Bytecoin is a private and decentralized cryptocurrency which features an open – source code. It is a peer – to – peer digital cryptocurrency which came into being in July, 2012. It has shown quite a growth since then, putting it in direct competition with other leading and widely used cryptocurrencies like Bitcoin and Ethereum.
|Symbol||Initial Release Date||Algorithm Type||Max. Supply|
|BCN||04 July 2012||CryptoNight||184.47 billion BCN|
One of the greatest feature of Bytecoin is it provides users that additional layer of security and anonymity by obscuring the transaction addresses of senders and recipient of BCN.
How to Purchase Bytecoin
You can purchase Bytecoin from the following exchanges:
|Name||Payment Methods||Available Fiat Currencies||Available Cryptocurrencies|
|CoinSpot||Cash, BPAY, POLi, Cryptocurrency||AUD||BTC, BCH, ETH, XRP, ADA, XEM, LTC, XLM, MIOTA, TRX, DASH, NEO, XMR, EOS, QTUM, BTG, LSK, ETC, XVG etc|
|Changelly||Credit Card, Debit Card||USD, EUR||BTC, BCH, ETH, XMR, ZEC, DASH, XRP, ETC, LTC, DOGE, XLM,1ST, ADX, AMP, ANT, BAT, BCN, BNT, BTG, CFI, CVC etc|
|POLONIEX||Cryptocurrency||BTC, ETH, XRP, DOGE, XLM, ETC, STRAT, LTC, SC, DGB, BCH, LSK, XMR etc|
With the rise of this crypto currency, however, it has some problems. One of it is that when one user sends cryptocoins to another, both their addresses are stored on the blockchain as part of a transaction, along with the amount of cryptocurrency sent. The blockchain’s open philosophy then presents a problem: If you know people’s public addresses you can track how many transactions they’re receiving and how much currency they’re getting.
However, Bytecoin provides a solution to this. It wraps the addresses by using a ring signature algorithm called CryptoNote, analyst of transactions and the blockchain would be unable to precisely pinpoint the members involved in a transaction. Because ring signatures are shared by multiple users, one would be able to discern which group of users made a transaction, but not which specific user in that group.
Where to Use BCN
Merchants have started accepting BCN as payments alongside more common cryptocurrencies, but the vast majority of users are early adopters and traders.
How do I Purchase Bytecoin
Follow the below mentioned steps to own a Bytecoin:
- You can buy BCN at a low value and then sell them off if it gains in value
- As with other altcoins and bitcoin itself, Bytecoin has since decreased in value and, as of September 2017, its value has settled at approximately $0.0015, while the market figures out this cryptocurrency’s future
How to Store Bytecoin
There are three ways to store Bytecoin:
- Desktop wallet – it is available on Mac, Windows, and Linux
- Web wallet – One can get access to the Web wallet from any web browser
- Mobile wallet – As for now only Android users can use the mobile wallet. The team behind BCN has not announced a release date for the iOS wallet
Also note that with these wallets you are required to set – up encrypted passwords and two – factor authentication. These additional measures will secure your wallet to a greater extent than the default set – up.
How to use Bytecoins to Transfer Money
In order to transfer Bytecoin, it requires both you and the recipient of BCN to own a Bytecoin wallet. You first required installing the wallet and then sending the BCN the same as the other altcoins because the algorithm for anonymity works behind the scenes.
How to Get Bytecoin
At present there are users those who are holding BCN in their wallets. They are also willing to use it to pay for products and services online. It is also advantageous as it requires zero cost to accept payment alongside other cryptocurrencies and fiat currencies like USD cost nothing and give customers the ability to pay their preferred method. After that these Bytecoin assets can then be converted back to fiat currency in online exchanges.
Bytecoin is still has a long way to go, and its value is still undecided. Traders will need to decide whether purchasing Bytecoin is riskier than buying other, more stabilized cryptocurrencies.
What’s in Store for Bytecoin
Team behind Bytecoin strives to introduce more features in the future, including a more lightweight wallet (for smart phones, for example) and a scripting language that allows users to create smart contracts.