Bytecoin (BCN) is an open decentralized and an untraceable private currency, which was launched in 2012. BCN is a payment method with no sending transaction fees. Regarding sending money, BCN offers a secure payment, which they claim the no one can hack their algorithm- set of rules that must be followed in calculations. If ever there would be one, it will not be profitable since it will take a lot of computing power. There are no fees included, and it takes 120 seconds to verify or confirm a transaction. It provides secure, easy, fast, and free transfers.
There is a total of 184.47 billion BCN tokens that are created. The BCN distribution is quite limited. There are roughly around 65,000 BCN that is fairly distributed in every 2 minutes to miners that serve as their reward, which helps in making the zero-fee transactions possible.
How does BCN works?
BCN keeps you anonymous; it hides your identity and the person you are sending the BCNs to. It uses a Crypton technology, which provides more privacy protection. It’s more fair and democratic since it is designed to be mined by the central processing unit (CPU) only, which helps in reducing the processing time down from 600 seconds to 120 seconds for BSN.
Once a particular computer receives instructions, it automatically checks if the BCNs belong to the user who’s trying to earn money from the transaction, however, the computational process will not be able to get the identity of the sender or his/her balance. The computer just mainly checks the sender’s signature.
Bytecoin video explanation
It gives more access to every day to people like you and I. This is a significant vantage over slow transaction speed of other crypto currencies, and it does not require a single dime as a fee- it’s free of cost with more reliable security. And since it is mined through CPUs, the network is more likely to work better if more people use it.
Fiat currencies like US dollar for the US, Euros for Europe, and Rupees for India are designated and assigned to a particular area or country. On the other hand, BCN is bound to the internet. Thus it is an international cryptocurrency that can be used as a global payment. It is open to anyone, and anywhere they are in the world that wants to become a BCN user.
Safety and reliability
The power of BCN relies on the computational power, the more people who take part in BCN, the more reliable their network becomes. The money that is being stored in the wallet is extremely safe, and no one will know your identity. The total computational power is based on the number of computers which are mining or transacting BCN.
One of the amazing features of BCN is that it gives you the ability to make hundreds of keys. To send to people who are about to pay you, this makes it more difficult for others to check your incoming transactions, but at the same time, it can also cause inconvenience since you don’t have a single public address.