Bytecoin – a token with increased privacy and security

Bytecoin (BCN) is a decentralized, open-source digital currency that allows you to participate in the development of the network. Its creators pay special attention to issues of privacy and security.

The network offers fast and accessible transactions that take place within the network around the world and cannot be tracked.

History of the emergence and development of Bytecoin

Bytecoin is a peer-to-peer cryptocurrency. Its launch took place on July 4, 2012. Since then, its price has been rising slowly but steadily, making it a successful competitor to other leading and widely used digital coins such as Bitcoin and Ethereum.

Its authors decided to focus on creating a more secure and anonymous cryptocurrency than Bitcoin. The result is a coin that provides users with an increased level of privacy. This is achieved through a mechanism for obfuscating the addresses of senders and recipients of funds.

Since the cryptocurrency's launch, it has undergone several improvements, including multi-valued transactions and several security updates. In 2013, the original CryptoNote Java platform was rewritten using C++.

In addition to transactions, blockchain coins contain additional information that is not directly related to money transfers. Several blocks include geographic coordinates of universities and educational institutions, and blocks created since August 11, 2012 contain quotations from the works of William Gibson and other writers.

On March 31, 2015, Bytecoin developers announced their roadmap. Among other things, the following improvements were mentioned:

• a payment gateway capable of simultaneously accepting and sending thousands of transactions;
• desktop GUI software (released a few weeks later in April 2015);
• multiple API levels for integration with other software;
• chain-based alias system;
• smart contracts with a built-in programming language for training developers.

Wallet for BCN

Bytecoin developers have created their own wallet for crypto coins. You can download the desktop version (especially for bytecoins) from the official website. If this option is not available, you can use the online version. Specialists are constantly improving the wallet, releasing new versions. The latest modification was released in the summer of 2022. The interface is clear, every Bytecoin owner can figure it out.

In addition, you can work with your personal BCN storage via the command line and an RPC wallet that does not have a graphical interface.

You can also use the alternative Bytecoin Wallet, created by Freewallet. Here are the functions:

• monitoring the bytecoin rate;
• carrying out transactions to wallets of other virtual currencies;
• viewing the balance in terms of other watts;
• replenishment with some cryptocurrencies;
• BCN exchange.

Project goals

The creators of Bytecoin name three main goals of their project:

• self-regulation;
• transparency;
• egalitarianism.

The basis of the financial system is a decentralized network that provides self-control of the costs necessary for the functioning of the cryptocurrency. This approach allows Bytecoin to determine the optimal state when operating efficiency is highest.

The Bytecoin network is developed on an open source basis. This means that anyone who decides to take part in it becomes not only a token holder or user, but also participates in maintaining the operation of the system.

The Bytecoin network protocol is designed in such a way that both specialized and non-specialized computers have congruent efficiency when working on the network.

Twitter

Twitter is a great source of cheap traffic, but you should be aware that its quality is not always reliable. As the ICO began, we created campaigns to generate more traffic to the crowdsale page and build a retargeting base for further action. Several types of targeting were used: keywords, interests, and readers of carefully collected accounts related to crypto celebrities and companies. The most reliable and effective traffic was generated by subscribers of the accounts we selected.

Bytecoin Technical Specifications

Main characteristics of the Bytecoin network:

• algorithm - CryptoNight;
• block creation time - 120 seconds;
• the network complexity is recalculated after each new block;
• The reward to miners is reduced every block according to the formula (main reward = (MSupply-A) / 218, where MSupply = (264 - 1) atomic units, and A is the number of tokens created);
• each coin has 8 decimal places;
• the maximum number of coins is 184,470,000,000 BCN;
• the number of coins in circulation is 183,728,674,341 BCN.

Forecast for 2022

Coinmarketcap data
The Bytecoin (BCN) rate to the dollar at the beginning of March 2022 is 0.0004 USD, at the beginning of February it was 0.01 USD. From 2012 until the summer of 2017, BCN was in circulation mainly on the Darknet, and ordinary users were practically not interested in it. The asset cost approximately 0.000002 - 0.000004 USD, was low volatile, like the ada exchange rate to the dollar.

After the rebranding, the price increased by an order of magnitude, and market capitalization began to increase due to the influx of investments. In 2018, the asset still remains highly volatile, and price fluctuations do not have a direct correlation with BTC. The Bytecoin (BCN) exchange rate to the ruble at the beginning of March 2022 is 0.28 RUB.

If developers systematically move along the roadmap and actively work on linking cryptocurrency and fiat, on creating a multi-currency wallet and BTN payment card, then there is a chance of increasing the price of Bytecoin to 1-2 USD. Another question is how much they are interested in this. Judging by the planned hard fork, there are disagreements within the team.

Hotel website in Montenegro dukleyhotels.com

In December 2022, news appeared that Bytecoin, Davorcoin, Bitcoin and Ethereum began to be accepted for payment at the Dukley Hotel & Resort in Montenegro. Such events are very inspiring for novice investors. It is important to understand that organizations try to accept payments in the top 5 cryptocurrencies; they rarely fall below the 10th position in the ranking. This hotel in Montenegro is an isolated case, not a trend.

The impact of the hard fork on the BCN rate

In 2018, there are prerequisites for a decline in the price of Bytecoin; this trend will be especially pronounced in the summer before the June hard fork. Beginner traders should understand that during a hard fork the exchange rate always becomes more volatile, so for those who do not want to take risks, it is better to withdraw money to a calmer currency in advance. On the other hand, it will be possible to make money from this if the hard fork is in demand on exchanges. The proportions of exchanging old coins for new ones are still unknown, but it is unlikely that they will be 1:1.

Bytecoin's prospects for the next 1-2 years largely depend on the success of the hard fork. If the blockchain gives miners the opportunity to earn more, and investors have interest in the new chain, then we can expect an increase in the rate to several dollars. There are no prerequisites for entering the top 5 cryptocurrencies yet, so you can store from 1 to 5% of your deposit in BCN.

Overview of the main features of Bytecoin

Anyone is allowed to participate in the network, using the computing power of their computer. Thanks to this mechanism, transaction processing is decentralized, which allows a person to be not only a user of Bytecoin, but also a participant.

Everyone makes this decision independently. You can contribute to the maintenance of the network and receive a reward for this in the form of new BCN coins or purchase them on the exchange.

Operations within the network

During transactions with fiat money, all transfers are processed through an intermediary represented by the bank. Transactions between Bytecoin users, in turn, are carried out over the Internet, which makes them reliable. Transaction confidentiality is protected by cryptographic algorithms that do not allow anyone to determine who sent money to whom, as well as the transfer amount.

Safety and reliability

The reliability of Bytecoin is determined by the total computing power of all computers that are involved in processing transactions. The more processing power, the more reliable the network.

Moreover, all money stored in the wallet is already protected during the transaction, and its security does not depend on the reliability of the network. User funds are always safe.

Deflation

The value of BCN is gradually increasing, since the number of coins is limited to 184.47 billion tokens. The number of Bytecoins generated every 120 seconds is slowly decreasing. As a result, the BCN rate remains stable.

Unlike currencies with a sharp decrease in block rewards, which are subject to intensive network power reduction, Bytecoin's emission decreases slowly. This protects the cryptocurrency from economic shocks.

Token emission

Generating BCN coins is a closed process in which the issuer uses its own capabilities. You cannot participate in it.

Throwing tokens into the network is an open process that uses the computing power of all network members. Any user can become a miner and participate in the mining of new coins. They are rewarded for using the processing power of their computers to process transactions.

Transactions are executed every 120 seconds. Miners ensure correct transaction processing and cryptographic protection of money transfers and personal data. However, they cannot access users’ financial data, since Bytecoin ensures complete confidentiality of all transactions on the network.

Search popularity

In order to determine the real demand for Bytecoin, we conducted marketing research using the main services.

Why is this necessary? Everything is simple - according to search popularity data, which is most often used in Google Trends reports, it is easy and simple to determine the real demand and use of a particular cryptocurrency. That is, this allows, along with other “pseudo-fundamental” indicators, to determine whether people need cryptocurrency, or whether the current growth in indicators is just a temporary pump.

Adwords is considered an effective source of traffic for ICO projects, despite increased competition and strict advertising. We started with two types of campaigns: a search online campaign and a keyword-targeted online display campaign. We then continually update our campaign settings using Google Analytics data to improve performance. After receiving the first results, we launched other campaigns, namely a Gmail campaign, YouTube, a Display Network campaign based on user interests and intent, and remarketing campaigns.

Various types of targeting have been applied to improve efficiency. As expected, we had some issues with Google Adwords moderation, so multiple accounts were used to ensure consistent traffic to the website.

For display and remarketing network campaigns, various banner packages were regularly tested to ensure the most effective ad files were found. The final stage of token sales focused on remarketing and search campaigns as they generated the most conversions.

When the fold began, we added conversion-focused campaigns that were optimized for registration and investment generation by newly registered users. At this stage, we already had a large audience to retarget, so we ran remarketing campaigns.

We also added email generating campaigns as they were not limited to Facebook and allowed us to collect emails for subscriptions to our email networks, generating additional investor traffic.

Bytecoin opportunities for clients

Cryptocurrency operates according to principles that are radically different from those used by fiat money or its digital counterparts.

Along with this, bytecoin requires a small amount of energy and human resources. This allows you to avoid transaction fees.

Security of user funds

The authors claim that Bytecoin is resistant to hacker attacks. The cryptographic algorithms used cannot be hacked. Any attempt to find out the account key will require a huge amount of resources, making any cyber attack unprofitable.

Protection of personal information

Activating a high level of transaction anonymity will completely prevent the leakage of data about where the user receives money from and where he sends it.

Instant international transfers with zero commission

A highly developed infrastructure allows every user anywhere in the world to instantly and without any commissions transfer money to other people. Any device with Internet access is sufficient for this.

A reliable investment in computing power

The rate at which new Bytecoin coins are generated decreases over time, meaning the price of each BCN gradually increases. To invest, it is enough to become a network miner or invest money by purchasing a token on one of the exchanges.

Low technical requirements for PC

Bytecoin algorithms do not provide an advantage to those who use video cards for mining. This means that even an average computer will be enough to participate in maintaining the network. There is no need to buy expensive equipment (for example, ASICs) to mine tokens.

Coin storage options

Three variants of BCN content have been developed:

Method No. 1 Official online wallet

The simplest option, since creating a wallet is simple and quick. You need to create a personal password and login, and after logging into the wallet, you can create your own wallet address. There are many functions, for example, managing security, deleting or adding other wallets, etc.

Method No. 2 On a personal PC

This method of storing coins is particularly reliable, however, it takes a lot of time to synchronize the blockchain. This is all done only once. The wallet is encrypted with a secure code that the user independently comes up with

Method No. 3 On crypto exchanges

An ideal option for those who like to speculate in virtual currency. The main disadvantage of this storage method is the inability to return your coins if the exchange stops working.

Let's take a closer look at the first option.

Bytecoin for business

Ready-made solutions based on blockchain technology are a chance to start secure business cooperation. Bytecoin developers note that their cryptocurrency is convenient and reliable for companies focused primarily on the digital sphere, or those who want to update their approach to selling products in the network sphere.

Reducing business risks

Bytecoin is focused on honest and open business. The Bytecoin network offers fraud protection that makes automatic refunds impossible. Once the transaction is closed and payment is sent, the transaction cannot be reversed. Refunds are possible only by mutual agreement of the parties.

Convenient tools for doing business

Bytecoin is an open network, to participate in which you simply need Internet access. Detailed instructions and simple setup make it easy and quick to get started with cryptocurrency that is easy to use. The authors of the project promise setup assistance to entrepreneurs interested in using Bytecoin for their business.

Financial aspects

The coin appeared on the cryptocurrency market in early-mid 2014. Initially, the creators of the project distributed it among system participants, and it was possible to take possession of BCN through when the bulk of the cryptocurrency was distributed at $0.000065 per coin.

Now, of course, the situation is different: current as of 02/01/2018

• BCN coin value is $0.005955;
• total project capitalization – $1.09 billion;
• the price of a coin, in relation to bitcoin, is 0.00000058 satoshi.

Relevance as of 03/06/2019

• BCN coin value is $0.00067832;
• capitalization – $124,773,295;
• the price in relation to BTC is 0.00000018 satoshi.

Of course, at the initial time intervals, the price rate on the cryptocurrency exchange varied significantly, reflecting exclusively the market component, but today everything has more or less stabilized.

How to mine Bytecoin

Bytecoin mining is the easiest way to get BCN coins. You should start mining cryptocurrency after creating a wallet. Choosing the best mining software largely depends on the type of OS used and does not depend on the processor and video card used.

The best choice for mining is the XMRig miner. It provides better performance for CPUs, while XMR-Stak-Nvidia and XMR-Stak-AMD will be optimal for GPU devices. In this case, the miner will not have to tinker with software settings.

The only difficulty may be setting up the configuration files. These files will vary depending on the software you are using, but the basic setup aspects are the same.

To use the Bytecoin Party mining pool, you must specify bytecoin.party:PORT as the URL in the configuration file. The choice of port is not important since the pool uses variable difficulty. However, it is recommended to use 3333 (for CPU), 5555 (for powerful hardware), 7777 (for multiple graphics cards or a mining rig) and 8888 for NiceHash.

Instead of the username, the wallet is specified in the configuration file. With XMRig you can safely start the mining process, but with XMR-Stak you will need to do a few more things.

You will need to change the GPU thread number to match the number of threads of the video card you are using, the thread configuration section to match the specified parameter. Detailed information about the correct XMR-Stak configurations is available on the XMR-Stak Github page.

After creating a wallet, downloading the Bytecoin mining mini-program and setting up configuration files, you can begin mining cryptocurrency. BCN tokens will be transferred directly to the specified wallet in a manner dependent on the payment method in the specific pool.

General information

To begin with, information for beginners - what Bytecoin is and why it is on the market. Bytecoin is one of the first Bitcoin altcoins, which, along with Litecoin, was supposed to solve the problems of the parent cryptocurrency. Bytecoin's main goal was to achieve theoretical anonymity.

At one time, it did not gain wide popularity, and chronic technical problems gave rise to more advanced coins of the CryptoNote family. Bytecoin was remembered again when it was too late. Namely - after the incident with Silkroad. And it was then that the cryptocurrency gained wide popularity, and most importantly, a serious increase in capitalization.

CryptoNote algorithm

CryptoNote is a technology that allows you to create anonymous, egalitarian cryptocurrencies. The development team has ten years of research and development experience in the world of cryptographic technologies. The creators of the algorithm claim that they aim to influence the modern economic paradigm.

Features of the algorithm include:

• ring signature;
• one-time keys (unlinkable transactions);
• proof of double spending;
• adaptive restrictions;
• gradual issue of coins;
• egalitarian proof of work.

Price movement

Traditionally, the price movement of Bytecoin is consistent with the movement of other altcoins that offer users increased anonymity and privacy of payments, such as Monero (XMR) and Zetcash (ZEC). Both, with almost equal prices, have shown a decline in prices since the beginning of the year, but in the last three weeks they have shown a stable sideways trend.

Following the entire cryptocurrency market, BCN demonstrates a move inside a descending channel that formed at the end of 2022. The chart shows a bearish trend, supported by a corrective wave that arose after a burst of growth (marked with a green oval). The analysis allows us to trace three stable levels (marked with blue lines). After the decline, the price formed a side corridor based on the first stable level. Considering the demonstration of the strength of buyers in the form of a double rebound from the level based on a moderately negative news background, a repeat of the rebound is possible in the near future. Following it, given the accumulating strength of sellers, it is likely that the price will be able to cross the line. The next goal may be to support a common downward channel.

The price of Bytecoin for December 2022 was predicted by the creators at $7, that is, an increase of more than 100 times is expected! It is unlikely that this forecast from the project founders themselves can be called realistic or even optimistic. But the likelihood that bytecoin will become one of the popular cryptocurrencies in the next few years is high. This means that it will experience multiple growth.

text: Evgenia Likhodey, Anton Koroid, chart: Investing, photo: Pexels