The world of cryptocurrencies is more than fascinating. And it is that a virtual currency that finds its value in a series of blockchains is something that can really surprise us. Such has been the impact of Bytecoin that more and more virtual currencies appear.
It is one of the most important cryptocurrencies, at least for its time in the market. Here we will tell you everything you need to know about one of the pioneers in the virtual currency market. So, if you want to learn more about this market, you should definitely keep reading.
➡What is Bytecoin? ✨
Launched in 2012, it can be said that, together with Bitcoin, BCN is one of the first cryptocurrencies on the market, one of the pioneers in the industry. This digital currency stands out for having a decentralized P2P operating technology which uses Blockchain as its operating method.
In order to differentiate itself in the market, Bytecoin has put almost all of its efforts into creating a coin that is truly anonymous. That is why from its origins we have seen how exclusive technology has been included to make this coin truly anonymous, thus surpassing Bitcoin.
Little is really known about the development of Bytecoin, although some leaks point to it being born on the Deep Web as an attempt to create an alternative financial system. In reality, little is known about this project because great efforts have been made to keep information private.
One of the most striking features is that Bytecoin operates CryptoNote technology which allows you to create transactions with much greater privacy. In addition, this type of technology makes information processing much faster. Both benefits make Bytecoin much more anonymous and secure.
➡ Differences between Bytecoin and Bitcoin✨
- Anonymity: While cryptocurrencies operate in such a way that transactions are more private, not all of them are completely anonymous. Bytecoin compared to other cryptocurrencies turns out to be much more secure and anonymous. This is because they use CryptoNote technology to process your information.
- Operating costs: Another of the most important differences that Bytecoin has compared to other virtual currencies is its operating cost. The acquisition cost in exchange houses is one of the lowest in the market. In addition, their commissions for their are practically 0.
- Transaction speed: The speed of transactions is one of the points that Bytecoin has the most in favor of its competition. This because of The Blockchain they use allows fast validation with a speed of 120 seconds per block. Bitcoin needs 10 minutes to complete the process.
- Accessible mining: Finally, you should know that a clear advantage of Bytecoin against Bitcoin and other currencies is the mining process. BCN allows you to easily mine your coins from any type of computer. On the other hand, other currencies require large equipment to be able to mine them.
Although Bytecoin shares the same operation system called Blockchain with other cryptocurrencies, it has a characteristic that makes it unique. And is that CryptoNote technology is integrated on the Blockchain, which focuses on keeping the chain of blocks and its participants anonymous.
We could say that CryptoNote emerged as an answer to the privacy problems brought by Bitcoin. The BCN developers realized this so they set about finding a way to integrate public keys and private signatures to make their platform anonymous.
➡How does CryptoNote work? ✨
CryptoNote is best defined as the mixture of an algorithm called CryptoNight which operates hand in hand with protocols known as Ring Signatures. The process is simple, each transaction uses a single-use public key which is used by several users, which prevents the centralization of decisions.
Under this modality where a public key is used for a single transaction, but simultaneously in multiple operations, their speed is improved. The data footprint is also reduced by keeping the information off the Blockchain.
If there is one thing that has made Bytecoin popular with users, it is how easy it is to mine this virtual currency. And you can practically do it from any computer, regardless of whether it has a large processing unit or graphics card.
Users can mine these coins and receive compensation in BCN's easily thanks to the use of the Egalitarian Proof-of-Work (PoW) algorithm. This allows any common CPU to mine the coin in order to make it more accessible and universal. This is a great advantage directly in mining and energy costs.
➡Where can I use them? ✨
Although the use of these digital currencies is not yet widespread, as they are not fully accepted, their use as a form of payment has been growing little by little. And now we can find new options to pay using virtual currencies.
One of the advantages that we can find is that lThe developers have launched a program for the development of APIs. This in order to integrate in a much more effective way both the Bytecoin platform and the devices, thus encouraging the user to use this currency.
➡How can I get it? ✨
The most common way to get these cryptocurrencies is through the mining process, that is, receiving compensation for working on the validation of blocks. This is because the options to acquire these currencies are limited, for example, it is not possible to obtain them through the use of fiat money.
Buying Bytecoin in exchange houses is something that is limited only to some houses because its use is not generalized. The simplest option is to exchange different virtual currencies for Bytecoin in order to make some of these anonymous cryptocurrencies.