On which platforms can ByteCoin (BCN) be bought and sold?
Be careful, we are talking here about the Bytecoin BCN and not the famous Bitcoin BTC. Neophytes could be wrong. So, what is Bytecoin? Bytecoin is a private, decentralized and open source crypto currency that allows everyone to play a role in the development of the Bytecoin network. Like many crypto currencies, Bytecoin focuses on the security and privacy (= data protection) of its users.
Instant transactions that are concerned about protecting your data: that’s what Bytecoin BCN offers you! Is that really the case? And does she do it better than the others?
How it works: for what purposes can ByteCoin (BCN) be purchased?
You can participate in an operation on the Bytecoin network using a mining system, where you are rewarded by maintaining the network. You can also carry out transactions to acquire Bytecoins (NCBs). Cryptographic algorithms then take care of protecting your information: no one will know who sent the money, who received it, and what the amount of the transaction was. Features that appeal to many users but also features that other crypto currencies offer, such as ZCash (ZEC) or Monero (XRM).
All transactions are carried out every 120 seconds. Minors ensure the protection and proper functioning of transactions and receive, every 120 seconds, approximately 65,000 NCBs (this amount decreases over time). This makes it possible to issue currency and carry out transactions… free of charge. A rather nice feature.
ZCash uses the principle of “ring signatures” to make payments untraceable and like many other crypto currencies, ZCash uses a “Proof Of Work” protocol.
However, some problems remain. Rumours have it that creators have already undermined 80% of the BCN corners before letting other miners take the lion’s share.
Also, there was a bug in the mining system that allowed miners to mine indefinitely. Bytecoin claims to have solved the bug but they were accused of not reacting quickly enough. Also, some users sometimes had difficulty accessing the balance of their BCN portfolio (it took several days due to a lack of synchronization with the blockchain). Rather unfortunate incidents that could harm the future of crypto money
Our review: should we buy ByteCoin (BCN)?
It must be said that Bytecoin has established itself as a pioneer in the field of crypto currency using the CryptoNote protocol and this is rather a good thing. However, there are some allegations to which the founders and developers of the team have never really responded (or on which they have not satisfied the cryptocurrency investment community).
However, no one doubts the potential and viability of CryptoNote technology. The most mathematical minds in the world of crypto investors understand how it works and it must be said that this is a good fundamental criterion for Bytecoin. Just like Monero or ZCash, which are also currencies whose main feature is the protection of its users’ data, Bytecoin’s technology is a major advantage and it is something to know if you are interested in the Bytecoin (BCN) rate.
But that’s not all. It must be said that the crypto currency does not particularly interest investors, at least not at the moment. Already, the name is rather misplaced in that it gives the impression of having to make a pale copy of the Bitcoin. Is it only a currency that hides behind the name of the mastodon of the cryptographic world? Unlike the new crypto currencies that made their first steps in 2017, Bytecoin has never met a moment and glory and it seems that no one is really a fan of this currency (unlike other projects like Cardano (ADA), Ripple (XRP) or TRON (TRX).
In addition, there is a lot of uncertainty and uncertainty about the identity of the developers on the Bytecoin team. For all these reasons, shortcomings, uncertainties and lack of commitment on the part of the investment community, it is not advisable to buy Bytecoin BCN at this time.