Join our study and help us improve the website by clicking here. A fork of a fork of a fork? With Friday’s birth of a new coin called “bitcoin private,” the cryptocurrency space just keeps getting more meta. The big experiment with airdropped coins bjut bitcoin that they’ll just fail, and if people are getting free coins, they’ll just immediately sell them and it will dump down to pennies,” said Rhett Creighton, who’s leading the bitcoin private effort.
Yet, in a number of cases, that notion just didn’t pan out. And for those who owned large amounts of bitcoin or ether, those launches meant big gains with little effort. But for zclassic, its fork wasn’t exactly a success story. 2 per coin, while zcash stayed in the hundreds. Rather than walk away, though, in December, Creighton doubled down.
And although Creighton told members of a Telegram channel he didn’t write any of the code or create the white paper, logo or website, his concept has come to life. In this way, bitcoin private is perhaps the pinnacle of the forking phenomenon, and in turn, it has become somewhat of a punching bag for crypto enthusiasts on Twitter. Yet, the cryptocurrency has garnered a significant amount of interest, for distributing new, free coins to users of, not just one existing blockchain, but two: zclassic and bitcoin. By forking a code base, a user’s private key can be made to access multiple wallets, a method that, while criticized on security grounds, Creighton sees as a feature that could become important over time. So you have in the case of bitcoin, all these people have their private keys, but when forks spring up now the same private key can be used in different peer-to-peer networks. It seems to be a key piece to the technology.