Since the launching of Bitcoin, people have been forced to rethink fiat currencies. As the pioneer in Cryptocurrencies, Bitcoin depicted major flaws. These gaps and desire to make cryptocurrencies a daily reality have been the driving force to development of new currencies. One of these currencies is ByteCoin.
- 1 What is Bytecoin?
- 2 How does ByteCoin work?
- 3 Bytecoin Features
- 4 Pros of using ByteCoins
- 5 Cons of using ByteCoins
- 6 Bytecoin Price
- 7 Where to Buy and Sell Bytecoin in Australia?
- 8 Conclusion
What is Bytecoin?
ByteCoin is a blockchain platform found in 2012 by Nicolas van Saberhagen. During its launch and a couple of months after, Cryptocurrency was valued at 10 Satoshis. The price stagnated for the subsequent years until May 2017 when it suddenly rose and hit 109 Satoshis.
The main objective of ByteCoin founders was to create a cryptocurrency that was completely anonymous. One crucial difference from other cryptocurrencies is that it was the first to adopt CrypoNote technology. This has made ByteCoin to get referred as the anonymous cryptocurrency.
To ensure that the ByteCoin is completely different from BitCoin, it was crafted from scratch. Though this could be considered like reinventing the wheel because the blockchain technology had already reached the market about 4 years earlier, the founders were able to operate independently. The currency uses ring signatures and one-time crypto addresses. This has also made it easy to differentiate ByteCoin from Bitcoin totally.
How does ByteCoin work?
To join the ByteCoin platform and start using its system, you are required to download the ByteCoin wallet and install on your computer. Once you are part of the blockchain, it is now time to start using them to send and receive payment. For people who want to start contributing to the network to get ByteCoins, there are for users; mining or buying from the exchanges.
ByteCoin works in many aspects like other cryptocurrencies such as Ethereum. The amount of ByteCoin in your wallet can be used to buy common products from the conventional stores. If you order two Pizzas, a bill with the seller’s address. To pay the bill, you need to have ample coins and then broadcast the instructions to pay a specific number of coins to the target recipient.
Every node (computer) in the ByteCoin system will get the instructions you have commanded to pay for Pizza. Then, they will check whether the ByteCoins you want to transfer are actually yours.
Because the blockchain network is completely anonymous, those confirming the order can only confirm what they are looking for but never know who transferred the cash. The system simply checks the order signature and cannot give access to personal data. Once your signature is confirmed, a new block is created and added to the platform.
Today, there are over 184.47 billion ByteCoins. Every 120 seconds, about 65,000 ByteCoins are added into the network.
ByteCoin is marketed as an anonymous altcoin and an enterprise ready cryptocurrency. These two characteristics are made possible by its advanced features that include the following;
Free and instant international payment
This is one of the most significant features of ByteCoin. The blockchain network is as fast as your internet. Though there is a slight lag of about 120 seconds to get the payment confirmed; ByteCoin is among the fastest.
ByteCoin protects its users with one of the latest and complex cryptographic algorithms. The algorithms adopted in the platform makes it very difficult and indeed expensive for any hacker to gain access. Because of this complexity, one would require a supercomputer to break into the ByteCoin system. Only the user can gain access to his/her wallet.
Safe, private data
When you complete a transaction, it is irreversible, and .no one can get access to the information. Using multiple authentication and advanced mathematics, only the user can reveal the information to third parties.
Egalitarian PoW algorithm
This algorithm helps with fair distribution of coins to prevent money bulk-coin holders who can make the system easy to compromise. The algorithm is CPU-minable and ASIC resistant which makes it easy to mine ByteCoins from common computers without requiring special equipment.
The ring signature system
Ring signature is a very complicated scheme that requires various public keys to verify a transaction. The main difference between ring signatures and the common technology in Bitcoin is that ring model requires the signer to be an indistinguishable member of a group. Note that even with this application of digital signatures, the verifiers cannot establish the identity of the signer.
Pros of using ByteCoins
- ByteCoin platform is considered one of the most secure systems because of using the latest technologies.
- By applying CryptoNote technology, ByteCoin makes all operations fully anonymous. It is very difficult even for those in the network to gain access to personal data.
- Unlike other cryptocurrencies in the world today, ByteCoin has managed to bridge the Crypto-world to the real business settings. This means that you can use the coins to buy products in most stores.
- The transactions are completed within a very short time. Within 2 minutes, the system will have confirmed and completed any payment.
- ByteCoin network does not require people to use special computers to start mining. A standard computer is enough to start operating in the network.
Cons of using ByteCoins
- ByteCoin is a relatively young cryptocurrency. This means that its overall value and stability in the long term are difficult to ascertain.
- The currency is still associated with fraudsters because of its enhanced anonymity. Many people might want to take some time to understand the system and avoid getting into a network where fraud is purported to take refuge.
- Just like other cryptocurrencies, every confirmed transaction cannot be reversed at all cost. This demands extra caution when making payments because a single error can compromise the entire system.
Where to Buy and Sell Bytecoin in Australia?
Crypto Currency for Fun recommends buying Bytecoin at CoinSpot. CoinSpot is a multi cryptocurrency wallet with built-in trading features. Users can store many coins, including Bytecoin and they offer Instant Delivery or your coins right into your account.
Because of its growing popularity, ByteCoin is one of the most promising blockchain platforms in the world. The process of mining is relatively easy to use for all users. Though it is still young and some people might want to test its long term stability, ByteCoin is no doubt one of the cryptos that people should join whether at the entry or expert level.