What is the deal with Bitcoin Private (BTCP) and Mithril (MITH)?

Bitcoin and Zclassic= Bitcoin Private (BTCP) and Mithril (MITH) is a STEEM like blockchain that will reward contents. Recently, BTCP has ranked 31 and MITH 66 according to Marketcap.

Both coin has soared more than 100% in last couple of days. Therefore, what is the deal with them and what are the hypes?

Bitcoin Private is co-fork of BTC and ZCL which is unique among cryptocurrency.

BTCP is launched with snapshot of 511346 for BTC and 272991 for ZCL. Therefore, both BTC and ZCL holders will receive 1:1 BTCP.

ZClassic is already working. There is already a better version of initial Zerocoin protocol, that is ZCash.

ZCash have active developments and have marketcap of rank within 30.

There is already BTC named privacy coin called Bitcoin Dark. And, there are more than 10 privacy coins fighting for the same market niche.

However, it is a marketing ploy to attract novice investors.

Having the name of BTC and privacy as feature, developers want to lure investors.

Airdropping on BTC holders seems to be a lucrative ploy given the success of Bitcoin Cash (BCH), Bitcoin Gold (BTG), Bitcoin Diamond (BTD), all of them having ranked among top 50 coins.

There are more than 30 BTC forks in the horizon.

The trend is similar to 2013 bull run, when every planet, places, and animals had their name taken as coin such as Earth, Moon, Mars, Dog, Cat, Bat, Rabbit etc.

There is another blockchain based Social Media on the horizon that is called Mithril (MITH).

It has launched it ICO recently and now it has a marketcap of $200M without a real product. It seems to be a copycat of STEEM with some marketing mojo.

The hype behind Mithril also shows STEEM blockchain is working. Interestingly, MITH has more volume than its total market cap which shows how hyped it is. On the other hand, BTCP is pumped on low market volumes.

However, Mithril is ICO on ERC20 token therefore most likely can be treated as security.

But STEEM was launched as mineable cryptocurrency to avoid such regulation. Due to STEEM's mining nature, STEEM has good chance to be added in Coinbase in future.

Image sources: Most images are open sourced (e.g. Pixabay, Wikimedia etc.) with Creative common license. Some images are used with due courtesy to respected owners.

Thanks for reading.
@riseofth
Cryptominer since 2013, occasional trader and tech blogger