When we y Bytecoin, it is one of the cryptocurrencies that can be traced. It is because it utilizes the CryptoNote ring signatures to offer more secure and private transactions. Since it is also making use of the p2p or peer-to-peer payment system, Bytecoin has various similar uses with Bitcoin.
Way back 2012, Bytecoin was developed and considered to be one of the earliest cryptocurrencies that were established during that time. For the past few years, the developers behind this cryptocurrency prefer to make their identities private. These days, though, they have created various channels of communication, make their identities quite public, and even make different local communities in the crypto-world.
The said token has a strong connection with Monero – one of the most popular tokens when it comes to cryptocurrencies.
If you are new in the world of cryptocurrencies and don’t have enough idea what Bytecoin really is, this guide is perfect for you. I am going to provide you with information on how Bytecoin works and where to purchase and store it.
So, without further ado, let’s get stated!
How Bytecoin Works
As I mentioned a while ago, this coin has similar works with Bitcoin. Since then, the developers of Bytecoin are doing their best to overcome the various issues faced within Bitcoin – especially the problem in terms of privacy. Aside from that, the developers are also working to turn the said coin more flexible and scalable to the constant changes in the financial climate.
The transactions that are mostly done with Bitcoin are usually on a public ledger. This will give anyone the capabilities to track your every transfer between the wallets easily. So, to keep your transactions private and ensure that these are being protected, you might consider using the third-party tumbler.
On the other hand, as we have mentioned, Bytecoin is utilizing CryptoNote that will ensure that your transactions are not linkable as well as not traceable. Every transaction is making use of a one-time-public-key even though a similar recipient has lots of transactions. Integrally, this will get rid of the issue in terms of re-using address and reduces the traceability of the transactions.
To get rid of the linkability in between the transaction recipient and its transactions, Bytecoin makes use of the one-time ring signatures. With the use of these one-time ring signatures, your signature that will allow sending transactions will mix with the possible accounts that also make use of the same network.
Where to Purchase and Store Bytecoin (BCN)
In spite of the declaration of the roadmap that Bytecoin is now available in various exchanges in Q3 2018, you will still be given various choices that you can use if you want to purchase Bytecoin today.
You can use Poloniex and HitBTC in exchanging the Bitcoin tokens. Before you can trade on the said networks, you will be required to purchase Bitcoin on various exchanges, such as GDAX.
When it comes to storing your Bytecoin, there are three options that you can use. These are the mobile wallet, the web wallet, and the desktop wallet.
When we say desktop wallet, it is only available on Linux, Windows, and Mac. On the other hand, you can make use of your web wallet with the help of different browsers.
These days, the mobile wallet can only be accessed by those who are currently using Androids. The developers of the Bytecoin don’t have any announcements for the releasing date of the iOS wallet.
When you are utilizing the three mentioned wallets, you are required to set-up the two-factor authentication as well as the encrypted passwords. These two added measures will make sure that your wallet is more secure and private compared to the other default set-ups.
To sum it up, Bytecoin is considered to be one of the earliest and oldest cryptocurrencies that are being used by many crypto users to ensure their privacy.
Even though it aims to enhance the security of Bitcoin, the developers clearly claim that they are not considering Bytecoin as the replacement for Bitcoin. Rather, they are considering that having different stronger cryptocurrencies will give lots of benefits to the entire individuals involved.
The latest reappearance of the developer transparency and communication gives a big trust to the project that has a very questionable history. As a result, the project receives lots of criticisms from society because of the problems, such as the Binance pump-and-dump.
As the government continues to get involved in the world of cryptocurrencies, the increase in the interests of people in the privacy tokens is continuous. However, it is still unclear if Bytecoin will be picked as the choice for privacy coin.
I hope that upon reading this article, it is now clear for you what Bytecoin really is and how it works.