$ 0.0007119 right now
Trade name: BCN
Year of Foundation: 2012
What is Bytecoin?
Bytecoin (BCN), is the very first crypto coin based on the CryptoNote technology. It has an open source designed for anonymous cash settlement. The focus of BCN is on the privacy and security of the user. It uses impassive and anonymous transactions to ensure the user’s privacy is intact.
The coin’s initial release was in 2014, and it is an entirely independent coin. It has been developed separately from bitcoin and its forks.
How it works
The emissions of BCN are limited to 184.47 billion, and the number of Bytecoins emitted reduces slightly every 120 seconds. Miners ensure that the emissions are correctly processed. Cryptographic protection for both personal data and the transactions are provided. There are several mining pools you can mine Bytecoin from.
History of Bytecoin
The first release of the coin was in March 2014. There was a fake discovery from its developers who had claimed the coin started in 2012, with the signatures later proving to be fake. This discovery came only after over 80% of the coin had already been mined.
The coin has gone through several stages of development since its lounge. For example the multi-valued transactions and several securities update.
The developers announced several future releases on March 15th, 2015. These included among others, a new payment gateway, desktop GUI wallet software, several API layers, blockchain-base assets and smart contracts.
How to use
As of Sep 2017, several merchants on the online market started accepting BCN alongside other cryptocurrencies. You can buy Bytecoin just the same way you purchase other cryptocurrencies.
To send and transfer money, you and the recipient will be required to have the Bytecoin wallet. Once you have the wallet, you can easily send BCN the same way you do other currencies. You can do this is three simple steps. Install the Bytecoin wallet, get the recipient’s address and send the amount agreed.
Transfers are free and instant due to the infrastructure that is highly developed. You don’t even need a special ASIC to use Bytecoin. A typical PC will do just fine.