Bytecoin (BCN) Hardfork Release Is Live: How High Will Bytecoin Go?

Bytecoin has released an announcement with everything you need to know for the hardfork software release.

Bytecoin (BCN) Price Today

Name Price24H (%)
Bitcoin (BTC)
$8,808.93
-4.10%
Bytecoin (BCN)
$0.000434
-16.67%

Every great update on coins will have a positive effect on the price of coin in the short term.

According to CoinLiker pricing model, they believe that Bytecoin will reach $0.2775 by the end of June 2019. They also provide a Bytecoin price prediction for the year 2023, where they estimate its price will rise to $0.6792. Going back to my market capitalization calculations, this means that the total Bytecoin value will be at $124 billion. At the time of writing in June 2018, that is just below what Bitcoin is worth.

The Bytecoin team explained that the fork would be considered completed once 90% of blocks are produced as per the new rules over a period of 24 hours. Each block will contain specific information revealing that it belongs to the post-fork version. After that, blocks produced under the older rule may not be accepted.

The chief features of the Bytecoin hard fork update include a renewed fee structure allowing for more flexible transaction fees. There are also technical improvements to the network and wallet itself to achieve improved coin performance.

Here is the blog post published by Bytecoin:

Bytecoin Hardfork Adoption Guidelines

As most of our users know, we are releasing our hardfork update on August 31st. We have received a lot of questions regarding how to adopt it, which we will answer today.

What is a hardfork?

A hardfork is an update that makes old versions of the software incompatible with the network at a certain point in time. In order to get prepared for it, read the instructions below.

How should a user prepare for the hardfork?

Preparing for the hardfork is as easy as could possible be:

  • If you’re using the Bytecoin Desktop Wallet, just update to version 3.3 and that’s it. No blockchain resync necessary. Don’t forget to backup the wallet file before you update.

  • If you have your funds on bytecoin.money or any of our partner exchanges, you don’t need to do anything. In fact, you can even continue trading.

When will the hardfork happen?

At a certain time in the next several weeks after August 31st 2018. Over this period our partners, miners, and users with the Bytecoin Desktop Wallet are encouraged to update to version 3.3. Once updated, their software will start marking the blocks with specific information, showing that they have adopted the new software. Once the volume of blocks with the new version in a 24 hour period will reach 90%, the switch will happen, meaning the blocks created by the old version might not be accepted. If you have updated, you will not notice anything.

What will the hardfork bring?

The 3.3 release brings the following features that will become available once the hardfork occurs:

  • Dynamic fees. Previously, the fee was proportional to the size of the transaction, but no lower than 0.01 BCN. This release disables this lower margin.

  • Over 60 improvements in the Bytecoin Software, including fixes to public methods, JSON commands, the Keccak function, and many other. This release gives us the opportunity to get rid of a lot of previous limitations to make Bytecoin more reliable, convenient, and performant.

Why Bytecoin (BCN) is a great investment

Understanding various reasons that prove that Bytecoin is a great investment

Cryptovest – Bitcoin experienced an exponential rise in December 2017, where the world became absolutely confident that cryptocurrencies have the potential to transform the financial economy of the world. When Bitcoin was initiated in the year 2009 its value was not even 0.01 dollars but it would be highly unbelievable if one says that the value had reached almost $20,000 in December 2017. This is the peculiarity of the cryptocurrency domain as it is so unpredictably volatile in nature. Regardless of its popularity Bitcoin, after its widespread adoption, all over the world, unfortunately, experienced some issues with it scalability where the experts witnessed that security was being compromised. Therefore many other cryptocurrency coins were developed in order to lead the cryptocurrency bandwagon towards a tangible and bright future.

Bytecoin: What makes it so special?

Bytecoin is one such cryptocurrency coin initiated in the year 2012, which can be considered as a replica of Bitcoin but with improvised features. Unlike Bitcoin, Bytecoin is a great investment since it absolutely eliminates the usage of Proof of Work consensus mechanism in order to maintain the decorum of the Cryptocurrency the Bytecoin protocol is comprised of interestingly, the Cryptonote algorithm. There is absolutely no need to exclusively buy equipment in order to mine Bytecoin.

Bytecoin’s Cryptonote algorithm

The Bytecoin cryptocurrency algorithm enables its users to undertake transactions with respect to cryptocurrencies privately. Although, Bitcoin is considered to be highly private with cryptographic principles encrypting the whole information, as the distributed ledger is open source in nature the transactions can be traced by the online media experts. The users prefer to go with the Bytecoin cryptocurrency as they form some of the most anonymous Chains of the transaction. With the incorporation of the Cryptonote algorithm within its working paradigm, Bytecoin has become one of the major privacy-focused coins. Bytecoin is setting records in the cryptocurrency industry that its counterpart can never imagine of.

Previous surges in the value of Bytecoin
Even the price of Bytecoin experienced a surge during December 2017, along with Bitcoin but later the cryptocurrency coin reached back to its traditional value. The cryptocurrency token had increased in its by almost 375%. Privacy is incorporated within the Blockchain system with the usage of the ring system. Many other cryptocurrency tokens like Monero were forked from Bytecoin itself, but currently, it is witnessed that Monero has more amount of acceptance when compared to Bytecoin. This discrepancy can be related to the FUD in the market about the pre-mining scam within the Bytecoin community as a result of which many investors had withdrawn from Bytecoin.

Bytecoin can be mined through Application Specific Integrated Circuits
One of the precise reasons for the development of the Bitcoin community is its unmined amount of coins which accounts for almost 1 billion out of 185 billion. The adoption of the cryptocurrency token by various exchanges like Binance as well as many other Crypto exchanges would skyrocket its value to the skies. It is estimated that many of the cryptocurrencies in a market do not support mining activity through the Application Specific Integrated Circuits, but the community members at Bytecoin have taken a unique stance of making Bytecoin mining possible through the ASICs. This is precisely being done in order to assist the development of the cryptocurrency Blockchain platform.

Is Bytecoin a good investment?
The Bytecoin community even offers various kinds of incentives to the people and its community members in the form of rewards for utilizing or undertaking specific (especially huge) amount of trades by using Bytecoin. This incentivization of the whole process attracts a number of users throughout the world to come forward and accept the offers. Bytecoin seems to be a great investment on a long-term basis as the team members are highly dedicated towards the development of the Blockchain platform.

Conclusion
However, investments in the cryptocurrency market are highly subjected to market risks and unpredictability. Therefore, one must be very speculative and sure about their investments as no one could directly or indirectly be pointed at in case of any inadvertent circumstances. The value of the cryptocurrency coin is gradually increasing day by day which might be insignificant but the cumulative results have much greater potential. The article is only the writer’s point of view, and all readers are requested to do their prior research and analysis before investing in any cryptocurrency including bytecoin.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.
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Aamir Kapoor is a fintech writer specializing in cryptocurrency and blockchain. He has a background in finance and banking and was a researcher.