Bytecoin (BCN) is the first cryptocurrency based on the CryptoNote algorithm, launched in July 2012. BCN protects your personal data with untraceable and completely anonymous transactions, which is why it is rightfully called the next generation of anonymous cryptocurrencies.
This is a completely independent currency that is developing in complete isolation from Bitcoin and its forks. The basis for the creation of Bytecoin was the unique CryptoNote technology.
Since BCN users primarily strive to avoid publicizing the movement of their finances, this digital money could not be more suitable for this. It was developed on the Cryptonote protocol, which in itself promotes the secrecy of monetary transactions, and in addition to this ensures their automatic implementation. It turns out, as it were, 2 in 1 - both a high degree of anonymity and an uninterrupted process of moving funds.
Transactions
In the centralized financial sector, transactions with real money are carried out through intermediaries. The Bytecoin network offers direct payments that do not require third parties. Intermediaries are the users themselves, who provide personal computers. In this case, the system makes payments independently, the owner of the device does not receive any notifications and does not make any unnecessary manipulations.
Transactions are not shown in user history. All payments are anonymous, so no one can access them. To allow recipients to easily find the sender without compromising anonymity, the system uses a Payment ID.
Reference! For providing computing power, the system rewards users with BCN coins.
Prospects for Bytecoin in 2019
Bytecoin forecasts for 2022 are ambiguous, as is the project itself. On the one hand, developers began to show more activity: they carry out updates, communicate with users on social networks, and regularly publish bytecoin reviews. They try to keep the community up to date with the latest developments. In addition, anonymous coins have always been and will remain in demand by those who do not want to advertise their financial transactions.
On the other hand, many experts do not believe that the crisis in the cryptocurrency industry will end soon. There is an opinion that a reversal to growth should not be expected until at least the end of 2019. If the fall of Bitcoin and all other coins continues, then BCN will not be able to avoid this sad fate. Practice shows that cryptocurrencies are unable to overcome the general market trend alone.
Be that as it may, Bytecoin is one of the projects that have their own audience and are constantly developing. And this gives confidence in his future.
Official website and road map
The official website of the project is located at https://bytecoin.org/. All information on the project and wallets for storing BCN are provided here.
Following the platform's latest software update, Amethyst 3.4.1, the developers have released a new roadmap that outlines what the team will do in the near future.
The updated roadmap begins with the launch of Amethyst 3.4.1. The developers coped with this task. The platform update has improved the network software's interaction with the memory pool. As a result, the computing load for miners has decreased and delays have been eliminated.
The roadmap also describes plans to fix the hardware wallet code, update Byteccoin desktop applications, release a messaging platform, add the coin to the Ledger and Trezor software repositories, and conduct a hard fork of the network. The exact date of the fork is not specified, it is only said that this will happen after the coin is supported by hardware wallets.
To view the roadmap, go to https://bytecoin.org/blog/bytecoin-2019-roadmap.
Bytecoin (BCN) Fundamental Value
Bytecoin is an untraceable cryptocurrency that uses CryptoNote ring signatures to secure anonymous transactions. As a predominantly peer-to-peer (p2p) payment system, Bytecoin faced the same problems as Bitcoin.
Created in 2012, Bytecoin is one of the oldest cryptocurrencies in the world. The team working on the coin was completely anonymous until recently. However, Bytecoin developers have now opened several channels for communication, removed some layers of anonymity, and created several local communities to support the project.
While having similar coin functionality, the Bytecoin team faces and works on many of the problems that Bitcoin has, especially in privacy issues. At the same time, the team hopes to make their coin more scalable and flexible in today's ever-changing financial environment.
To hide the connection between a transaction and its participants, Bytecoin uses one-time ring signatures. This way, your signature when sending funds is mixed with the general mass of accounts operating on the network.
With ring signatures, you have complete control over your anonymity - the more input you provide, the more hidden your transaction becomes (but also increases the fees).
| Project name | Bytecoin |
| Ticker | BCN |
| Asset type | Coin |
| Network type | Blockchain |
| Current price | $0.000288 |
| Current/general offer | 184,066,828,814 BCN / 184,470,000,000 BCN |
| ROI since launch | 340.67% |
| Launch date | 2012 |
| Official site | https://bytecoin.org/ |
The project team
Despite the transparency of the project itself, all team members remain anonymous. It is impossible to find their full names, there are only nicknames by which they are known in the cryptocurrency community. The project is led by a certain Pacific_Skyline. According to information provided on the Internet, he graduated from the University of Washington and is a professional in computer technology. The programmer plans to launch several more projects based on Bitcoin.
The team also includes:
- AmJuarez is the founder and technical lead of the network. Graduate of Harvard University.
- DStrange – responsible for public relations, developing applications for integrating the Bytecoin blockchain into business. Graduated from Erasmus University of Rotterdam. He joined the Bytecoin team only some time after its creation.
- Seigen is a specialist in the field of cryptography. Responsible for payment security, developing cryptographic algorithms and data protection in the banking sector.
- NeoCortex is a senior developer of Bytecoin. Graduate of the University of California.
These are the main, but not all, team members. There are many more interesting nicknames in the list, for example, Leomc, ULLO, Montag, etc.
From the latest news about BCN
In June, a user under the nickname John Pat wrote an open letter to the creators of Bytecoin, in which he threatened to drain all of his BCN coins if they did not meet a number of conditions:
- publish a road map;
- transparent communication;
- public information on the team: the number of team members, contacts for communicating with them, in case of possible cooperation and proposals, as well as the percentage of their BCN share.
As proof that he could collapse the Bytecoin rate, John sent a scan of his wallet, in which an order to sell 62,205,100 BCN had already been prepared.
Cost chart and exchange rate dynamics
At the time of entering the market, the value of the cryptocurrency consisted of 5 zeros after the decimal point. Only in 2014, when the coin was listed on several exchanges, the price decreased by one zero.
Reference! For 2 whole years after the project appeared, practically no one knew about it. Experts believe that Bytecoin technologies were used on the darknet at that time. The Bytcoin team does not comment on its involvement in the shadow segment of the Internet, but the fact remains that until 2014, the BCN cryptocurrency was not traded on exchanges.
In 2014, the developers created an official website where they began to broadcast about the project and their plans. But until 2022, the BCN rate remained consistently low. In the summer, the coin was listed on the famous trading platforms HitBTC and Poloniex, which led to a good jump in price to $0.001. Capitalization at that time was $700 million.
In the winter of 2022, following the cryptocurrency market, Bytecoin went up. The coin rate rose to the level of 1 cent, and the market capitalization exceeded $1 billion. The cryptocurrency was in 30th place in the ranking.
According to experts, the sharp increase was not only due to the rise of the market, but also because of the impressive roadmap that the developers published. For many investors, it became a signal to buy BCN coins. Until this moment, no one understood whether the platform would work stably, whether the developers were interested in further development of the project, etc.
But soon the hype around the project ended. The rate went into correction, short-term growth was replaced by long-term collapses, down to $0.001.
The next stage of growth began in April 2022, when rumors appeared about the addition of the cryptocurrency to the listing of the famous Binance exchange. This happened on May 8, during the day the coin rate increased by 114% and amounted to $0.145.
This was followed by a global market correction, which caused another collapse in the BCN rate. Today the coin is trading at $0.0009. The downward trend continues; over the past month, the cryptocurrency has lost ground by 12%. At the same time, the rate of most digital assets is in an upward trend.
According to CoinMarketCap, the market capitalization of Bytecoin is $169.8 million, the daily trading volume is $140 thousand. The coin is on the 52nd line in the ranking.
Prospects and forecasts for the BCN token
The concept of the project itself is promising. However, the team tarnished its reputation with a pre-mining scandal. In addition, Bytecoin has a competitor – Monero. The price of this coin is now higher, and the capitalization is greater, and the reputation is higher.
The cryptocurrency world is very volatile, while the prospects are not encouraging. The bcn rate is slowly and surely moving towards zero, and perhaps bytecoin is waiting for oblivion.
Investor and trader sentiment is negative. Although there are also those who expect a sharp increase by the beginning of 2022, due to the implementation of the second part of the roadmap. You should not choose this coin as the main investment instrument in your crypto portfolio.
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Where to buy/sell BCN cryptocurrency
The coin is traded on many well-known exchanges, including:
- Binance : https://www.binance.com/.
- Poloniex : https://poloniex.com/.
- HitBTC : https://hitbtc.com/.
You can also use the exchanger https://baksman.org/.
On exchanges, the coin is traded in pairs with other cryptocurrencies: BTC, ETH, XMR, USDT. In the exchanger you can purchase BCN coins through Sberbank, payment systems Visa and Mastercard, payment systems Qiwi, Webmoney, Advanced cash, etc. Exchangers are more convenient to use for withdrawing (cashing out) cryptocurrency.
To buy tokens on the exchange, you need to register, top up your account with coins that are traded in pairs with BCN, and go to the “Trading” section. If this exchange is Binance, then go to the “Trade Center” section. You can sell coins in the same section.
Wallets for storing BCN
All wallets for Bytecoin are presented on the official website of the platform. Here you will find wallets directly from the creators of the network, as well as storages from other developers that support BCN coins:
- Freewallet : https://app.freewallet.org/auth/registration. Mobile wallet for IOS and Android. There is also a web-based application. The program supports more than 30 cryptocurrencies, offers free transfers between Freewallet users, and allows you to buy the most popular cryptocurrencies using a credit card.
- Cryptonator : https://www.cryptonator.com/. Multi-currency online wallet with support for more than 20 cryptocurrencies and fiat. The client allows not only to store assets, but also to convert some currencies into others. You can use the wallet from your computer and smartphone. Users who register using a referral link and make transactions worth $1000 receive a bonus $10 to their account. The advantages of the wallet are that it supports the ruble and hryvnia. But there are security disadvantages. Private keys are stored on the Cryptonator service, which increases the vulnerability of accounts.
- Online Bytecoin Wallet : https://bytecoin.money/. Official wallet for storing BCN coins. You can use the wallet from your PC and smartphone. The wallet supports QR code and Touch ID.
- Bytecoin mobile wallet : https://play.google.com/store/apps/details?id=io.bytecoin.bcn. The client's disadvantage is the lack of Russian language support. At the same time, the client allows you to manage your funds from any corner of the world where there is access to the Internet. Private keys are stored locally, so client security is higher compared to online wallets.
- Bytecoin Desktop : https://bytecoin.org/downloads. Complete blockchain for MacOS, Linux and 64-bit versions of Windows. The advantage of such a wallet is maximum security, since the entire blockchain is stored on your PC and third-party intervention via the Internet is impossible. But there are also disadvantages, in particular the need for free space on the hard drive and lengthy synchronization. Also, the functionality of desktop wallets is inferior to online services.
In addition to the listed wallets, you can use cryptocurrency exchanges that work with BCN as storage.
How to start mining Bytecoin
Mining is not much different from mining other cryptocurrencies. Coin generation is performed by solving mathematical problems, using a video card or a central process. The power of the hardware determines the productivity of the digital currency mining process.
Feedback from miners suggests that Bytecoin’s uniqueness lies in its relatively simple cryptographic tasks. To generate coins, it is enough to use weak computers or laptops. Computing power determines the pace of mining.
To mine digital currency, you need to download the appropriate software to your computer. Then a wallet for the BCN cryptocurrency is created. The user independently indicates the number of cores that will be used for mining the BCN cryptocurrency.
Useful information: Cryptocurrency mining from scratch
The level of profit depends on the performance of the computer. During the day you can generate about 1500 coins. Provided that in parallel the hardware is used to perform other everyday tasks, for example, Internet surfing.
The income is insignificant, approximately 10,000 satoshi (82 cents) daily. The received amount can be exchanged for another digital currency or withdrawn. The amount of potential profit is calculated using a mining calculator.
Mining Bytecoin
Mining BCN coins is characterized by maximum simplicity. Cryptocurrency is not demanding on hashrate, so expensive ASIC devices or farms are not required. You can mine coins on a regular PC or laptop.
The mining algorithm takes several stages:
- Creating a wallet to store BCN coins.
- Download the mining program. The developers offer to choose one of two options: for video cards - XMR-Stak-AMD, for the processor - XMRig.
- Setting program settings: wallet address, hashrate percentage, pool address (if necessary).
Since the network uses the CryptoNote algorithm, there is not much difference between GPU and CPU devices. The effectiveness in both cases will be the same.
Reference! The current block reward is 754.5 BCN, block generation time is 118 seconds.
To increase mining efficiency, you can use pools. These services combine the power of miners to increase the probability of mining blocks. The pools can also be used for cloud mining.
Cloud mining is the process of mining cryptocurrency using the rented capacity of a remote center. You don't need to buy the appropriate hardware and software, or spend a lot of money on electricity.
Mining pools for BCN:
- Minegrate : https://minergate.com/. A well-known mining pool that allows you to work directly through a browser. The service supports a number of cryptocurrencies and provides the possibility of parallel mining.
- Eobot : https://www.eobot.com/bcn. A well-known cloud mining service that allows you to mine about 20 types of cryptocurrencies. Users have the opportunity to monitor the rate of digital assets and chat with other miners.
- Bytecoin.party : https://www.bytecoin.party/. A relatively new pool with zero transfer fees and a low payment threshold (50 BCN). This is an official community pool, so the developers take customer requests seriously.
- Bytecoin Tuga : https://bytecoin.pt/. Bitcoin pool with PPS payments. Another official service with favorable conditions for earning money.
- Bytecoin-pool-org : https://bytecoin-pool.org/. Official pool with competitions. Pool fee – 0%.
- Mining-pool.guru : https://mining-pool.guru/. A young pool with a simple interface. The pool fee is 5%, the minimum payout is 10 BCN.
All mining pools are presented on the official website of the platform. To join the pool, go to https://bytecoin.org/ecosystem.
To calculate the efficiency of BCN mining, you can use profitability calculators, for example, https://in-trend.biz/mayning/bytecoin/.
Mining process
The process of mining Bytecoin, like any other cryptocurrency, involves solving problems (computations) carried out using a video card or processor. It is clear that the efficiency of mining directly depends on the power of the equipment. Although, it should be noted that, according to reviews of many miners, the uniqueness of BCN also lies in the ability to mine it on relatively weak computers (only the mining speed will be quite low in this case).
To start mining you will need to download a special program. This can be done on different resources, the best option is on the Minergate service. We remembered this particular site because it is very popular, its mining program can be installed on any OS and supports all cryptocurrencies without exception. But you can of course choose the software of your choice.
After downloading the cryptocurrency mining program, you need to create an account, log into the miner (enter your username and password) and select the number of cores you want to use in mining. That's all, now you can earn Bytecoin.
It cannot be said that BCN mining is a very profitable activity, but, depending on the power used, you can mine up to one and a half thousand coins in a day. This is despite the fact that you will simultaneously use your computer for other work. At night, the prey grows noticeably. Of course, the income is tiny, but translated into Satoshi it will be about 10 thousand coins per day. You can exchange the extracted money for a more promising cryptocurrency or withdraw it, also by first exchanging it, for example, for Dogi.
Advantages and disadvantages of the project
Bytecoin is the first cryptocurrency developed based on the CryptNote encryption algorithm. Thanks to this technology, when analyzing transactions, you can obtain only one information - the fact of payment confirmation. Other data, such as the wallet address or the amount of funds transferred, as well as the sender and the recipient, cannot be tracked.
Complete anonymity is not the only property of the project. The advantages also include:
- High level of security. The network uses effective solutions that guarantee protection against hacking.
- Decentralization. Since the coin mining process is not demanding on equipment, there is no threat to centralization of the network. Anyone can mine coins. The system is not controlled by any structures.
- Open source. The project is completely transparent, anyone can verify this.
- A personal wallet can be encrypted, transferred to a USB drive and hidden anywhere, or taken with you anywhere.
- Transaction confirmation takes no more than 180 seconds.
- The demand for anonymous cryptocurrencies is constantly increasing, for this reason new users are joining the Bytecoin network.
- Available functionality. Transfers can be made from any corner of the world. The main thing is to have access to the Internet.
Ring signatures and disposable addresses have proven effective in protecting personal data. As a result, anonymity is the main advantage of the Bytecoin blockchain, which ensures the interest of the community. The developers also focus on enhanced protection against fraud and double spending.
Separately, I would like to touch upon limited emissions (deflation). Some analysts consider this aspect an advantage, based on the fact that it will contribute to the growth of the exchange rate and increase user interest. Others are convinced that the amount of the issue is quite large (184.47 billion coins), so it cannot push the value up in the next few years.
A dark spot on the project's reputation was its involvement in the shadow Internet. No one can confirm the reliability of this information, but many believe that Bytecoin is the result of active digital circulation on the darknet. The complete anonymity of the platform only confirms this fact.
Project prospects
Analysts have different assessments of the project, but most are positive towards Bytecoin. In their opinion, the team is working on the development of the project, in particular on improving functionality. It is noted that the developers do not have any radically new ideas that could ensure the rapid development of the project and the growth of the cryptocurrency rate.
From an anonymity point of view, the project is successful, but the difficulty is that it has stronger competitors - Monero and Zcash. Both platforms appeared much later than Bytecoin, but have long overtaken it in terms of capitalization.
The lack of new ideas and solutions increases Bytecoin's vulnerability to competitors. Anonymity is becoming a feature of many cryptocurrencies, which are much stronger in technical terms and offer revolutionary ideas that can bring blockchain technology to a new level of development.
Experts consider the duration of the project to be a positive aspect. 7 years is quite a long time for a cryptocurrency, and if Bytecoin managed not only to survive, but also to develop during this time, then with a high probability it will continue its existence and further growth. The platform has its own user base, which stays with the project due to convenience or habit.
Experts place the main emphasis on the imminent end of the issue. The cryptocurrency community expects the price of BCN to increase 1-2 years after the last token is mined. Until this time, you should not count on a significant increase in price. Moreover, today the cryptocurrency continues to show a downward trend.
From all of the above, the conclusion suggests itself that the coin is worth watching. You can even buy a few hundred coins for the long term. But investing large amounts of money is risky, since there is a high probability that quotes will not rise. Today there are many cryptocurrencies with brighter prospects that do not require several years of waiting.
In addition, no one knows how the situation will turn out after the end of the emission and the departure of miners from the network. There is a possibility that interest in the project will sharply decrease and the cost of coins will collapse. In any case, you need to constantly monitor the latest news and take note of any changes.
What's next?
“The Asian market is deeply involved in crypto finance, and there are several “whales” in the Middle East, so there is a lot of opportunity for BCN to grow in both regions,” Jenny Goldberg, community manager at Bytecoin, told BitCryptoNews. In 2022, the project team will focus on the Asian market. These regions have huge potential for the development of cryptocurrencies. New integrations and partnerships are expected, as well as special events to expand information about Bytecoin. The coin appeals primarily to the high demand for anonymity and untraceable payments that currently exists, which could make it a leader in the next generation of cryptocurrencies. BCN is already in the top 30 of all cryptocurrencies. Entering new markets and creating new partnerships can ensure stable currency growth. That is why there is every reason to believe that Bytecoin (BCN) has potential for growth.
Feedback from users and investors
The project has existed for a long time and has already experienced repeated ups and downs. In this regard, there are many reviews on the Internet from ordinary users and large investors who have had to deal with the Bytecoin cryptocurrency. Below I will give the most recent and relevant ones.
@Rewa76
“Bytecoin is a coughing old man that is becoming a thing of the past. There are several hundred coins in my account that I can’t sell. I'm still waiting for the price to go up, because I bought them for much more than the current price. What is alarming is that the market is gradually emerging from the global correction, and the coin continues its downward trend. It looks like there’s not much to count on.”
@UrBaN
“The project is old, but there is still gunpowder in the flasks. We must not forget that this is one of the PoW cryptocurrencies that does not require expensive mining equipment. Therefore, miners’ interest in the platform will remain until the end of the issue. Well, then we’ll see, either an improvement in positions, or further bleating in the vastness of the cryptocurrency market.”
@LapinW
“The only advantage of the project is anonymity. No new ideas or solutions. The coin’s rate is hitting the bottom and doesn’t seem to be going to recover. Bitcoin is of absolutely no interest. Even as a trading tool, the coin is not interesting. The exchange rate is showing a stable downward trend, and capitalization is decreasing exponentially.”
@Leonov
“Today there is a lot of competition, which is difficult for Bitcoin to withstand. Monero or Zcash projects, which are similar in technical characteristics, are much more successful. Monero, for example, also uses CryptoNote and is significantly ahead of BCN in capitalization. But Bitcoin’s position may improve after the end of the issue. Therefore, in the long term, the value of the coin may rise.”
@DarcZe
“At this stage, investing in Bytecoin is risky. The coin does not show any tendency to grow and is in a knockout state. Even traders have switched to other digital assets. I am surprised by the fairly high capitalization rates. Although the reason may lie in the fact that Bytecoin (BCN) is often confused with Bitcoin (BTC). The names and abbreviations are too similar.”
@VerVera
“Several times we had to wait a long time for the transaction to be confirmed, despite the stated 180 seconds. Once the process took 2 days. The support team explained this as a technical glitch, but they happen too often. After the second hitch I decided to say goodbye to the project. I don't have time to wait for millions of payments to be confirmed and it's my turn. By the way, I saw many reviews with a similar problem. It looks like the network outages started a long time ago.”
@RewaR
“The platform has been developing for too long. All we see in 7 years is a planned road map, several wallets and a website. That's all. What do developers do in their free time? It feels like the team has given up or lost interest in their brainchild. Other teams are promoting their projects at lightning speed, but here we have been waiting for 7 years for the platform to reach a new level. With such a sluggish marketing campaign it will never work.”
@Antonov85
“There were times when Bytecoin was in the TOP 30 in terms of capitalization. Today the project is not even included in the TOP 50. Perhaps the situation will change after the end of the issue, although this is not certain. Miners will leave the network and this may cause even less interest in the platform. Developers need to take emergency measures to stabilize the situation. At least we sorted out the glitches that happen regularly. I remember how the rate was predicted to rise to 1 dollar by the end of 2022. Then many people hoped and invested in the project. The result is money wasted. I think the project will disappear in the near future.”
@Turganov
“The competition is too high, unfortunately. I bought coins a long time ago, I’ve been waiting for growth for several years now. The rate rises only in the fantasies and forecasts of analysts. In fact, we see a persistent downward trend that is not going to give way to an upward trend. I'm disappointed in the project. Although there were times when I made good money on Baykion. But competition forced it out. If it weren’t for the dozens of coins hanging in my account, I would have long ago forgotten about the existence of Bytecoin. If I had known earlier about the sluggishness of the project, I would never have bought these coins.”
To discuss the project, you can join thematic forums and communities, for example, bitcointalk: https://bitcointalk.org/index.php?topic=3204891.0 or https://ru.investing.com/crypto/bytecoin-bcn/chat. Traders can also communicate on the well-known TradingView resource: https://ru.tradingview.com/.
Capitalization and trading of Bytecoin
The situation with Bytecoin against the backdrop of the general decline of the crypto market does not look particularly promising.
The chart shows two sharp price peaks, followed by almost recoilless drawdowns. This situation is typical for most cryptocurrencies.
At the time of writing, the BCN market capitalization was a little over $380 million. At its peak, this figure exceeded $3 billion.
Despite the fact that mining continues and the price is far from the developers’ expectations, the Bytecoin cryptocurrency continues to be actively used and there are several reasons for this:
- Free instant transactions. Any transfers within the network are free of commission and go very quickly;
- Absolute anonymity . It has already been mentioned;
- Business benefits . Despite the fact that the entrepreneur links the wallet to his store or person (provision of services), the security of mutual settlements is very high. In addition, it is impossible to cancel the transaction, and the client will not be able, as in the case of a card, to cancel the payment after receiving the goods/service from the seller.
The developers had high hopes for the last point, but reality showed that only the TOP currencies were accepted as a means of payment.
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