Bytecoin On The Rise
Bytecoin was one of the first anonymous coins out there. It was created in 2012, and successfully forked into Bytecoin and Dash in 2014. Most of the team are based in India.
The amount of money being sent and your wallet ID is protected on the Bytecoin blockchain.
There are 184 billion Bytecoins, which uses a proof-of-work mining algorithm known as CryptoNote which is mined every two minutes. In fact, it was the first currency to use this.
Bytecoin has some unusual offline uses, including in Indian temples, which accept this coin as a form of donation.
Blocks are generated every two minutes in the Bytecoin blockchain. This is very fast transaction time and confirmation time – much faster than Bitcoin.
The CryptoNote algorithm allows coins to be mined between GPU and CPU. There’s no advantage to having major mining equipment. That means there’s a better (and many people would argue fairer) distribution of miners. It’s the same algorithm used to mine Dash.
Should I invest in Bytecoin?
Following its fork in June 2014 – which helped to create another popular privacy coin, Dash – Bytecoin was worth $0.000066. It hit an all-time high of just above $0.013 on 6 January 2018.
It’s currently trading for around $0.011, with a market cap of around $2.1 bl.
It’s available on many exchanges with the majority of activity occurring at Binance which it was just listed on this week.
The additional privacy features have caused some controversy within the Cryptocurrency community. In fact, all ‘privacy coins’ are proving somewhat divisive. Some commenters say they encourage illicit activity on the Blockchain. Others say that privacy at this level is key for Cryptocurrency to thrive.
If you want to add an established altcoin with good privacy and fast transactions to your portfolio, this could be a good choice.
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Disclosure: Employees and team members of The Coin Connecter Group Inc. are actively invested in Bytecoin. This is not a paid advertisement.
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