Bytecoin (BCN) – What You Really Need to Know
What is Bytecoin?
Bytecoin is open-source cryptocurrency which is designed to facilitate anonymous cash settlement. It was the first cryptocurrency that was based on CryptoNote technology (application layer protocol for anonymous transactions by concealing sender, receiver and exact amount). The block time is two minutes, and the ticker of Bytecoin is BCN.
The mining difficulty recalibrates after every block, and the obfuscating of transactions is achieved through ring signatures and Random Data by the Sender.
It was built from scratch; it is often confused with a fork from Bitcoin that was also called Bytecoin (BTE).
Bytecoins origin is unknown and surrounded by a lot of rumors, the most prominent states that Bytecoin originated in the Dark Web. The developers are anonymous.
One thing we know is that it was launched in July 2012.
Can it be mined?
Yes. Bytecoin uses Egalitarian Proof-of-Work, which is ASIC/GPU resistant. The mining algorithm is CryptoNight.
What differs Bytecoin from other Cryptocurrencies?
Bytecoin was the first cryptocurrencies built on CryptoNote technology and was one of if not the first cryptocurrencies that were designed for anonymous transactions. Additionally, It is ASIC-resistant to prevent mining centralization.
How much is it worth today?
What is the total and the circulating supply?
The maximum supply of BCN is 184 470 000 000 and the circulating supply at the time of writing is 183 873 559 941 BCN.
Where can you buy BCN?
You can buy BCN on several cryptocurrency exchanges, most notably HitBTC and Poloniex.
Can BCN be sold for cash?
You can sell BCN for cash on several cryptocurrency exchanges that have fiat-pairings, most notably Vebitcoin (not recommended).
They are working on a new API stable release, launch an experimental testnet to experiment with new software and take up new partnerships and take exchange listings.
Verdict and Rating
Good tech in theory, but was vastly outdated by Zcash and Monero. I don’t see them capable of catching up. And there is much uncertainty surrounding the team. Also, the future outlook for privacy-coins, in general, isn’t the best.
The biggest negative point is that the entire team is anonymous. Momentum is fading away, and the coin is used nowhere. I don’t see it around in two years. And there are several accusations of scam, and there are reasons to believe that the team behind Bytecoin premined over 80% of the total supply.
DisclaimerThe above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
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