I keep hearing people say that Bitcoin Private is down over 90% from it’s ATH as though this statistic is somehow unusual compared to other cryptos in this bear market. Which implies the statistic is a reflection of the quality of project Bitcoin Private is.

So I decided to do my own research just as everyone should, to try and understand if its presumed losses are significantly unusual.

For my analysis I gathered most of my data from LiveCoinWatch which currently has 1,985 cryptocurrencies listed.

The Cream of the Crop

As a baseline the Top 10 (excluding Tether) out of 1,985 seems like a great place to start. You would think the best of the best would suffer the least. So lets see where they stand of this writing. You should probably sit down cause this is shocking!

WTF!! The Cream of the Crop are down an average of 77% !?!?

They have all tanked quite dramatically. Does this mean all of crypto is shit and we should all cut our losses and return to Fiat?

Most of us probably think that statement is rediculous. But lets continue to make some comparisons now that we have established a baseline of 77% on average among the Top 10 cryptos.

Bitcoin Private and Popular BTC Forks

On average popular Bitcoin Forks seem to have been hit harder then the top ten with an average loss of 92% from ATH. Which aligns with Bitcoin Private’s losses. Also notice that Bitcoin Private is doing better then Bitcoin Gold and Diamond which lost 95% and 98%.

Another thing to notice here is that all the other Bitcoin Forks existed Pre December/January crypto peak values. Bitcoin Private came into existence during a huge crypto market collapse and still secured an ATH of $88 while being relatively unknown. Then it got swept up into the crypto market collapse and experienced the same losses as others.

If anything I think this makes Bitcoin Private a promising BTC fork for when the market does turn. Keep in mind it’s high was secured while money was leaving crypto. Imagine if money was coming into crypto.

Lets move on to another comparison.

Privacy Coins

All popular privacy coins are down an average of 90%. This is 13% more then the top ten. However, Monero is an anomaly here since it’s loss is in line with top ten coins at 77%. I think we can chalk this anomaly up to it being the most popular privacy coin with a huge user base. However, it’s hardly a reflection of technical superiority considering recent research and articles have shown that sender can be connected to receiver 50% of the time.

That all said, if we remove the anomaly, top Privacy Coins have suffered an average loss of 92% which matches Bitcoin Private’s loss as seen below.

With all this in mind we have to remember that Privacy Coins have been under attack as they restore the anonymity that crypto has lost as governments have learned how to track your activity through it. Uncle Sam doesn’t like privacy coins and as a result we have seen them hit hard in the news.

That all said, Bitcoin Private a new coin launched in the middle of a market collaspe maintained an average loss rather then sinking to the lows of 97% and 95% as seen by ZClassic and ZCash.

Once again I feel this makes Bitcoin Private a promising contender for when the market turns around.

Conclusions about losses from ATH

After reviewing the data I think its safe to say that the losses Bitcoin Private has suffered are not unusual.

In fact, I think it could be said that it has fared quite well considering it is a new project that launched into a crypto wide market collapse.

Thoughts on the Market Collapse

I have heard it said that we are in the middle of a purge that will likely kill off a lot of the 1,985 crypto projects that exist today. Either because they are scams or the teams working on them will not be resilient enough to keep developing their projects under the pressure of these losses and FUD generated by competing projects, as well as their own communities feeling these losses.

This brings me to something I wrote recently that I will refine here, as I feel it’s a good example of how the Bitcoin Private team continues to endure and push through these uncertain times.

Pushing through the collapse

Despite launching into a catastrophic collapse in crypto markets and seemingly under a constant barrage of FUD attacks, the Bitcoin Private team has become one of the most productive teams I have seen.

Since launch they completed the following.

First pull request made, Dec 24

Replay Protection, Jan 5

BTC UTXO integration, Jan 7

Eleos wallet, Jan 8

Release of Electrum Wallet, Jan 27

First fork simulation and testnet, Jan 28

Replay Protection Upgraded, Feb 18

Full Node Desktop Wallet, Feb 20

BIP9, Feb 23

Second Testnet, Feb 23

Partial SegWit Support, Feb 25

Final Testnet, Feb 26

Allowed coin claim testing

Snapshot of BTC and ZCL, Feb 28

Fork-merge and Mainnet Launch, March 2–3

First BTCP Trezor txn, March 9

First BTCP Ledger Nano S txn, March 16

Enable SegWit coin claiming, April 11

Ledger Nano S support, April 16

Electrum release for Ledger Nano S, April 19

Trezor code merged, April 23

Closed Beta Merchant Platform Release

BTCP Rebase Begins [MAJOR]

Since then Merchants have been Beta testing BTCP Pay which they will have ready for launch on July 31st including:

WordPress and WooCommerce Integration upon launch

Shopify Integration is being worked on.

Electronic Point of Sales terminals are being worked on.

Furthermore, before the end of Q3 they will complete The Rebase to the Latest Bitcoin Code Base making the project live up to it’s name. Bitcoin + Privacy!!

This will bring:

full SegWit Support

Lightning Network development.

Addtionally in Q3 we will see.

Shielded Transactions in the Electrum Wallet

Embedded Tor/Tor by Default

A Tor wallet will be released.

In Q4 the Dandelion privacy protocol will be added and Private Transactions will become the default in all wallets!!!

Additionally Bitcoin Private was just integrated with General Bytes ATMs!!

Final thoughts from an active Bitcoin Private Community Member

Despite all the accomplishments made by a new project in the worst market climate, as a Moderator in Bitcoin Private’s discord channel I still see frequent complaints/questions along the lines of “Why isn’t (this) done yet?” followed by conversations that degrade into Fear, Uncertainty and Doubt, as I am sure all projects are experiencing during these difficult times.

I think we all need to take a step back and consider the following.

I know we are all used to living in a centralized world comprised of organizations with paid employees and CEO’s to fire, and services like Netflix have trained us to expect the content we want upon demand.

However, we all need to learn some patience when dealing with decentralized projects as those who are building the things we love are volunteering their free time to do so.

Considering everything, I am impressed by what our projects volunteers have accomplished.

I also realize that the volunteers devoting their free time to Bitcoin Private are working to get BTCP Pay launched by July 31st and to have the Rebase completed within Q3 along with several other things listed in the roadmap.

Knowing this, I have chosen to be understanding of delays and volunteer my own time to help the project I care about in anyway I can.

I hope you also consider volunteering your own time to help in anyway you can.

Conclusion

All things considered, Bitcoin Private has done quite well.

Furthermore, I think the progress made attests to the fact that Bitcoin Private with the support and understanding of its great community and team will continue to fight its way through these uncertain times.

Finally, once crypto markets recover I think Bitcoin Private will emerge from the ashes as one of the best projects out there considering the strength it has taken to come this far.

That said, feel free to sell into my buy orders ;)