Ever since its inception in 2012, Bytecoin or BCN has remained one of the most talked-about cryptocurrencies in the world. The private, decentralized, and open-source cryptocurrency has created quite the buzz due to its contribution to network development while maintaining financial privacy. Let us now delve deeper into the question “what is BCN crypto” and understand the features and advantages of this digital asset and its underlying technology.
The first Privacy Coin – Bytecoin or BCN
Launched in July 2012, Bytecoin or BCN cryptocurrency was developed to deliver a new, improved, and more efficient financial system that would cater to better and more advanced services at much-reduced costs.
The network found itself based on several fresh and rewarding principles, including:
- Self-regulation: The decentralized network of the Bytecoin allows self-control for costs requires in the operation of the currency, thus enabling the system to find the most optimal state offering the most efficient operations
- Openness: The open development network that BCN crypto works on allows everyone joining it to use the currency and support the system
- Egalitarianism: The network also showcases consistency and efficiency throughout, no matter what type of computers are using it – specialized or non-specialized.
Also known as the millennial token, BCN stands for never-before anonymity and security for consumers, while also being the first to operate upon the CryptoNote software algorithm.
This exclusive algorithm focuses deeply on protecting sensitive user information through what is known as ‘Ring Signature’ – a cryptographic tool that can obscure the identity of two parties involved in a transaction, making it possible for outsiders to identify the recipient and server, and thus putting personal information at risk. This is what BCN crypto prevents, prompting analysts and experts to dub it as the “next generation” digital currency.
Who can use Bytecoin?
Various types of users can deploy Bytecoins for various solutions, the primary categories being customers, businesses, and investors.
Customers, or regular users, can use Bytecoin as a safer and secure alternative to other cryptocurrencies for the storing and management of funds. Bytecoin users can send free and instant international payments, conduct anonymous transactions and support the network through crypto mining on any computer of their choice. Bytecoins are increasingly becoming a sustainable crypto option as well, for its emission rate is steadily decreasing with time.
For businesses, there are multiple enterprise solutions that Bytecoin promotes, thanks to its fair and open business ideals. Global money transfers can be handled without fees, networks and private data of customers can be protected against various degrees of attacks, and automatic chargebacks can be prevented, just to name a few scenarios.
Thirdly, investors in BCN crypto are assured greater security and privacy in terms of funds storage, transfer, and trading, with absolute safeguard for their sensitive personal and transactional information. The more you invest, the greater the chances for availing of unique offers.
What Benefits does Bytecoin have to offer?
Having been built entirely from scratch, BCN offers a range of benefits. Processing transactions on the Bytecoin network requires zero fees, and they take only a couple of minutes to complete, that too to validate the authenticity of transactions. BCN payments are untraceable, as the signature technology facilitates the signing of transactions for the given user on behalf of the group. It is this technology that makes it nearly impossible to trace where the transactions originally root back to.
Transaction data on any other wallet remains transparent as long as one has its public key. Bytecoin takes care of these discrepancies as well, delivering users with one-time addresses stemming from their public key so that the user has complete control over who can access transactional or wallet information, even something as basic as wallet balance. At the same time, the CryptoNote protocol of the Bytecoin network allows rapid designing of new blocks, with their intricacy swelling each time a new block appears.
Where can I trade Bytecoin?
Encrypted with secure cryptographic algorithms, BCN can be traded on both digital exchanges and OTC desks. Most of the popular crypto-assets exchanges such as Poloneix, OKEx, and HitBTC. With a total supply of 184.07 billion BCN currently in circulation at the time of publishing this article, BCN wallets are compatible with all common operating systems, including Windows, macOS, Linux, and Android.
However, when it comes to choosing one between digital exchanges and OTC desk crypto trading, we would place our bets on the latter. In contrast to the mainstream digital asset exchanges that act as intermediaries, OTC desks enable direct trading between the two parties. But the real question that must be answered here is – are OTC markets safe?
The increasing number of traders, investors, and volumes of cryptocurrencies like BCN in OTC markets speak highly of the platforms’ relevance and emergence already. Coming to its safety, OTC markets rely on a robust framework of privacy. Unlike exchange trades, where the personal information of traders may be masked but financial information remains accessible and subject to theft or manipulation, OTC trades offer complete opacity to any kind of sensitive data altogether.
The direct involvement of the two parties ensures that there are fewer risks involved. An OTC cryptocurrency broker will facilitate unparalleled safety and privacy for high-volume transactions, which are a characteristic of OTC markets but may not be allowed on digital exchanges. Not just this, users retain complete control over their cryptos.
Interested in BCN Crypto Trading?
A smart and strategic trading plan and well-designed risk management through a reliable OTC Desk like Secure Digital Markets can enable trading in BCN crypto even in hefty volumes with complete safety, speed, and accuracy. Get in touch with us if you want a straightforward and user-friendly trading process at a transaction volume of your choice. Give us a call today!