Cryptocurrency Bytecoin (BCN): history and modern development

Digital coins are at the peak of their popularity. They attract attention with their most important property – decentralization. Due to the fact that their movement cannot be controlled, world governments are wary and highly suspicious of cryptocurrencies. But, despite greater resistance from the authorities, new types of coins appear every year. These include the Bytecoin (BCN) cryptocurrency.

How Bitcoin was created

Cryptocurrency first appeared in 2012. The place where it was created is the “darknet”. This is an illegal part of the global network that is completely anonymous and well protected. And it is unlikely that you can enter it using regular Internet browsers. On the dark side, people who engage in illegal activities have found their home, but there are also its harmless users who just want to maintain their privacy and freedom of action.

Its creator is a programmer known under the nickname AmJuarez. Unlike his colleagues, he did not engage in various forks of the famous Bitcoin, but decided to create the Bytecoin (BCN) source code from scratch.

Bytecoin rate and capitalization

Many investors are distrustful of Bytecoin, because they are concerned about a very obvious question: why is this middle-aged cryptocurrency inferior in ratings to many young coins?

There are rumors that Bytecoin has been used on the darknet for a long time, so it was only after appearing on little-known exchanges in 2014 that the project began to slowly gain recognition in the cryptocurrency market.

Bytecoin (BCN) entered the market with a very low rate of $0.000065 and a capitalization of just over $10 million. The coin did not achieve overwhelming success; the dynamics of the cryptocurrency rate were unstable - short-term periods of growth were followed by protracted collapses in the value of the coin.

In the history of Bytecoin, two striking price rises can be distinguished.

Dynamics of Bytecoin exchange rate
// Source: coinmarketcap.com
The first noticeable jump occurred in 2022, when the coin was placed on the popular exchanges HitBTC and Polonics. At that time, the cost of Bytecoin increased to $0.003564, and capitalization reached its peak level of $650 million. Over time, the hype around Bytecoin subsided and the rate returned to its previous positions.

The maximum rate of the cryptocurrency was recorded in May 2022. The revival of interest in the coin was preceded by information about the listing of Bytecoin on the largest cryptocurrency exchange Binance. On the day Bytecoin appeared on the exchange, the price of the coin soared by a record 114% and amounted to $0.030134.

But the takeoff period did not last long. The very next day after the coin appeared on the exchange, all transactions from Bytecoin to Binance were frozen, and soon the exchange completely announced the delisting of the cryptocurrency.

Against the backdrop of what was happening, the price of Bytecoin sank noticeably - the coin immediately fell by 17%. Rumor has it that such a failure happened due to the Bytecoin network’s unpreparedness for the influx of new users.

If we talk about the current state of affairs, then since the beginning of its entry onto the exchanges, the Bytecoin rate has not changed much, only the capitalization has increased.

The cost of Bytecoin is $0.000915, the total capitalization of the project is $168 million, and there are just over 184 billion coins in circulation. Bytecoin ranks 42nd in the ranking of cryptocurrencies in terms of capitalization.

Development team

The identities of the creators of Bytecoin are unknown; they are known online under the following pseudonyms:

Pacific_Skyline – platform manager, is a high-profile computer specialist, graduated from the University of Washington;
AmJuarez is the author of Bytecoin himself, he is also responsible for developing plans for the development and promotion of cryptocurrency, he studied at the famous Harvard;
NeoCortex is the leading developer of the site, made a huge contribution to the creation of the verification code, a graduate of the University of California;
Seigen – is engaged in the creation of a cryptographic algorithm and is responsible for the security of transfers;
DStrange - carries out public relations and also develops applications that allow the use of Bytecoin for business.

What is the peculiarity of cryptocurrency operation?

Bytecoin is distinguished by three characteristic qualities, namely:

speed of transactions;
burglary protection and reliable security system;
no commission;
security, only the user has access to the user’s data.

The cryptocurrency operates on the basis of an algorithm – CryptoNote. The system uses a technology known as ring signature. It makes it difficult to determine how much money was sent to another wallet. Because the transfer arrives several times to disposable addresses.

How does Bytecoin work?

Blockchain Bytecoin
Cryptocurrency Bytecoin is a decentralized open-source coin that, just like most other cryptocurrencies, works on blockchain technology. But the main feature of Bytecoin is the use of CryptoNote technology, which allows you to maintain absolute anonymity of transactions on the network.

Yes, of course, Bitcoin and many of its derivatives provide better anonymity than alternative transactions with the same fiat (for example, credit card payments), but still they cannot guarantee absolute anonymity.

Thanks to CryptoNote, the Bytecoin cryptocurrency has a number of advantages that distinguish it from other crypto projects:

Untraceable payments. CryptoNote uses ring signature technology, which allows transactions to be confirmed on behalf of a group. The signature only confirms that the transaction was created by someone from the group, but who exactly is unknown. Thus, Bytecoin provides users with a secure and completely anonymous payment scheme;

Scheme of how a ring signature works // Source: cryptonote.org

Unrelated transactions. Thanks to a clever modification of the Diffie-Hellman exchange protocol, two parties can create a shared secret key derived from their public keys. The sender creates the public part of the key, and the recipient creates the private part. Therefore, the recipient is the only one who can receive the funds after the transaction is completed. Thus, payments cannot be traced;

Transaction encryption scheme // Source: cryptonote.org

Blockchain resistance to analysis. Non-repeating one-time addresses and mixed keys in ring signatures make the entire blockchain resistant to analysis. Each future transaction will only increase entropy and create additional obstacles for the analyst;

Visualization of the process of making a transaction with Bytecoin // Source: cryptonote.org

Egalitarian proof of work. The Bytecoin cryptocurrency is based on the Proof-of-Work algorithm. At the same time, CryptoNote ensures equality between CPU and GPU miners through the use of processor memory. In this case, the hashrate has no effect on the mining speed, so there is simply no point in using special equipment (ASICs) to mine Bytecoin;
Network adaptability. CryptoNote does not have hard-coded constants; the system code is recalculated based on the previous network state. Thus, each network parameter, such as the maximum block size or the minimum fee amount, is recalculated based on the previous state of the system. In this case, users automatically agree to the changes. Due to this feature, the network smoothly changes, adapts and develops independently, without requiring branches.

The main mission of the Bytecoin cryptocurrency is to provide fast, cheap and anonymous transactions between users from all over the world. The development team aims to attract many partners to cooperate so that Bytecoin users can easily pay for goods and services without involving official structures and financial regulators.

How to join Bytecoin.

Anyone can contribute to the development of a digital coin. To do this, you just need to download the wallet and software. All transactions with funds are carried out at the expense of the capacity of the system participant’s equipment. Therefore, each user, in addition to the consumer of the site’s services, is also its structural unit. You and no one else are the guarantor of the security of your transactions.

Note! The platform is constantly improving itself, and the number of users is increasing day by day.

Mining BCN coins

The Bytecoin mining process is no different from the algorithm for mining other digital currencies. To receive a coin you must:

download a special program and load it onto your PC;
register by indicating your full name and password;
After entering the settings, you need to select how many processor cores you want to use to participate in mining.

Depending on the parameters of the available equipment, you can get approximately 1,500 bytecoins per day. In addition, mining at night is carried out much faster than during the day. You can exchange coins for cryptocurrency, which is more profitable today, for example, 1500 BCN is 10,000 satoshi.

Unlike the mining process in other currencies, here you can use your computer for other purposes while mining coins. Also, according to reviews from many users, you can get currency not on the most modern machines, but use a PC with low power, but also mine a little less.

Summary

Despite its low popularity, BCN currency can be found on many exchanges. Users who decide to buy Bytecoin as a first investment or are registered on exchanges but have not yet invested their funds can purchase coins using the Tether currency, which is available on all major platforms.

Despite the high security and privacy of users, novice traders should not waste their time and money on Bytecoin, even if you are a beginner and want to try your hand at stock speculation without breaking the bank.

Disclaimer : this article is not a recommendation and does not encourage trading. The cryptocurrency market is highly volatile. While price analysis is a useful tool, it should not be considered a reliable forecast of the future performance of any investment vehicle.

We encourage everyone to explore different points of view and familiarize themselves with local legislation before investing in certain cryptocurrencies. Changelly staff, including the author of this article, may or may not own cryptocurrency, but refrain from making any recommendations or advice to the reader. DYOR!

Where to store bytecoin

The following wallets will help you securely store your currency:

Bytecoin wallet – is the official version, adapted for machines, with low power, data synchronization occurs quickly, and is constantly updated;
Bytecoin from Freewallet is a universal storage that allows you to hold several types of cryptocurrency in your account.

The second resource has additional advantages that allow users to:

instantly carry out transactions to other accounts;
replenishing your wallet with any coin it supports;
monitor the state of market value.

The resource also supports Touch ID, QR code and PIN code. You can enter it from any smartphone or tablet with Android installed. When making any financial transactions, messages about the actions taken in the system are instantly sent to your email. You can top up your account using a plastic card or any payment service directly, bypassing exchange platforms.

Where to buy and how to store Bytecoin cryptocurrency

The Bytecoin cryptocurrency is represented on 12 exchanges, including such top trading platforms as HitBTC and Poloniex.

Bytecoin is represented on exchanges with a meager set of trading pairs: BCN/BTC, BCN/ETH, BCN/USDT, BCN/XMR and BCN/EOS.

In addition to purchasing on the exchange, you can buy coins using a Visa/MasterCard card through the official service from the developers exchange.bytecoins.world or on the IndaCoin and Coinswitch.co exchangers. Bytecoin can also be purchased on Cashup.one and Cryptonator exchangers.

The development team has provided several options for storing coins:

Bytecoin web wallet. Very simple and fast registration;
Mobile wallet for Android. A convenient way to control and track funds, which is always at hand;
Bytecoin Desktop. Computer version of a cold wallet. Supports Windows, Linux and Mac OS;
Bytecoin Daemons. A secure RPC console wallet designed for e-commerce projects. Windows, Linux and Mac OS are supported.

They can be found on the official website of the developers.

In addition to official wallets, you can use third-party applications or exchange wallets to store Bytecoin.

List of unofficial wallets for storing Bytecoin
// Source: bytecoin.org
We also recommend watching the instructions on how to install a cold wallet for Bytecoin:

Cold wallet for Bytecoin (BCN) cryptocurrency

Future Outlook

Bytecoin began trading on exchange sites in 2014, the initial capitalization of the coin was 10 US dollars. The price was $0.000065 per 1 bcn. Today its value fluctuates around 0.005 USD.

Note! Bytecoin is a dark horse in the cryptocurrency world, the number of coin owners is gradually increasing and this indicator increases the chances of a successful future for the coin and an increase in value several times.

Forecasts for the coin exchange rate vary. The most optimistic of them predict that the exchange rate could reach $10 per bytecoin by the end of this year. Other experts, on the contrary, say that the cost will be approximately the same, but note that this is a good cost for investments that will allow coin owners to make good profits. You can purchase a huge number of coins without much risk to your finances, even with 10 dollars, and wait for the currency to be at its peak value. But when this will happen, no one specialist can say with one hundred percent certainty.

Also, before investing, you must take into account that Bytecoin has a very unstable position in the financial world, and any negative news about it can greatly undermine it and significantly reduce its low value.

Technical analysis of Bytecoin

Frankly speaking, no one has any expertise in the field of technical analysis of Bytecoin. However, below we have provided you with an aggregate BCN rating from several traders and analysts on TradingView.

Technical analysis of BCNUSD from TradingView

Bytecoin (BCN) price forecasts for 2020-2025

#1. Price forecast for Bytecoin (BCN) for 2022, 2022, 2025 from WalletInvestor

BCN is frankly a bad choice for long-term investing. The price of Bytecoin could fall from $0.000288 to $0.000017, thus decreasing by 94.258%. According to the latest data, Bytecoin (BCN), and perhaps its entire market environment, has been in a bearish period over the past 12 months. And in the future, this downward trend will only continue, so BCN is clearly not the best choice for investing and making money. Since this cryptocurrency has a negative outlook, we do not recommend adding it to your portfolio; it is better to look for other, more profitable projects.

#2. Price forecast for BCN for 2022 from DigitalCoinPrice

Bytecoin (BCN) has the potential to rise in value. Bytecoin (BCN) could be a profitable investment if DCG's forecast is to be believed. The price of 1 Bytecoin could reach approximately $0.00051057 within the next year, which is 2 times more than the current value of the coin. By 2025, the price of one BCN could be $0.00101840.

#3. Price forecast for Bytecoin for 2022 from CoinPredictor

The latest price on BCN is $0.0003176. At the moment, the Bytecoin price prediction algorithm forecasts -0.2% of the value by tomorrow, -3.3% in a week, -44% in a month, and -99.7% in 3 months. Thus, in the next quarter the price of BCN may reach $0.000001. The long-term forecast shows that the value of Bytecoin in dollar terms will continue to decline.