Over the years, many privacy-oriented cryptocurrencies have emerged. As most people know, Monero is still the best, even if it is still evolving. Bytecoin is another project that focuses on the same problem, although the developers are doing something different. What does Bytecoin focus on privacy and how do you get Bytecoin? Here are the unknowns about Bytecoin.
What is Bytecoin?
Bytecoin is a decentralized open source cryptocurrency that allows anyone to join the Bytecoin network. Privacy and security are of course the most important elements of Bytecoin.
The idea behind Bytecoin is not difficult to understand. Bytecoin is a cryptocurrency that minimizes business risk and protects the privacy of individuals. The project will be continued since 2012. The Bytecoin team has worked hard to bring the project up to these levels and provide a non-traceable payment solution. Although Bytecoin seems to be a successful project, this success has not been easy.
Bytecoin has several aspects to consider. First of all, Bytecoin's operations are private and not traceable. This is done using cryptographic algorithms or in this case the open source CryptoNote technology. In addition, transactions can not only be monitored, but also can not be linked.
In addition, Bytecoin focuses on deflation, making coins more expensive over time.
With a falling BCN block price every 120 seconds, this will be a point where this currency can no longer be mined. However, this will be a gradual process and the mine direction will not disappear suddenly.
Considering Bytecoin's privacy-oriented structure, it's important to know that BCN miners have no access to their financial data, which they can not find in any currency-based currency.
In addition, the Bytecoin API provides support for multiple signature solutions, providing additional security for those who prefer it.
The price increase at Bytecoin is fascinating
Bytecoin posted very strong acceleration on the Binance Stock Exchange, increasing its value two to three times in a few hours. At the end of this fast climb, the statements stopped bytecoin. Investors suffered a sharp panic on the stock market after the collapse of trading transactions, a short time after the start of the sweep. After a sudden withdrawal of investors due to systemic problems, Bytecoin quickly lost value and went public. Investors are said to have suffered heavy losses. The reason for this error is the fact that the Bytecoin system is old and can not handle the transaction volume on the Binance exchange. In the statement of the platform investors did not panic, and after a short time it was said that everything would improve. A similar description of the Binance Exchange was in the middle of the day. In the morning (10.05.2018) Bytecoin, which is at the Binance Exchange, continues to climb.
Bytecoin price now
Like all crypto currencies, the Bytecoin price has declined sharply this year due to the bear market. This is the 25th place in CoinMarketCap's list of the largest cryptocurrencies on the market.