Bytecoin 101: a complete guide to the anonymous currency

Just like Ethereum and other major cryptocurrencies, Bytecoin was launched in 2012 with the aim of filling the "shortcuts" of Bitcoin. The coin has been launched with a further look at privacy and is currently one of the best coins for privacy.

According to the official Bytecoin website, Bytecoin is a decentralized cryptocurrency with an open source that allows everyone to participate in its development.

Money is proud of privacy and security and is one of the best options for those willing to keep their private finances.

Just like Monero and other important private coins, Bytecoin is based on Cryptonote. The cryptonote is a technology created to solve the problems faced by Bitcoin and other cryptographic assets such as Ethereum. Adds an additional level of privacy and decentralization.

Main features of Bytecoin

Decentralization

Bytecoin works on a blokchain which is hosted by multiple nodes around the world. This means that no single individual or institution can control more than 50% of the network, not even the original Bytecoin developers.

Untraceable transactions

This is one of the flaws that many believe that Bitcoin is not at the height. Many think that Bitcoin transactions are not traceable. However, this is not the case as Bitcoin transactions are pseudo-anonymous and this is where private currencies such as Bytecoin come into play.

Just like Monero, the most famous currency for privacy, Bytecoin transactions use ring signatures to make it difficult to link a single transaction to any part.

For example, if Bob were to write John a check for $ 10,000. When John arrives at the bank, the cashier could link this check to Bob if he knows Bob's signature.

However, with the Ring signatures, not just Bob, but more people will put their signatures on the check. A combination of these signatures forms a new signature. In this way, the cashier will not be able to link this transaction to Bob.

Unlikely addresses

The Bytecoin addresses are unlikely and untraceable. Therefore, a single address can not be directly connected to anyone.

This is because Bytecoin allows users to generate unique addresses from a single set of keys.

How to buy Bytecoin

Bytecoin can be purchased with both cryptocurrencies and the use of Fiat. However, not all exchanges offer a legal payment option. Below, we'll take a look at both options.

Purchase of BCN with cryptocurrencies

Some exchanges, even some of the biggest ones like Binance do not support fiat for crypt purchases. This could make it difficult for someone who wants to buy and own Bytecoins through a specific exchange that does not support fiat.

To buy and maintain Bytecioin through an exchange where fiat currencies such as USD or euro are not accepted, it is advisable to first go through an exchange like Coinbase. However, Coinbase does not support Bytecoin but serves as a means by which cryptocurrency can be purchased.

This can be done through 5 simple steps;

• Create a Coinbase account
• Connect a debit card to the account
• Buy Ethereum or Bitcoin directly from the exchange
• Send the Ethereum or the Bitcoin purchased to an exchange in support of Bytecoin
• Convert Ethereum or Bitcoin to Bytecoin

Some of the exchanges in which Ethereum or Bitcoin can be "traded" for Bytecoin include; Poloniex, Cryptopia and Binance.

Buying Bytecoin directly with Fiat

As seen above, not all exchanges offer a fiat deposit option for those willing to invest in Bytecoin, others do. Below, we will look at some cryptocurrency platforms that offer cryptocurrency deposits.

Binance:

This is one of the largest cryptocurrency exchanges in terms of commercial volumes. Binance is highly preferred by many cryptocurrency operators, but also investors in cryptocurrencies.

However, the purchase of NCBs from this exchange with the use of a credit or debit card is not possible.

Therefore, with the use of Coinbase as a medium, users may be able to purchase NCBs Binance transferring Bitcoin or Ethereum from Coinbase to Binance.

Changelly:

Changelly it is another exchange of cryptocurrencies that supports deposits both in fiat and in cryptocurrency. Buying BCN from such an exchange can be a direct and direct way of owning Bytecoin as it does not require users to go through a medium like Coinbase.

However, since the exchange supports over 80 other cryptocurrencies including Bitcoin, Ethereum and Litecoin, the purchase of NCBs can also be done by sending Bitcoin or Ethereum from another stock exchange such as Coinbase.

Bytecoin can also be purchased through Changelly with the use of credit cards.

BCN wallet

After buying and owning BCN, it is very important to keep your Bytecoin on a cryptocurrency portfolio. We also recommend that you never store coins in a bag because coins stored in a bag can easily be stolen if the exchange is violated.

Below, we'll look at a couple of portfolios where you can store your BCN.

BCN portfolio:

This is the official Bytecoin wallet provided by the team with all the traditional features of the portfolio as a send and receive button, an address book to facilitate access to contacts and a screen where you can easily view balances.

This is a desktop-based portfolio and also offers the ability to extract NCBs through the portfolio.

It can be accessed via Windows, Linux and OSX operating systems. It can also be installed on Android phones through Google Play Store.

FreeWallet:

This is an unofficial portfolio in which BCN can be stored. The advantage of Freewallet beyond the official Bytecoin wallet is that users can even install the wallet on their IOS mobile phones.

The wallet was also approved by the Bytecoin team and also supports other coins.

The portfolio also brings security to another level with its 2-factor authentication option, its PIN option and the fact that users can also access their wallets with fingerprints.

However, it is said that the portfolio stores funds on a central server that makes it prone to hacks, but funds can also be controlled by developers and portfolio creators.