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Bytecoin (BCN) is the first cryptocurrency on CryptoNote algorithm, launched in July 2012. BCN protects your personal data with untraceable and completely anonymous transactions, which is why it is rightly called the next generation of anonymous cryptocurrencies.
It is a fully independent currency that develops in complete isolation from Bitcoin and its forks. The basis for the creation of Bytecoin was the unique CryptoNote technology.
Since BCN users are primarily seeking to avoid advertising the movement of their finances, this digital money could not be more suitable for this. It is developed on the Cryptonote Protocol, which in itself contributes to the secrecy of monetary transactions, and plus it provides their automatic implementation. It turns out, as if 2 in 1-and a high degree of anonymity, and the smooth process of moving funds.
Features of the bytecoin cryptocurrency
Cryptocurrency Bytecoin cannot be traced, this acts as a bail technology ring signature. At the same time, the fact of the operation cannot be hidden, but the parties to the transaction (the recipient and the sender of the money) are always unknown (neither their personal data nor their location become the property of unauthorized persons).
It is difficult to determine the amount of the transaction, because the funds are sent to several disposable addresses.
As for the development of BCN, for example, adding new features, thanks to the open source code is quite possible. And in General, the potential of this currency is almost unlimited, which causes it to interest a large number of users.
The creators of this crypt declare several of its advantages and, first of all, the inability to track payments, as well as non-linked transactions. Also an important feature is, so to speak, the immunity of the currency to any attempt to analyze the blockchain. It is also important that the system is protected from double spending and has adjustable parameters.
In addition, we can not say about the deflation, that is, an increase in the purchasing power of the coin due to the fact that the index of its value is constantly decreasing (the number of coins mined). And also that, unlike Fiat money, this cryptocurrency is not tied to any country, it is international and available to all users of the Internet (however, this feature is suitable for all digital money).
Transactions of Fiat money are carried out with the help of intermediaries, banks or financial organizations. The reliability of a transaction depends entirely on the agent that is conducting it.
Transactions between users Bytecoin implemented with the help of the Internet. Transaction data is protected by cryptographic security algorithms that prevent anyone from knowing who is sending money, who is receiving it, and how much money has been sent.
Processing of Bytecoin transactions is carried out by the whole network of users. But none of the members of this network has access to transaction details. All transfers are completely anonymous.
Transaction processing requires significant computational power. Users on the network can allocate the resources of their computers to process transactions. For this they receive BCN. This process is called mining in the Bytecoin network.
Emission to Bytecoin
The issue of Fiat currencies is a closed process in which the Issuer uses its own capabilities. A third-party person cannot take part in the emission process.
Bytecoin emission is an open process that attracts computing power of all network users. Any user can join the Bytecoin network and take part in the emission process (thus becoming a miner).
Mining generates new money that serves as a reward to those who have put their computing power to process transactions.
All transactions are processed every 120 seconds. Miners verify the correctness of transaction processing and provide cryptographic protection of transactions and personal data. However, miners cannot access users ‘financial information because Bytecoin protects users’ and recipients ‘ personal information and hides the amount of transfers.
As a reward, miners receive about 65,000 BCN every 120 seconds. This approach allows you to issue new money and conduct transactions without fees.
Containment of growth
Over time, Bytecoin become more expensive because the maximum issue volume is limited 184,47 billion BCN. The number of Bytecoin released every 120 seconds is gradually reduced. As a result, BCN rises in price and the exchange rate rises.
Some other currency, sharply restricting the award for the block, you may experience interruptions in the operation of the network, but the Bytecoin emission decreases slowly, which protects the currency from economic shocks.
The reliability of Bytecoin is determined by the computing power of all computers in the network that are involved in transaction processing. The higher the power, the more reliable the network.
The mining process Bitcoin like any other cryptocurrency, is the solution of the task (computing), implemented by a processor or graphics card. It is clear that the efficiency of mining depends on the power of the equipment. Although, it should be noted that, according to many miners, the uniqueness of BCN is also the ability to produce it on relatively weak computers (only here the extraction speed will be in this case quite low).
To do the production you will need to download a special program. This can be done on different resources, the best option on the service Minergate. We remembered this site, as it is very popular, its mining program is installed on any OS and supports all without exception crypts. But you can of course choose the software of your choice.
Once you download the program for the extraction of cryptocurrency, you need to create an account, log in to the miner (enter your username and password) and choose the number of cores that you want to use in mining. That’s it, now you can earn Bitcoin.
It is impossible to say that BCN mining is a very profitable activity, but, depending on the capacity used, you can get up to one and a half thousand coins per day. This is despite the fact that in parallel will use your computer for other work. At night, production grows noticeably. Of course, the income is tiny, but in translation into Satoshi it will be about 10 thousand coins a day. Any money you can exchange for a more promising PPC or display, as previously, by exchanging, for example, Dogs.
Mining coins Bytecoin (BCN)
This cryptocurrency is attractive because it is very easy to mine on weak computers. The price is relatively stable and changes on many exchanges.