Enter BTCP Pay

itsjabaaa (38)in #cryptocurrency • 6 years ago (edited)

The Bitcoin Private community launches BTCP Pay on July 31st, 2018 and it's a real win for merchants and cryptocurrency alike.

What is Bitcoin Private?

Bitcoin Private(BTCP) is a cryptocurrency which launched in March of 2018. Bitcoin Private is the result of a software fork of two separate blockchains - ZClassic(ZCL), which uses zkSNARKS to mask transactions to ensure privacy; and Bitcoin(BTC), the oldest and arguably most respected blockchain with the greatest network stability. All transactions on the Bitcoin network are transparent meaning the transaction privacy provided is minimal therefore providing the motivation for Bitcoin Private's(BTCP) creation.

Bitcoin Private adopted zkSNARKS into it's protocol allowing it to protect the privacy of it's users transactions 100%. Note the action of a private transaction/address is currently optional and at the users discretion. At the same time, as a fork of Bitcoin, Bitcoin Private also took the Bitcoin name which it's community values greatly.

The codebase of Bitcoin Private currently resembles that of ZClassic, but major work is currently being completed by the community to rebase the Bitcoin Private codebase to that of Bitcoin(BTC) whilst maintaining privacy through zkSNARKS. This will allow Bitcoin Private to enjoy carbon copies of all the incoming innovations being developed on Bitcoin, like the Lightning Network, for example. A roadmap for Bitcoin Private can be viewed here

Enter BTCP Pay. A Payment Processor Without Barriers

Payment processors are wonderful. Visa, Mastercard, Paypal and the list goes on. They provide a valuable service - but unfortunately they are all centralised. Legacy payment processors are also all linked to a bank/bank account. That's two parties who have to interact to allow your transaction to materialise. Whether it's on the side of the merchant or the side of the customer, if a centralised payment processor or the accompanying bank/bank account considers a transaction to be "fishy" there is a high possibility the transaction will be intercepted by one of the parties. That transaction could be suspended until evidence of legitimacy can be proven. Perhaps most people have experienced this first hand before.

Enter BTCP Pay. The Bitcoin Private blockchain acts as the bank and it's blockchain is upheld by many network nodes globally fostering a decentralised environment together. When a transaction is issued, nodes within the network will confirm the validity of the transaction(i.e Are suffice funds available to complete any said transaction). When enough nodes within the network confirm the validity of the transaction the funds are released from the customers wallet to the merchants. The blockchain will always perform as said regardless of geographic locations; it is globally friendly.

BTCP Pay, in the same manner a centralised payment processor does, will issue emails to the merchant and customer when a transaction has been confirmed valid on the blockchain. The fee for that transaction greatly differs however. Centralised payment processors cannot compete with a blockchain based solution like BTCP Pay which, in the current environment, can complete a transaction for less than one US cent.

The 'WHY' For Existing Merchants

For businesses that have been operating successfully for many years on centralised payment processors, the question 'why change what works' will likely be posed. The truth is you should continue what you're doing. By adding Bitcoin Private to your list of accepted forms of payment though you'll be empowering your customers and your business more than you ever could before. It is especially exciting as it allows your business to engage in an asset class that is growing faster than any other. The growth of cryptocurrencies, like Bitcoin Private, is generating exceptional wealth for groups of people globally who didn't have such opportunites presented to them before. These individuals would like to spend their wealth in many places and what better place than yours? You make it possible.

The Next Generation of Entrepreneurs

There exists a wealth of talented individuals out there who haven't shared their gifts with the world. Overcome and intimidated by the thought of creating a business because of the hurdles of setting up such things as a basic payment processor or dealing with personal questions from the clerk at their bank about their current activities(what was that word... Oh yeah. Privacy). BTCP Pay can help the next generation of entrepreneurs to share their talent with the marketplace at all scales.