market and has always been involved in the latest discussions and debates. For example, he said that Bitcoin will reach $1,000,000 before 2022, if not more. At the same time, he is always promoting different virtual currencies, Initial Coin Offerings (ICOs), and blockchain or crypto-related projects.
One of his latest comments includes Monero and Bitcoin Private, which are market competitors. He said that Bitcoin Private is the ‘best hard fork of Bitcoin’ to date, and he did not comment on Bitcoin Cash, Bitcoin Gold, or any other hard fork of Bitcoin until now. “My favourite fork is Bitcoin Private that just happened. Some people are calling it a scam, but it is not. It has some serious technology,” says Mr. McAfee. “And it adds to Bitcoin what it has always needed. It makes Bitcoin a superior Monero.”
During the interview, he kept talking about how Monero replaced Bitcoin in the dark web, and how Bitcoin Private could eventually replace Monero in the future.
Mr. McAfee commented:
“In the beginning, when cryptocurrencies came out, everybody on the dark web accepted Bitcoin. If you were selling illegal tigers from Thailand or drugs from China, then you would like some anonymity. Monero came along very quickly on the dark web, completely replaced Bitcoin, everything is now Monero. I think Bitcoin Private will replace Monero.”
Furthermore, he said that currencies like Zcash, that allow the user to define if he wants to perform an anonymous transaction or not, are not going to last long in the market. Zcash appeared in the news during the last days because it has been listed in the regulated cryptocurrency exchange Gemini. At the moment is the 23rd most important virtual currency in the market and has a market capitalization of $1.37 billion dollars.
“People are simple creatures. Trying to combine them [anonymity and public] it never has worked. And well, define them, are you private or not? Make a choice, if you are private use a privacy coin. For things that are not necessary private, use something else. It’s confuse and it is not going to work properly.”
About Bitcoin Private
The core Bitcoin protocol lacks some key privacy and anonymity features that Bitcoin Private tries to solve. Bitcoin private was born as a hard-fork of ZClassic (ZCL), and Bitcoin (BTC). It has taken the Unspent Transaction Output (UXTO) from ZClassic and combine it with the famous virtual currency, Bitcoin.
The fork happened on February the 28th, 2018. Bitcoin and ZClassic holders were able to get Bitcoin Private coins. Per each ZCL or BTC owned, the user received one Bitcoin Private. One of the main differences with Bitcoin is that Bitcoin Private has more significant block size compared to bitcoin, allowing for faster transactions, lower fees, and the possibility to scale easier on-chain.
It is important to mark that before the fork, ZCL experienced an important price surge due to the fact that people was trying to get more coins so as to receive a higher number of Bitcoin Private tokens later.
Bitcoin Private uses the same technology that ZClassic implemented, known as zk-snarks – or zero knowledge snarks. This technology allows for transactions to pass through the public blockchain for transparency, but the details of the sender, recipient and the transaction, remain untraceable and hidden.
There are some exchanges where to buy Bitcoin Private, including Nanex, HitBTC, TradeSatoshi, and could be added to others in the future.
At the moment of writing this article, Bitcoin Private is the 46th most important virtual currency in the market. Each BTCP is worth $23 dollars and it has a market capitalization of $486.91 million dollars. When Bitcoin Private was released to the market, it was being traded near $60 dollars. At the moment it’s price has stabilized under $30, but it could grow in the future if it proves to have real use cases.
Instead, Monero is now the 13th most important virtual currency in the market, and it is being traded over $206 dollars, according to CoinMarketCap. It also has a market value of $3.32 billion dollars. Compared to other virtual currencies Monero was able to maintain a stable price during the last months fluctuating between 0.024 BTC and 0.03 BTC.
There are different privacy coins in the market, as we mentioned before. Each of them has specific features that make of them special. At the moment, all of them have a place in the top-100 cryptocurrencies by market capitalization. That’s already something to be proud of for their respective developers.
But ultimately, only one will be able to dominate the privacy-coin market. Which of all of them will be, it is not clear. But McAfee believes that, ultimately, this currency will be Bitcoin Private. Monero, of course, remains the favorite cryptocurrency for users to protect their privacy, and it has always been in the top 20 cryptocurrencies by market value.
Bitcoin Private will have to prove its resilience and its capacity to build a better network than what Monero has already built if it wants to be the ultimate winner. About Zcash, McAfee’s opinion was clear, there will not be a chance for a virtual currency that is not clearly defined by private or public.