Although Bitcoin Private seemingly has a pretty marketable name, the success of this currency has always been pretty limited first and foremost. Its value has not risen all that much either, especially after peaking at $80. Even so, the past few hours resulted in a major Bitcoin Private price spike, primarily because of the upcoming coin burn stage.
Bitcoin Private Price Shoots up Just Because
In the cryptocurrency world, numerous projects try to mimic Bitcoin or improve it in some way. Most of these efforts have been in vain, primarily because it is a lot more difficult to build up a cryptocurrency rather than just copy existing code. In the case of Bitcoin Private, things have not gone according to plan. In fact, it would appear this project is all but irrelevant to most crypto users these days. That in itself is not completely surprising either.
Over the past 24 hours, there has been a surprising turn of events where the Bitcoin Private price is concerned. Following a strong 30% gain in both USD and BTC value, it would appear as if things are heading in the right direction once again. One has to keep in mind this is all happening without any significant trading volume, although that in itself has never been a hindrance for this altcoin.
There is seemingly a good reason as to why Bitcoin Private is of bigger interest as of right now. More specifically, the team has confirmed a coin burn phase will occur in less than a week from now. Any coins issued to original BTC holders which have not moved ever since will simply be taken out of circulation. A bit of a controversial decision, for obvious reasons.
Only 7 days left till the coinburn! Do you have BTCP from the 1:1 snapshot in Feb 2018 and didn't transfer it to a new address? Do it before the coinburn on Feb 16th or they will be removed!
Info: https://t.co/LODmoygxGP#BTCP #crypto #ZCL #BTC #DeltaDirect #lastchance pic.twitter.com/diAT82K1KW
— Bitcoin Private [BTCP] (@bitcoinprivate) February 9, 2019
John Warmerdam is convinced there will be a positive effect on the price because of this coin burn. While it is logical to assume the available supply for BTCP will decrease significantly, there is a good chance this will not matter much where the price is concerned. After all, these coins were never moved to exchanges in the first place, thus they have not played a role in the grand scheme of things either.
Hi Guys.. ! #BTCP #COINBURN 16 to 17th of February!
How many coins do u think will be after coinburn ?
I Pay 1 BTCP to the one who is closest to it, u need to retweet with message of the real supply u think it is going to be. Also fill in the poll for fun 🙂 I think 4.396.935
— John Warmerdam (@JohnnyWarmerdam) February 12, 2019
As is to be expected, a lot of people are not too happy about this decision either. Kay Vossenaar dislikes the entire concept, primarily because people are “fed up” with shenanigans like these. While it is a bit unclear what he means exactly, it is possible this user hasn’t managed to access his BTCP ever since they were issued. With those coins now being destroyed in a few days from today, recovering them will become virtually impossible.
This means a lot of coins wil burn because people don't know this or are fat up with this shit coin. And prices of #BTCP will drop some more. What a waste of money and afford. Crypto will never be mainstream because of this sort of shit. Thank you NOT
— Kay Vossenaar (@kay_vossenaar) February 11, 2019
Considering how valuable a coin burn really is, it may have an interesting impact on BTCP after all. It should not affect the value too much, as the number of use cases for Bitcoin Private remains limited first and foremost. As such, it would appear the fallout of this new phase will be pretty minimal as well. Even so, there will be some market movements, although there simply isn’t enough trading volume to make anything happen right away.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.