Bytecoin (BCN) Coin Full Guide
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Multiple privacy-oriented cryptocurrencies have emerged over the years. Bytecoin being one of them seems to be getting in investors’ good books in regards to private and untraceable transactions. But all transactions performed with cryptocurrencies are private. What’s so profound about Bytecoin? Well, somehow, crypto transactions are private. The secrecy lies in the fact that there are no third parties involved when performing transactions. But Bytecoin makes sure that transactions are completely anonymous and cannot be traced. This ranks the coin among the most private cryptocurrencies.
Another important appeal of this cryptocurrency is how easy it really is to use its official wallet. BCN wallet is all around streamlined and super easy for the average Joe to use. Bytecoin is one of the oldest crypto projects from which numerous cryptocurrencies have forked. Monero and Dash, for instance, are surprisingly forked from Bytecoin. And even though the digital currency doesn’t enjoy much attention from crypto news sites like other altcoins do, Bytecoin seems like it has all the strongest trump cards under its sleeve when it comes to satisfying the privacy needs of its users.
What is Bytecoin?
Bytecoin, or simply BCN, is a digital currency used by individuals, businesses, and investors to conduct online monetary value transactions. The coin was founded in 2012 and has been in the crypto space since then. However, until now its inventors remain anonymous.
So far, the only mentioned names are Adi Shamir, Ron Rivest, Yael Tauman, K. Suzuki, and E. Fujisaki, who created and finalized the cryptographic protocol. Other than that, the idea behind Bytecoin invention remains covered with many unknown developer names and countless puzzles.
One unique feature about Bytecoin is that it was coded from scratch and was the first altcoin to run on CryptoNote protocol. The primary objective of developing Byte coin was to make transactions as private as possible, boost investment growth, and minimize business risks. CryptoNote ring signature, the technology behind Bytecoin, has done a pretty good job, so far, in providing an untraceable payment solution. Its almost 6 years now since Bytecoin dipped its toes into cryptomarket and we can’t ignore the fact that the coin has really matured. It has taken anonymity to such great heights that only a few of its altcoin counterparts have survived to see.
Bytecoin Coin Best Features
We have a huge number of cryptocurrencies in the market today that claim to offer complete anonymity in transactions. However, only a few of these have actually been able to deliver this feature successfully.
Included in this small fraction is Bytecoin whose team has worked tirelessly to provide features that take anonymity and user privacy to an entirely new level. Here are some of the most praised attributes of Bytecoin:
- Data privacy: With Bytecoin, it is very impossible for a third party to obtain your financial data. This includes your wallet balance or any other financial transaction performed with BCN. Unless you choose to share this information with others, it will remain hidden. You are the only person who can manage what third parties should and should not see.
- Free instant payments: There are no intermediaries needed to perform transactions between two parties. This eliminates any extra charges because the sender transfers the coins directly to the receiver’s BCN wallet. Furthermore, the transaction is internet-based, which means the whole process is fast. Generally, it takes only two minutes to receive confirmation of the transaction.
- Untraceable payments: Bytecoin uses ring signatures to make transactions completely untraceable. By using pseudo-random numbers, the parties involved in the transactions are kept truly anonymous.
- Security: The cryptographic algorithms used here cannot be hacked. Actually, a simple hacking attempt would require a very strong supercomputer with an immense computation power and a huge amount of electricity. These two things are expensive, which means trying any dubious move on the coin would hit a dead end.
BREAKING NEWS: The Unexpected Events from the Unexpected Bytecoin’s Side
May 21st, 2018: Despite the downtimes that are currently being experienced by the overall cryptocurrency market, Bytecoin (also known as BCN) is experiencing some good times. BCN has returned to CoinMarketCap and Binance after losing its leading positions in the lists and appeared in the bottoms. However, within 7 days it has experienced a rise of around 67 %. Some people view Binance as one of the main pumpers of the coin. This is so, as things started changing when the official Bytecoin twitter account has twitted about the available of BCN deposits and withdrawals on Binance.
Bytecoin provides different products for different users. Below is a breakdown of what the cryptocurrency has to offer to customers, businesses, and investors:
As we already know, Bytecoin crypto uses a different principle from fiat currencies to process financial transactions. It does not require any third parties to oversee the processing of transactions, which is why individuals are able to conduct transactions without being charged extra fees. The coin guarantees:
- Safety: The cryptocurrency is impossible to hack. One would require a huge amount of resources just to figure out an account key.
- Protection of personal data: Setting your transactions to a high anonymity level makes it completely impossible for someone to figure out where you send or receive money from.
- Instant free funds transfer: Bytecoin provides a robust infrastructure that allows you to send and receive money online free of charge.
- Legit investment: With the emission rate of BCN set to decrease over time, the value of each Bytecoin increases gradually, which means the value of BCN mined or purchased will keep on rising.
- Easy coin mining: You don’t have to buy ASIC devices for you to mine Bytecoin because mining can be done even with a normal home computer.
BNC offers enterprise-ready solutions that enable businesses to conduct safe, convenient, and reliable financial transactions. Companies who have embraced this network sphere enjoy:
- Safe wallet: CryptoNote, the technology by which the digital currency is powered, is impossible to hack. This ensures that your money is safe.
- Free international payments: Businesses can send and receive funds globally without additional fees. This is because the transactions are conducted by Bytecoin users themselves instead of intermediaries.
- Reduced business risks: The aim of Bytecoin is to ensure that businesses conduct fair and open transactions. That is why the network prevents automatic chargeback for processed transactions. Once funds are sent to the receiver’s wallet, the transaction cannot be reversed unless the receiver is willing to make a refund.
- Data privacy: Bytecoin allows its users to set anonymity of transactions to high levels to prevent third parties from tracing these transactions.
- Reliable business tools: Being an open network, joining Bytecoin community is easy as all you need is internet access. The network provides a simple set up and comprehensive manuals to enable users to accept BCN coins without breaking a sweat.
If you are looking for a secure and sustainable project to invest in, then this is it! With Bytecoin, you will have your funds stored privately and safely and you will reap the following benefits:
- Annual profits: You will receive a certain percentage of both BTC and USD annually as dividends.
- Coins safety: All your coins are stored safely in your Bytecoin wallet, and since BCN doesn’t provide third party access to your wallet, it means that you are the only person who can obtain information about your investments.
- Transactions’ privacy: With anonymous deposits and withdrawals, Bytecoin makes your investments totally unlinkable and untraceable. It is impossible to locate the wallet address to where you send the coins and from where you receive them.
- Other benefits: Huge investors may have more features at their disposal.
With the popularity of tokens growing every day, the Bytecoin team has introduced a totally unlinkable token in the crypto market. The BCN token is the first completely anonymous token to run on CryptoNote technology. So far, there are 184 billion tokens in circulation.
BCN tokens are untraceable, which means, the only people who know how much you purchase are you and the smart contractor. Thus, you really don’t need to conceal your personal information while taking part in the Initial Coin Offering ICO program, as the token redistribution program is designed to hide your identity for you.
All BCN transactions are performed via the internet, which increases reliability and convenience. When a transaction is initiated, the tokens combine the computing power of all the computers processing the transaction. When more computers come together, there is improved processing power, which in return increases network reliability. The result? The money in your wallet is protected. One way to acquire Bytecoin tokens is through mining. The number of tokens emitted lowers every 120 seconds. This increases the value of the token in the market and essentially Bytecoin becomes more expensive.
Bytecoin Price Growth
Since its release, Bytecoin has had a good share of ups and downs. For starters, the coin has been forked more than 20 times but still ranks among the most successful altcoins in the crypto market. However, despite being the first completely anonymous digital currency, the coin is not as popular as Monero, a forked version of Bytecoin.
Bytecoin was not doing very well on the market cap because the currency faced heavy criticism from businesses and investors due to its pre-mine scheme. 82% of its coins had already been mined before its official release.
The fact that these coins were in the hands of Bytecoin’s stakeholders, founders and developers largely influenced the price of the currency. This clearly explains why there has been little progress in the increase of Bytecoin price and user base in the past years. And with Monero dominating the market, there seemed to be no light at the end of the tunnel for Bytecoin, as its market cap was seesawing between $5 and $10 million.
Suddenly, in 2017 Bytecoin made a strong comeback. In a period of two months, its market cap had hopped from $10 million to $350 million. In May 2017, the daily trading volume of Bytecoin moved from $340,000 to $48 million. The coin has been having good days in the digital currency market since then. And even though this market has been facing lots of challenges lately, Bytecoin is still heading for the stars.
The roadmap for Bytecoin’s future is clear. Even though the main priority of the project’s team is to maintain and enhance the cryptocurrency’s anonymity, there is a word going around that Bytecoin will be introducing more features for its users in the future. The currency’s techs have already confirmed this rumor by saying that they are working on a wallet that is more lightweight for smartphones and a scripting language that lets users design smart contracts.
How to Buy Bytecoin?
Willing to invest in Bytecoin? Great! Just follow these quick steps and you will be good to go.
Buying with USD
- Start by downloading a wallet to store your coins safely. There are several options to choose from including desktop wallets, web wallets, android wallets, and hard wallets. Just get hold of the option that is best suited for your needs. Create an address and make a copy of it.
- With your address ready, you can now buy Bytecoin. Click on the “Invest” link, key in the amount of money you want to invest, and click on the “Exchange” button to proceed.
- Remember that wallet address you copied? Now it’s time to paste it under the “Recipient’s BCN address” space provided. Enter your email address under “Your Email” and click the “Proceed” button.
- Choose the method of payment. Click on the “Pay with visa/MasterCard” to proceed.
- Enter your mobile number and click “Next”. You will be prompted to provide your date of birth and credit card information.
- Once the payment is made, the transaction will be processed and your coins will be deposited in your wallet.
Buying With Bitcoin
- The first thing is to purchase your Bitcoin. There are various websites where you can buy your Bitcoins from.
- Once you have found a site of your liking, create an account and buy your Bitcoin.
- After the Bitcoins have been sent to your wallet, just trade them for Bytecoins.
- Withdraw the Bytecoins into your wallet. Always make sure that your wallet is encrypted with a password.
There are three ways you through which can store your precious coins safely. These include web wallet, desktop wallet, and wallet by Freewallet. Here is a brief of the storage options:
Bytecoin Web Wallet
Also known as an online wallet, this Bytecoin wallet is accessed through a web browser and resides on a desktop and mobile platforms. Here, users need third party wallets to store their Bytecoins on the cloud. The wallet can only be accessed when one is connected to the internet, which makes it a hot storage. Even though this is the quickest way to do transactions, this wallet is more prone to DDOS attacks, malware, and phishing swindles.
Bytecoin Desktop wallet
Just as the name suggests, this wallet resides on and is accessed from a personal computer or laptop. The best thing about a desktop wallet is that you don’t need an Internet connection to view or manage your Bytecoin as this can be done offline. A desktop wallet is therefore considered safer than a web wallet. However, if you choose to access your Bytecoin completely offline then you need to keep a backup of your data to avoid losing everything in case your PC dies.
Bytecoin Wallet by Freewallet
The Bytecoin team has not introduced any official Android wallet yet. Nevertheless, there is one created by Freewallet on PlayStore and seems to work just fine. The wallet allows users to purchase BCN with a credit card, and view Bytecoin price and statistics. The coins are stored offline, which helps in securing them against malicious activities. What’s more, you don’t need to backup your data as you can access your account from another Android device if the current one is lost or broken.
Top Bytecoin Exchanges
There are tons of crypto exchange sites where people can buy Bytecoin cryptocurrency. Let’s look at the most popular of all:
HitBTC advertises itself as the best and most advanced digital currency exchange today. Based, in Hong Kong, the website has been in the crypto exchange game since 2013. The success of the exchange is caused by myriad factors is including a user-friendly interface, low transaction fees, security, and stable API. However, one needs to provide too much information for an account to be verified and the process of withdrawal is a bit slow.
To start trading on the site, you need to create an exchange account. You are also required to provide personal information, address, proof of residence, and bank account details for your account to be verified by the general admission.
CoinSpot is an Australian website, founded in 2013, that allows buying and selling of cryptocurrencies with AUD. It is very popular among the locals as they can make fast exchanges. Even though CoinSpot only accepts AUD as the official fiat currency, investors in other parts of the world can still trade their BTC, LTC, and DOGE for other altcoins. All they need is to open an account and get it verified with a full name, mobile number, proof of age, and copy of a utility bill. CoinSpot has many advantages over its counterparts in that it has a rich pool of altcoins to trade, an intuitive user-friendly interface, and low exchange rates for locals. But it also has some drawbacks – new users have limited transactions, and the verification process requires too many documents.
Changelly is a Czech Republic-based exchange that has been in the crypto business since 2015. It allows the instant exchange of 90+coins and trade can be conducted with a credit or debit card, as well as a cryptocurrency. Its reputation thrives from its low crypto transaction fees, which are only at 0.5%, secure exchanges, and beginner-friendly interface. However, credit/debit transactions are massively high.
Changelly is different from the other two exchange sites in that you don’t need to create an exchange account. All you need is a valid wallet address. If you are buying the coins with a credit/debit card, however, you may need some verification. Other than the above sites, Bytecoin can also be purchased on Poloniex.
So Should You Invest in Bytecoin?
Considering all the positive factors and the word from techs and financial experts, it goes without saying that Bytecoin is a cryptocurrency worth following up. If the next couple of months would be as promising as the first few weeks of January, then we can say without a blink that the altcoin will soon be rubbing elbows with the “big boys” of this game. With its expanded demand and increasing value, it is a fact that Bytecoin is here to stay. However, you have to remember that this is an investment and in every investment, one has to be patient enough for better returns.
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