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Everything you need to know about Bytecoin

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December 24, 2017 | 

Joanna Newman |  0 Comments| 

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There are various cryptocurrencies on the market, but only some of them can distinguish themselves, and the Bytecoin is one of them. Launched in July 2012, this cryptocurrency is among the rare ones that isn’t based partly or mostly on the Bitcoin code. It has been totally written from scratch, and allows most of the possibilities of every cryptocurrency on the market, such as anonymity, or the ability to use a different Bitcoin address every time. The technology used to conceive the Bytecoin is called CryptoNote, and is said to be the work of a team of mysterious developers.

If you’re curious about who created the Bytecoin, you can visit Bytecoin.org, where the various creators are listed, because it wasn’t made by a single person. Some of them are using pseudonyms, and we cannot really know who they are, so they can remain relatively anonymous. Their country of origin and their academic profile has been made public on the web, so you can at least have these information about them.

The Bytecoin for a professional use


Like every cryptocurrency, Bytecoin can be used to make online payment without having to pay any fee. Its creators say it was intended especially for that use, and mention it’s perfectly suited  between companies as well. Its network has been built in order to allow the fastest possible transactions between someone in a specific country and someone in another. The longest part is when it needs to confirm the transaction through a cryptographic check, which however takes only two minutes at most.

The Bytecoin’s safety


Bytecoin is claimed to be the safest cryptocurrency on the market, as it makes a good use of the latest cryptographic technology. Indeed, some cryptocurrency users sometimes suffer from virtual burglary, and a lot of money is often at stakes, since the constant rise of the cryptocurrencies’ value. It’s very efficient; it ensures the safety of your virtual wallet against any attempt of online hacking. The only way for someone else to have your Bytecoins’ information at their disposal is to receive them directly from you.

The value of the Bytecoin




It was launched in 2012, but from then to early 2017, the currency didn’t reach the value of 0.0007 USD. Its most important change in terms of value happened during May of 2017, a year during which it peaked at 0.00426 USD for a unity, with a capitalization of 782 million of USD. The expectations of the analysts are high when it comes to this currency, as the public is constantly seeking for new cryptocurrencies that hold valuables assets.

As the currency is still evolving, its creators are faced with various issues of which they have to find the right solutions. Its strength actually resides in the CryptoNote technology, and its allowance to a complete anonymity and a high safety of your virtual wallet. But unfortunately, these are not yet enough for the currency to reach the top.

All the Bytecoin team has to ensure they can improve this cryptocurrency and to make one of the best virtual money of the market out of it. The rising interest for this currency might be partly coming from the actual craze for cryptocurrencies, but if its full potential is exploited, it can sure be one of the major digital money of the next decades.

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