Over the years, many privacy-oriented crypto currencies have emerged. As most people know well, Monero is still the best, even if it still continues to be developed. Bytecoin is another project that focuses on the same problem, although developers do things a little differently. So what is Bytecoin focusing on privacy and how to get Bytecoin? Here are the unknowns about Bytecoin.
What is Bytecoin?
Bytecoin is an open source, decentralized crypto currency that allows everyone to join the Bytecoin network. Privacy and security are naturally the most important elements of Bytecoin.
The idea behind Bytecoin is not hard to understand. Bytecoin is a crypto currency designed to minimize the risk for business, protecting individual privacy. The project has been continuing 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 was not 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 by open source CryptoNote technology. In addition, transactions can not only be monitored, but also cannot be linked.
Moreover, Bytecoin focuses on deflation, which means that coins are more expensive over time.
With a declining BCN block prize every 120 seconds, it will be a point where this currency can no longer be removed by 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 have no access to their financial data, which is something they cannot find in any currency-based currency.
In addition, the Bytecoin API provides support for multiple signature solutions that will provide an additional degree of security for those who prefer this.
Bytecoin Price Rise is Captivating
Bytecoin gained a very high acceleration in the Binance stock exchange and increased its value two to three times in hours. At the end of this fast rise, the statements made a stop over bytecoin. Investors began to suffer from serious panic in the stock market after the breakdown of trading transactions with the start of a short time after the start of the sweep. After a sudden withdrawal of investors due to systemic problems, Bytecoin quickly lost value and fell to the stock market. Investors are said to have suffered serious losses. The reason for this failure is the fact that the Bytecoin system is old and cannot handle the transaction volume on the Binance stock exchange. In the statement made by the platform, the investors did not panic, and after a short period of time it was said that everything would be improved.
Like all crypto currencies, the Bytecoin price also experienced a big drop in 2018 due to the bear market. This is 25th in the list of CoinMarketCap’s largest crypto currencies on the market.