Bitcoin 2

price
change

Discover Bitcoin 2's fundamentals and latest news.

This content was generated by Whalee (BETA), an AI crypto assitant that analyses cryptocurrencies. Informations can be incomplete and/or erroneous. Please always double check and DYOR.

What is Bitcoin 2?

Bitcoin 2 (BTC2) is a community-centric cryptocurrency that focuses on privacy, speed, scalability, decentralization, and real-world use. It is a Bitcoin fork that utilizes an energy-efficient custom Proof of Stake protocol and a second-tier Masternode network, allowing for fast and secure transactions. The Zerocoin protocol ensures private and untraceable transactions, while the Masternode network enables instant verification of payments. Bitcoin 2 aims to be a fast, secure, decentralized, and private digital currency with low fees and high scalability.

How is Bitcoin 2 used?

Bitcoin 2 (BTC2) is a community-centric cryptocurrency that focuses on privacy, speed, scalability, decentralization, and real-world use. Here's how it can be used:

Key Features
  • Private Transactions: Bitcoin 2 utilizes the Zerocoin protocol, specifically zBTC2, which provides 100% anonymity and untraceability through zero-knowledge proofs. This ensures that each coin sent using zBTC2 is fully fungible and has no determinable history attached to it.
  • Fast Transactions: Bitcoin 2 employs a custom Proof of Stake protocol and a second-tier Masternode network, allowing transactions to confirm in under a second.
  • Low Fees: Transactions can be sent globally for less than a cent.
  • Scalability: Bitcoin 2 can handle a significantly higher number of transactions per second compared to Bitcoin.
Use Cases
  • Digital Money: Bitcoin 2 can be used as a form of digital money that can be easily transferred worldwide with minimal fees and nearly instantaneous confirmation times.
  • Staking and Earning Rewards: Users can stake their Bitcoin 2 to earn rewards similar to interest, contributing to the security and decentralization of the network.
  • Trading: Bitcoin 2 can be traded on exchanges to buy other digital currencies or to later purchase goods and services online and offline where it is accepted.
  • Holding and Earning Interest: Users can hold Bitcoin 2 and earn rewards through staking, similar to earning interest on traditional savings accounts.
Accessibility
  • Wallets: Bitcoin 2 can be stored and managed through various crypto wallets, including the Bitcoin 2 Core Wallet, which supports features like in-wallet BIP38 encryption and deterministic wallets with seed passphrase recovery.
  • Exchanges: Bitcoin 2 can be bought and traded on decentralized exchanges (DEXs) and other cryptocurrency platforms.

Overall, Bitcoin 2 offers a unique combination of privacy, speed, and scalability, making it a versatile cryptocurrency for various use cases.

How do I store Bitcoin 2?

To store Bitcoin 2 (BTC2) tokens, you need to follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports Bitcoin 2 (BTC2) and is suitable for your trading preferences. Popular options include Coinbase Wallet, MetaMask, and TrustWallet. You can download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

  2. Set up Your Wallet: Create an account by providing your personal information and selecting a strong password. You will be given a Secret recovery phrase or Seed Words, which you should note down carefully in case you lose your wallet.

  3. Transfer Funds: Once you have bought your base currency, withdraw it to your crypto wallet by providing your wallet address and the amount you want to transfer.

  1. Store Your Tokens: After buying Bitcoin 2 (BTC2) tokens, they will be stored in your crypto wallet. Ensure your wallet is secure and up-to-date to protect your tokens.

Remember to research and choose a wallet that fits your needs, and always follow best practices for securing your crypto assets.

How to buy Bitcoin 2?

To buy Bitcoin 2 (BTC2) tokens, follow these steps:

  1. Choose a Crypto Wallet: Select a reliable crypto wallet that supports the Ethereum network, such as Trust Wallet, Coinbase Wallet, or MetaMask. Download the wallet extension on Google Chrome or the wallet app from the iOS App Store or Google Play.

  2. Set up Your Wallet: Create an account, provide personal information, and select a strong password. You will be given a secret recovery phrase or seed words, which you must note down carefully for future reference.

  3. Buy a Base Currency: Choose a cryptocurrency exchange platform and buy a base currency like Ethereum, Bitcoin, or Tether. This will be used to trade BTC2 and other coins.

  1. Transfer Funds to Your Wallet: Withdraw your base currency from the exchange to your crypto wallet. Log into your exchange account, provide your wallet address, and the amount you want to transfer.

  2. Choose a Decentralized Exchange (DEX): Select a DEX that supports your wallet, such as 1inch or Pancake Swap. Ensure the DEX supports the blockchain where your wallet is based.

  3. Connect Your Wallet to the DEX: Connect your wallet to the chosen DEX using your wallet address. This will allow you to trade your base currency for BTC2.

  1. Trade Your Base Currency for BTC2: Select BTC2 from the list and enter the amount you want to trade. If BTC2 is not listed, find its smart contract address on platforms like Etherscan and paste it into the DEX.

  2. Complete the Transaction: Once you have completed the trade, your BTC2 tokens will be transferred to your wallet. Be cautious of scams and ensure you have the correct contract address.

Remember to carefully consider your investment experience, financial situation, investment objectives, and risk tolerance before investing in any cryptocurrency. Cryptocurrency prices are subject to high market risk and price volatility.

Discover
Bitcoin 2
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

History of Bitcoin 2

Bitcoin 2 (BTC2) is a community-centric cryptocurrency that forked from Bitcoin. The initial distribution of BTC2 was based on a 1:1 ratio with Bitcoin holders as of block number 507850, which occurred around February 5, 2018. This means that all Bitcoin holders at that time received an equal amount of BTC2 without needing to take any action.

The Bitcoin 2 blockchain was created using a snapshot forking method to reduce its size from approximately 150 GB to less than 1.5 GB, making it more efficient for masternode creation and staking node hardware requirements. The initial supply of BTC2 was set to 16,848,064.795 BTC2, mirroring the supply of Bitcoin at the time of the fork.

The blockchain utilizes an energy-efficient custom Proof of Stake protocol and a second-tier Masternode network to facilitate fast transactions, with the goal of achieving instantaneous private transactions and fungibility. The network is secured by nodes around the world, operated by its users, ensuring decentralization and privacy.

Bitcoin 2 aims to provide a scalable and private digital currency with nearly instant transactions and low fees. It also supports private transactions through the Zerocoin protocol, enhancing user anonymity and security.

Discover
Bitcoin 2
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

How Bitcoin 2 works

Bitcoin 2 (BTC2) is a community-centric cryptocurrency that focuses on privacy, speed, scalability, decentralization, and real-world use. It is a fork of Bitcoin, aiming to improve upon its predecessor by incorporating advanced features and technologies.

Blockchain and Consensus

Bitcoin 2 uses a custom Proof of Stake (PoS) algorithm, which is energy efficient and secure. This consensus mechanism allows for faster transaction processing and lower electricity consumption compared to traditional Proof of Work (PoW) algorithms used by other cryptocurrencies like Bitcoin and Bitcoin Cash. The PoS algorithm also enables users to stake their coins and earn rewards, contributing to the security and decentralization of the network.

Masternodes and FastSwiftTX

Bitcoin 2 employs a second-tier Masternode network to handle transactions. These Masternodes are responsible for confirming transactions in less than a second, making the network highly responsive. The FastSwiftTX feature ensures that transactions are verified quickly, allowing for near-instant payments.

Zerocoin Protocol and Privacy

One of the key features of Bitcoin 2 is its implementation of the Zerocoin protocol, which enables private and untraceable transactions. This protocol uses a process called "minting" to convert BTC2 into zBTC2, which are then pooled and used for anonymous transactions. When a user wants to send zBTC2, their wallet generates a zero-knowledge proof that allows the zBTC2 to be converted back to BTC2 and sent to the target address. This process ensures that the transaction history remains unlinked, making the transaction private and untraceable.

Supply and Distribution

Initially, all Bitcoin holders as of Bitcoin block number 507850 (February 5, 2018) received BTC2 on a 1-for-1 basis. The total supply of Bitcoin 2 is capped at 21 million, similar to Bitcoin. The initial distribution of BTC2 mirrored that of Bitcoin at the time of the fork.

Wallets and Security

Bitcoin 2 Core Wallets support advanced features like in-wallet BIP38 encryption for private keys and deterministic wallets with seed passphrase recovery. The wallets are designed to be user-friendly and secure, allowing users to manage their BTC2 and zBTC2 efficiently.

Roadmap and Development

The Bitcoin 2 team is continuously working on improving the network. Their roadmap includes revamping the zBTC2 privacy protocol, adding atomic swap support, deterministic masternodes, and hardware wallet support. They are also focusing on growing the BTC2 community and increasing adoption.

Overall, Bitcoin 2 aims to provide a fast, secure, decentralized, and private digital currency that can be used for everyday transactions. Its unique features and technologies make it an attractive option for those seeking advanced cryptocurrency solutions.

Discover
Bitcoin 2
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Bitcoin 2's strengths

Bitcoin 2 (BTC2) is a cryptocurrency that offers several strengths:

  1. Scalability: Bitcoin 2 supports up to 40 times more transactions per second compared to Bitcoin, making it highly scalable.

  2. Fast Transactions: The protocol uses a Proof-of-Stake (PoS) consensus mechanism and a second-tier Masternode network, enabling transaction confirmation within a second.

  3. Private Transactions: Bitcoin 2 utilizes a customized Zerocoin privacy protocol called zBTC2, which uses zero-knowledge proofs to obscure the link between the sender and the receiver, ensuring 100% anonymity and untraceability.

  1. Energy Efficiency: The PoS algorithm greatly reduces energy consumption compared to other cryptocurrencies that use Proof-of-Work (PoW) mechanisms.

  2. Low Fees: Bitcoin 2 has near-zero transaction costs, allowing users to send money globally for less than a cent.

  3. Decentralized Network: The network is decentralized, allowing any member to contribute to its operation and earn income through staking.

  1. High Fungibility: The zBTC2 protocol ensures that tokens are completely fungible, as they lack a determinable history attached to them.

These features make Bitcoin 2 a highly functional and efficient cryptocurrency, suitable for day-to-day transactions and long-term investment.

Bitcoin 2's risks

Bitcoin 2 (BTC2) carries several financial risks that investors should be aware of. These risks include:

  • Counterparty Risks: Many investors and merchants rely on exchanges or other custodians to store their cryptocurrency. Theft or loss by one of these third-party entities can result in significant financial losses.

  • Regulatory Risks: The regulatory status of some cryptocurrencies is still unclear, with governments seeking to regulate them as securities, currencies, or both. A sudden regulatory crackdown could make it challenging to sell cryptocurrencies or cause a market-wide price drop.

  • User Risks: Once a cryptocurrency transaction is sent, it cannot be reversed or canceled. Approximately one-fifth of all bitcoins are now inaccessible due to lost passwords or incorrect sending addresses.

  • Market Manipulation: Cryptocurrencies are susceptible to market manipulation, which can lead to significant price volatility and financial losses.

  • Quantum Computing Risks: The potential development of powerful quantum computers could crack Bitcoin's cryptography, exposing everyone's private keys and potentially causing a collapse in the network's trust and value.

  • Government Ban Risks: Governments worldwide could ban Bitcoin, making it illegal to own or mine. This has happened in China, and a ban by a major developed economy like the U.S. could significantly impact the asset's value.

  • High Residual Risk: Bitcoin has a high amount of residual risk, meaning that a significant portion of its risk cannot be explained by traditional financial risk models. This makes it challenging to predict and manage the asset's performance.

  • Risk Gauge: Bitcoin 2 (BTC2) is currently considered a high-risk investment, according to risk analysis gauges. This is a significant concern for traders focused on risk assessment.

Discover
Bitcoin 2
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Did Bitcoin 2 raise funds?

Discover
Bitcoin 2
We give you the tools to invest your time and money in 1000+ tokens.
Subscribe

Bitcoin 2’s team

  • Development Team: The Bitcoin 2 development team includes contributors from the PIVX team and academic cryptographers who worked on the original libzerocoin public repository.

Whalee AI

The fundamental analysis assistant for crypto value investors.

Bitcoin 2 NEWS REPORT

Latest news

Want an analysis of Bitcoin 2? Tell us on discord.

Help us improve!
Tell us what you think of this page and which features you would like to see next.
OPEN FORM