20 January 2019 11: 30 & nbspUTC
20 January 2019 at 11: 30 & nbspUTC
Bytecoin was born in 2012 as a replica of the pioneering Bitcoin. However, the altcoin has improved many aspects of Bitcoin which has been a cause for concern even today for the pioneers. Its privacy features have particularly earned enough mileage to be recognized as a good investment option.
So you do not see the time to invest in Bytecoin in 2019? We will give you 5 reasons to buy Bytecoin in 2019.
Privacy has always been a strong point for cryptocurrencies, but are they really private? Take Bitcoin, for example, the pioneer was introduced as a private encrypted form of digital resources, but if you've been in cryptocurrency, you need to know that it is easy enough to track down any Bitcoin transaction through its block and node information.
This is one of the features improved by Bytecoin and promises total anonymous transactions. Now let's go deeper and see how Bytecoin can be our next cryptographic call and why it could turn out to be a good investment option in 2019.
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Bytecoin is a good investment
Bytecoin started on an unstable ground, but the team behind the network did a commendable job to bring it to the center of the scene. A low trading price could be tempting and an improved consent from Proof of Work also helps attract some investors to private money. Let's look at the different aspects that could make Bytecoin a great investment option in 2019.
- The privacy factor
Bitcoin may promise you privacy but, as discussed, someone with sufficient resources can track down your transaction on the ledger. However, Bytecoin uses the Cryptonote algorithm that creates a number of levels to privately process all transactions.
Although many may claim that most cryptocurrencies are private since there is no third party involved, but as discussed it is not as private as the currencies that use Cryptonote. Therefore, the almost invisible transaction factor could attract different people to invest in Bytecoin.
- The use of PoW
Proof Of Work's consent makes a miniaturized cryptocurrency and Bitcoin uses the same to help it maintain the transaction verification process on its network. However, the growing difficulty in the mining industry over time has made it impossible to extract Bitcoin using a home PC based CPU or GPU, which was the intent in the first place. Now the extraction process is centralized in the hands of some mines.
However, Bytecoin uses Egalitarian PoW, a version of the skrypt function that is just like Bitcoin's hashcash function. The improved PoW is not limited by memory, so it is still possible to extract Bitcoin using an efficient CPU mining system. So, we can say that there is no monopoly in the hands of a few.
- Issue of coins
As we know, Bitcoin mining premiums are halved after every 4 years and, over time, the hashrate on the network decreases significantly. This is when the network is subject to attacks by hackers that can lead to double spending.
However, Bytecoin is free from problems as 99% of its token is already in circulation and three do not make sense for attackers to hit the network.
You can also read: 7 reasons to buy Monero in 2019
- The team behind the net
Bytecoin has been introduced as a currency for privacy and the team behind it has also maintained the privacy factor for quite some time. Until 2017, the development and main work was carried out by a series of anonymous operators.
However, in 2017, the Bytecoin team decided to give it a new look by creating new websites with the names of team members along with their image, but still no link or bios of any of them. Well, this is as far as possible when it comes to a currency built around the concept of privacy.
Bitcoin works on an open source code, thus opening the way to other cryptocurrencies to learn and improve the limits of the pioneer. However, many constants are hard-coded in Bitcoin source code that can not be altered, limiting capabilities.
Bytecoin realized that they need to work on flexibility if they want to survive in the long run. In this way the team behind the network has made significant changes to the parameters of its network. Some of the very important changes included changes in difficulty, size limits and penalties for excess dimensions.
The change has ensured that not only Block Reward fluctuates, but also the difficulties of mining change from time to time. This guarantees a constant blocking rate. The user of the network has the right to vote for the size of the next block, making it truly decentralized.
You can also read: 7 reasons to buy Tether in 2019
Bytecoin has been in the realm of cryptography for a while now, but previously the altcoin has been turned into controversy for various reasons, be it a pre-mining scam or the ever-increasing number of forks in its network. There were a total of 15 forks, which changed the developer community behind the network on several occasions.
However, Bytecoin has maintained its foundation even after so many anomalies and roadblocks, demonstrating the determination of the community and the developers behind the network.
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