When investing in virtual currency, you need to do your research. We provide you with reviews of each world top cryptocurrency out there, so that you can find the best crypto coins to invest in for you. This is a review of Bytecoin.
Origin & Background
Bytecoin (BCN) is a cryptocurrency first launched back in July 2012. When it launched, the price was approx. 10 satoshis, and it remained at that price for most of its history. However, the price of BCN rose suddenly on May 17 to a record high of 109 satoshis on Poloniex.
BCN has one important difference from other cryptocurrencies: it was the first ever altcoin based on CryptoNote technology. People in the industry often call BCN a “totally anonymous cryptocurrency”. Some of the advantages of the cryptocurrency include the utilization of ring signatures as well as one-time cryptocurrency addresses.
Another unique feature of BCN is that it wasn’t made from a fork of bitcoin code. Instead, it was coded from scratch. This is where things get confusing: some people call bitcoin forks Bytecoins (BTE), which is different from Bytecoin (BCN), the currency we’re talking about today.
Some reports online will tell you that the creators of BCN are a mysterious team of individuals. However, that’s not really true: the full list of team members and Bytecoin developers is listed publicly on Bytecoin.org. Most of these developers go by alias names. However, we know a little bit about their educational background and country of origin. Nevertheless, some developers are totally unknown even to the development team – so there’s definitely a layer of mystery about Bytecoin’s background.
Bytecoin markets itself as a totally anonymous altcoin and as the first enterprise-ready altcoin. Bytecoin’s primary features are the following:
Fee-free instant international payments: The Bytecoin network works as fast as the internet. Your payments will take a little bit of time to process, as payments require cryptographic confirmation. Bytecoin claims transactions are processed in about 2 minutes.
Security: Bytecoin “protects user’s money with the most secure and modern cryptographic algorithms” that “are impossible to hack”. The makers of Bytecoin claim that hacking the currency “would require immense amount of expensive electricity and computational power of a supercomputer”. For that reason, you’re the only one who can access your wallet.
Safe private data: Bytecoin claims that it’s “totally impossible to get information about your financial operations and wallet balance” unless you choose to reveal that information. Only you can manage information that your business partners and third parties will see.
As with any altcoin outside of the top 5 or 10, there’s a potential to earn mining profits from BCN right now. Ever since the price surged, there’s been an enormous growth in mining activity. You might want to download Bytecoin’s software from Bytecoin.org to start participating today. We’ll wait to see if this current price surge lasts. BCN, however, remains one of the longest-lasting cryptocurrencies available today, and offers several unique advantages over other altcoins.
If you have concluded that this is the coin for you, congratulations! Buy Bytecoin here.