Review on Bytecoin by Gabriel Medina

Name: Bytecoin
Item: Bytecoin
Rating: 4

October 20, 2020

Bytecoin one of the first anonymous cryptocurrencies

Anonymity has always been the category of interest for cryptocurrency investors. Although there are projects that offer this scheme, privacy is not really the goal of such cryptocurrencies as Bitcoin is. Therefore, anonymous cryptocurrencies appear as an alternative for much safer private transactions. That is where Bytecoin (BCN) comes in, a cryptocurrency from bygone times that was born in 2012 as an alternative to Bitcoin, which has the function of giving us privacy through completely anonymous transactions. No payment will be tracked and it has the function of giving us decentralization and is open source. Without a doubt, it has many advantages over Bitcoin such as its characteristics on the blockchain, but not in popularity. Bytecoin is nothing more than a digital money, but it is especially aimed at users who want to remain anonymous in their transactions, an approach that many anonymous cryptocurrencies have taken in recent times. The founders remain completely anonymous, the visible face is Harry Ullman, but this is nothing more than a pseudonym that reminds us of Satoshi Nakamoto.
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Bytecoin offers us the following unique features that make it even better than Bitcoin:

High privacy: In Bitcoin this fails because its blockchain is public, which will somehow allow the tracking of transactions. This compromises privacy and financial security. For that reason, Bytecoin introduced security measures to make transactions untraceable in their entirety. You will be the only one who knows your own total balance.
Easy mining: Bitcoin was designed so that any individual could extract them on a computer with high potential but other technologies and hardware for mining appeared that leave behind the person who uses a table computer even if it is powerful. For this reason, Bytecoin will allow us to use a desktop computer, obviously, the better it is, the more improved your mining will be. If you have a good team you can extract Bytecoin without problems.
Fast level confirmations: In Bitcoin they last about 10 minutes, with Bytecoin it will only take 2 minutes. This makes it one of the best options if you want to confirm trades faster.
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To conclude, Bytecoin is a solution or alternative to Bitcoin in privacy and anonymity that will be of great help to cryptocurrency investors who do not want to reveal their identity.

Pros

It defends privacy and security as a solution for those who want to keep their finances safe.
Payments will not be tracked due to the solution of preserving anonymity.
One-time addresses are assigned to each user so that transactions are non-linkable.
Dedicated and gigantic development team in terms of the total number of contributors.
Scalable, flexible blockchain and has the ability to generate a block every 2 minutes.

Cons

Developers should be more active in terms of public resources to keep the goal going.
Many similar projects in privacy and anonymity have already emerged over time.