Yeah but why the bitcoin chain? Isnt Bitcoin basically the exact opposite of private? Everyone knows how much money is on any adress and every transaction is in a public ledger
You are viewing a single comment's thread from:
Yeah but why the bitcoin chain? Isnt Bitcoin basically the exact opposite of private? Everyone knows how much money is on any adress and every transaction is in a public ledger
Why the bitcoin blockchain? It's the most secure and robust blockchain in the world! Period.
Isn't bitcoin the opposite of private?
Yes without the privacy features that BTCP has, the original bitcoin isn't private. That is the whole point of BTCP, to implement the privacy feature (zk-snarks) to bitcoin making it completely un trace able
But the Bitcoin blockchain security comes from the huge amount of mining power behind it which makes it extremly difficult(basically impossible) to manipulate it. But if we take the same technology and use it with less miners it becomes much less secure. If a big mining farm decided to put all their mining power in the btcprivate network, (over 50% which is not that hard because their probably wont be a lot of miners) they could actually decide every transaction on the btcprivate blockchain and basically make the currency useless. What i am saying here is that the only way btcprivate can be a safe blockchain is if there are a lot of miners.
I'm referring to the security of the well written code of it's network. You don't need that much mining power to secure a blockchain otherwise every small cap coin would have been hacked already. Look at how many bugs are in ethereum's network, It's not as secure in terms of properly functioning code. Hashing power has nothing to do with a hacker exploiting bugs and stealing your coins. Bitcoins blockchain has 400 developers working on it, some of which are the best in the world.
I didn't understand you correctly. Thanks for your reply