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About bytecoin

Bytecoin Review: Mining Guide, Price & Analysis of Bytecoin Cryptocurrency

Bytecoin was launched in July 2012, and it is the first CryptoNote based digital currency. Users of this venture enjoy a high level of anonymity. The platform generates a one-time address and uses Ring Signatures.

The company is known as the total anonymous crypto. Furthermore, BCN was developed from scratch. The coin was not forked from the BTC code. There is a difference between Bytecoin (BCN) and Bytecoins (BTE).

How Does Bytecoin Work

The company claims that its main focus is to retain digital currencies' pride by becoming a peer to peer coin with 100% anonymity. No one in the world controls Bytecoin. Transfer of funds does not require intermediaries.

You can send or receive funds immediately over the internet. Government and third parties cannot trace who made the transaction or the amount that was transacted. The entity assures users that their funds are secure.

Moreover, Bytecoin also states that their platform is secure and cannot suffer from hack attacks. The personal data of users is highly protected. Therefore, the transaction of funds remains anonymous to the public.

The company also allows users to transact funds free of charge across the globe. If you use traditional methods, you will be subjected to high fees and long processing times. However, to use Bytecoin, your only need is an internet connection and an electronic device.

The emission rate of Bytecoin is decreasing as time goes by. Therefore, in the future, the price of BCN is likely to increase. Users can either purchase the currency on various exchanges or mine the coin. Nonetheless, digital currency is not easy to predict.

History of Bytecoin

Bitcoin is not as anonymous as many users thought it was. The US government arrested investors who used the currency for illegal purposes. It is possible to link payment to online users and BTC addresses.

Therefore, Bytecoin birth took place to solve the shortcoming facing the BTC. The coin markets itself as the pro-privacy substitute or the Bitcoin. The team of this platform operates anonymously and use a pseudonym.

The primary purpose of the entity is to ensure transactions remain anonymous. The founders believe in the privacy of users. Therefore, the history of transactions transacted in this blockchain will never be accessible to third parties.

However, Bytecoin, there is a disagreement that raises the question regarding the alleged privacy currency. Monero, rival privacy crypto, started a controversial debate that creates doubt regarding venture viability.

During the time Bytecoin was launched, 80% of the total token were already mined. That is 151 Billion of the total 184B tokens. However, this information is not available in the CryptoNote white paper. There is no proof to confirm this allegation. Nonetheless, Bytecoin influence in the market has played a critical impact in the crypto space.

Features of Bytecoin

The fully anonymous altcoin has a speedy transaction process. The company has a free instant payment process that takes approximately 2 minutes to be completed. Additionally, the founder of Bytecoin claims that the platform is very secure.

The system cannot be hacked as it requires high computation power and expensive electricity. The company states that it uses a cryptographic algorithm that is modern and secure. The platform assures users that they are the only ones with access to their wallets.

Can Bytecoin be mined?

It is possible to mine Bytecoin currency using GPU. Nonetheless, the company does not have a pleasant mining history. It takes 120 seconds to confirm a transaction.  The main reason to believe the allegation is because the accusation comes from its community.

Monero coin was forked from Bytecoin. Some might be skeptical about Monero as well. However, Riccardo Spagni was not pleased with how Bytecoin was operating, and they choose to start a transparent privacy coin.

Currently, Monero is the most innovative coin that is using the CyptoNote protocol. Anyone can join the network and become a miner. The company rewards those who use their computing power to verify transactions with BCN.

Founder and the Community of Bytecoin

As we had earlier mentioned, the team of Bytecoin remains anonymous. Most of them use pseudonyms. However, this digital currency has the support of multiple people in the market. Some of the famous people that support this platform are; Alexandre, owner of Lebyecoin.fr, Doorknobs mining pool Developer.

Additionally, the company has a large number of followers on their Facebook page. The website of this venture was designed by Mark Brahma, a Russian community manager. They also have a telegram channel.

The anonymity of the Bytecoin team has raised questions among the community. Their identity remains hidden from data. Additionally, the team does not respond to their critiques. However, one could argue that even BTC is an anonymous coin without any info of the founder.

Our take on Bytecoin

The coin has not yet hit the $1 cap, and it is not certain what the price might be in the future. Bytecoin is among the initial privacy coin in the industry. Once all tokens are mined, and miners will have to depend on transaction charges.

The community that is behind the coin is large. The anonymity of this coin creates worry, especially considering that there are controversial regarding their pre-mining process. The mysteriousness of Bytecoin does not help, which could be why there is a low demand for the currency. Even though the money is not performing as expected, it will be remembered as the first coin to use CryptoNote.

Moreover, there are exciting features regarding Bytecoin. These include; instant fee-free transactions that are way fast than the traditional form of payment. The company has high-security measures, and the only way your security might be at risk is if you share your data.

You can contact the support via email or their various social media platforms. The company has a web, desktop, and mobile wallet for their clients. The time that the coin has survived in the market is long, and it seems they are not going away anytime soon.

Advantages

• Speedy transaction without any fee
• Users can mine using their PC
• High security and safety
• Observe anonymity
• First CryptoNote technology currency

Disadvantages

• Shady mining history
• Can be used for illegal purposes
• Volatile

How to Buy

Investors can purchase Bytecoin on various exchanges in the market. Users are the only ones who have access to their funds. You need a wallet to safeguard your currencies. The company has an online wallet. It is important that you invest in a safe wallet to keep your funds.

Users can spend Bytecoin on exchanges or various merchants like Sakama, Gabo, Bentea, and BytecoinMarket. You can purchase BCN on Binance, HitBTC, Poloniex, Changelly, Cryptonator, Coinspot, among others.

Bytecoin mobile wallet is secure and can be accessed using fingerprint, pin lock, email confirmation whenever you want to transact funds, setting daily and weekly limits; additionally, and initiating the 2-factor authentication.

Final Verdict

Bytecoin is a currency that is not among the top list of the best coin in the market. However, this does not mean that you cannot make some profits. You can utilize the opportunity to get mining rewards.

The entity brags about its high security. The platform does not have advanced advantages for miners who use the ASIC device. Therefore, the firm creates an opportunity for PC users to gain from the mining process.

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