Inside Track on Bytecoin (BCN) Latest Developments

A Look Under the Hood

When Bytecoin (BCN) was added to Binance last week, the price of the cryptocurrency coin rapidly shot to new all time highs, attracting new investors and inexperienced traders. Being added to the exchange rocketed the market capitalization of BCN to temporarily spike to $3.4 billion. When the price quickly consolidated it led many to believe the whole listing was part of a pump and dump scheme. Digital wallets began to freeze, as the network became backed up. Even CoinMarketCap had no data regarding the coin, as the token fell from 15th in market capitalization rank to 1594th. The Bytecoin (BCN) team later announced that they shut down activity once they found at that 25% of their miners were using outdated software to mine the coin which led to bugs in the system.

Bytecoin sent a tweet out to Coinmarketcap.com:

Dear @CoinMarketCap, could you please reinstate us on your site so our users can accurately see our value? We have been trying to contact you for the last 24 hours, we have fixed the major bug in our software that caused issues for our community.

Coinmarketcap has since fixed this, ranking Bytecoin (BCN) at #17 in market capitalization.Those who called Bytecoin BCN a scam last week, are beginning to realize just how wrong they were. The BCN token is currently trading at $0.0103 with a market cap of just under $2 billion and is on the 16th rank on CoinMarketCap. While Bytecoin is relatively one of the oldest cryptocurrencies, it is slowly but surely finding its way in the market as a dominant force. BCN is truly one of the only coins we consider an actual threat to Bitcoin because of its CryptoNote algorithm which allows for mass use and adoption, not only for holders, but in the mining field.

While the Bytecoin token hasn’t hit extreme price heights of $20,000, it’s graph still shows a calm and steady uptrend. Because byte coin uses a different algorithm (CryptoNote) than bitcoin, it gives more users an opportunity to participate in the mining process. As mining becomes more profitable people start building specialized software. These machines are faster than computers, making bitcoin ineffective to mine on a standard desktop computer. When using the crypto note algorithm, they split the processing power between the GPU and the CPU, making it a little more resilient to the designing of specific systems and allowing users to mine more conveniently. Byte coin can therefore have a larger community of distributed miners.

By using a variation of the Diffie-Hellman exchange protocol, a receiver has multiple unique one-time addressees derived from his or her single public key allowing for untraceable transactions; thus making BCN a reliable coin when it comes to protecting a user’s privacy with impassive and anonymous transactions. It is a private coin that has gone under the radar for quite some time and it is just now getting the exposure it deserves. Other privacy coins like DASH and Verge (XVG) have had stronger marketing campaigns.

24 hour trading volume of BCN is currently very high as Bytecoin is one of the most traded assets on Binance right now. After the rapid growth to $0.03, BCN has settled to $0.011. Bytecoin rose by another 25% last night, leading many to believe that this could possibly be the year we see this coin reach the $1 mark. Although, Bytecoin has an extremely high total number of coins and almost all of the coins are counted toward the circulation supply, if enough users hold onto their coins, and there are inactive coins on the sideline, in theory, the asset could be pumped to unusual levels.


Bytecoin (BCN) Chart source: coinmarketcap.com

Now ranked in the top 20 spot in market capitalization, many holders of the coin are already up on their investment – except for those, of course, who bought at the all time highs of the finance listing. However, those who bought at $0.03 do not need to worry much; 2018 could possibly be the year we see another historic bull market in cryptocurrency market leading into mainstream adoption


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