Bytecoin (BCN)

What is Bytecoin

Bytecoin is an open decentralized cryptocurrency, which allows safe and secure transactions around the world.

• Bytecoin algorithms don’t allow other users to know your wallet balance, to whom you send money and where you receive your funds from.
• There are two ways to obtain Bytecoins. You can take part in network maintenance and get a reward for it, or buy BCN directly on exchanges.
• Bytecoin doesn't require intermediaries for money transfer. All you have to do is broadcast your transaction to Bytecoin network. A transaction takes around 120 seconds, has no fees and can be dispatched to any place on the Earth with internet access.

According to https://bytecoin.org/info

Bytecoin promises private transactions.

Transactions between Bytecoin users are carried out through the Internet. Transaction privacy is protected by secure cryptographic algorithms whereby no one can identify who sent the money, who the receiver was, and what amount of money was transferred.

CryptoNote solves this dilemma by an automatic creation of multiple unique one-time keys, derived from the single public key, for each p2p payment. The solution lies in a clever modification of the Diffie-Hellman exchange protocol. Originally it allows two parties to produce a common secret key derived from their public keys. In our version the sender uses the receiver's public address and his own random data to compute a one-time key for the payment.

Bytecoin transactions processing is done by the whole network of users. Yet no participant has access to the transaction details. All transfers are fully anonymous.

Bytecoin sounds similar to Zcash to how it uses untraceable payments and amounts.. unlike others like Zcoin which reveal the amount (which can also have it's pro's and cons see my full post on Zcoin here https://steemit.com/zcoin/@stealthtrader/zcoin)

Lastly I do like the idea of a larger max supply, because it seems more natural to say 1000 Bytecoin instead of .00038 Bitcoin, but then again I have always said that a "Satoshi" wallet could catch on faster than a normal Bitcoin wallet since you feel like you have more..

Either way it is an exciting time with all cryptocurrencies right now, and I think Bytecoin will be a future competitor with it's unique approach on untraceable payments!

Post - Vote - Earn :D

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As always all of my views are simply my opinions so do not consider anything advice for investing, and please do your own research before investing into anything!