Introduction
Bytecoin Coin is the cryptocurrency of the Bytecoin network. Bytecoin Coin currently has a market capital of 242 million US dollars, of which 3.1 million US dollars are traded daily. Bytecoin’s goal is to operate the cryptocurrency efficiently at minimum cost. To this end, they place three values in the foreground: self-regulation, openness and equality. The cryptocurrency has been around since 2012.
What you'll learn 👉
The Bytecoin Network
The network realizes the value of self-regulation through a decentralized network, as with many cryptographic currencies. Anyone interested in the development of the cryptocurrency can join this network. All users need is the Bytecoin Wallet. It can be downloaded from the provider’s website. The Bytecoin network is open, because it is based on open source technology. This has the advantage that anyone who is interested in programming, blockchaining and in general crypto technology can become a developer at Bytecoin. Equal, i. e. based on the same basis, the network is established by the network protocol. It enables both specialized and unspecified computers to work efficiently on the same network. Bytecoin is one of the first networks based on CryptoNote.
CryptoNote explained in simple terms
CryptoNote is an application layer protocol. The protocol is the driving force behind digital cryptocurrencies, which are known mainly for their international, uncomplicated, decentralized and anonymous use. There are some differences between the CryptoNote protocol and the Bitcoin protocol. Compared to bitcoin, the CryptoNote protocol is less permeable. First and foremost, transactions cannot be tracked on the Bytecoin block chain. Information such as the sender or receiver of coins, but also the exact amount transferred, cannot be recorded. The only information given is whether the transaction is higher or lower than the displayed amount. Both the sender and the recipient have sole access to this information. In the public blockchain of Bitcoin, on the other hand, anyone can enter the information described.
The egalitarian proof of work
The egalitarian proof of work is an algorithm that works with a reconciliation system. Each computer on the network requires the same voting rights. This means that all users are the same, no one is privileged. Users agree on the correct order of transactions, an honest distribution of value and new features within the protocol. The algorithm combines GPU and CPU mining. This allows a greater diversity of miners to mine through the protocol and facilitates the distribution of Bytecoin coins. Currently 65,000 BCN can be generated per 120 seconds. Transactions in Bytecoin are free of charge and have a high degree of anonymity, as already described.
Conclusion
The Bytecoin cryptocurrency guarantees users a high degree of anonymity. Bytecoin works with a non-public block chain. In comparison to Bitcoin, only the sender and receiver can see information about the transaction. Bytecoin guarantees this by using the CryptoNote protocol and the egalitarian proof of work. This enables transactions to be made free of charge. Interested developers can join the open-source system of the cryptographic currency at any time.
You can’t buy it directly for fiat on any exchange. You can choose the most popular cryptocurrency exchange for your region and but BTC there, then trade it for BCN on exchanges. Learn here how you can instantly convert altcoins to bitcoin and vice versa.
Our recommendation is always check if Coinbase is available for your country and buy there – as it is by far the safest and best regulated bitcoin exchange. Coinbase is legit and safe bitcoin exchange.
Best and safest option to store your coins is to download an official coin wallet and store it on a hardware wallet – our recommendation is just go and buy Ledger Nano S, it is the safest option.
