publish2018-04-22 5:52 pm

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Bytecoin Review

Bytecoin is the first type of cryptocurrency which ensures that secure CryptoNote protocol can be used for the security of users. It provides 100% untraceable transactions with the help of ring signatures and stealth addresses. However, the algorithm of Bytecon which is known as CryptoNight was created by BCN developers in collaboration with CryptoNote team. It was designed to make GPU and CPU mining equally effective and limit ASIC mining. Its roadmap includes colored coins and assets. It was introduced back in 2012 and it has been forked more than 25 times. However, it still remains the most successful CryptoNight since its inception in terms of market cap.

bytecoin review

Bytecoin is a private and decentralized cryptocurrency which features an open source code. Well, anyone can take part in developing this network. It stands out from the crowd when it comes to security and privacy. However, it markets itself as a solution for people who are looking for financial privacy with the help of cryptocurrency.

With the help of this coin, users can perform private transaction quickly by sitting anywhere in the world to any other place in the world. However, all the transactions on this network are completely untraceable and you will have to pay no extra fees. It is because it is bound through the internet and it is automatically international, it is different from fiat currencies that have their own areas.

What You Need To Know About BCN And Miners

The production of Bytecoins is only limited to 184.47 billion. However, the number of released coins decreases slightly within every 120 seconds. As this happens, the value of BCN tokens increase as well as the exchange rate also increases. Therefore, BCN is becoming more expensive with time.

Production of Bytecoin is totally different from the production of fiat currencies because it is a closed process. However, the production of this coin is open and it uses the computing powers from all the users on the network. Every user is welcome to join this platform and help produce this coin which turns the users into a miner.

Miners are helpful to ensure that transactions that occur within every 120 seconds are processed correctly. However, they also provide the cryptographic protection for both the transaction and personal data. There is no need to fear about the privacy because the miners got no access to the financial data of other users. This network hides the all the information about recipient, sender, and transaction amount quickly.

You can easily mine BCN at different mining pools like Eobot and MinerGate.

How This Network Works?

All the transaction on this network take place over the internet and it doesn’t really need an intermediary financial institution. It offers a significant increase in reliability. However, this networks also uses secure cryptographic algorithms that are helpful to make it impossible to identify a person who is sending the money, the recipient or the amount that is going to be transferred. It comes in near contrast to the transparency of other cryptocurrencies like Bitcoin.

What It is Reliable?

The reliability of this network comes directly from the fact that users help. You will have the option to let some of your computer’s power to be allocated for the operations of this network. However, the reliability of this network is determined by combining computational power of the computers that are processing the transactions. However, the processing power increases as the number of computers increase which increase the reliability of this network. It means while every single transaction, the money within your wallet will remain protected. However, the safety of your money isn’t dependent on the reliability of a network and it always remain safe.

what is bytecoin

What Are The Transaction Fees

By making use of this network, the users will be able to avoid transaction fees because it simply needs very little energy or human resources to operate. It is also safe against the hacks due to the cryptographic algorithms. However, any attack on this network will be unprofitable due to the large amount of resources are required in order to get any information from this network. It also protects your personal data which makes it completely impossible to find out who you are sending money to or where you get it from.

Transactions on this network are quick without any fees due to the highly developed and advanced infrastructure. However, it is also easier for an average person to mine Bytecoin on a simple PC. There is no need to buy any special ASIC device in order to mine this coin, letting it to act as an introduction to the mining for people who are interested and it offers a choice for people who want to mine but they aren’t able to afford or invest in the new hardware.

How Businesses Work On this Network

Businesses are also able to get many profitable benefits from this network as individuals. It is reliable and convenient for businesses that are working within the digital area, as well as it is also helpful for those who are willing to renew the common goods vision within this network space. However, businesses also take advantage of the security against hackers, data protection and quick transfers without any fees.

It is also helpful for reducing business risks because it is oriented open and fair business. However, the protection against frauds makes it impossible to suffer from automatic charge backs. There will be no risk of an automatic return of any payment once the deal is complete and the money is transferred. In order to get money sent back, both parties will have to agree.

This system also incorporates tools which are helpful to make it even more convenient for businesses. You will only need internet connection to join this open network. You can easily accept Bytecoin without worrying due to its simple setup and detailed manuals. However, the team members are also willing to provide more help and guidance, if needed.

how to use bytecoin

Wallets to Store

Bytecoin offers wallets to secure your coins. It offers official wallet in the download section. However, you can download wallet for Mac, Windows as well as a web wallet with mobile wallets that are coming soon on this platform for iOS and Android.

Where To Buy It?

There are two different methods to get BCN, the token is also associated with Bytecoin. You can buy it through an exchange or you can also choose to participate in the maintenance of this network and receive BCN as a reward. However, many users can choose to take benefit from both of these options. You will have to follow these simple steps if you want to buy your first Bytecoin.

Once you will have a wallet, you will be willing to buy some BCN to store in it. However, you are not able to buy this coin directly with “Fiat” currency so you will have to first buy another currency. The easiest way to buy are Bitcoin or Ehtereum which you can easily do at Coinbase  by making use of bank transfer or your credit/debit card to buy online.

Even though the roadmap of this network states that BCN will be available on more exchanges in Q3 2018, you still have relatively few options for buying some new coins.

You can exchange Bitcoin in order to buy BCN on HitBTC. However, before trading on those platform, you will first need to buy Bitcoin or Ethereum on another exchange like Coinbase.

You can also buy BCN with USD on Changelly, but you will have to pay higher fees that the platform will charge from you. While making use of changelly, you will need to have a BCN wallet for storing your coins.

How To Mine It?

There are different methods that can be used for mining this coin. You can make use of the following:

Solo Mining:

Solo mining if quite simple, you just need to download the Bytecoin simplewallet and daemon from the downloads page and open up the daemon in order to being synchronizing with the Bytecoin network. Once the syncing will be done, you will have to open up the simplewallet in order to create a wallet file. Now, you will need to run this command on daemon:

Start_mining and your wallet address

Well, solo mining is usually not as beneficial as pool mining is nor it is suggested because it only makes use of your CPU and it will take ages to mine a single block alone, however if you make use of solo mining, you will get the whole complete block reward.

Pool Mining With the Help of CPU

First of all, you will need to find a pool in order to mine. There are couples of pools and bytecoin party having 0% fees. You will find the port numbers on the pool site. A great software for mining is xmrig, which can be downloaded here at: https://github.com/xmrig/xmrig/releases

Once you will download xmrig, you will need to open up your config file. Here, you can set how much CPU the miner will use. In the user section, you can put your wallet address and ensure that the password field is empty. In URL, you will need to put your mining pool of choice with the port number. It will look something like this bytecoin.uk:4444 and then start xmrig and you will start mining with the help of your CPU.

Pool Mining With The Help of GPU

Pool mining GPU is a little more tedious process, it totally depends on your graphics card, you will need to download one of the following miners:

AMD: https://github.com/fireice-uk/xmr-stak-amd/releases

Nvidia: https://github.com/fireice-uk/xmr-stak-nvidia/releases

However, both of these miners will have config files and you will need to start the miner up and it will provide you with your GPU config details. You will need to copy the details and then go into the config file in order to replace the gpu conf null with your mining configuration details. Later, you will need to enter your pool address or port in the config file as well as the wallet address but you will need to make sure that password field is empty.

What People Say On Reddit

Bytecoin is a cryptocurrency which is around the corner since July 4, 2012 and it has a growing community on Reddit. There are almost 11,150 readers on Reddit at the time of writing this post. However, the community is growing day by day and people are glad to invest in this cryptocurrency. There are several reasons why this network is admired by people. There are people that are happy with the services offered by this network and then there are people that are happy due to the security and reliability offered by this network.

However, there are majority of people that are admiring this network due to the rise. People have showed mixed reactions about this network on Reddit and almost every single user is happy by investing in this coin. People are looking forward for the opportunities to invest in this cryptocurrency. It is one of the fastest growing cryptocurrency in the global market. It is a next generation cryptocurrency which is totally anonymous. People love this network due to its secure and reliable platform.

How Investors Can Make Use of This Network

Investors that are looking forward to a sustainable and private project should seriously consider Bytecoin. However, the annual dividend includes both USD and BTC profits for the users. It is because the ecosystem of Bytecoin is really diverse and it is highly transparent for the users. Therefore, as an investor, only you will able to access your investments and there will be no access for the third parties. Third parties won’t be able to access your desktop wallet. However, the large investors will have even more options at their disposal.

Conclusion

For those who are looking forward for a way to take advantage of cryptocurrency without having their actual identity linked with the transactions, this network is a way to provide the much needed privacy for them. It has different applications for businesses, customers and investors. However, it has been under the use of people from last few years. It has built up a strong reputation over this time. It is really easy to use and worthy to consider for those who are looking forward for more security with their cryptocurrency.

Links:

Website – https://bytecoin.org/

Relates Cryptocurrencies and Tokens...

1 User Reviews

  1. You mine BCN in MinerGate pool. You can use MG’s app for mobile devices or download the desktop miner which is more profitable. MinerGate’s software is very easy to use.

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