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Review on Bytecoin by Akash Sarker
Bytecoin is the first cryptocurrency based on CryptoNote technology. It was…
Bytecoin is the first cryptocurrency based on CryptoNote technology. It was launched on the 4th of July 2012 by individual members. Bytecoin is a private, decentralized blockchain platform that works as an open-source code system. This allows everyone to involve in the network. It seems to be one of the best blockchains that assure users about high financial privacy.The creators designed a platform that provides anonymous transactions anywhere in the world. You are not being charged for any of transactions.
Bytecoin is different from other cryptocurrency platforms due to the fact that it’s the first altcoin based on CryptoNote technology. It was called ”a totally anonymous cryptocurrency”. The platform uses multi-signatures to create a stronger security. Also, it works with one-time cryptocurrency addresses.
Bytecoin wasn’t forked by a Bitcoin platform, but coded from scratch. Do not confuse Bitcoin forks called Bytecoins (BTE) with Bytecoin (BCN).
The Advantages of Bytecoin cryptocurrency
– It’s the first cryptocurrency based on CryptoNote technology;
– You will not be charged for transactions. The platform provides a high speed and volume of payment transfers. The designers assure users they only need 2 minutes to get the confirmation
– You are the only one who controls your personal wallet. The platform has an innovative and strong security, so there is a very low possibility of hack attacks – they will need too much electricity and computer power to destroy the system
Pros
- secure transactions system send and received fund without show identity Privacy based coin privacy is excellent
Cons
- Need More Exchane Value too small high supply wallet problem
