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Bytecoin

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Description

What does Bytecoin do?

Bytecoin solves a key problem of Bitcoin’s by making all of its transactions private while keeping its blockchain fully public. Bytecoin promises to be a fully fungible cryptocurrency, where transactions and addresses can be fully anonymous while continuing to use proof-of-work consensus and blockchain technology.

Bytecoin was one of the earliest cryptocurrencies. Its mainnet went live in 2012, and Bytecoin the first privacy-oriented coin. Bytecoin has a large following with privacy-oriented individuals and communities.

Monero, another privacy-based cryptocurrency, forked from Bytecoin in 2014.

What is BCN used for?

Bytecoin’s native currency is BCN, which is used for anonymous cryptocurrency transactions on a decentralized PoW blockchain. Blocks on Bytecoin are mined every two minutes, meaning transactions are often confirmed quickly.

Bytecoin is ASIC-resistant, using a mining algorithm called CryptoNote, meaning users can use their computers to mine coins. Coins can be accumulated by users who help secure the network through mining.

How can BCN value appreciate?

BCN supply is limited to 184.47 billion coins and BCN is designed to be deflationary. 183.79 billion Bytecoin have already been mined, meaning that there could be significant shifts in the BCN market in the coming years. As BCN emissions slowly decrease, BCN’s price could be expected to rise.

As cryptocurrencies become more regulated and taxed, privacy-oriented coins such as Bytecoin could become more popular stores of value as well as means of exchange, increasing demand and price for BCN.

What is the difference between Bytecoin and its competitors?

Bytecoin offers very similar tools to users as other privacy-oriented coins such as Zcash and Monero. Unlike many cryptocurrencies, however, Bytecoin is not based on Bitcoin’s source code; instead, it is independently developed.

Some cryptocurrencies (like Bitcoin) give a huge advantage.to powerful computing hardware for mining. This results in individual users with less powerful hardware being unable to participate in mining. However, by using the CryptoNight hashing algorithm (part of the CryptoNote protocol), Bytecoin makes mining inclusive and fair for everyone.

  • Mainnet Launch: July 2012
  • Open Source: Yes
  • Consensus Type: PoW
  • Technology: Blockchain
  • Total Coin Supply: 183,885,124,313
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Description

What does Bytecoin do?

Bytecoin solves a key problem of Bitcoin’s by making all of its transactions private while keeping its blockchain fully public. Bytecoin promises to be a fully fungible cryptocurrency, where transactions and addresses can be fully anonymous while continuing to use proof-of-work consensus and blockchain technology.

Bytecoin was one of the earliest cryptocurrencies. Its mainnet went live in 2012, and Bytecoin the first privacy-oriented coin. Bytecoin has a large following with privacy-oriented individuals and communities.

Monero, another privacy-based cryptocurrency, forked from Bytecoin in 2014.

What is BCN used for?

Bytecoin’s native currency is BCN, which is used for anonymous cryptocurrency transactions on a decentralized PoW blockchain. Blocks on Bytecoin are mined every two minutes, meaning transactions are often confirmed quickly.

Bytecoin is ASIC-resistant, using a mining algorithm called CryptoNote, meaning users can use their computers to mine coins. Coins can be accumulated by users who help secure the network through mining.

How can BCN value appreciate?

BCN supply is limited to 184.47 billion coins and BCN is designed to be deflationary. 183.79 billion Bytecoin have already been mined, meaning that there could be significant shifts in the BCN market in the coming years. As BCN emissions slowly decrease, BCN’s price could be expected to rise.

As cryptocurrencies become more regulated and taxed, privacy-oriented coins such as Bytecoin could become more popular stores of value as well as means of exchange, increasing demand and price for BCN.

What is the difference between Bytecoin and its competitors?

Bytecoin offers very similar tools to users as other privacy-oriented coins such as Zcash and Monero. Unlike many cryptocurrencies, however, Bytecoin is not based on Bitcoin’s source code; instead, it is independently developed.

Some cryptocurrencies (like Bitcoin) give a huge advantage.to powerful computing hardware for mining. This results in individual users with less powerful hardware being unable to participate in mining. However, by using the CryptoNight hashing algorithm (part of the CryptoNote protocol), Bytecoin makes mining inclusive and fair for everyone.

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