Technology is evolving every day and so is the capability of humans to execute tasks. However, there’s always space for improvement, whether it is technology or finance. Just like the changes being made into the outer world, the blockchain is no exception. Although, blockchain is one of the finest payment systems that also allows anonymous payment system, there’s still room for new methods to deliver a positive change. When it comes to make the ongoing financial system improved, it also allows the new system to establish itself with a vision to upscale the system. With one of such objectives, Bytecoin, a relatively new cryptocurrency is introduced. Today, we’re going know more about Bytecoin and its features.
What is Bytecoin?
Bytecoin is a relatively a new cryptocurrency that is introduced as a decentralized and private digital currency featuring open source code. This is one of the few coins that lets everyone to participate in the development of the currency with the help of its open source code. Where privacy and security is what Bytecoin provides, it is a one stop solution for all the new and vintage investors who wish to keep their finances unrevealed. The greatest benefit to Bytecoin is associated with its transactional velocity and the free transfer of assets. Also, Bytecoin transactions are totally unveiled and cannot be traced. Another thing that makes Bytecoin different from other fiat currency is that it is bound to internet, which makes it international. Whereas the other fiat currencies are assigned to particular territories.
Fiat currencies are directly affected with international market and their movement is always under the surveillance. When you make a transaction from one end to another, it has to pass through various intermediaries, banks and other government gateways, which makes it a piece of cake to trace the details of transaction. On the other hand, Bytecoin transactions are protected by high level cryptographic algorithms to ensure the safety and reliability over the transfer. The Bytecoin transactions are impeccable and unable to be traced. In short, Bytecoin provides you with all the features when you’re looking for a decentralized financial system.
Also Read: Things That Make Us Doubt Cryptocurrencies
What are the benefits of Bytecoin?
Although Bytecoin is a new cryptocurrency, it requires a modest number of human efforts and energy. This is the key that processes all the transactions without a transaction fee, which is quite unlike other fiat currencies and their digital analogues employ. Apart from being one of the easiest digital currencies, it provides you with ample of benefits to get started with the Bytecoin ecosystem.
- Security: As Bytecoin is a cryptocurrency, security is anyway associated with it. However, what makes Bytecoin better is its potential of not being able to be hacked due to the CryptoNight algorithm employed. Even if someone tries to locate or trace any transaction, it would need an ocean of resources that would make the the entire attack unprofitable.
- Profitable: Bytecoin emission rate is being dropping rapidly and resulting in increasing its value gradually. If you find this coin worth, you can either join the mining or buy the currency from an exchange without giving a second thought as it is highly expected to give you a better return.
- Easy mining: Unlike other cryptocurrencies, Bytecoin doesn’t require you to buy dedicated and expensive mining tools like ASIC. The BCN algorithm doesn’t benefit any added GPU power and you can mine it on your home PC and earn rewards in the form of BCN.
- FREE transactions: If you’re tired of paying unnecessary transactional fees for making transfers, Bytecoin is giving you another reason to invest in it with a zero-transaction fee. It uses a very advanced and highly developed structure that lets you make transfers without you have to pay any money or BCN in the form of transaction fee.
Overall, Bytecoin may be another new cryptocurrency in the blockchain market, it seems to have the potential to concrete the anonymous financial system. Not only the transactions and your investments are secured, the little to no transaction fee is a keypoint for Bytecoin. Unlike Bitcoin, the Bytecoin is divisible upto eight decimal places (i.e. 10^8). If you know more about Bytecoin, do let us know in the comments below along with the suggestions to help the new investors.