Bytecoin is a private and decentralized cryptocurrency featuring an open-source code. As such, anyone can be part of developing the Bytecoin network. Bytecoin stands out from the crowd in terms of security and privacy, and it markets itself as the solution for those in search of financial privacy with cryptocurrency.

Bytecoin

With Bytecoin, users can conduct private transactions instantly from anywhere in the world to anywhere else. All transactions are completely untraceable, and there are no extra fees. Because Bytecoin is bound via the internet, it is automatically international, unlike fiat currencies that have their own territories.

What You Should Know About BCN And Miners

The emission of Bytecoins is limited to just 184.47 billion. Every 120 seconds, the number of Bytecoin that are emitted decreases slightly. As this happens, the BCN tokens increase in value with the exchange rate increasing; essentially, BCN is becoming more expensive.

Emitting Bytecoin is very different than emitting fiat currencies, as that is a closed process. Bytecoin emission, by contrast, is open and uses the computing powers from all members of the network. Any user is welcome to join the network and help emit Bytecoin, which turns them into a miner.

Miners ensure that the transactions, which occur every 120 seconds, are correctly processed. They also provide the cryptographic protection for both the personal data and transactions. There is no concern about privacy, as miners have no access to the financial data of users. Bytecoin conceals all the information regarding the sender, recipient, and transaction amount immediately.

You can mine BCN at several mining pools such as MinerGate and Eobot.

Mining Pools

How Do Bytecoin Transactions Work?

All Bytecoin transactions take place over the internet, instead of requiring an intermediary financial institution. This allows for an increase in reliability. Additionally, Bytecoin uses secure cryptographic algorithms that make it impossible to identify the person sending the money, the recipient, or the quantity transferred. This comes in sharp contrast to the transparency of other cryptocurrencies, such as Bitcoin.

Why Is Bytecoin So Reliable?

The reliability of Bytecoin comes directly from the fact that users assist. You have the option of letting some of your computer’s power be allocated to the network operation. Bytecoin’s reliability is then determined by the combined computational power of the computers that are processing the transactions. As the number of computers increase, the processing power does, as well, increasing network reliability. This means that during every single transaction, the money within your wallet has already been protected. Your money’s safety isn’t dependent on the reliability of the network and is always safe.

Current Statistics

As of the time of this guide, the 24-hour trade volume was $2,230,300 with a market capitalization of $228,938,641. There are 11,908 loyal users. These users include individuals who take advantage of the privacy and simple wallets, businesses who appreciate the minimized risk, and investors in search of maximum growth.

At the moment, there are several desktop versions of Bytecoin wallets, including for MacOS, Linux, and Windows. You can also use the web wallet if you prefer. Mobile wallets are in development and should arrive soon for both Apple and Android.

How Customers Use Bytecoin

By using Bytecoin, customers are able to avoid transaction fees because it needs very minimal energy or human resources to function. It is also resistant to hacks thanks to the cryptographic algorithms in place. Any attack would be unprofitable because of the large amount of resources required to get any information at all. Bytecoin also protects personal data, making it completely impossible to figure out the who you send money to or where you get it from.

Transfers via Bytecoin are instant without any fees because of the highly developed infrastructure. It is even easy for the average person to mine Bytecoin on the typical PC. You don’t need to buy a special ASIC device to mine Bytecoin, letting it act as an introduction to mining for those who are interested and offering a choice for those who want to mine but can’t afford to invest in new equipment.

How Businesses Benefit from Bytecoin

Businesses experience many of the same benefits from Bytecoin as individuals. Bytecoin is reliable and convenient for businesses within the digital sphere, as well as those who want to renew the common goods vision within a network sphere. Like individuals, businesses take advantage of the resistance to hackers, instant transfers with fees, and data protection.

Bytecoin also helps reduce business risks since it is oriented to open and fair business. The fraud protection makes it impossible to suffer from automatic chargebacks. There is no risk of an automatic return of payment once the deal is done and the money transferred. For the money to be sent back, both parties must agree.

The system also includes tools to make it more convenient for businesses. You only need internet access to join as it is an open network. You can accept Bytecoin without hassle because of the simple setup and detailed manuals. The team members are also willing to provide assistance and guidance, if necessary.

Bytecoin Wallets

You can download the official Bytecoin wallet from their downloads section, there are options for Max, Windows and a Web Wallet with Mobile wallets coming soon to iOS and Android.

Bytecoin Wallets

How to Buy Bytecoin BCN

There are two methods of getting BCN, the token associated with Bytecoin. You can buy it via an exchange or choose to participate in network maintenance and receive BCN as a reward. Many users choose to take advantage of both options. Follow these steps if you wish to purchase your first Bytecoin.

Once you have a Bytecoin wallet setup, you will want to purchase some BCN to hold in it. You are not able to purchase Bytecoin directly with “Fiat” currency so you will need to first purchase another currency – the easiest to buy are Bitcoin or Ethereum which you can do at Coinbase using a bank transfer or debit / credit card purchase and then swap that for BCN at Changelly.

Register at Coinbase

For first time buyers of crypto currency, we recommend that you use Coinbase to make your first purchase – its easy to use, fully regulated by the US government so you know it is one of the safest and most reputable places to purchase cryptocurrency from. Coinbase offers the ability to purchase Bitcoin, Litecoin and Ethereum with a credit or debit card or by sending a bank transfer. The fees are higher for cards but you will receive your currency instantly.

You will have to carry out some identity verification when signing up as they have to adhere to strict financial guidelines. Make sure you use our link to signup you will be credited with $10 in free bitcoin when you make your first purchase of $100.

Coinbase Website

To get started, click the “Sign up” button where you will be taken to a registration form where you will need to enter your name, email and choose a password.

Coinbase will then send you a link via email to verify your email account, once you click the link in the email you will be taken to a verification page. You must then add your phone number and upload a photo of your ID – this can be a passport, driving license etc. You also have to add your payment details, so you can add your bank account or a debit or credit card as required – after a short period your account will then be verified and you can then make your first purchase.

Coinbase Verification

Purchase Ethereum or Bitcoin

For this guide, we will be purchasing Ethereum to swap for our target cryptocurrency. The reason for this is that it has far cheaper fees than bitcoin for sending and the transaction also happens a lot faster. So in Coinbase, visit the “Buy / Sell” tab at the top, select “Ethereum”, choose your payment method and enter the amount you wish to purchase – you can either enter a US Dollar amount or a number of Ether.

Buy Etherum

You will then be asked to confirm your transaction, if paying with a card you might have to complete a verification with your card provider. Once that’s complete, your Ethererum will be added to your account.

Using Changelly

The next stage, is to use the Changelly website to swap your Ether for BCN. Use this link and enter how many Eth you will like to convert and it will show you how many BCN you will receive in return, if you are happy then go ahead and click the green “Exchange” Button.

On the next screen you will be prompted to register an account which you can do so by using a social media account or entering your email address.

Changelly Registration

Once that’s done, you will be taken to a page showing the transaction details – check it over and make sure the amounts are correct. Once you are happy click the green “Next” button.

On the next screen, you will be prompted for your Bytecoin wallet address where you will receive the coins. Paste this into the box and click the green “Next” button.

Changelly Wallet Address

You will then be shown a final confirmation screen, again, make sure all details are correct before proceeding.

Changelly Confirmation

Changelly will then provide you will an address to which you mush send your Ether, so copy the address that they give you and then head back to your coinbase account.

Changelly Send to

Send Your Ethereum or Bitcoin

In Coinbase, click the “Accounts” and Select your Ethereum Wallet on the left and then click “Send”.

Enter the address that Changelly gave you before.

Send Ethereum

Click “Continue” and then you may have to confirm the transaction with your email or phone if you have 2 factor authentication enabled.

The transaction will now be sent over the Ethereum network and will take a short while to arrive – you can check in your Changelly account where it will notify you of the following steps :

  1. Waiting for payment
  2. Exchanging
  3. Sending to your wallet

Once it’s complete a confirmation message will appear on the screen saying “Transaction Complete”. You can now check your Bytecoin Wallet where you can confirm you now own your BCN.

Changelly Transaction Complete

How Investors Use Bytecoin

Investors in search of a sustainable and private project should strongly consider Bytecoin. The annual dividend includes both BTC and USD profits. Because the Bytecoin ecosystem is very diverse, it is highly liquid. As an investor, only you can access your investments; third parties cannot access your desktop wallet. Large investors might have even more options at their disposal.

Conclusion

For those in search of a way to take advantage of cryptocurrency without having their real-world identity linked to transactions, Bytecoin is a way to provide the privacy they want. Bytecoin has applications for customers, businesses, and investors, and it has been in use for years, over which it has built up a strong reputation. Bytecoin is simple to use and worth consideration for those interested in added security with their cryptocurrency.

Useful Links

Posted by Oliver Dale

Founder of Kooc Media, A UK-Based Online Media Company. Designer, WordPress and Crypto Enthusiast.

One Comment

  1. Thanks for your article about Bytecoin, the oldest anonymous cryptocurrency. 👍

    Reply

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