What is Bytecoin? Launched in July 2012, Bytecoin is the first privacy-focused cryptocurrency in the blockchain space. In this article, you can find answers to questions that investors wonder, such as what Bytecoin is, what it offers, what is BCN, what it does and how to buy it. As Kriptokoin.com, we have compiled it for you.
What is Bytecoin?
Founded in 2012, Bytecoin is the first privacy-focused altcoin in the cryptocurrency market. The popular privacy project of the current era, Monero, is actually a fork of Bytecoin. The project aims to provide low-cost, fast and anonymous transaction processing for its users. Bytecoin, which has achieved this to a large extent, allows to perform transactions that cannot be traced in any way today. In addition, the network operates in a completely decentralized and open source manner. It does this with the CryptoNode protocol, which is mostly used by privacy-oriented crypto assets. This protocol allows to perform anonymous transactions on the network while making it work in an open-source format.
What does Bytecoin offer?
Bytecoin network has desktop software for computers running Windows MAC and Linux operating system. In addition, users can download Bytecoin’s application to their phones with Android operating system. The project is currently managed by the community. In other words, those who participate in the community can vote on the decisions taken about the project. The network works with the Egalitarian Proof-of-Work consensus mechanism, which has been criticized for consuming too much energy. Accordingly, Bytecoin makes computers with powerful GPU mining more inefficient. In this way, it increases the gains of the weaker CPU miners. Thus, the network adopts a more equitable mining model. According to PoW networks, which are also criticized for being slow, Bytecoin’s scalability is quite high. The network creates a new block every 120 seconds. In other words, user transactions on the network are verified and processed every 2 minutes.
What is BCN? What does it do?
BCN is the native cryptocurrency of the Bytecoin network. This altcoin stands out with a variety of use cases within the network. You need to have a BCN to make transactions that cannot be tracked or viewed. Transactions made with BCN coin are encrypted with secure cryptographic algorithms. However, users who hold the altcoin can participate in the management. In other words, they get the right to vote in the decisions taken and they can submit proposals to the management. Since transactions are processed into blocks in 120 seconds, there is no need for long waiting times like in Ethereum. Although BCN is a mined cryptocurrency, this is no longer possible as it has reached its maximum supply. In fact, the network was supposed to switch to the Proof-of-Stake consensus mechanism when the token reached its maximum supply. However, no such news has been received so far. However, there are many negative claims and controversies that have arisen around Bytecoin.
Controversy around Bytecoin
It is said that 80% of the rewards in the pre-mining of Bytecoin are gifted to private investors. But there is no way to prove it. However, the project has not updated since 2019. In fact, since 2019, the project’s Twitter page has only shared 2 tweets about bug fixes. Articles about the roadmap of the project have been removed from the website. Binance, the world’s largest cryptocurrency exchange, announced that it had delisted BCN at the end of 2018. However, the project’s Telegram channel is still active. So it’s possible for the rest of the community to roll up their sleeves to save the project. However, it’s pretty hard for them to do that with an incomplete developer team.
What is Bytecoin? How to buy BCN?
Users who want to buy BCN must first find a cryptocurrency exchange where the token is listed. These exchanges include Gate.io, HitBTC, Coinex, and Poloniex. Interested investors must become a member of one of these exchanges and verify their accounts. Next, they need to load an asset into their wallet that matches their BCN coin pair. After performing all these transactions, a purchase order can be placed for BCN.
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