Review on Bytecoin by Robiul Islam
It’s far more anonymous.
It is one of the older cryptocurrencies that have been released, and perhaps the oldest of the privacy focal crypto. It has very important first in the cryptocurrency ecosystem, it was the very first coin to be based on the CryptoNote technology. And partially because of this it is sometimes called the “totally anonymous cryptocurrency.” It takes advantage of one time address usage and ring signatures as part of its privacy features.
The transactions are on public ledger which gives you the caliber to easily track transfers among wallets. The transfers can be kept anonymous by using a trusted third party tumbler to mix transactions. To eliminate the link between the transactions, the network utilizes one-time ring signature. In a ring signature, the signature to send funds mixes with other possible accounts on the network.
There wallet is available for all major desktop operating systems with Windows, Mac, Linux. It needs a web, desktop wallet that does not embroil downloading entire 7GB blockchain. Cryptonator is one of the best wallets. It allows you to store many other popular currencies and offers a simple user interface which is excellent for the novice user.
The coin is very good as a privacy coin, and has some features not found in other coins that make it suitable as a transactional coin. Plus there’s a good community backing the project. There are definitely worse cryptocurrencies to hold, so giving it a try is something that might pay off eventually.
Updated 5 years ago
Rating has not been changed
The Bytecoin Gateway has been released.
Still a solid coin. Just so underrated compared to other privacy coins. Will be huge in the future.
Pros
- The deflect security mechanism assure that the its Blockchain cannot be hacked.
- It provides high transactions speeds as well as volumes, Free of cost transactions.
- It is the first Crypto Note technology based Altcoin.
- Privacy is in the hands of the users. Third parties can only see your information if you allow them to do so.
Cons
- It is not unique anymore as many platforms such as Ethereum provide the same services.
- It does not synchronize consistently.
- Wider Public acceptance is in question.
