Bytecoin

#19
Price: $0.00668058
Change(24h):
-1.06%
Volume(24h): $11,543,100
Market Cap: $1,228,495,071
Bytecoin is a private and decentralized open-source minable cryptocurrency. Founded by Nicolas van Saberhaageh in 2012, the Indian-based coin focuses entirely on anonymous transactions and privacy. Bytecoin introduced the CryptoNote protocol - a technological breakthrough in blockchain privacy - which spawned several other projects and forks like Monero. Thanks to its anonymity features, Bytecoin is a token preferred mostly by criminals. Due to a dubious pre-release mining phase, many are questioning Bytecoin, nevertheless, it remains one of the largest cryptocurrencies out there. The total BCN coin supply is some 185 billion units.

Crypto Coin Index:

Top 30 CryptoCoin INDEX

Minable: Yes

Coin Prefix: BCN

Type: Coin

Latest Hight: $0.03

Bytecoin Markets

# Source: Pair: Price:
1
HitBTC
BCN/BTC
$0.010881450288
2
Poloniex
BCN/BTC
$0.0111645192
3
HitBTC
BCN/ETH
$0.0108096156
4
HitBTC
BCN/USDT
$0.01081494634
5
Poloniex
BCN/XMR
$0.01110959922

Bytecoin - focus on anonymity

Not long after Bitcoin's release in January 2009, many started to express concerns that its transactions are not fully anonymous. This was where Bytecoin came into play. Launched in July 2012, BCN was the first cryptocurrency to implement the CryptoNote technology. Its primary use was to make transactions untraceable through CryptoNote, which provides a layer of anonymity for the cryptocurrency. Despite being the first and the original anonymous coin, Bytecoin is relatively unknown to the modern community because of its forks.

The currency came under fire when it was found that 82% of the coins were actually pre-mined, meaning that the coins were created before the release to the broader public. Here is what Monero’s founder had to say on the topic (Monero is a fork of Bytecoin but Monero’s developers refused to work with those of Bytocoin because of the very same problem):

"The reality is that 82% of the coins were already mined before its ’public’ release. Even if the premined coins weren’t done so maliciously, it still means 82% of the coins in the hands of persons unknown and invisible. It basically centralises a decentralised currency."
R. Spogni in 2015

  • Type: Altcoin
  • Minable: Yes
  • Coin Code: BCN
  • Based in: Delhi, India
  • Founder: Nicolas van Saberhaageh
  • Launched: July 2012

Bytecoin started trading on July 17, 2012 at USD 0.000065 and hit an all-time high of USD 0.018 on January 6, 2018. That’s a 22 000% surge for less than five years.

 

What is so unique about BCN

There is one aspect of Bytecoin, which makes it different from the rest of the coins out there - its transactions. They are not only private and untraceable but are also unlinkable. Privacy is maybe the most important feature in the Internet of Things age when our personal information is recorded everywhere - having privacy usually comes at a high cost. And Bytecoin is trying to change exactly that – privacy for all users and all payments within their Blockchains, as the CryptoNote technology, makes all transactions completely untraceable, preserving the anonymity of Bytecoin users and their purchases. That is one of the main reasons why this digital coin has a market capitalization of almost a billion dollars. Communities are supporting BCN as it provides them with privacy and cost-effective transactions that are quickly and efficiently processed.

Bytecoin-main-image

 

How to get bytecoin and where to store

If you have decided to buy some Bytecoins, here are some ideas:

Buying BCN with fiat money:

  • Cryptonator exchange; available with EUR, USD, RUB, and UAH
  • Beatcoin exchange; with PLN
  • Coinspot exchange; with AUD

Although quick, the downside of exchanging hard currency for Bytecoin is the large fee it takes compared to other methods of exchanging. So, we suggest:

Buying BCN with cryptocurrency:

  • Coinbase;
  • Cex.io;
  • LocalBitcoins;
  • Other exchanges;

Mining BCN:

  • It is said that Bytecoin is easier to mine than Bitcoin, takes less resources and pretty much every modern PC could do a good job. The problem is that soon there won’t be any coins left to mine as the crypto currency is reaching its cap of 13 billion coins.

Setting up a wallet:

  • Before acquiring some Bytecoin (as an investment) you must have a wallet to store your assets.
 

Wrapping it up

Bytecoin is one of the earliest developed cryptocurrencies and the oldest Blockchain projects. Until recently, the team behind the coin has kept themselves anonymous. Now, though, they’ve opened up multiple communication channels, removed some layers of anonymity, and even built several local communities, establishing a better connection between themselves and the users of the digital currency. The recent resurgence of team communication and transparency has brought some faith in the project by some who earlier deemed the currency questionable. Even with the goal of improving Bitcoin, the team states that they don’t consider Bytecoin as a Bitcoin replacement. But as governments continue to be more involved in the crypto space, the interest in privacy coins like Bytecoin will definitely continue to increase.