Bytecoin (BCN) is an open decentralized Crypto currency. Developed in 2012, bytecoin has a difference from other crypto currencies that it is totally anonymous. Using cryptonote technology, which offers advantages such as utilization of ring signatures (a ring signature is a type of digital signature that can be performed by any member of a group of users that each have keys. Therefore, a message signed with a ring signature is endorsed by someone in a particular group of people).
Bytecoin not to be mistaken by Bitcoin was coded from scratch and allows its users to make safe and secure transactions around the world without any transaction fees and each transaction taking 2 minutes. As it is anonymous the developers are also anonymous. When looking at the Bytecoin website you will see that all the team behind Bytecoin have aliases and not their real names. However Bytecoin is secure it has been developed using the latest cryptographic algorithms that make bytecoin impossible to hack and that nobody apart from the user can access your wallet nor can anyone see your financial operations and amount on your balance in your wallet. As Bytecoin is an open crypto currency this means as a user you can help develop and take part in the operation of the network and help with the maintenance.
Although Bytecoin is similar to other cryptocurrencies, it is anonymous so all transactions are made just by confirming your signature so this way there is no access to any personal data. If you make a transaction, you receive a bill with the participants wallet address then in order to pay for that bill you then send the instruction to the network to send from your address to the participant address. So it is simple and all the time anonymous.
Pros to Bytecoin
- Easy to use
- Totally anonymous so no risk of your personal details being hacked
- Secure Bytecoin says it is impossible to hack
- Fast transaction only 2 minutes
- No transaction fees
- Huge growth in mining activity
Cons to Bytecoin
- Easily confused with Bitcoin
- Some people think the team should be more transparent at not use aliases
- As always risk of decrease in value
Since going live Bytecoin has risen dramatically with a market cap of $262,113,028 and since this surge that has been a huge growth in mining activity. This can only be a good thing and will make more people aware and create more interest and more users. If Bytecoin carries on like this it will be one of the top contenders.
So should you sit on your Bytecoin
Yes I think Bytecoin if definately one to invest in, people like the fact that it is anonymous which makes it safer and you don’t have the worry of your account being hacked. As there is massive interest in Bytecoin and it is going from strength to strength this can only be a good thing I think Bytecoin is defiantly one cryptocurrency to invest in now early before it soars. For more information on Bytecoin check out the website here www.bytecoin.org