Currencies> Bytecoin (BCN)

Bytecoin (BCN)

What is Bytecoin?

Bytecoin (BCN) is one of the oldest cryptocurrencies. It was created in 2012. It has developed by a crypto-enthusiast under the nickname amujarez. He planned to create another anonymous cryptocurrency, although he did not plan to compete with bitcoin, despite a similar name. Moreover, the creator did not even borrow the code from anyone, he wrote it himself, from scratch. In the future, he was joined by other professionals who have created a team that develops the project to this day. You can read the full story about the development on the Bytecoin official website.

When working on BCN, the developers have formed three principles, which they adhere to. It is decentralization, accessibility and security. Technical solutions used on Bytecoin are largely ahead of its time. This is quite a popular cryptocurrency, because here high anonymity is combined with a low price. This makes it very convenient to carry out small transactions and will keep Bytecoin popular in future.

There is a possibility of Bytecoin mining. However, there is one interesting feature. Unlike other cryptocurrencies (for example, Bitcoin), the speed of mining does not depend on the hashrate. The decisive factor, in this case, is the RAM. The mechanism of consensus Proof-of-Work is used in Bytecoin.

Why is Bytecoin worth investing?

  • The speed of the transaction. Bytecoin is popular for small payments not only because of anonymity and low cost, but also because of fast financial transactions. They only take a few seconds.

  • Disposable address. During the operation, a real sender address and a random key are generated. This makes it impossible to control the movement of Bytecoin. Even if you transfer multiple payments from one Bytecoin wallet, they will be significantly different from each other.

  • Ring signature. Bytecoin uses validators to confirm the transaction. But no one knows which one will confirm the next operation. There are also links to other transactions in the ring signature. Accordingly, there is confusion, and any person who sees it, simply can’t understand.

Where to store Bytecoin?

First of all, you can store Bytecoin in the official wallet, a link to which you can find in any Bytecoin review. However, the wallet hasn't even got not a name yet. Storage is possible both in the cloud and on a computer or smartphone. In order to download the installer, you need to go to the official website of the cryptocurrency and go to the GetWallet section. Also multi-currency wallets like Freewallet and Cryptonator support the coin. From time to time, there are new wallets supporting Bytecoin - read the news to be aware.

Where to buy Bytecoin?

To date, 14 cryptocurrency exchanges work with Bytecoin. However, there are only three well-known among them - Poloniex, Binance and HitBTC. If you wonder how to buy Bytecoin on Binance, find a guide on their site – it’s quite a simple procedure. In most cases, you can buy Bytecoin only with Bitcoin or Ethereum. However, recently Poloniex added the ability to exchange for Monero, and you can exchange BCN for USDT at HitBTC. So, there are multiple options if you ask a question “how do I buy Bytecoin”. According to the Bytecoin price predictions, it will grow, and so the quantity of exchanges supporting the cryptocurrency will also grow. You can always monitor the Bytecoin price chart at Coinmarketcap.

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