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BCN
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Bytecoin
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What is Bytecoin (BCN)?

Bytecoin is one of the very first cryptocurrencies since it was created in 2012 by an anonymous team of privacy enthusiasts and launched in 2014.

Like Bitcoin, Bytecoin is a peer-to-peer (p2p) payment system built on blockchain technology. However, unlike BTC, Bytecoin provides its users with anonymous transactions and privacy, using CryptoNote ring signatures and hidden addresses.

This is the first cryptocurrency to implement privacy technology, and it is the forerunner of Monero, which is actually a fork of Bytecoin. It also precedes other privacy coins like ZCash, Dash, and all the rest.

However, although Bytecoin is the first privacy coin, it is not as popular and successful as its fork Monero and other privacy coins based on Bytecoin technology. This is largely due to the controversy surrounding the mysterious history of Bytecoin. In 2014, it was discovered that more than 80 percent of BCN had already been pre-mined by developers long before the official launch of the project.

Bytecoin is powered by a decentralized blockchain technology that is managed by a variety of nodes located around the world. In addition, Bytecoin is open source, so anyone can participate in the development of the Bytecoin network.

Who created Bytecoin (BCN)?

The founders of Bytecoin are anonymous, and the cryptocurrency itself is untraceable and confidential. Thus, there was no way to know what these founders were doing or what their intentions were.

At the same time, Bytecoin has a healthy and growing ecosystem of other services and trading platforms, such as exchanges, wallets, merchants, media, block reviewers, and gaming applications.

What is the uniqueness of Bytecoin (BCN)?

Bytecoin aims to develop a new financial system that is more efficient than the existing ones. In other words, it has the same goals as Bitcoin, but also aims to fix many of the problems that have arisen with the BTC, especially those related to privacy. 

In Bytecoin, linking transactions using blockchain analytics is not possible, because users are given multiple one-time addresses derived from their public key. This way, no one can see the payments you receive, and no one can determine how many transactions you have made and with whom.

How many BCN coins are in circulation?

The maximum Bytecoin offer is 10,348,059 of BCN coins, and the number of coins in circulation is 184,066,828,814 USD.

At the moment, the value of BCN is 0.000267 USD, with a 24-hour trading volume of 34,780 USD, and a market capitalization of 49,145,843 USD.

How is the Bytecoin network protected?

Bytecoin implements CryptoNote (ring signature) privacy technology to combine different outputs with the same value into a single transaction, resulting in reliable and completely anonymous payments. In the Bytecoin blockchain, all addresses are hidden, so it is extremely difficult or impossible to perform identifying analytics on the blockchain

Summary

  • To own your crypto assets, you need to manage your own private keys.
  • Ledger hardware wallets make private key management easy and secure.
  • Each unique 24-word recovery phrase creates a new set of private keys.
  • Make sure you secure your 24-word recovery phrase properly.
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