Bytecoin (BCN) describes itself as a private, decentralized cryptocurrency with an open source code. The main goal of the project is to facilitate fast, anonymous, and untraceable transactions. Bytecoin claims to be the first project to implement CryptoNote technology.
welcome to the world of decentralized finance (cryptocurrency) where there are thousands of new cryptocurrencies springing up daily. Anyways, Bytecoin does not fall into the category of new cryptocurrencies since it has been in existence since July 2012 – two years after the 2009 bitcoin production.
Bytecoin cryptocurrency is an original product that wasn’t created from the fork of any other cryptocurrency. Its originality has caused it to be hard forked by over 20 different products with both Monero and Dash cryptocurrencies included.
5 years after its production date, bytecoin maintained a 10 satoshis fluctuating price; subsequently in 2017, just like the other cryptocurrencies, this digital asset rallied up. In 2018 traders reacting to the news of the cryptocurrency being listed on Binance, it gained a 300% rally with bulls still pushing.
One spectacular feature of this digital currency is the fact that it prides itself on being the first to utilize cryptonote technology. As a result of this, it was named the “totally anonymous cryptocurrency”. Also, the bytecoin digital asset utilizes a one-time address use as well as ring features for its complete privacy.
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Generally, there is a mystery feeling associated with this project because; though it has all its founders stated on bytecoin’s.site, these names, especially that of the developers are mere pseudonyms. It goes down to the extent that even some of the developers remain anonymous to the general team.
Features of Bytecoin.
Bytcoin claims to bring amazing features that seem quite selfless. We must look into the details of these claims.
Free payments and instant reflection:
All transactions on the bytecoin network are completely free from cost. Both transfers and all other transactions are done at a zero price charge. Again, transactions are swift to near internet speed. The only reason it takes about 2 minutes is for confirmations to be done. Despite the distance (be it Alabama to Tokyo), the price reflection time doesn’t exceed two minutes.
The only way your personal information leaks on bytecoin(transaction history, balance, etc) is through your careless acts. It can only be done with your permission. What it entails is that you will need to give out your passphrase or wallet passwords before your information can be accessed. Anything separate from this, even your spouse, business partners, etc won’t be able to access your personal information.
Bytecoin has boasted in their secure cryptographic algorithms, claiming that hacking the embedded system is impossible since it will require very expensive electricity and supercomputer computational power.
These claims display bytecoin as not your regular cryptocurrency.
General Overview Of Bytecoin Cryptocurrency
Generally, bytecoin seems to be lagging when compared to other cryptocurrencies and even some of the forked projects that got the inspiration from bytecoin seem to have outperformed this token.
The root cause of this is the fact that 82% of these coins were pre-mined by the developers of the project and comfortably sitting in their wallets.
Coupled with some other factors, the pre-mine is one of the seen factors that has kept the pace of this cryptocurrency backward.
Presently, bytecoin can be purchased in various exchanges although with only ETH, USDT, and BTC.
To store bytecoin, you can head over to their site and choose a wallet that suits you best.
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