Bytecoin (BCN) Review, Price, Market Cap and more | Coinopsy

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Bytecoin (BCN) - Onero

Though Bytecoin is one of the first privacy coins that was launched, projects like Monero, Dash and Zcash have marketed themselves better and now have higher market caps than By..
Bytecoin's current price is $0.000 USD. In the past 24 hours, Bytecoin's price has increased by +5.7 percents..
Name (Ticker)
Bytecoin (BCN)
Price (USD)
$0.000379679520178
Rank
264
Active Supply
184.1 billion
Total Supply
184.1 billion
Max Supply
184.5 billion
Volume(24H)
22068
Market cap
69.9 million
Fun Name
Onero
Meta Tags
Website Links
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Bytecoin (BCN) Chart

Pros of Bytecoin (BCN)

  • Old Coin
  • Privacy
  • Security

Cons of Bytecoin (BCN)

  • No backing (asset, profits, commodity)
  • Possible regulation

Bytecoin (BCN) Review | Coinopsy

Bytecoin is an open-source decentralized cryptocurrency allowing for untraceable payments. The cryptocurrency started circulating in 2012 and is hence one of the first, if not the very first, privacy focused coins and aims to be the best solution for those who find financial privacy to be important. Though, there are some claims in questioning if Bytecoin was already started in 2012 and not later.

  • Proof of Work
  • Ring signatures
  • Monero clone
  • Deflationary

Bytecoin is mined via a Proof of Work algorithm and blocks are produced every two minutes. Bytecoin uses a Proof of Work mining algorithm called CryptoNote and was the first cryptocurrency to start using this algorithm. The essence of the algorithm is in the ring signatures, which provide maximum anonymity. The CryptoNote algorithm is ASIC resistant which makes it easier to be mined with GPU and CPU with the purpose to decentralize the mining more than is the case with Bitcoin where mining mostly is performed in big mining farms.

Bytecoin is a decentralized cryptocurrency that focuses heavily on privacy and security. This privacy is provided by using ring signatures. Ring signatures allow transactions to be mixed and untraceable. The transaction mixing process essentially allows a sender to choose several potential signers from a pool to assure that every signer has an equal weight, so to make it impossible to decipher where the funds are coming from.

In 2014, Bytecoin forked in to a new cryptocurrency called Monero. Given that Monero is a clone of Bytecoin, Monero inherited (almost) all of its code. Though, a couple of small changes were made to the code of Monero, and more were made later. A big reason for the Monero clone was the big amount of BCN coins that were issued early on.

Bytecoins are gradually getting scarcer over time, since the emission is limited to 184.47 BCN. Every 120 seconds, with every block, the emitted Bytecoins is slightly decreasing. Bytecoin emissions are decreasing gradually, which protects the currency from economic shocks. The emission of Bitcoin, for example, decreases roughly every four years.

Bytecoin (BCN) Summary

Though Bytecoin is one of the first privacy coins that was launched, projects like Monero, Dash and Zcash have marketed themselves better and now have higher market caps than Bytecoin. Because a lot of BCN coins were issued early on, Bytecoin has lost some of its momentum and projects like Monero, Dash and Zcash have picked up on this and are now better-known as privacy coins.

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