Review on Bytecoin by Camie Spivey

Name: Bytecoin
Item: Bytecoin
Rating: 5

September 18, 2018

Bytecoin advertises itself as a totally anonymous altcoin and as the first…

Bytecoin advertises itself as a totally anonymous altcoin and as the first enterprise-ready altcoin. Let’s take a closer look at some of the advertised features of Bytecoin:
Bytecoin is an open cryptocurrency. If you decide to start using the currency, you can voluntarily take part in the operation of the network. The only thing you need to do is download special software that creates a wallet for you. Using this software, you can start sending money to other users or receive payment from them.
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If you wish to take part in the operation of the network, then you can allocate the computing power of your computer to the task.
Fee-free instant international payments: The Bytecoin network works as fast as the internet. Your payments will take a little bit of time to process, as payments require cryptographic confirmation. Bytecoin claims transactions are processed in about 2 minutes.
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Security: Bytecoin “protects user’s money with the most secure and modern cryptographic algorithms” that “are impossible to hack”. The makers of Bytecoin claim that hacking the currency “would require immense amount of expensive electricity and computational power of a supercomputer”. For that reason, you’re the only one who can access your wallet.
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Safe private data: Bytecoin claims that it’s “totally impossible to get information about your financial operations and wallet balance” unless you choose to reveal that information. Only you can manage information that your business partners and third parties will see.
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Pros

Bytecoin (BCN) is a cryptocurrency first launched back in July 2012. When it launched, it was priced at around 10 satoshis, and it remained at that price for most of its history. However, the price of BCN rose suddenly on May 17 to a record high of 109 satoshis on Poloniex. Bytecoin has one important difference from other cryptocurrencies: it was the first ever altcoin based on CryptoNote technology. The altcoin is frequently called a “totally anonymous cryptocurrency”. Some of the advantages of the cryptocurrency include the utilization of ring signatures as well as one-time cryptocurrency addresses. Another unique feature of Bytecoin is that it wasn’t made from a fork of bitcoin code. Instead, it was coded from scratch. This is where things get confusing: some people call bitcoin forks Bytecoins (BTE), which is different from Bytecoin (BCN), the currency we’re talking about today.

Cons

Some reports online will tell you that the creators of Bytecoin are a mysterious team of individuals. However, that’s not really true: the full list of team members and Bytecoin developers is listed publicly on Bytecoin.org. Most of these developers go by alias names. However, we know a little bit about their educational background and country of origin. Nevertheless, some developers are totally unknown even to the development team – so there’s definitely a layer of mystery about Bytecoin’s background.