- 1 What Is BitcoinZ?
- 2 What Can BitcoinZ Offer To Us?
- 3 What Steps Have They Taken To Completely Decentralize The Network?
- 4 What Are The Main Features Of BitcoinZ?
- 5 How To Buy BitcoinZ?
- 6 How To Get BitcoinZ For Free?
- 7 Which Wallet To Use?
- 8 How To Mine BitcoinZ?
- 9 Conclusion
What Is BitcoinZ?
BitcoinZ is the talk of cryptocurrency space now. So if you are a cryptocurrency enthusiast then chances are you already know about it.
However as Bitcoin Gold has been able to steal the limelight from BitcoinZ, many of you may be hearing this name for the first time.
But don’t worry – this article is going to cover a lot of important information about BitcoinZ. So you won’t feel left out anymore.
Last updated on 15th February 2018
An anonymous developer created this cryptocurrency and launched it on 9th September. BitcoinZ was created from scratch unlike Bitcoin Gold, which was hard forked from original Bitcoin.
The developer believes that BitcoinZ is his gift to the cryptocurrency community.
The BitcoinZ community believes that it is the true Bitcoin 2.0.
BitcoinZ has an official motto of – “In Decentralization We Trust”.
What Can BitcoinZ Offer To Us?
First of all, the developer affirms that BitcoinZ is all about carrying the fundamentals of Bitcoin. He or she also stresses that in the process BitcoinZ will be updated even further to make it up to date with current standards.
One of the most frowned upon things about Bitcoin is that there is no anonymity in Bitcoin. And this is because everything related to Bitcoin is publicly available.
From transaction details to source code. This is a great thing for most parts as it helps in creating awareness about the concept of open source. But the problem arises in the case of transaction details being publicly accessible.
Zcash was the first coin to support anonymous transactions with the help of ZkSNARKS. It stands for Zero-Knowledge Succinct Non-Interactive ARgument of Knowledge. In simpler terms, it allows the system to prove that a transaction took place without revealing any sensitive information.
That is why Zcash supports to types of addresses, t-address, and Z-address. T-addresses are the transparent addresses, i.e available and accessible to everyone. Whereas Z-addresses are zero address or anonymous. You cannot link these Z-addresses back to a wallet as they are disposable.
BitcoinZ has been built on the same framework of Zcash but upon the fundamentals of Bitcoin. According to the whitepaper, BitcoinZ also claims to be decentralized at all time.
What Steps Have They Taken To Completely Decentralize The Network?
Although Nakamoto envisioned that Bitcoin will always remain decentralized, the reality is far from that. Gone are the days when a powerful GPU or two could mine Bitcoin profitably. Nowadays, the ASIC rigs are heavily dominating the mining space.
Thus making the initial cost of mining pretty expensive, out of the reach of common folks. That is why only the powerful and wealthy people are somehow controlling the entire Bitcoin transaction network. Isn’t that completely opposite of Satoshi’s expectations?
To solve this problem BitcoinZ uses the Equihash algorithm to mine instead of Bitcoin’s SHA-256. Zcash also uses Equihash to also combat this problem of ASIC mining.
Unlike SHA-256, Equihash is more memory intensive. The cryptographic algorithm depends on how much memory a device has instead of raw computing power. So with current technology, no one can create cost-effective ASICs for this purpose.
Apart from this approach, BitcoinZ doesn’t even have a centralized team or foundation for maintaining and developing the project.
Instead, according to the whitepaper, the team is decentralized. The development team includes anonymous entities, some cryptocurrency enthusiasts, and some longtime community members.
The project doesn’t even have their own website. Instead, they have various websites which volunteers run for them. As a matter of fact, the BitcoinZ whitepaper was also written by a volunteer.
What Are The Main Features Of BitcoinZ?
The most promising feature of BitcoinZ is its support for anonymous transactions. In recent times we are seeing more and more cryptocurrencies focused on providing privacy. Cryptocurrencies like Zcash, Verge, Monero etc are the pioneers. Apart from this BitcoinZ is relatively easy to mine, thanks to Equihash.
The development team also promises that it will always be PoW and never forked to PoS. And that’s a good sign for miners.
BitcoinZ also didn’t organize any pre-mine event or ICO. The system has a fixed supply of coins, i.e 21 billion BTCZ. The development team assures that the BitcoinZ blockchain will always remain immutable. So history will not be changed like The DAO case.
The block size of BitcoinZ is also greater than Bitcoin. It is 2 MB every 2.5 minutes, just like Bitcoin Cash. Currently, the system supplies 12500 coins every 2.5 minutes.
How To Buy BitcoinZ?
Currently, you cannot buy BitcoinZ directly with your fiat currency. But what you can do is exchange your existing BTC to BTCZ. Currently, three exchanges support BTCZ. These are – Cryptobroker.io, Tradesatoshi.com, and C-cex.com.
BitcoinZ has a market capitalization of $10 million and each BTCZ costs about $0.009 making it a great investment for newcomers.
How To Get BitcoinZ For Free?
Please be aware that there are no free services and faucets that give away BitcoinZ for free. So stay away from any services claiming that. They will ask you for sensitive information like wallet address and private key and scam you.
Which Wallet To Use?
Now that you have got yourself some BitcoinZ. It is time to store them somewhere safe. Right now, there are no hardware wallets that support BitcoinZ.
But there is a web wallet mybtczwallet.org and also official desktop wallets too. Visit this link to download the desktop wallet for your operating system – https://BitcoinZ.global/en/#wallets
How To Mine BitcoinZ?
One of the most promising features of BitcoinZ is the ability to mine it with GPU rigs. So the mining cost and initial expenses are very low compared to Bitcoin mining.
Right now there are about two odd pools that support BitcoinZ mining. But in this article, I am going to cover only two of them. These two are my favorite because of their ease of use and fast responses.
As both Zcash and BitcoinZ use the same Equihash algorithm, you can use Zcash mining rigs with BitcoinZ too. If you don’t have a Zcash mining rig and want to build one, then please check our guide on 8 GPU Zcash mining rig.
Please check that guide too if you are struggling with configuring your rig.
*Zcash mining rig will absolutely work with BTCZ mining.
- 13 GPU Profitable ZCash Mining Rig – 2018
- [Guide] Choosing PCI-E Risers For GPU Mining Rigs – 2018
- [Guide] Choosing GPU Mining Motherboard – 2018
- Best Graphics Cards To Buy In 2018 For Mining
How To Mine BitcoinZ On pool.miningspeed.com
If you are not new to mining then please head over to this website pool.miningspeed.com and navigate to the “Getting Started” page. From there you can get all the information to perform the rest of steps.
On the contrary, if you are new to mining – then please read on.
For Nvidia Users:
- First of all, you need to download the EWBF Cuda Miner for Nvidia cards to mine BitcoinZ. Download the miner software from this link: https://github.com/poolgold/ewbf-miner-btg-edition/releases
- After the file finishes downloading, extract it to a folder.
- Now open up notepad.
- Paste the following line of code inside the text document. Please replace the “t1fHHnAXxoPWGY77sG5Zw2sFfGUTpW6BcSZ” with your BitcoinZ wallet t-address. Also, replace the part after “.”, that is “myminer” to any name of your choice.
miner --server pool.BitcoinZ.site --port 3001 --user t1fHHnAXxoPWGY77sG5Zw2sFfGUTpW6BcSZ.myminer --pass x
- Save the file as miner.bat. Make sure the extension is .bat or else the system will not recognize it as a batch file.
- This miner.bat file should also be inside the folder where you extracted the EWBF miner files.
For AMD Users:
- First of all, you will need a miner software to start mining. The best mining software for AMD users is Claymore’s Zcash miner. Download it from this address: https://github.com/nanopool/ClaymoreZECMiner/releases
- After downloading, extract the files to a folder.
- Now create a new document in notepad and paste the following code line by line:
set GPU_FORCE_64BIT_PTR=1 set GPU_MAX_HEAP_SIZE=100 set GPU_USE_SYNC_OBJECTS=1 set GPU_MAX_ALLOC_PERCENT=100 set GPU_SINGLE_ALLOC_PERCENT=100 ZecMiner64
- Save the file as miner.bat and place it inside Claymore’s miner’s folder.
- Now open up the config.txt file present inside the folder.
- Paste the following line of code inside the config.txt:
-zpool pool.BitcoinZ.site:3001 -zwal t1fHHnAXxoPWGY77sG5Zw2sFfGUTpW6BcSZ.myminer -zpsw x -allpools 1
- Save and exit.
After configuration, for both Nvidia and AMD cards, the miner will start running as soon as you click the miner.bat file.
How To Mine BitcoinZ On Btczpool.com
The process of configuring your client for mining on miningspeed’s pool is fairly similar to the above.
So I am not going to repeat it. But please be aware that miningspeed has pools in three locations, US, EU and Asia. So choose a server address according to your region. Please visit miningspeed’s website for more details: https://btczpool.com/getting_started
BitcoinZ is a promising new cryptocurrency, to say the least. It has some new features like ZkSNARKS and Equihash PoW. But in my opinion, to make the project extremely decentralized they have messed up in quite a few places. The project lacks a proper roadmap and a proper community relation team.