Over the years, many privacy-oriented cryptocurrencies have emerged. As many people know, Monero is still the best, although it continues to be developed. Bytecoin is another project that focuses on the same problem, even if developers do things slightly differently. So, what is Bytecoin that focuses on privacy and how to get Bytecoin? Here are the unknowns of Bytecoin.
What is Bytecoin?
Bytecoin is an open source and decentralized cryptographic currency that allows everyone to become part of the Bytecoin network. Privacy and security are naturally the most important elements of Bytecoin.
The idea behind Bytecoin is not difficult to understand. Bytecoin is an encrypted currency designed to minimize the risk to businesses by protecting individual privacy. The project has been running since 2012. The Bytecoin team has worked hard to bring the project to these stages and provide an untraceable 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 untraceable. This is done using cryptographic algorithms or in this case from the open source CryptoNote technology. Furthermore, transactions can not be monitored, but can not be linked.
In addition, Bytecoin focuses on deflation, which means that coins are more expensive over time.
With a BCN block premium decreasing every 120 seconds, it will be a point where this currency can no longer be removed from mining. However, this will be a gradual process and the mining direction will not suddenly disappear.
Considering Bytecoin's privacy-oriented structure, it is important to note that BCN miners do not have access to their financial data, which is something they can not find in any currency based currency.
In addition, Bytecoin's API provides support for multiple signature solutions that will provide an additional level of security for those who prefer this.
Bytecoin Price Rise is catchy
Bytecoin has gained a very high acceleration in the Binance stock exchange and has increased its value two to three times in hours. At the end of this rapid rise, the statements took a break over the city. Investors began to suffer from severe panic in the stock market after the breakdown of commercial transactions with the start of a short period after the sweep began. After a sudden withdrawal of investors due to systemic problems, Bytecoin quickly lost value and fell on the stock exchange. Investors are said to have suffered heavy losses. The reason for this failure is the fact that the Bytecoin system is old and can not handle the volume of transactions on the Binance exchange. In the statement issued by the platform, investors did not panic and after a short period of time it was said that everything would be improved.
Like all crypto currencies, the price of Bytecoin also fell sharply in 2018 due to the bear market. This is the 25th in the list of CoinMarketCap's largest cryptocurrencies on the market.