What is Bytecoin - BCN

in bitcoin •  2 years ago 

This is my summary and overview of Byte Coin:

What is it?

It literally is a crytocurrency with the intention of replacing the function of fiat currency. According to the website "Bytecoin is an open decentralized cryptocurrency". there isn't a second future or duel purpose for it. however it Simply is just a means of exchange. It is a proof of Work Algorithm however the supply of tokens is over 182 billion already in circulation.

the good the bad?

The good:
Bytecoin can be sent "fee-free" unlike some other more popular crytocurrencies.

It has fast transaction speed,

You are able to management the level of anonymity with regards to your financial details within their wallet.

In addition, the team behind the bytecoin technology are very skilled are responsible for writing the coding themselves ( which is rather difficult) other cryptos of similar usefulness usually copy the coding. Therefore when it comes to future development and improved functionality the development team are able to be agile and responsive.

The Bad
A good majority of the Bytecoin tokens have already been mined meaning the supply is limited and majority may be in the hands of a few. the website is informative but looks kind of bland. ( not judging however)

Quick look at the Charts

the price action is heading towards the 20 period EMA Exponential Moving Average on the daily timeframe. This would be a good support level as it previously shows. ( A buying opportunity may be developing)

How does it compare?

Currently ranked 10th for Market Cap ( $647,088,256 ) there are a total of 182,997,484,818 BCN token in circulation at the moment. the only use case at this stage is the dark web for peer to peer transaction with other Bytecoin wallet holders.

there were murmurs of Bytecoin being added to EXODUS wallet however there hasn't been any further development with regard to that

Final thoughts?
With regards with usefulness I think it does offer a great alternative to bitcoin, I like how there is over 182 billion coins so you do have to have a fraction of a coin. I like how quick transaction speed is. My only concern is adoptability of the coin in the mainstream. I would want to see a specific niche it would cater to in the mainstream.That being said I would invest in this coin. it has great potential and team behind it gives me confidence in its further development.

Authors get paid when people like you upvote their post.
If you enjoyed what you read here, create your account today and start earning FREE STEEM!
Sort Order:  

The true value of bytecoin is that it could become the unit of value of all the cryptocurrencies, instead of using dollars
Bytecoin, can be used to better understand the value of each cryptocurrency
There is no need for hype or promoting, the project would eventually unfold itself. We should not be myopic in our view of its current value but have a long term view. We wish all the coins the best and hope for their success, the coins that would mature are the coins that have use case application. I am happy that folks are beginning to appreciate the project and it is reflected in its position at the market cap. When you get a chance, look up musicoin. Check out their website at musicoin.org. I am not a member of either group but I do hold a sizeable position in both projects. I am just studying projects and investing base on potential use and application.
Remember Bitcoin would remain the cornerstone of these projects, there would be innovation and marvel around many projects but the greed to monetized would be the flaw in their design
I am keeping an eye on Steemit, great potential but we have to see how the politics within the system developed.

Fantastic I appreciate your feedback. I learnt a little more from your comments thank you

Have you bought them? I don't see them in Exodus, any idea of a wallet were to keep them?

i mined thousands of bytecoin per day with my cpu and sold them instantly... i regret that... look today the price has gone up up up...

imo pump n dump. I wouldn't touch it.

yeah...... can you really trust a premined blockchain?

Bytecoin is a troll coin. Have you seen their official web page? It's hilarious. (https://bytecoin.org/)

Now invest in Bytecoin!
Have even bought 40000 pieces.

I see the value in it. Hold steady onto the coin.

Thanks for the info! I agree with you on BYTECOIN as an undervalued coin. As you know: if a person uses bitcoin at a pub or restaurant-the clever waiter could STEAL the device of the person AND knows the ENTIRE BALANCE OF THAT WALLET ADDRESS. BYTECOIN solves that problem. I don't advertise my checking account balance when i pay. Why give a full wallet address?

This is how you buy it!

Is there a positive growth in 2018?

Great post! It has certainly has been on a small bull run lately. Looking forward to seeing where it goes from here.

This is the Roadmap

Who knows what will happen with this coin? I may mine some of it just in case it explodes.

They need to improve their wallet, before anything.

Finally improved! Check out their downloads!

any advice on a wallet that supports Bytecoin? Exodus doesn't

Can recommend Freewallet as a mobile wallet and bytecoin.money as a Web wallet

i think this is next bitcoin and everyone is just start talking about this coin. one of my friend just buy 1 million coin. lets see what happens.

Solid post. I was about to post a similair post. It's surprising how much uneducated investors the crypto space has. You still see people invest in this shady and scammy coins. I was researching a way to do better investment analysis on the current cryptos. Besides coinmarketcap.com there is: https://www.coincheckup.com Supposingly they researched every crypto coin in the scene based on: the team, the product, advisors, community, the business and the business model. They even score the coins stengths. Check for example: https://www.coincheckup.com/coins/Bytecoin#analysis To check Bytecoin Investment and research analysis.

It would be so cool if it is on Exodus!

It's not in Exodus... So where to store them. Any idea?