Bytecoin is a token with increased privacy and security. What principle does Bytecoin work on: a clear example

Often, investors' attention is so tightly focused on the main cryptocurrencies like Bitcoin and Ethereum that they do not notice the hundreds of other altcoins. However, if you go a little lower in the top coins, you can find many other interesting digital currencies. In this article, we will look at Bytecoin, which has made quite a splash this year and analyze its features, advantages and disadvantages.

What is Bytecoin?

Cryptocurrency developers name three main areas of their product:

• Transparency
• Self-regulation
• Equality

Bytecoin Technical Specifications

• Block generation time - 2 minutes
• Difficulty recalculation after each mined block
• Maximum emission: 184,470,000,000 BCN
• Current issue: 184,066,828,814 BCN
• Dynamic block reward

History of the creation of Bytecoin

Work on the creation of Bytecoin on July 4, 2012. The developers set out to make a more anonymous and secure digital currency than Bitcoin.

In 2013, the creators carried out the first major upgrade, rewriting the CryptoNote algorithm in C++. In 2015, the developers presented the community with a roadmap that described the steps for developing the system.

Over the 6 years of the project’s existence, Bytecoin has gathered a close-knit community around itself, although it is significantly smaller in size than the Bitcoin and Ethereum communities. Active work on cryptocurrency continues to this day, and 2018 was its most successful year.

At the very beginning of the year, Bytecoin set a historical record of $0.0154. At this point, the coin’s capitalization almost reached $3 billion.

In May 2018, the Bytecoin price reached a new high of $0.01359, soaring more than 6 times in just a month. This was facilitated by a number of positive news, such as listing on the largest exchange Binance.

Features of Bytecoin

In addition to its unique features, Bytecoin has the advantages of other cryptocurrencies, such as decentralization, deflation (an increase in the value of coins due to their limited supply), etc. However, the coin is also endowed with unique characteristics that allowed it to take a confident place in the cryptocurrency market.

Increased anonymity of Bytecoin

Bytecoin became the first cryptocurrency to use the CryptoNote protocol. It allows you to hide information about both the sender and the recipient using ring signatures. A similar method is used in another popular cryptocurrency - Monero. When trying to track a transaction, a person will see a huge list of wallet addresses that are in no way connected with each other, and the transfer amount will be broken into many tiny parts.

Fast and cheap transactions

Thanks to a developed infrastructure with thousands of active users, transactions on the Bytecoin network are carried out much faster than those of the same Bitcoin, and there are no transfer fees.

One of the most important advantages of cryptocurrency is also the coin mining system, but this should be discussed separately.

Mining Bytecoin

In order to mine BCN coins, you do not need to have powerful and expensive equipment such as ASIC. Thanks to the blockchain design, the computing power of all network participants is used to issue new coins. For providing capacity, users receive a reward, and therefore it was possible to eliminate transaction fees for transfers.

Any owner of a medium-power PC can join the network and start mining Bytecoin, making this cryptocurrency great for passive income without investments. It’s not particularly possible to earn significant income this way, but most other coins completely exclude such a possibility.

You can mine Bytecoin either independently or by joining a pool. The first option is well suited for those who have a powerful PC at their disposal, and the second for owners of low-performance configurations.

In order to start mining, you need to create a wallet and install a special client. Those who want to mine on processors can use the XMRig program, and for video cards XMR-Stak-Nvidia and XMR-Stak-AMD are well suited.

Bytecoin wallet

To store BCN coins, it is best to use the official wallet available on the official website of the cryptocurrency. Or rather, there are several wallets there, for different platforms: Windows, Linux, Mac and Android. In addition, there is also a web version. Desktop wallets are the most reliable by default, while browser and mobile versions are more convenient and faster. If you bought Bytecoin and do not intend to use the coins in the near future, it is better to resort to the first option. If you intend to constantly use BCN, then the second option will be more convenient.

Where to buy Bytecoin

Even newcomers to the crypto industry should have no problems purchasing Bytecoin. The coin is available on such large platforms as Binance, HitBTC, OKEx and Poloniex. In addition, the developers offer the opportunity to purchase BCN directly through the wallet.

The third-party wallet Cryptonator offers the opportunity to buy Bytecoin for rubles, dollars and euros. This opportunity is optimal for those who want to enter the fiat currency market.

Bytecoin rate

At the moment, the BCN rate has fallen almost 7 times from its maximum at the beginning of the year, to $0.00224. The coin itself should not be blamed for this: it simply followed the general market trend.

Despite the decline, Bytecoin currently holds 25th place in the top cryptocurrencies with a capitalization of $413 million. The total daily volume of the coin exceeds $1 million, which indicates that there is demand for it in the market. Find out the Bytecoin rate in real time.

Bytecoin Forecast

First of all, I would like to note that Bytecoin proved its worth and ability to go against the trend when it showed strong growth in March of this year. This event should also be considered important because it led to a significant increase in cryptocurrency users, and community support in the blockchain means almost everything.

Secondly, Bytecoin has another advantage - anonymity. Even though a similar technology is used in Monero, whose capitalization is almost 5 times larger, Bytecoin was still the first. And a lower price can also act as a plus if we consider the project from the point of view of investment attractiveness.

However, experience shows us that unique features are not the only success factor. Only a combination of innovation, constant improvement efforts, user support and increasing applications can bring cryptocurrency to the top of the market. If Bytecoin has the first three factors, then things are not so good with the last one. To reach new heights, cryptocurrency needs to expand its scope. It is not yet particularly clear whether the developers are going to move in this direction, or whether the fact that the coin acts as a transfer of value from one user to another is enough for them.

As a result, we get a very interesting product from a technological point of view, but questionable from an investment point of view. It is possible that Bytecoin will reach previous levels if the overall market grows, but hoping for an independent breakthrough in the current realities is very risky.

Cryptocurrency Bytecoin (bcn) is the most mysterious coin in the world. It allows you to conduct anonymous transactions. In its blockchain it is impossible to track who transferred money to whom and how much. It is still unknown who the creators of Bytecoin are; instead of real names, they are hidden behind nicknames. Today we will talk about the features of mining, exchange rate dynamics and the prospects of this “dark horse”.

What is BCN

The acronym bcn refers to a distributed network and currency that together represent the infrastructure for anonymous transactions on the Internet. Payments are processed almost instantly and are not subject to commission. Bytecoin is a decentralized cryptocurrency, unrelated to Bitcoin and its forks. Similar to other cryptocurrencies, bytecoin can be bought and sold.

Any user can become a member of the bytecoin network. The system makes it possible to make purchases on the Internet without providing any information about the buyer. Users who keep the network running are paid a reward.

When the buyer wants to pay, he sends the purchase amount to the seller's address. Network participants must verify that the indicated amount actually belongs to the buyer. But they cannot find out who the buyer is, where he got the money from, or how much is on his balance sheet. They simply check the authenticity of the sender's signature.

All transactions are formed into blocks. The block must meet certain requirements. All network participants are working to select the correct block. Those who succeed are rewarded in the form of new coins.

Technical features

Bytecoin, similar to Bitcoin, works on the PoW principle and writes all transactions to the blockchain. But it is based on the new CryptoNight algorithm, which ensures the anonymity of transactions.

Transactions are processed once every 2 minutes. During this time, it is necessary to ensure that the transaction is correct and ensure its cryptographic protection. Transaction processing is a labor-intensive process that requires significant capacity.

By providing his power, the user becomes a miner. As a reward, such users receive 65,000 bcn for every 2 minutes. This allows you to simultaneously issue and conduct commission-free transactions.

A Bytecoin transaction cannot be traced or linked to others. Instead of a classic electronic signature, it is signed with a ring signature. A ring signature acts on behalf of a group of individuals. It is impossible to say who exactly signed it. Funds do not immediately reach the recipient; they are first transferred to disposable addresses.

Network security depends on the total computing power of the users involved in processing transactions. Therefore, the more computers in the system, the more reliable it is.

Bytecoin development history

Bytecoin appeared in 2012, and in 2014 it entered the cryptocurrency exchanges. Rumor has it that the coin came from the darknet.

The darknet is a closed part of the Internet, inaccessible to the average user through a standard browser. The inhabitants of the darknet are engaged in illegal or semi-legal activities. It is logical that users of such a network want to remain anonymous. The bytecoin cryptocurrency was developed on the same principle and, possibly, for the same purposes.

In June 2017, a network member under the pseudonym John Pat wrote an open letter to the developers. In it, he threatened to drain all his coins and cause a collapse of the cryptocurrency if they did not publish the roadmap (further development plan) and information about the project team: names, contacts, size of the stake in the project. To prove his intentions, the user posted a screenshot of his wallet.

The developers made concessions and fulfilled some of his demands. A road map and information about the creators were soon posted on the official website. True, no names were ever announced; only nicknames were published.

Exchange rate dynamics

The cryptocurrency entered the exchange in 2014. At first, it was possible to buy bytecoin only with bitcoins. At that time, the capitalization of the cryptocurrency was only $10, and the rate was $0.000065.

The course schedule did not change for about a year. In 2015, it rose slightly to $0.000083, but then began to fall again. There was a slight recovery in the exchange rate at the end of May 2017, then it began to decline again. The cosmic rise in price inherent in popular cryptocurrencies is not observed here.

The rate has not changed much since the beginning of the existence of cryptocurrency, only the capitalization has increased. As of November 2017, capitalization is $316 million.

Mining

Participants in the Bytecoin network allocate the power of their computers to process transactions and receive bcn for this. This process is called mining. CryptoNote technology uses a memory-based algorithm, as a result of which mining on a video card has no advantage over mining on a processor, and the use of ASICs becomes impossible.

Let's figure out how to mine bcn. You need to download the miner, create a wallet and configure it all depending on the method you will mine. Solo mining bcn was effective at the beginning of the coin's development. Now, by analogy with most cryptocurrencies, it will no longer produce results.

It is better to mine bcn in a mining pool. A pool is a server that distributes a computing task among all participants. Mining in a pool is much easier and more productive than mining alone. True, the pool will divide the reward for the block among all participants in proportion to the efforts made. You can calculate your income using the bcn mining calculator.

Unlike other cryptocurrencies, the features of the mining algorithm allow you to mine bcn even on weak computers. You can mine 1000-1500 coins per day. But since the exchange rate is low, mining this coin is considered more like additional income.

Wallet

The Bytecoin team has developed its own wallet. The desktop version can be downloaded from the official website of the cryptocurrency, or you can open an online wallet directly in the browser. The team is constantly working to improve it; the latest update was released in June 2017.

A solution for working with a wallet via the command line and an RPC wallet in the form of a console are also available. This option includes a daemon and simplewallet, and does not have a GUI.

In addition to the wallet from the developers, you can use Bytecoin Wallet from Freewallet. The wallet provides the opportunity to:

• Send funds to wallets of other cryptocurrencies;
• Top up with any currencies;
• Follow the bcn rate;
• View your balance in different currencies;
• Exchange and withdraw bcn to other wallets.

Where and how to get Bytecoin

Bytecoin can be obtained for free, mined or purchased.

We have already sorted out mining. To get cryptocurrency for free, look for a bytecoin faucet. Faucets are resources that give out gifts for visits. They recoup their cost by displaying advertisements.

You can buy or sell bytecoin on exchanges or exchangers. On the Cryptonator exchanger you can buy bcn for rubles. However, when you top up your balance, the commission can be up to 7%, and the bcn rate itself is more expensive here. On the Changelly exchanger the bcn price is 35% more expensive than on the exchange.

You can exchange bcn more profitably on exchanges. The easiest way to buy bcn with bitcoins is on the HitBit exchange. If you want to buy for a dollar, you will have to go through full verification and provide scans of documents.

Previously, the Poloniex exchange was available for exchange. But due to US sanctions against Russia, its technical support recommends that Russian users withdraw their remaining funds and close their account.

Development prospects

On the one hand, bytecoin is anonymous and does not charge a transaction fee, which may be attractive for certain types of businesses and provide good development prospects. On the other hand, cryptocurrency is unstable to various types of speculation. An example is the incident with user John Pat in June 2017.

It is difficult to make predictions regarding bcn. Cryptocurrency has been on the market for a long time, but has not achieved success. The dynamics of the exchange rate are not encouraging. Most miners use it as additional income. It is not suitable as your main income, as it gives too little profit.

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What is BCN cryptocurrency? Representative of the generation of anonymous cryptocurrencies. The coin was launched in July 2012, the main feature is to ensure the confidentiality of network members and protect personal information through the use of anonymous transactions that cannot be tracked.

Bytecoin is the first digital currency created based on the CryptoNote algorithm. The development of the coin is carried out regardless of Bitcoin and its forks. Decentralized control contributes to the growing popularity of the system. Anyone can create a wallet for the BCN cryptocurrency and take part in the development of the popular coin.

Features of Bytecoin

The Bytecoin coin is one of the open digital currencies; users independently manage the asset. To make transactions or engage in mining, you need to download special software to your computer or laptop.

The CryptoNote algorithm ensures anonymity; users cannot view the balance of other wallets. Confidentiality also extends to your transaction history, to whom and when you send funds.

Transactions are based on computer performance. The technology will allow decentralized operations, the user is the consumer and the real structural element of the system.

To get Bytecoin, take part in maintaining the functioning of the system and receive a coin as a bonus. You can also buy BCN on the cryptocurrency exchange: Hitbtc, Poloniex.

Benefits of BCN

The developers highlight a set of strengths of the digital coin:

1. Transfers made by users cannot be tracked.
2. Non-binding transaction principle.
3. The Block Chain database cannot be analyzed.
4. Protection against double waste, system parameters adapt to current conditions.
5. Currency deflation increases due to a decrease in the value index.
6. Cryptocurrency is decentralized, which means it is not tied to a specific state or authorities.

The wallets of network members are completely protected from hacking.

BCN mining process

Mining is not much different from mining other cryptocurrencies. Coin generation is performed by solving mathematical problems, using a video card or a central process. The power of the hardware determines the productivity of the digital currency mining process.

Feedback from miners suggests that Bytecoin’s uniqueness lies in its relatively simple cryptographic tasks. To generate coins, it is enough to use weak computers or laptops. Computing power determines the pace of mining.

To mine digital currency, you need to download the appropriate software to your computer. Then a wallet for the BCN cryptocurrency is created. The user independently indicates the number of cores that will be used for mining the BCN cryptocurrency.

The level of profit depends on the performance of the computer. During the day you can generate about 1500 coins. Provided that in parallel the hardware is used to perform other everyday tasks, for example, Internet surfing.

The income is insignificant, approximately 10,000 satoshi (82 cents) daily. The received amount can be exchanged for another digital currency or withdrawn. The amount of potential profit is calculated using the BCN Calculator.

Technology of transactions in the Bitcoin system

Traditional money transfers in fiat currency are carried out through intermediaries: banking institutions, financial and credit companies. The level of reliability of a transaction is determined by the professionalism of the agent responsible for performing this procedure.

Bytecoin transactions are carried out over the Internet. Transfers are protected by cryptographic codes; no one will be able to track what amount was transferred, where and to whom. The transaction processing process is carried out through a whole network of users. Participants are deprived of real access. Transactions are 100% confidential.

Verifying transactions requires computer power. Users independently allocate production resources to process transactions as quickly as possible. Community members are rewarded in the form of coins for participating in this process. This procedure is also a component of mining.

Containing the growth of Bitcoin

According to analytical forecasts, the BCN cryptocurrency will continue to grow in price. The maximum volume is limited to 184.47 billion coins. The amount of currency issued every 2 minutes is gradually reduced. As a result, quotes and the value of a financial asset move up.

According to the terms of other cryptocurrency systems, the block reward is limited, which causes disruptions in the functioning of the network. In the case of Bytecoin, the reduction in emission is carried out gradually, as a result, the currency is protected from “shock”.

What principle does Bytecoin work on: a clear example

User #1 has 50 BCN in his wallet. He orders an item online that costs 5 BCN, shipping included. After completing the application, the user is issued an invoice indicating the wallet number of the online store. The transfer is carried out according to the following algorithm: send 5 BCN from user wallet No. 1 to the online store address.

When active computers receive this algorithm, a check is made to see if the amount of 5 BCN belongs to user #1. Network participants are not able to check the source of receipt of these funds and the balance of user No. 1’s account. Therefore, a routine verification of the sender's signature is carried out.

Computers generate transactions that require processing. Transactions are transformed into blocks, which are standardized according to certain requirements. Therefore, each computer is involved in selecting the optimal shape for each block. According to this principle, the network is protected from false transactions.

One of the PCs selects the block structure, which is recorded in the database. After this, the new block is transferred to other network participants; this is necessary to update the version of the Block Chain database. When the operation is completed, the user whose computer selected the optimal structure receives a reward.

To buy BCN cryptocurrency, register on the exchange. The acquisition procedure resembles an exchange transaction, the user gives fiat currency and receives a cryptographic coin in return.

For more information about the Bytecoin currency, watch the video below:

When looking for suitable investment options, they usually try to invest in inexpensive altcoins with a high capitalization, since if successful they will give a lot of profit, and if this does not happen, then such investments will not bring any special losses. When considering such promising alts, you cannot miss the Bytecoin (BCN) cryptocurrency, which as of May 2018 is among the TOP 20 digital assets with the largest capitalization, although it costs only $0.00687 or 0.41 rubles.

To understand whether it is worth investing in BCN, you need to objectively evaluate the idea of ​​the project, the activity of its team, as well as the features of production, storage, purchase, etc. All these important issues are covered in the review below. After reading it, everyone will be able to decide for themselves how promising the investment will be in buying or mining the BCN cryptocurrency.

So what is Bytecoin - it is the first highly anonymous open source digital asset released on GitHub. When developing it, programmers achieved maximum anonymity and security. The BCN network allows for ultra-fast, untraceable transfers around the world.

When and how did cryptocurrency appear?

Bytecoin is a cryptocurrency operating within a peer-to-peer network launched on July 4, 2012. Since its inception, the BCN rate has been steadily rising against the dollar and ruble, and experts predict a great future for this asset.

The creators of the project successfully implemented an attempt to introduce a much more secure and anonymous token than the famous Bitcoin. It was possible to achieve an increased level of confidentiality due to ring recording technology, which eliminates the possibility of tracking the addresses of transaction participants. By the way, in 2014, as a result of the Bytecoin fork, the Monero cryptocurrency appeared, which, together with DASH and ZEC, formed the three most popular assets on the darknet.

After the first launch, the Bytecoin network was actively developed, and its creators listened to the good advice of programmers who left their comments on GitHub. Initially, the platform was based on the CryptoNote protocol from Java, but then it was transferred to C++.

In addition to transaction data, the BCN blockchain also contains other data that is not directly related to the operation of the network. For example, the locations of large universities are stored in several blocks, and the first blocks mined from 08/11/2012 contain sayings of W. Gibson and other poets and writers.

Initially, the project developed without specific plans, there was only a general direction. But on March 31, 2015, the creators released a Road Map, where they described the next steps towards the development of the project:

• creating a payment gateway capable of processing thousands of different transactions without delay;
• development of desktop GUI software;
• launching a multi-level API for integration with other software;
• implementation of a blockchain-based pseudonym scheme;
• launch of smart contracts with an integrated coding language for training programmers.

Since the launch of the roadmap, the project team has adhered to the planned steps, keeping the stated promises.

What tasks does the project set for itself?

When creating the Bytecoin cryptocurrency, the developers set the following goals:

• self-regulation of the blockchain network, inaccessible to outside interference;
• transparency of work;
• equal rights for all participants.

The financial scheme is based on a decentralized blockchain network that ensures self-control of costs for the operation of Bytecoin. This approach achieves optimal performance with high efficiency. As already indicated, the cryptocurrency blockchain is open source, so each participant becomes a member of the community, receiving the right to support, advise, develop and improve the project in every possible way.

Network protocols work in such a way that all computers connected to the network act proportionately, regardless of their capabilities and specialization.

Technical parameters of Bytecoin

BCN blockchain parameters:

• the network uses the Crypto Night algorithm, created based on the CryptoNote protocol;
• the time it takes to create a new block is exactly 2 minutes;
• the complexity of the network increases with the advent of the next new block;
• the size of the reward for miners decreases after mining the next block and is calculated by the formula: the reward is equal to MSupply-A divided by 218. Here MSupply is the designation of the atomic unit, A is the number of BCN mined;
• Each Bitcoin coin has eight decimal places;
• the maximum number of coins in the network is 184.47 billion;
• There are 183.728 billion in circulation.

CryptoNote Protocol

Bytecoin is one of a dozen cryptocurrencies that use the CryptoNote protocol, which ensures maximum confidentiality of work on the network. The creators of this technology have 10 years of experience in the field of cryptography, having managed to develop an algorithm that made a kind of revolution and influenced the entire cryptocurrency sphere.

Among the key features of CryptoNote, dubbed the Bitcoin killer:

• ring signature technologies;
• evidence of 2nd expenditure;
• one-time keys for transactions that cannot be linked;
• unhurried issue;
• adaptive mechanism for imposing restrictions;
• equality of participants within the network (egalitarianism).

Key features of cryptocurrency

Everyone is allowed to participate in the work of the blockchain network of the BCN cryptocurrency, using the power of their electronic device (PC, laptop, etc.) for these purposes. Due to this mechanism, transactions are processed in a decentralized manner, and each person simultaneously acts as a user and participant.

At the same time, everyone decides for themselves whether to invest the power of their hardware in servicing the blockchain chain, receiving in return a reward in the form of BCN, or simply buy cryptocurrency and use it to their advantage.

Conducting transactions within a peer-to-peer network

In the case of transferring ordinary money, an intermediary is required to act as a guarantor. Banks assumed the role of such guarantors. But in the Bytecoin network, all transactions are carried out directly between participants without involving third parties in this process, although the reliability of such transfers remains as high as possible.

The confidentiality of transfers is ensured by a ring signature, eliminating the possibility of determining who and where the funds went from.

Work safety

The BCN reliability indicator depends on the total amount of computing power connected to the network of computers involved in processing transactions. There is a direct correlation - increasing processing power improves network reliability.

But the cryptocurrency located in users’ wallets is already reliably protected, and the security of the storage does not depend on the degree of reliability of the blockchain chain. That is, savings are absolutely safe.

Reducing the total supply of tokens

The price of the Bytecoin cryptocurrency is gradually and smoothly increasing. This was achieved by a large number of coins, amounting to 184.47 billion, as well as by reducing the mined BCN every 2 minutes. Due to this mechanism, the Bytecoin quote rate is quite stable and is not subject to sharp fluctuations, although, of course, Pump and Dump has not been canceled.

Compared to cryptocurrencies, where there is a sharp decrease in the reward for mined blocks, emission in the BCN network decreases smoothly, excluding economic crises.

BCN issuance process

The process of generating new tokens is closed from interference. Here, issuers can use the capabilities at their disposal to mine new coins, but they do not have the right to directly influence the process.

The release of new cryptocurrency coins into circulation on the platform, on the contrary, is an open process that requires the total computing power of all participants in the BCN network. Each of the users, if desired, becomes a miner and begins to mine new coins, receiving a reward in proportion to the computing power given.

Transactions occur every 2 minutes, and miners, through their actions, guarantee the correct processing of transfers and security through cryptography methods, which eliminates the interception of data on transfers and the transfer of personal data. Therefore, all users can be calm about their financial data, since the Bitcoin network has provided them with complete anonymity.

What capabilities do platform clients have?

The BCN cryptocurrency circulates based on the principles first demonstrated to the world by the BTC blockchain, and they are strikingly different from how it is implemented in the case of fiat, that is, ordinary money.

However, the operation of Bytecoin requires a large amount of electricity and human resources, which makes it possible to level out transaction fees.

Protecting funds of network participants

The creators claim that Bytecoin is immune to any external attacks. The cryptographic protocols used in the functioning of the network cannot be hacked or bypassed. Any attempt to calculate account keys requires such a huge amount of resources that cyber attacks are simply unprofitable.

Security of personal information

One of the main advantages of using BCN is the highest level of anonymity, which absolutely eliminates the possibility of leakage of personal information regarding where and how the user received the cryptocurrency or where he sends it.

Instant transactions worldwide with no fees

The created infrastructure allows people around the world to instantly transfer funds to other network participants without commissions. All you need for this is Internet access.

Great prospects for investing in mining

The emergence of new blocks slows down over time, so the Bytecoin rate against the dollar, ruble and other assets will inevitably increase. Accordingly, investing in mining or directly purchasing coins is profitable, since in the future the price of cryptocurrency will only increase.

Lack of high hardware requirements

The Bytecoin mining algorithm is implemented in such a way that the use of super-powerful video cards and ASICs does not provide a significant advantage, since all devices connected to the network make a commensurate contribution, equalizing the rights of participants. This makes the prospect of mining beneficial for everyone.

The use of cryptocurrency in business

The BCN network offers a number of ready-made solutions for business using blockchain technology, and this opens up new horizons in establishing business cooperation. The creators of the project indicate that their digital asset is reliable and convenient for every company operating in the field of digital technologies, as well as for those who are trying to introduce something new when selling goods and services as part of building a business network.

Reducing risks when doing business

BCN cryptocurrency, due to the principles applied, promotes transparent business conduct. The platform is protected from all types of fraud, eliminating the possibility that one user will not fulfill his obligations to another. Immediately after the conclusion of a bilateral transaction, a transaction is carried out, which cannot be canceled individually. But if the parties reach an agreement, then they can return the funds by expressing such a desire.

Convenient tools for implementation in business

The BCN network is open and anyone with an Internet connection can participate. Detailed instructions and basic settings make it possible to start using cryptocurrency without difficulty.

No special knowledge is required for this, and the creators promised to help all entrepreneurs with the setup and implementation of BCN free of charge if they suddenly have any questions.

Benefits of investing

For those who are ready to support the project financially, the creators have provided special offers that allow large investors to safely and anonymously store their funds. In addition, they have schemes that make their funds work, bringing tangible profits.

How to mine BCN coins

Mining is the easiest way to become the owner of the Bytecoin cryptocurrency. Before you start mining, you need to register a BCN wallet and then select a miner program. When choosing it, you need to focus on the operating system, video card and processor used.

Among the miner programs, you can choose XMRig, available in versions for the processor, as well as video cards based on Nvidia and AMD. The advantage of this getter is that it selects the optimal settings itself.

But before using XMRig, you need to set the configuration by entering your system data in the settings. The general principle is very simple, and the following screenshot will help you get acquainted with it.

At the time of writing this review (May 2018), the following pools are suitable for Bytecoin mining:

• Bcnpool.space (zero commission);
• Bytecoin Party (zero commission);
• Minergate.com with commissions starting from 2%.

Bytecoin Party pool is especially popular. To start working with it, you need to make the following changes to the configuration file of the miner program, which is opened using the simple text editor Notepad:

1. Where there is a line with a URL address, write the following: bytecoin.party:PORT and add numbers. If mining takes place on the processor, then set 3333. If a powerful video card is used, then 5555. For farms with several video cards, set 7777, and if BCN mining occurs through NiceHash, then 8888.
2. Then enter the username. Here you simply indicate the address of your BCN wallet. How to select and install it is described below.
3. If Bytecoin mining occurs on a processor, then select the processor load in the max-cpu-usage field. It is very convenient if the computer is used for other tasks in parallel. If mining is done using video cards, then a similar parameter is adjusted through bfactor. A value of 1 for it gives the maximum load on the video card, and by setting it to 10, the CPU of the card will be loaded at a minimum.

Having configured everything properly, launch the miner in normal or background mode. As soon as a new block is mined, the pool will distribute the reward and automatically a certain number of BCN coins will fall to the wallet specified in the miner’s code.

Coin taps

In addition to mining, you can get some coins using Bytecoin faucets. You won’t earn much this way, but if you persistently collect and believe in strong growth, then something will come of it.

Among the current multi-currency faucets that distribute BCN coins are:

• 3btc.org;
• Darak.me;
• EOBOT.com;
• Faucetcrypto.com;
• Harena.space and others

How and where to buy cryptocurrency

The best crypto exchanges where you can buy Bytecoin today are Binance and HitBTC. There is the largest trading volume here, and therefore there are always adequate prices and high liquidity. On Binance, BCN is traded in pairs with Bitcoin, Ether and the exchange's native token BNB. On HitBTC with Bitcoin, Ether and Tether (USDT). That is, buying Bytecoin for rubles or dollars will not work here.

Beginning investors who are just getting acquainted with the world of cryptocurrencies and taking their first steps are recommended to first buy BTC or ETH on the Russian-language exchanges EXMO or Livecoin, where it is convenient to deposit fiat funds in rubles or dollars through the AdvCash, Qiwi payment system or directly from a bank card. Then the purchased cryptocurrency is transferred to Binance or HitBTC, and Bytecoin is already purchased there.

In addition to the mentioned cryptocurrency exchanges, BCN trading is carried out on Poloniex, Crex24, Stocks Exchange, TradeOgre and cfinex. But trading volumes here are very low, so it’s better not to take risks and work with large, reliable platforms.

You can view the current rate of Bytecoin BTC and major cryptocurrencies using the graph from TV:

Those who need the exchange rate to the dollar or ruble can use one of the many Bytecoin calculators on the Internet.

Coin wallet

To store cryptocurrency purchased or mined using mining, they usually use the official Bytecoin wallet, available for download on the official website of the project in the DOWNLOADS section.

For the convenience of users, developers offer options for all popular operating systems: Windows, MacOS, Linux and Android.

After downloading the wallet, install it in the usual way by double-clicking on the executable file bytecoinwallet.exe. After this, the required components will begin unpacking and downloading, and the Windows system will ask for permission to allow the program to access the Internet. Access must be allowed to allow the BCN wallet to sync with the mainnet. The speed of this process depends on your Internet connection. Until the synchronization ends, it is better not to touch the wallet.

Once Bytecoin wallet finishes synchronizing, it can be used for your own purposes. If you need to receive coins or start a miner by indicating your wallet number, then take its address from the top line, where it says Your wallet. If you need to send, click Send Bytecoins and indicate the address of the network participant to whom the coins are being transferred.

Cryptocurrency rate forecast

Considering that the cryptocurrency market is currently experiencing a strong decline, investors are looking at inexpensive assets that can prove themselves. Therefore, studying the Bytecoin price forecast for 2018, 2019 and 2020 will come in handy. To assess the prospects, it is worth looking at the analysis of experts from Wall Street, who predict the following price for the BCN cryptocurrency, based only on a smooth and natural rise in the rate:

• by December 2018, the level of $0.02350 is expected to be overcome;
• by the end of 2019 the price should consolidate above $0.2700;
• Well, for December 2020, experts expect a mark of 2.05 USD per 1 BCN.

That is, by purchasing cryptocurrency now at a price of 0.006847 USD, you can increase your investment by 300 times by 2020! It is important to understand that this value forecast does not include the general increase in demand for cryptocurrencies and the entry of institutional capital into the cryptocurrency market.

Simply put, if governments develop satisfactory regulations that allow hedge funds and other large financial institutions to officially enter the market, then the specified mark of 2.05 USD per 1 BCN will be reached much sooner.

Finally, we note that the project team is working actively, keeping its promises, following the roadmap, and therefore there is no reason to doubt that the forecast for the strong growth of the Bytecoin cryptocurrency will not come true. In general, you should think about mining or buying BCN for your portfolio, after which all that remains is to hold the coins, monitor the news and make sure that the project lives and develops.

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