Dec 16, 2018 08:30 UTC
Dec 16, 2018 at 08:30 UTC
After reading the Beginner’s Guide to Bytecoin article, you may now be wondering what the cons and pros of Bytecoin are. This article is the perfect place to wrap your head around some of the advantages as well as disadvantages of this anonymous cryptocurrency based on CryptoNote.
What is Bytecoin?
Bytecoin (BCN) is a digital currency which was launched in July 2012 by individual members. It was released as the first cryptocurrency to based on the CryptoNote technology. Bytecoin was developed as a platform that can cater to global anonymous transactions at no costs. Just like Ethereum, Bytecoin is an open-source code, decentralized blockchain-based platform. As a result, everyone can be involved in the network. Bytecoin assures high privacy.
You may also read: How to Buy Bitcoin Without ID?
How is Bytecoin different?
Bytecoin was launched in the market as an anonymous cryptocurrency. How it differs from other altcoins in the market is that it is the first altcoin to be based on CryptoNote technology.
Multi-signatures are used to make it more secure. Bytecoin works with one-time cryptocurrency addresses. Unlike many other forked cryptocurrencies, Bytecoin was coded from the word go. It is crucial that you do not get confused between Bitcoin fork knowns as Bytecoins (BTE) and the Bytecoin (BCN) that we are talking about.
You may also read: How To Buy Litecoins?
What are the pros of Bytecoin?
Let’s list some of the advantages that Bytecoin has over other altcoins in the market:
- Bytecoin is the first CryptoNote technology-based Altcoin.
- Free of cost transactions.
- Bytecoin provides high transactions speeds as well as volumes. In fact, as per the claims of the developers, you will get the confirmation in less than two minutes.
- The control of your wallet is in your hands.
- The innovate security mechanism ensures that the Bytecoin Blockchain cannot be hacked.
- Privacy is in the hands of the users. Third parties can only see your information if you allow them to do so.
- Bytecoin is a decentralized blockchain platform, hence the more the users of the platform there are, the more secure the network becomes.
You may also read: How To Secure Crypto Wallets?
What are the cons of Bytecoin?
- As compared to other altcoins in the market, Bytecoin is not unique anymore as many platforms such as Ethereum provide the same services. If you would like to know what the key differences between Bitcoin and altcoin are, do not forget to read our article on the same.
- Users have reported a problem with the Bytecoin Wallet saying that it does not synchronize consistently.
Well with that comparison, I hope you can make a good choice about whether you want to invest in Bytecoin or not. The fact remains that the selling point of Bytecoin is that it was the first ever altcoin to be developed using the CryptoNote tech. The continued existence of the platform makes us believe that the cryptocurrency is here to stay for many more years to come.
Here are a Few Articles for you to Read Next: