Release date: 2012
Current price: 0.004208 $/ BNC
Maximum total supply: 184,470,000,000 BCN
BCN is the most traded on HitBTC exchange (BCN/BTC accounted for 83.12%) Poloniex exchange (BCN/BTC accounted for 15.16/%) Vebitcoin…
BCN price list since the floor.
On June 19, 2014 BCN was traded at $0.000061 / 1 BCN
What is Bytecoin?
Bytecoin is a private non-mineable and secretive digital currency launched in 2012 and is an enterprise-first solution.
Bytecoin is a decentralized open cryptocurrency. Anyone interested can join the Bytecoin network and participate in the development of the currency. Just like on the Internet, Bytecoin is international in nature.
Bytecoin enables safe and secure transactions globally and provides the convenience of free money transactions.
To distinguish the Bytecoin network from the Bytecoin currency, this currency is called BCN. For example, the current Bytecoin emission rate is 65,000 BCN every 120 seconds.
Bytecoin is an open cryptocurrency. So anyone willing to become a user of the coin and voluntarily participates in the operation of the network. The only thing you need to do is download special software that will create a wallet for you. With the help of this software you will be able to send money to other users and receive payments from them.
The Bytecoin algorithm does not allow other users to know your wallet balance, you send money and where you receive the funds from.
You can participate in network activity by allocating your computer’s computing power. Due to this mechanism, transaction processing is decentralized, allowing one to be not only a user but also a participant.
There are two ways to get Bytecoins: mine Bytecoin or buy BCN directly on exchanges
Fiat money transactions between people are done through a middleman, bank or financial institution. Transaction reliability is guaranteed by an agent that executes the transaction.
Transactions between Bytecoin users are done through the Internet. Transaction privacy is protected by secure cryptographic algorithms, whereby no one can determine who sent the money, who the recipient was, and what amount was transferred.
Bytecoin transaction processing is performed by the entire network of users. However, none of the participants have access to the transaction details. All transfers are anonymous.
Transaction processing requires a significant amount of computational resources. Users participating in the network can allocate computer time to process the transaction. As a reward they get BCN. This process is called mining – Bytecoin Mining
Bytecoin issuance process
The issuance of fiat currencies is a closed process where an issuer is implementing its capabilities. Cannot participate in the emission process.
Bytecoin emission is an open process that utilizes the computing power of all network members. Any user can join the Bytecoin network and participate in the emission process (thus becoming a miner).
Mining in the network results in new coins, which serve as rewards to users for using their computing power to process transactions.
All trades are executed every 120 seconds. Miners ensure that transactions are processed correctly and provide cryptographic protection for transactions and personal data. However, miners cannot access users’ financial data because Bytecoin protects the identities of senders and recipients and hides the amount transferred.
As a reward, miners get about 65,000 BCN every 120 seconds. This approach allows for new coin issuance and zero-fee transactions.
Reduced Bytecoin issuance
Bytecoins gradually become more expensive over time, as emissions are capped to 184.47 billion BCN. The number of Bytecoins emitted every 120 seconds decreases slightly. As a result, BCN increases in value and increases in exchange rate.
While currencies with steep drops per block are experiencing a reduction in network power, Bytecoin emissions are dropping slowly, which helps insulate the coin from economic shocks.
Fiat currencies are assigned to specific territories while Bytecoin is bound to the Internet and therefore international by its very nature.
Bytecoin has formed its own network consisting of users who use Bytecoin to settle together. The Bytecoin network is open and anyone willing to join is welcome to become a user of the Bytecoin coin.
Safe and reliable
The reliability of Bytecoin is determined by the sum of the computing power of all the computers involved in processing the transaction. The more processing power, the more reliable the network.
To do so all funds stored in your wallet are protected during transaction processing and safety does not depend on network reliability. Your money is still safe.
How does Bytecoin work?
Example: John has 30 BCN in his wallet. He wants to order pizza to his place costing 1 Bytecoin, tax and delivery.
John ordered on site. Soon after, he received a BCN invoice containing the address of the Bytecoin handbag. John transmits the following instruction to the Bytecoin network: send 1 BCN from John_address to the pizzeria.
When each computer in the network receives this signal, it checks to see if this BCN John wants to transfer really belongs to him. However, a computer could not figure out who transferred this BCN to John, nor his balance. The computer only checks the match of the sender’s signature. It has no access to personal data.
Each computer in the network collects the transactions that need to be processed and packages them in a block. Each block has to follow specific rules, which is a difficult task to solve. Therefore, each computer in the network works to compute the appropriate transaction block form block. This is required to protect the network from transaction spoofing.
At some point one of the computers in the network may be lucky enough to find the correct block structure. This computer then places the block in its blockchain file, which represents the database for all the transactions performed. This computer then broadcasts the new blocks to all other computers in the network so that they can also update their blockchain files. The transaction is complete and the owner of the computer who is the first to figure out the correct block structure receives the reward.
After the transaction is done, 1 BCN belongs to the bakery and no longer to John. The Bytecoin blockchain contains all the data needed for the pizzeria owner to use BCN 1 for his own purposes.
The whole process takes about 2 minutes, and the pizzeria owner will get paid even if he starts cooking John’s pizza. Furthermore, to get paid with Bytecoins, he only needs a computer with Internet access. No fees, no middlemen.
You can easily convert Bytecoins to US dollars and vice versa through the exchange.
Lock time: 120 seconds. It takes 120 seconds to check the authenticity of a transaction and process it. This time is used to apply cryptographic algorithms and make secure payments.
Total coins: 184.47 billion BCN. Bytecoin emissions are limited. Every 120 seconds a new batch of about 65,000 BCN is emitted and distributed among miners is the reward that makes zero-fee transactions possible.
Instructions to create a Bytecoin wallet
To create a Bytecoin wallet, click https://bytecoin.org/downloads/, then select the wallet according to the OS you are using, and download the wallet.
After downloading the wallet, extract and run the .exe file to start, the program will automatically create a wallet for you
The first thing you need to do is set a password for the bytecoin wallet (Click Set Password) and back up the bytecoin wallet (Click FILE/backup Wallet).
To be able to send and receive Bytecoins, please wait for the blockchain wallet to sync (the process takes quite a while).
Because the synchronization process takes quite a long time, I think it is best for you to transfer Bytecoin to Bitcoin,
Follow the Twitter page | Subscribe to Telegram channel | Follow the Facebook page