Bytecoin is a digital cryptocurrency person-to-person launched in July 2012, whose value has been increasing slowly, putting it in direct competition with other leading and widely used crypto-currencies such as Bitcoin and Ethereum, it belongs to the category of ” private currencies “and is based on the CryptoNight algorithm, offering its users an additional level of security and anonymity, its reliability is defined by the total computational power of all the computers that participate in the processing of transactions.
As of September 2017, some merchants and online service providers began to accept BCN as payment along with more common crypto-currencies, but the vast majority of users are the first to adopt and invest.
In Bytecoin, when making a purchase with fiat money the transactions do not pass through any intermediary. They are made through the Internet and the Bytecoin network controls the transfers, which means that in a time no longer than 20 minutes we can send Bytecoins anywhere in the world in a totally safe and impossible way to track and without additional fees. This is thanks to the fact that it is one of the first networks based on CryptoNote which is a cryptographic algorithm in charge of encrypting transactions, besides the sender and receiver are protected thanks to the Ring Signature that collects the signatures of 5 people creating a new one. the stealthy addresses.
This decentralized and private cryptocurrency with open source code allows everyone to participate in the development of the network, so the network protocol allows specialized and non-specialized computers to work efficiently in the same network to become developers in Bytecoin .
All users need a Bytecoin Wallet that can be downloaded on the web.
To access cryptocurrency in addition to transactions, mining is an option. Its network is implemented through an improved proof-of-work mechanism called “Egalitarian Proof-of-Work”. It is an algorithm that works with a reconciliation system, where each computer on the network requires the same voting rights. This means that all users are equal and that nobody has privileges. Users agree on the correct order of transactions, an honest distribution of value and new features within the protocol. The algorithm combines the extraction of GPU and CPU. This allows a greater diversity of miners through the protocol and facilitates the distribution of Bytecoin coins.
The map that marks the future of Bytecoin is clear. While work on the anonymity of the cryptocurrency remains at the forefront of the development team’s priorities, it aims to introduce more features in the future, including a lighter portfolio and a writing language that allows users to create smart contracts, promises of future developments that will probably help Bytecoin achieve a stronger foothold in the cryptocurrency market.
At the beginning of 2019, Bytecoin is still young, and its value is not yet decided, it has a fluctuating value like other altcoins, and will remain so until the market decides; but if we can point out that they become increasingly expensive, since the issue is limited to 184,470 million. The number of Bytecoin issued every 120 seconds is decreasing slightly. As a result, BCN gains value and the exchange rate increases, even so we must keep watching and see what the future holds for this cryptocurrency, little by little.
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