Bytecoin is the first cryptocurrency based on CryptoNote technology. It was launched on the 4th of July 2012 by individual members. Bytecoin is a private, decentralized blockchain platform that works as an open-source code system. This allows everyone to involve in the network. It seems to be one of the best blockchains that assure users about high financial privacy.
The creators designed a platform that provides anonymous transactions anywhere in the world. You are not being charged for any of transactions.
Its tokens are named BCN.
What makes Bytecoin so different?
Bytecoin is different from other cryptocurrency platforms due to the fact that it’s the first altcoin based on CryptoNote technology. It was called ”a totally anonymous cryptocurrency”. The platform uses multi-signatures to create a stronger security. Also, it works with one-time cryptocurrency addresses.
Bytecoin wasn’t forked by a Bitcoin platform, but coded from scratch. Do not confuse Bitcoin forks called Bytecoins (BTE) with Bytecoin (BCN).
How can you keep your tokens safe?
To keep your cryptocurrencies safe, you need to download the Bytecoin Wallet – which you will find on platform’s official website. After installing the wallet, the software will automatically generate your personal address. You are ready to start trading your tokens. An advice is to encrypt your new wallet with a strong password, to protect it in case the system gets attacked.
The wallet has a friendly interface and makes it easier to use. It automatically synchronizes your personal data and gives you the necessary information about payments, transactions, and other activities.
The Advantages of Bytecoin cryptocurrency
– It’s the first cryptocurrency based on CryptoNote technology;
– You will not be charged for transactions. The platform provides a high speed and volume of payment transfers. The designers assure users they only need 2 minutes to get the confirmation;
– You are the only one who controls your personal wallet. The platform has an innovative and strong security, so there is a very low possibility of hack attacks – they will need too much electricity and computer power to destroy the system;
– Users control their privacy. The partners and third parties will see your personal information only if you allow them to do so. If not, there isn’t any possibility to break the security;
– It works as a decentralized platform;
– The more users get involved in the platform, the more reliable the network gets.
The Disadvantages of Bytecoin
– The platform isn’t so unique nowadays, because of many new altcoin networks that provide the same services as BCN. It’s complicated to get renewed every time a new cryptocurrency appears;
– There are users that aren’t excited about the Bytecoin Wallet. They say it doesn’t synchronize all the time as it should.
Bytecoin remains to be the first cryptocurrency that introduced the CryptoNote technology. During the platform’s existence, there were recorded increased mining profits. The fact that Bytecoin is still available convinces us that is worth our investments.