Cryptocurrency Bytecoin – old-timers cryptocurrency market, which was remembered only in the middle of last year. It was then that the market value and the capitalization of bytecoin went up sharply for the first time, as the degree of discussion of coins in the cryptocurrency community. Some call Bytecoin the first anonymous cryptocurrency, the bitcoin killer and the best bet for 2018. Others believe that the project is technically outdated and can not compete with the top altcoins. Which of them is right and is it worth investing in Bytecoin? We will describe in this article!
What is Bytecoin cryptocurrency?
The history of Bytecoin cryptocurrency begins in 2012. The programmer, known only by the pseudonym amjuarez, decided to create a new anonymous cryptocurrency. Unlike many other developers, he did not set out to make the next “improved version of Bitcoin.” He did not even use the Bitcoin source code, as most programmers did, but he wrote his own code from scratch.
Later, several other specialists joined him, and together they began work on a project that corresponded to their personal ideas about the ideal cryptocurrency, which should be a) completely anonymous b) accessible to all c) as safe as possible.
The result of their work was the emergence of Bytecoin cryptocurrency (stock ticker – BCN). It is not known why such a name was chosen, because of which many beginning investors confuse coin with bitcoin. The developers themselves say that Bytecoin has nothing to do with BTC and the project does not depend on it at all.
Bytecoin is also based on the blockchain, but it is based on the unique CryptoNote protocol (the predecessor of CryptoNight, on which Monero runs). Its features are as follows
As planned by the developers, coins can be paid for goods and services, regardless of the official structures and financial regulators. However, they have not yet presented a stable version of the platform, so for most users, BCN remains only one of the options for trading.
How to own a Bytecoin cryptographic currency?
From most other cryptocurrencies, Bytecoin is distinguished by its exceptional mining simplicity. For the extraction of coins do not need to buy an expensive ASIC miner or collect a farm, just a regular PC or laptop. The complexity of mining is recalculated after each open block, it grows very slowly.
According to the miners, about 1,500 coins can be mined per day. During periods of low BCN prices, this brings about $ 1 of net profit per day. The figure is not very impressive. Many people prefer to just buy coins.
Where to buy and how to store Bytecoin cryptocurrency?
The developers propose to store coins on the official cryptograph, which does not even have a name.Tthere are three versions of the desktop (for Windows, Linux and MacOS), mobile and online. You can download the desired wallet on the official website www.bytecoin.org in the “Get Wallet” section.
Many wonder why a cryptocurrency with a six-year history is inferior to younger altcoins in terms of marketplaces and crypto wallets. The answer is simple – for a long time its price could not grow even to a cent and few people believed in the success of Bytecoin.
How and why did the cost of Bytecoin cryptocurrency change?
When the cryptocurrency hit a few little-known trading platforms, and the developers began to talk about their project through the official website, the rate rose to $ 0.0000, in 2014. The market capitalization at that time was about $ 9 million.
Why during two years BCN was not on the cryptocurrency exchanges? Many experts believe that at that time Bytecoin technologies were actively used on the darknet. The developers themselves do not comment on their connection with the shadow segment of the Internet, but the fact remains that until 2014, nobody knew about the BCN on the cryptocurrency market.
The rate of Bytecoin was still low by 2017, but in the second half of the year, there were first positive developments. The coin was accepted on the well-known stock exchanges – Poloniex and HitBTC in the summer. Gradually, the BCN price rose to $ 0.001, while capitalization rose to $ 700 million.
Bytecoin suddenly went up in the winter of 2017, when the cryptocurrency market was experiencing hard times. The cost of the coin finally broke through the downward trend and reached the 1 cent mark. Market capitalization overcame the $ 1 billion mark, which brought Bytecoin to the top 30 cryptocurrencies.
According to experts, the sharp jump was caused by two factors: the fall of the top-end cryptocurrency (of the same Bitcoin) and the impressive Bytecoin roadmap presented in February 2017.
For many investors, its publication on the official website was a signal to buy BCN. After all, before that it was not clear whether the stable Bytecoin platform would be launched and whether the coins would become a valuable.
However, soon the excitement around Bytecoin subsided. The rate of cryptocurrency has been repeatedly adjusted, and short-term periods of growth were followed by prolonged collapses in prices to $ 0.001-0.002.
However, by the end of April there was information about the addition of BCN to Binance. This revived interest in cryptocurrency and the rate began to grow again. The coin actually appeared on the stock exchange in May 8 and literally within 24 hours its price raised by 114%.
Compared to most other well-known cryptocurrencies, the price of Bytecoin grew very slowly. However, now analysts finally see a clear uptrend on the chart.
Against the background of the fall of top cryptocurrencies and the emergence of BCN on well-known trading floors, ordinary investors and cryptocurrency experts became interested in the coin.
At the moment, 183.9 billion coins have been mined. That is, until the achievement of the total mission remains 600 million BCN. Analysts are sure the cost of baytkoina will grow at least twice when coins will be mined. It will grow further, because a stable amount of coins will remain in the system and the capitalization of cryptocurrency will increase.
According to the optimistic forecast, by the end of the year the cost of BCN will increase to $ 1. It would seem that it is very small. Yes, but on 3300% more than now. 100 dollars invested in bytecoin now can bring 3,200 dollars in net profit in six months.
However, not everything is so good. The growth of the value of bytecoin will be possible only under the condition that the coin becomes widely demanded. The experts have reason to doubt the large-scale adoption of currency
The other day it became clear that Bytecoin does not pull out the status of top cryptocurrency, even by technical parameters. The next day after adding a coin to Binance, the exchange froze operations with BCN.
Due to the sharp jump in the course and the huge influx of users, the Bytecoin network has ceased to cope with the loads. Transactions began to take place with long delays or even fold back the network.
Some investors have reported that due to failures they have already lost some of their assets at Binance. Many generally blame Bytecoin developers for deliberate scam. After all, as soon as the price of the coin increased and they began to actively buy it, the network simply collapsed.
It is possible that the developers really did not foresee such a turn of events and did not prepare the network for the increased loads. However, experts advise very carefully to invest in the coin and refuse any operations with BCN, until the situation clears up.