Bytecoin (BCN) is a cryptocurrency that was launched in 2012 and traded for a long time with 10 satoshis. However, when it reached 109 satoshis, it got attention. The distinguishing feature of Bytecoin from other cryptocurrencies is that it is produced by using CryptoNote technology and by coding from scratch, not forked from Bitcoin. It is a decentralized and open source cryptocurrency that allows every user to contribute to developing Bytecoin. The platform that attaches great importance to privacy and security is ideal for those who want to protect their financial privacy. Although Bytecoin is a simultaneous cryptocurrency, it is the first anonymous cryptocurrency.
It has a network that runs as fast as the Internet. However, operations may take some time as encryption requires verification. The block time is set at 120 seconds. It protects the users’ money with the safest and latest algorithms. Bytecoin developers say that hackers can enter the system with a supercomputer and a very expensive electricity consumption, which is impossible. For this reason, the only person who can reach the wallet is the owner of that wallet. Bytecoin claims that others will never be able to access their wallet information if they do not give it to others. Bytecoin, which is not managed from a center, uses network technology and consists of computers that participate voluntarily. All computers see all operations; no one has Bytecoin and cannot intervene. Inflation does not occur in Bytecoin because there is no interference or influence on Bytecoin. The number of BCN to be produced is limited, and the money supply is the awards given to the successful block miners. Operations done with Bytecoin do not require names, and operations are done with nicknames. Blockchain operations cannot be changed by anyone, even by the system’s founders. There is no possibility for anyone to manipulate Bytecoin. Bytecoin, which is primarily used for anonymous transactions, is also used as currency in some online stores and it does not require permission from any person to operate.
Although there are various speculations about who launched Bytecoin, the founders can easily be seen on the website when you enter Bytecoin.org site. Bytecoin is not forked by Bitcoin and it’s definitely an altcoin. Bytecoin attracts the attention of large investors, it also appeals to small investors. Because operations are not done via Bitcoin, it provides a reliable algorithm for users. Android and IOS wallets are also available for use on mobile devices. The presence of a Bytecoin wallet is important for the development of the platform. You can get BCN from Poloniex and HitBTC stock exchanges.
Bytecoin cryptocurrency has risen sharply against the Dollar and the Bytecoin mining has become to be popular. With this rise, those who invest in Bytecoin and those who make Bytecoin mining have earned a lot of money. This rise has increased Bytecoin to 24th place and thanks to Android and IOS applications it will be in the top 10 in the future. Minergate mining site is the most suitable site for mining. After being a member of the site, users who are directed to the mining page need to download the Minergate application from this page. After downloading the Minergate program to your computer, the first registered e-mail address is entered and the membership is completed. Bytecoin mining can be done with CPU and GPU. To start mining you have to press “Start mining” button and collect BCNs. With the same account, mining can be done on different computers. When your BCNs reached the 100 BCN, they can be transferred to the wallet. Operations on the Bytecoin network are protected by high-security passwords. Blocks are created by confirming these operations. These blocks carry a summary of the previous block, making it a difficult chain to break down. For every new block that is produced, a new BCN release, and the miner who finds this block is rewarded.