Bytecoin (BCN) current price is $0.00128 with a marketcap of $436.58 M. Its price is -2.54% down in last 24 hours.
- Bytecoin (BCN)
- Live Price $0.00128
24h % -2.54%
- Market Cap$436.58 M
- Available Supply184.07 B BCN
More Info About Coin
Bytecoin is a cryptocurrency whose circulation is hard to trace due to the use of CryptoNote ring signatures. The altcoin was launched in 2012 and is denoted by the symbol BCN. BCN and its variants such as Monero use a cryptographic algorithm called CryptoNote. CryptoNote technology provides end-to-end security for transactions and eradicates the ability to its origin. No third party analysis can be able to establish who sent money, from where, and who received the money.
History of Bytecoin
Bytecoin is among the oldest cryptocurrencies. After its inception, the altcoin was widely used to move money around the world involving suspicious businesses where anonymity is a crucial requirement. Primarily, BTC’s distinguishing factor among other altcoins rests with the use of stealth addresses using one-time public keys and unique ring signatures.
Whenever a user makes a transaction, a one-time public key is issued regardless of the number of transactions by a single recipient. The one-time public key has the effect of eliminating the likelihood of reusing the address and also lowers the ability for transactions to be traced. The combination of the single-use ring signatures and one-time public keys for every transaction seals all the loopholes for unauthorized account activity tracing.
Also, users have the option for choosing an entirely anonymous cryptocurrency to enhance transaction anonymity provided one is willing to pay more for the service. The altcoin uses one-time ring signatures to delink transactions from their owners. Ring signatures enable mixing of transactions to create anonymity by allowing the person who is sending money to select some potential recipients on the other end.
All the potential recipients have equal rights to a transaction, which make it very difficult to trace the origin of such funds. The use of ring signatures guarantees a transaction’s integrity and confidentiality making its both ends safe and secure.
Purpose and the use of BCN
All Bytecoin users can choose their desired blockchain’s size while every miner can be able to set their soft-limit among the mined blocks. All current blocks have a double hard limit in comparison to the previous block’s median value. A block’s hard limit gives it a room for growth as the network continues to expand.
BTC has unlimited transaction sizes. However, users must foot the associated costs to a transaction. However, Bytecoin discourages a user from creating excessively large blockchains by imposing high charges on the same.
The altcoin’s PoW consensus algorithm has a high preference for miners operating from GPU and ASIC machines which provide a superior way to mine compared to using a CPU. Bytecoin uses the Egalitarian Proof-of-Work (PoW) algorithm to give miners using CPU leverage to be at par with those using ASIC and GPU machines.The Egalitarian PoW employs the use of skrypt, which resembles Bitcoin’s hashcash function for proof of work. However, skrypt does not keep a memory of the transactions.
At present, there are more than 183 billion Bytecoins in use around the world. The maximum number of BTC to ever be in the market is 184.47 billion. BCN had experienced a stagnant growth until 2017 when prices started to rise due to an industry-wide rise in demand for cryptocurrencies due to user privacy and the firm’s announcement that it would introduce untraceable tokens, a first in the market. The altcoin also experienced a steady increase in demand like other coins in the market during December owing to the fuss about the festive season.
Bytecoin has seen some developers work on the project since its launch on July 2012. The high number of developers has led to some variants to the altcoin including Monero. Very little is known about the development team since there are no social media links or bios in its website. Plans are underway for the team to refactor their code and release a public API soon. The firm intends to venture into the Asian, African, and Middle East markets starting from 2018.
Since its maiden launch in 2012, Bytecoin hs been providing users with privacy and protection from malicious attacks. All BCN transactions have end-to-end protection. Bytecoin was the first cryptocurrency to use the CryptoNote protocol. BTC continues to serve the privacy needs of millions of customers around the world in the midst of technological advancements.
Pros & Cons
|Bytecoin algorithms don’t allow other users to know your wallet balance, to whom you send money and where you receive your funds from.||80%+ were premined prior to the public release|
|Free instant international payments|
BCrypto Investment Tip
Bytecoin is certainly an underrated coin it should be up at the same spot as monero is. Although I'm not saying this coin is better than Monero or even Zcash, but it's definitely equal with them. Each one of those has some advantages the other doesn't have. I like Bytecoin because of it's low value and the fact that you can have much more of them. And you know what happens with the low value coins huh? Even the tiniest bump in price give a huge percentage gain on your investment.