Bytecoin (BCN): scam or revolution? Bytecoin is a private, decentralized cryptocurrency with open source code that allows anyone to take part in the development of the Bytecoin network.
The start of December 2017 was a great month for many cryptocurrencies, including Bytecoin. Bytecoin is a digital currency that has been on the market for five years already. Since its launch in 2012, this digital currency has gained popularity among Bytecoin communities through the revolutionary use of CryptoNote technology. Now, this crypto has a net worth of over $ 982 million with 184 billion coins in circulation, which speaks volumes about its popularity and potential when it comes to investing. But, how does Bytecoin use CryptoNote and what makes it so revolutionary? And, is it worth the investment? CryptoNote: what is it?
We need to start from the right foundations first. What is CryptoNote and why is it so unique?
CryptoNote is a technology that supports the application layer that allows all users of digital currencies like Bytecoin to process all of their transactions privately. You might be thinking: well, all cryptocurrency transactions are private, what is so revolutionary?
Yes, in a way all transactions are private, but there is a difference between the way Bitcoin works and the way Bytecoin works through CryptoNote. While Bitcoin transactions are secret in the sense that there is no third party involved between the two parties making the transaction, so only two parties are in charge, after blockchains all transactions made through the chains are traceable. and can be traced to both sides using blockchains and bitcoins for their transactions. They have their privacy, but if someone who knows what to do could easily trace these transactions through blockchains.
The case is a little different for digital currencies using CryptoNote. When you transact with Bytecoin, as with Bitcoin, all transactions are executed only between two parties in the complete absence of a third party, but unlike Bitcoin, transactions processed with Bytecoin and CryptoNote cannot be traced. This means that Bytecoin transactions are completely private and untraceable. This scenario makes Bytecoin one of the most private digital currencies, setting standards for decentralized platforms.
The price of Bytecoin
bytecoin price
The Bytecoin had a very violent pump as you can see in the image above, the crypto indeed experienced an increase of 375% at the beginning of December 2017, but like the majority of cryptocurrencies, and especially those who have pumped like that, its fall was as fast as its rise.
Bitcoin has not been spared either, its value increased from $ 22,000 per coin to $ 10,000 per unit. Since Bytecoin is still a relatively small crypto compared to Bitcoin, its price is still quite low despite its marketcap.
However, since its recent addition to Binance, its price has exploded with an increase of over 200% on that exchange. On May 8, 2018, she stole the pass from Vechain passing 15th on coinmaketcap with a capitalization of $ 3.25 billion and a unit price of $ 0.017726.
Anonymity: a growing issue
Privacy is perhaps the most important treasure anyone can have in the digital age when our personal information is almost translucent and the Internet presents the most vital information base possible. Having privacy comes at a high price. Bytecoin offers precisely that - privacy for all users and all transactions within their blockchains as they have made all transactions made within CryptoNote completely untraceable, thus preserving the privacy of Bytecoin users and their purchases.
This is one of the main reasons why this crypto represents nearly billions of dollars in total number of coins available (supply) - the community supports Bytecoin because it provides them with private and profitable transactions which are nowhere to be found and processed quickly and efficiently. .
It is easy to find on various forums statements on “2018, the year of crypto-currencies” where this technology will be democratized among institutions and individuals. Logically, the price of tokens should also increase and Bytecoin should follow. Be careful though, even if its technology looks promising, there are many competitors who also have good tech, but they are not associated with a scam.
When you add sOn advanced use of privacy with the help of a layer application like CryptoNote, you get a functional, near-advanced digital currency that opposes the way other cryptocurrencies are traded. When you add all of these factors together, it looks like Bytecoin is here to stay for the time to come.
Is it worth the investment?
Often described as a scam or a pump & dump crypto, it is certain that bytecoin is controversial. Its latest listing on the Binance exchange is no exception to the rule, as its price has risen by over 200% in a matter of moments! No matter if the technology is revolutionary, we advise you to be very careful if you want to buy after such a high increase.
Where to buy Bytecoin
Even though the roadmap indicates that BCN will be available on more exchanges in Q3 2018, you have relatively few options to buy them now.
You can trade Bitcoin for BCN on HitBTC and Poloniex. Before trading on these platforms, you will first need to buy Bitcoin on another exchange like GDAX.
You can also buy BCN with US dollars on Changelly, but beware of the higher fees the platform may charge you. When using Changelly, you will need to have a BCN Set-up Wallet in advance.
Where to store its BCNs?
You have three choices for storing your BCN:
Computer wallet
Web portfolio
Mobile wallet
The Computer Wallet is available on Mac, Windows, and Linux, and you can access the Web Wallet from any web browser.
At this time, only Android users can use the mobile wallet. The team has not announced a release date for the iOS wallet.
When using these wallets, you must also configure encrypted passwords and two-factor authentication (2FA). These extra measures will secure your wallet and its very important!