|Circulating Supply||184,066,828,814 BCN|
|Max Supply||184,470,000,000 BCN|
Launched in 2012, Bytecoin is one of the oldest cryptocurrencies on the market and it started out as a direct competitor of Bitcoin. While it has obviously trailed in that rivalry over the last few years, there are many that still believe in the cryptocurrency.
An example would be that some of its technologies such as the Cryptonote protocol have been adopted by other leading cryptocurrencies such as Monero. This Bytecoin (BCN) cryptocurrency currently has a market cap of just shy of $1 billion, a daily trading volume that averages about $ 2 million and a current coin value of $0.00509. There are 183,752,398,767 BCN in circulation as of right now.
What is The Bytecoin Coin (BCN)?
Very similar to the Bitcoin, Bytecoin is a decentralized cryptocurrency that allows traders to perform transactions with one another without any central controlling authority or other middlemen getting in the way.
This allows for cheaper, faster and more private transactions that are done on a peer-to-peer basis between the buyer and the seller. It also epitomizes the whole idea of decentralized financial transactions that are considered laboured and full of red tape by those in the cryptocurrency industry.
Whats Special About Bytecoin (BCN)
Bytecoin has been around a lot longer than many other cryptocurrencies and is still hanging in there and producing upgrades. Let’s take a look at some of the features that Bytecoin can boast:
- No Fees for International Payments – As there is no central authority like you will find with traditional payment methods, there are no fees and the transactions are much quicker.
- Anonymous Transactions – As well as having no fees and being faster, all transactions using Bytecoin are completely anonymous. This is due to ring signature technology.
- Totally Private – Not only is your payment untraceable, information such as your wallet balance and other transaction information can be kept completely private as well.
Bytecoin certainly has some strong qualities and only time will tell whether it can compete with other cryptocurrencies such as Bitcoin, Litecoin and Ethereum.
Where to Buy Bytecoin (BCN)
Bytecoin can be considered to be a fairly well-known coin but it is not up there with the elite coins such as Bitcoin, Ethereum, Ripple, Litecoin and Neo. This is why it might be a little more difficult to find cryptocurrency exchanges where you can purchase or trade Bytecoin at the moment.
We did find three exchanges however and these are:
Changelly is a cryptocurrency exchange that allows both crypto-to-crypto and fiat-to-crypto trades. Allowing the use of credit cards, Changelly supports the trade of dozens of cryptocurrencies against the USD and EUR.
Poloniex differs from Changelly in that it only allows crypto-to-crypto trading. This allows for full anonymity at the US-based exchange but also means that you will have to own some cryptocurrencies before you can enjoy and use the exchange.
For the sheer number of trading pairs and cryptocurrencies available for trading at HitBTC, you should be considering them for when you want to trade BCN. They also allow the use of fiat currencies but not with a credit card, unfortunately.
That is about it if you want to trade with BCN as far as we can tell. You may manage to find some other cryptocurrency exchanges that you can use but make sure you do a bit of homework on them first as not every exchange can be trusted.
Investing in Bytecoin (BCN)
Admittedly, interest in bytecoin has cooled massively since the early days of its release as it has been shown to not be much of a match to the Bitcoin in terms of marketing and appeal. BCN has introduced a number of updates over the years and developed technology that other coins have adopted and in some peoples view, have improved upon.
However, this does not mean that BCn should be completely written off yet as it still finds itself among the top thirty cryptocurrencies in terms of market cap and it still does see a good deal of trade on a daily basis.
All we can say, is read up on it, research the team behind it, look at their roadmap and make a decision on whether you think there is a chance of the Bytecoin making inroads to the more heavily supported coins above it.
Do I Need a Bytecoin Wallet?
If you have been following the news in the cryptocurrency world, you will know just how much of a threat hacking is to the industry. There have been numerous occasions where cryptocurrency exchanges have been hacked and while many of these exchanges are doing their best to prevent them, your cryptocurrencies really should be out of the wallets of the exchanges when you are not using them.
The problem for most is finding wallets that can store the many cryptocurrencies that are out there. Generally, it is best to use the official wallets but there are some good third-party wallets that have the benefit of supporting multiple currencies rather than just one.
There are currently three wallets that can support the storage of BCN and two of those are the official wallets from Bytecoin themselves. They also claim to have a mobile wallet in the works as well which will be of benefit to those of you that like to trade using mobile devices.
You generally have the option of using hard wallets, paper wallets and software-based wallets such as clients, apps or online wallets. Having taken a look around for wallets that you can use to store your BCN, we have found three that might be worth checking out.
- Bytecoin Web Wallet
The Bytecoin web wallet is meant to be the easiest and most efficient wallet of the three to use. The only issue is that you still require the use of the internet and that might make a few of you feel a little uneasy.
- Bytecoin Desktop Wallet
The desktop wallet from Bytecoin might be a better choice for many of you as it is a downloadable client that you can run on your desktop. This will allow you to at least keep your cryptocurrencies locally.
- FantomCoin FreeWallet
FantomCoin FreeWallet is a mobile app and web-based wallet that is popular due to it being able to store other cryptocurrencies alongside your BCN. If you only really want to store Bytecoin however, we suggest using one of the other two recommendations.
We do not know of any other Bytecoin wallets out there right now but there may be some that you can find. Just be very careful and make sure you have researched them before using them. It is far from unheard of for scam wallets to be created for the sole purpose of stealing the cryptocurrencies of unsuspecting victims.
If a wallet has a bad name in the community, stick with those above that we have suggested.
Pros & Cons
Bytecoin might not be a big name in the same way as bitcoin, Ethereum or Ripple but it has managed to stay fairly relevant since its launch back in 2012. It would make sense to keep an eye on any planned developments coming up in the months ahead before ultimately deciding whether or not to invest in this coin.
Take a look at some of the pros and cons of Bytecoin (BCN):
- Technologies adopted by the likes of Monero
- Completely private transactions
- No fees
- 80% of the blockchain was pre-mined
- Doesn’t have the marketing power of Bitcoin