Cryptocurrency Bytecoin (BCN) - review and description

When looking for suitable investment options, they usually try to invest in inexpensive altcoins with a high capitalization, since if successful they will give a lot of profit, and if this does not happen, then such investments will not bring any special losses. When considering such promising alts, you cannot miss the Bytecoin (BCN) cryptocurrency, which as of May 2018 is among the TOP 20 digital assets with the largest capitalization, although it costs only $0.00687 or 0.41 rubles.

To understand whether it is worth investing in BCN, you need to objectively evaluate the idea of ​​the project, the activity of its team, as well as the features of production, storage, purchase, etc. All these important issues are covered in the review below. After reading it, everyone will be able to decide for themselves how promising the investment will be in buying or mining the BCN cryptocurrency.

So what is Bytecoin - it is the first highly anonymous open source digital asset released on GitHub. When developing it, programmers achieved maximum anonymity and security. The BCN network allows for ultra-fast, untraceable transfers around the world.

When and how did cryptocurrency appear?

Bytecoin is a cryptocurrency operating within a peer-to-peer network launched on July 4, 2012. Since its inception, the BCN rate has been steadily rising against the dollar and ruble, and experts predict a great future for this asset.

The creators of the project successfully implemented an attempt to introduce a much more secure and anonymous token than the famous Bitcoin. It was possible to achieve an increased level of confidentiality due to ring recording technology, which eliminates the possibility of tracking the addresses of transaction participants. By the way, in 2014, as a result of the Bytecoin fork, the Monero cryptocurrency appeared, which, together with DASH and ZEC, formed the three most popular assets on the darknet.

After the first launch, the Bytecoin network was actively developed, and its creators listened to the good advice of programmers who left their comments on GitHub. Initially, the platform was based on the CryptoNote protocol from Java, but then it was transferred to C++.

In addition to transaction data, the BCN blockchain also contains other data that is not directly related to the operation of the network. For example, the locations of large universities are stored in several blocks, and the first blocks mined from 08/11/2012 contain sayings of W. Gibson and other poets and writers.

Initially, the project developed without specific plans, there was only a general direction. But on March 31, 2015, the creators released a Road Map, where they described the next steps towards the development of the project:

• creating a payment gateway capable of processing thousands of different transactions without delay;
• development of desktop GUI software;
• launching a multi-level API for integration with other software;
• implementation of a blockchain-based pseudonym scheme;
• launch of smart contracts with an integrated coding language for training programmers.

Since the launch of the roadmap, the project team has adhered to the planned steps, keeping the stated promises.

BCN rate and capitalization

The chart of the coin and the bcn rate looks very ambiguous. The currency was listed only in 2014 and during this time has not experienced a single major pump or dump. BCN started at $0.000065, and the capitalization was just over $10.

We are now considering the BCN to dollar rate, but such a pair is not available on any exchange.

The cryptocurrency reached its historical maximum in May 2020, increasing in price by almost 200 times, and showed a value of $0.14. This was due to its addition to the Binance exchange. However, a strong dump occurred and the price returned to its original range. The same story happened with capitalization. The maximum capitalization rate in May 2020 was more than 12 billion.

The BTN issue size is 184 billion BCN. However, almost all coins have already been mined.

Mining and the ICO are associated with a big scandal, which left such a promising coin at the very bottom for a couple of years. The fact is that the creators mined almost all the coins before the start of the ICO, which caused indignation among potential miners and investors.

What tasks does the project set for itself?

When creating the Bytecoin cryptocurrency, the developers set the following goals:

• self-regulation of the blockchain network, inaccessible to outside interference;
• transparency of work;
• equal rights for all participants.

The financial scheme is based on a decentralized blockchain network that ensures self-control of costs for the operation of Bytecoin. This approach achieves optimal performance with high efficiency. As already indicated, the cryptocurrency blockchain is open source, so each participant becomes a member of the community, receiving the right to support, advise, develop and improve the project in every possible way.

Network protocols work in such a way that all computers connected to the network act proportionately, regardless of their capabilities and specialization.

Technical parameters of Bytecoin

BCN blockchain parameters:

• the network uses the Crypto Night algorithm, created based on the CryptoNote protocol;
• the time it takes to create a new block is exactly 2 minutes;
• the complexity of the network increases with the advent of the next new block;
• the size of the reward for miners decreases after mining the next block and is calculated by the formula: the reward is equal to MSupply-A divided by 218. Here MSupply is the designation of the atomic unit, A is the number of BCN mined;
• Each Bitcoin coin has eight decimal places;
• the maximum number of coins in the network is 184.47 billion;
• There are 183.728 billion in circulation.

CryptoNote Protocol

Bytecoin is one of a dozen cryptocurrencies that use the CryptoNote protocol, which ensures maximum confidentiality of work on the network. The creators of this technology have 10 years of experience in the field of cryptography, having managed to develop an algorithm that made a kind of revolution and influenced the entire cryptocurrency sphere.

Among the key features of CryptoNote, dubbed the Bitcoin killer:

• ring signature technologies;
• evidence of 2nd expenditure;
• one-time keys for transactions that cannot be linked;
• unhurried issue;
• adaptive mechanism for imposing restrictions;
• equality of participants within the network (egalitarianism).

Key features of cryptocurrency

Everyone is allowed to participate in the work of the blockchain network of the BCN cryptocurrency, using the power of their electronic device (PC, laptop, etc.) for these purposes. Due to this mechanism, transactions are processed in a decentralized manner, and each person simultaneously acts as a user and participant.

At the same time, everyone decides for themselves whether to invest the power of their hardware in servicing the blockchain chain, receiving in return a reward in the form of BCN, or simply buy cryptocurrency and use it to their advantage.

Conducting transactions within a peer-to-peer network

In the case of transferring ordinary money, an intermediary is required to act as a guarantor. Banks assumed the role of such guarantors. But in the Bytecoin network, all transactions are carried out directly between participants without involving third parties in this process, although the reliability of such transfers remains as high as possible.

The confidentiality of transfers is ensured by a ring signature, eliminating the possibility of determining who and where the funds went from.

Work safety

The BCN reliability indicator depends on the total amount of computing power connected to the network of computers involved in processing transactions. There is a direct correlation - increasing processing power improves network reliability.

But the cryptocurrency located in users’ wallets is already reliably protected, and the security of the storage does not depend on the degree of reliability of the blockchain chain. That is, savings are absolutely safe.

Reducing the total supply of tokens

The price of the Bytecoin cryptocurrency is gradually and smoothly increasing. This was achieved by a large number of coins, amounting to 184.47 billion, as well as by reducing the mined BCN every 2 minutes. Due to this mechanism, the Bytecoin quote rate is quite stable and is not subject to sharp fluctuations, although, of course, Pump and Dump has not been canceled.

Compared to cryptocurrencies, where there is a sharp decrease in the reward for mined blocks, emission in the BCN network decreases smoothly, excluding economic crises.

BCN issuance process

The process of generating new tokens is closed from interference. Here, issuers can use the capabilities at their disposal to mine new coins, but they do not have the right to directly influence the process.

The release of new cryptocurrency coins into circulation on the platform, on the contrary, is an open process that requires the total computing power of all participants in the BCN network. Each of the users, if desired, becomes a miner and begins to mine new coins, receiving a reward in proportion to the computing power given.

Transactions occur every 2 minutes, and miners, through their actions, guarantee the correct processing of transfers and security through cryptography methods, which eliminates the interception of data on transfers and the transfer of personal data. Therefore, all users can be calm about their financial data, since the Bitcoin network has provided them with complete anonymity.

What capabilities do platform clients have?

The BCN cryptocurrency circulates based on the principles first demonstrated to the world by the BTC blockchain, and they are strikingly different from how it is implemented in the case of fiat, that is, ordinary money.

However, the operation of Bytecoin requires a large amount of electricity and human resources, which makes it possible to level out transaction fees.

Protecting funds of network participants

The creators claim that Bytecoin is immune to any external attacks. The cryptographic protocols used in the functioning of the network cannot be hacked or bypassed. Any attempt to calculate account keys requires such a huge amount of resources that cyber attacks are simply unprofitable.

Security of personal information

One of the main advantages of using BCN is the highest level of anonymity, which absolutely eliminates the possibility of leakage of personal information regarding where and how the user received the cryptocurrency or where he sends it.

Instant transactions worldwide with no fees

The created infrastructure allows people around the world to instantly transfer funds to other network participants without commissions. All you need for this is Internet access.

Great prospects for investing in mining

The emergence of new blocks slows down over time, so the Bytecoin rate against the dollar, ruble and other assets will inevitably increase. Accordingly, investing in mining or directly purchasing coins is profitable, since in the future the price of cryptocurrency will only increase.

Lack of high hardware requirements

The Bytecoin mining algorithm is implemented in such a way that the use of super-powerful video cards and ASICs does not provide a significant advantage, since all devices connected to the network make a commensurate contribution, equalizing the rights of participants. This makes the prospect of mining beneficial for everyone.

The use of cryptocurrency in business

The BCN network offers a number of ready-made solutions for business using blockchain technology, and this opens up new horizons in establishing business cooperation. The creators of the project indicate that their digital asset is reliable and convenient for every company operating in the field of digital technologies, as well as for those who are trying to introduce something new when selling goods and services as part of building a business network.

Reducing risks when doing business

BCN cryptocurrency, due to the principles applied, promotes transparent business conduct. The platform is protected from all types of fraud, eliminating the possibility that one user will not fulfill his obligations to another. Immediately after the conclusion of a bilateral transaction, a transaction is carried out, which cannot be canceled individually. But if the parties reach an agreement, then they can return the funds by expressing such a desire.

Convenient tools for implementation in business

The BCN network is open and anyone with an Internet connection can participate. Detailed instructions and basic settings make it possible to start using cryptocurrency without difficulty.

No special knowledge is required for this, and the creators promised to help all entrepreneurs with the setup and implementation of BCN free of charge if they suddenly have any questions.

Benefits of investing

For those who are ready to support the project financially, the creators have provided special offers that allow large investors to safely and anonymously store their funds. In addition, they have schemes that make their funds work, bringing tangible profits.

What features do Bytecoin users get?

• Security of funds. The developers talk about low vulnerability to hacker attacks. Trying to figure out an algorithm usually ends with a huge amount of non-cryptocurrency information being obtained;
• Complete anonymity. Transactions do not in any way reveal the payment amounts, their owners or purpose;
• Instant international and cross-border transfers. Anyone can use Bytecoin to make an instant transfer to another location on the planet. The main thing is to have a working Internet;
• Reliable investment format. Bytecoin is one of the types of cryptocurrency that is slowly but steadily growing in the market. Using it as a financial asset is one of the best options for a modern investor;
• Simple mining. The Bytecoin cryptocurrency does not have huge popularity in the market, it has not yet been “washed up”, and the algorithm allows it to work, miners will be happy. In particular, there is no need yet to spend a lot of money on expensive equipment (for example, ASIK). It is enough to use video cards (of course, the more powerful, the better).

How to mine BCN coins

Mining is the easiest way to become the owner of the Bytecoin cryptocurrency. Before you start mining, you need to register a BCN wallet and then select a miner program. When choosing it, you need to focus on the operating system, video card and processor used.

Among the miner programs, you can choose XMRig, available in versions for the processor, as well as video cards based on Nvidia and AMD. The advantage of this getter is that it selects the optimal settings itself.

But before using XMRig, you need to set the configuration by entering your system data in the settings. The general principle is very simple, and the following screenshot will help you get acquainted with it.

At the time of writing this review (May 2018), the following pools are suitable for Bytecoin mining:

• Bcnpool.space (zero commission);
• Bytecoin Party (zero commission);
• Minergate.com with commissions starting from 2%.

Bytecoin Party pool is especially popular. To start working with it, you need to make the following changes to the configuration file of the miner program, which is opened using the simple text editor Notepad:

1. Where there is a line with a URL address, write the following: bytecoin.party:PORT and add numbers. If mining takes place on the processor, then set 3333. If a powerful video card is used, then 5555. For farms with several video cards, set 7777, and if BCN mining occurs through NiceHash, then 8888.
2. Then enter the username. Here you simply indicate the address of your BCN wallet. How to select and install it is described below.
3. If Bytecoin mining occurs on a processor, then select the processor load in the max-cpu-usage field. It is very convenient if the computer is used for other tasks in parallel. If mining is done using video cards, then a similar parameter is adjusted through bfactor. A value of 1 for it gives the maximum load on the video card, and by setting it to 10, the CPU of the card will be loaded at a minimum.

Having configured everything properly, launch the miner in normal or background mode. As soon as a new block is mined, the pool will distribute the reward and automatically a certain number of BCN coins will fall to the wallet specified in the miner’s code.

Mining Bytecoin

You can mine Bytecoin in the following ways:

1. Individually, at home or in the cloud, on a GPU. The cloud mining option is much more profitable; you do not need to buy and maintain your own equipment. Data centers offer rigs for 1-2 years at a fixed price or with a commission. You can select the hash rate in advance and not worry about hardware downtime.
2. Collectively, in pools. Rewards in pools are usually paid in proportion to the computing power provided by the participant.

Bytecoin mining takes place with a decreasing reward for each block. All miners receive approximately 65 thousand BCN in 2 minutes. To mine coins, the XMR Stak or XMRig miners are most often used, which work well on video cards from Nvidea and AMD. The final profit depends on the performance of the video card, so it makes sense to use the latest models.

Setting up the config for the Bytecoin.party pool

The ports and wallet address are specified in the config in the same way as when mining any other cryptocurrency.

Pools

Mining pools
There are only three pools listed on the official website.

Recently, more and more miners have spoken negatively about commissions on Eobot and consider the withdrawal fee to be too high. Most of all positive reviews about the work of Minergate.

In addition, you can mine through the following pools:

• bcn.extremepool.org
• bcn.ext-pool.net
• bcn.oneevil.ru
• bytecoin.xminingpool.com
• bcnpool.co.uk
• nomp.freeyy.me:8000/bcn
• yaymining.com/Bytecoin

On average, commissions range from 1.5 to 5.5%.

Application

In the Appendix you can read good setup instructions from the bcnpool.space pool.

Cranes

Faucet on Bytecoinfaucet.info
The most popular faucet for Bytecoin is located on the multi-currency site Faucet Dump. The service considers accounts from which no actions have been made within 30 days inactive, payments via their referral links are stopped, and the balance is reset to zero. This allows you to maximize rewards for active users of the system.

How and where to buy cryptocurrency

The best crypto exchanges where you can buy Bytecoin today are Binance and HitBTC. There is the largest trading volume here, and therefore there are always adequate prices and high liquidity. On Binance, BCN is traded in pairs with Bitcoin, Ether and the exchange's native token BNB. On HitBTC with Bitcoin, Ether and Tether (USDT). That is, buying Bytecoin for rubles or dollars will not work here.

Beginning investors who are just getting acquainted with the world of cryptocurrencies and taking their first steps are recommended to first buy BTC or ETH on the Russian-language exchanges EXMO or Livecoin, where it is convenient to deposit fiat funds in rubles or dollars through the AdvCash, Qiwi payment system or directly from a bank card. Then the purchased cryptocurrency is transferred to Binance or HitBTC, and Bytecoin is already purchased there.

In addition to the mentioned cryptocurrency exchanges, BCN trading is carried out on Poloniex, Crex24, Stocks Exchange, TradeOgre and cfinex. But trading volumes here are very low, so it’s better not to take risks and work with large, reliable platforms.

You can view the current rate of Bytecoin BTC and major cryptocurrencies using the graph from TV:

Those who need the exchange rate to the dollar or ruble can use one of the many Bytecoin calculators on the Internet.

History of Bytecoin

Modern Bytecoin is a cryptocurrency developed based on the implementation of a peer-to-peer network. First launch - 2012 (July 4). Since its launch, the Bytecoin rate has been growing steadily. It shows very slow growth, but the main thing in the cryptocurrency market is stability. Today, experts call the project successful, and Bytecoin is a strong competitor to market leaders Bitcoin and Ethereum.

The authors implemented an idea based on an anonymous and secure cryptocurrency (a level higher than Bitcoin).

The result: increased levels of privacy. Technically, the format was implemented by obfuscating the addresses of recipients and senders.

After the launch, the developers introduced some technical improvements several times. They also added, for example, multi-valued transactions.

This is interesting

In 2013, the CryptoNote Java platform was rewritten by developers using C++.

In addition to basic transaction information, the Bytecoin blockchain includes additional information. This is not related to financial flows within the network. Some blocks show the coordinates of educational institutions (mainly higher European institutions). But in 2012, the developers switched to a new encoding. Transactions include some quotes from the works of famous writer Gibson (more can be found today). For what? To increase transaction confidentiality. The information is confusing and hides the financial details of each payment.

Coin wallet

To store purchased or mined cryptocurrency, they usually use the official Bytecoin wallet, available for download on the official website of the project in the DOWNLOADS section.

For the convenience of users, developers offer options for all popular operating systems: Windows, MacOS, Linux and Android.

After downloading the wallet, install it in the usual way by double-clicking on the executable file bytecoinwallet.exe. After this, the required components will begin unpacking and downloading, and the Windows system will ask for permission to allow the program to access the Internet. Access must be allowed to allow the BCN wallet to sync with the mainnet. The speed of this process depends on your Internet connection. Until the synchronization ends, it is better not to touch the wallet.

Once Bytecoin wallet finishes synchronizing, it can be used for your own purposes. If you need to receive coins or start a miner by indicating your wallet number, then take its address from the top line, where it says Your wallet. If you need to send, click Send Bytecoins and indicate the address of the network participant to whom the coins are being transferred.

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

Cryptocurrency rate forecast

Considering that the cryptocurrency market is currently experiencing a strong decline, investors are looking at inexpensive assets that can prove themselves. Therefore, studying the Bytecoin price forecast for 2020, 2019 and 2020 will come in handy. To assess the prospects, it is worth looking at the analysis of experts from Wall Street, who predict the following price for the BCN cryptocurrency, based only on a smooth and natural rise in the rate:

• by December 2020, the level of $0.02350 is expected to be overcome;
• by the end of 2020 the price should consolidate above $0.2700;
• Well, for December 2020, experts expect a mark of 2.05 USD per 1 BCN.

That is, by purchasing cryptocurrency now at a price of 0.006847 USD, you can increase your investment by 300 times by 2020! It is important to understand that this value forecast does not include the general increase in demand for cryptocurrencies and the entry of institutional capital into the cryptocurrency market.

Simply put, if governments develop satisfactory regulations that allow hedge funds and other large financial institutions to officially enter the market, then the specified mark of 2.05 USD per 1 BCN will be reached much sooner.

Finally, we note that the project team is working actively, keeping its promises, following the roadmap, and therefore there is no reason to doubt that the forecast for the strong growth of the Bytecoin cryptocurrency will not come true. In general, you should think about mining or buying BCN for your portfolio, after which all that remains is to hold the coins, monitor the news and make sure that the project lives and develops.

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BCN rate: