Bytecoin cryptocurrency guide advises where to buy and how to buy Bytecoin. This guide also contains the markets, value, trading, investing, buying, selling, transactions, blockchain, mining, technology, advantages, risks, history, legislation, regulation, security, payment, networks and many other interesting facts about Bytecoin as well its status in the world of cryptocurrencies.
Bytecoin (BCN) which is the first cryptocurrency established on the CryptoNote technology was initially launched in July 2012 with an open source code that is modeled for an undisclosed cash settlement. Bytecoin is a comprehensive independent currency, evolving separately from Bitcoin and other cryptocurrencies. The CryptoNote technology is exclusive, and it is the major basis for the establishment of Bytecoin (BCN).
- 1 What Is Bytecoin?
- 2 Beginner's Guide to Bytecoin
- 3 Where and How to Buy Bytecoin?
- 4 Bytecoin Markets
- 5 Where to Spend or Use Bytecoin?
- 6 How Does Bytecoin Work?
- 7 Bytecoin Regulation
- 8 Is Bytecoin Secure?
- 9 History of Bytecoin
- 10 Bytecoin Videos and Tutorials
- 11 See Also
What Is Bytecoin?
Bytecoin, the original undisclosed cryptocurrency is a private, untraceable and disperse cryptocurrency. Bytecoin is an open source software, and it allows everyone to be involved in the Bytecoin network evolution. Bytecoin is naturally designed to be privately, and security optimized, and thus, made it safe and comfortable for people to use without them having a doubtful mind. These attributes prove to be the best quick fix for people who intend to preserve their financial privacy and confidentiality.
Bytecoin which is bound to the internet reveals itself to be a complete anonymous altcoin with some unique features. Bytecoin Network provides instant private transactions all around the world, and they are untraceable and don’t require any additional fees. Bytecoin is mainly used for anonymous business purchase, and some of its quality services include;
- The Bytecoin network is highly efficient and fast as the internet. Thus, it takes little time to process payment.
- Bytecoin protects user’s data and do not reveal user’s sensitive information to third parties. Only users have the right to decide on what they want to do with their data and if they should share their information with third parties or not.
- Bytecoin is highly secured, and it safeguards user’s money with modern crypto algorithms which cannot be hacked. The founders of Bytecoin argue that for cryptocurrency to be penetrated or attacked, it will require a lot of expensive electricity and the computing power of data processors.
Beginner's Guide to Bytecoin
As a beginner, it’s important for you to know that cryptocurrency transactions can either be made publicly or privately, traceable or untraceable depending on the cryptocurrency platform. Bytecoin (BCN) exhibits private, and untraceable transaction attributes like the popular Monero (MXR) while Bitcoin (BTC) exhibits the public attributes.
Bytecoin (BCN) was developed from scratch, and it doesn’t in any way relate with a fork of Bitcoin which is known as Bytecoin (BTE). BTE is 1:1 copy of Bitcoin while BCN is an independent cryptocurrency with a sophisticated level of technology.
The developer of BCN didn’t reveal their identity till date thus making it more complicated for people to know who they are. Traders have the wrong belief in Bitcoin thinking it is an untraceable digital money like Bytecoin. Probably they mistook Bytecoin (BCN) for Bytecoin (BTE) which is the copy of Bitcoin. Bitcoin main idea started with making ‘all transactions publicly’ on the Blockchain for people to see it. Anyway, this is a good innovation because it helps to keep track of transactions and make the process transparent.
DIFFERENCES BETWEEN BYTECOIN (BCN) AND BYTECOIN (BTE)
BCN was released in 2012 with the idea to make your digital money untraceable, save and keep your transactions in private. BCN was designed on cryptonote protocol and algorithm. BTE on other hand was released 2013 as a further improvemnet on the well-known Bitcoin. Transactions on BTE are publicly viewed just like the operational mode of Bitcoin. BTE was designed on SHA-256 Algorithm.
Where and How to Buy Bytecoin?
- WHERE TO BUY BYTECOIN?
Advancement in technology has made it easy for us to carry out transaction activities successfully in the currency exchange market. Currency exchange market also is known as Foreign exchange market can be defined in the simple term as the act of changing or trading one currency into another currency, either for business activities, tourism or other dealings. With these exchanges, it’s convenient to get our desire Bytecoin (BCN). Bytecoin (BCN) can be purchased directly with cryptocurrency (Ethereum) through Exchange like Coinbase, Cex.io, Coinspot and Coinmama. Now, we will look at steps on how to buy Bytecoin from the reliable source because there are a lot of scammers and hackers who try to penetrate your account and steal your crypto coins if you click into the wrong link. On this note, It is essential that you ensure that the Exchange URL’s you want to transact your cryptocurrency look correct.
- HOW TO BUY BYTECOIN?
The procedures below explain in detail on how to buy Bytecoin.
- The first thing to do when you want to buy Bytecoin is for you to create a wallet to store the BCN coins. Bytecoin offers different types of wallet on its official wallet website for you to store your coin and this includes Desktop wallet, Web wallet, Mobile wallet, Bytecoin RPC wallet and Bytecoin reference client. Each wallet has its specification and features that will be compatible with the device you want to use it on. Some of these wallets features are Linux (deb), Linux (rpm), Windows 64-bit, Windows 32-bit, OS X (dmg), OS X EI Captain (dmg) and source code. So, choose the wallet that is compatible with your computer, then click on it and download the file.
- After you have downloaded the file, open it. It may be a .zip file, which means that you should unzip the contents wherever you intend to store the wallet, such as desktop, downloads and so on. Open the file named ‘Bytecoin wallet’ in your new wallet folder. It’s likely you get a warning response stating that ‘The publisher could not be verified.' Just click on ‘RUN.'
- Ensure you permit your computer’s firewall to allow the Bytecoin wallet access the internet. The reason is that the wallet can only work perfectly when it is connected to the internet.
- The Bytecoin wallet is now accessible. When you open, it will sync the blockchain for the first time. You need to exercise patient here because the process will take some time. Fortunately, you can gain some coins to your wallet during this process. It is essential first to set up a password you can never forget to protect your wallet. If possible, treat your password like your daily manner because once you forget or lose it, you will not be able to log in to your wallet again that’s the end of your coin. Kindly do the needful.
- The Bytecoin system 'backup your wallet file in case you have issues with your computer or something happens to the hard drive of your computer. Also, try to reserve your file to somewhere that is safe (External drive is not bad too).
- Check for the option ‘COPY ADDRESS’ at the dashboard of your Bytecoin wallet. Click on ‘Copy address’ (which is your wallet address) and save it somewhere that is safe on your computer because we will also need it in the process of purchasing Bytecoin. Now, we will purchase Ethereum (another popular cryptocurrency), so we can exchange it for Bytecoin through Exchange platform like Coinbase, Cex.io, Coinspot and Coinmama. So, Let’s keep calm and observe the process of purchasing Bytecoin from some of these Exchanges.
- Coinbase: This is regarded as the world’s most famous platform to buy and sell Ethereum, Bitcoin, and litecoin. It’s regulated by the United States Government, and they follow strict financial rules. Coinbase takes Identity verification very serious, and these strict measures have made them gained the heart of traders in the currency exchange market for being trustworthy in the conversion of fiat currency to cryptocurrency. Below are the guides to follow.
- Sign up on Coinbase and register with your real information that is on your photo identity card. You must upload the photo ID card, add your phone number and verify debit/credit card or bank account for your account to be verified, and you can purchase Bytecoin.
- After you have been verified, go to Coinbase dashboard and click on ‘Buy/Sell.' Select ‘Ethereum,' and ‘choose how many coins you intend to buy’ or ‘how much you want to spend in your local currency.' Once you feel great about it, confirm your purchase by clicking on ‘confirm buy’ button. Your Ethereum purchase has been successful at this stage, but do not close the Coinbase as we will soon need it to complete our process.
- Now, we have the Ethereum which will be converted to the Bytecoin we need. We will proceed to the site ‘Changelly.' Here, you will know the conversion rate of Ethereum to Bytecoin. So, enter the amount of Ethereum to you want to exchange in the Ethereum box and you will see the equivalent amount of ‘Bytecoin’ you will receive in the ‘Bytecoin’ box. Once you feel great with this, click on the attractive big ‘Exchange button’.
- ‘Changelly’ will then redirect you to sign up with your email address or your social media.
- You will see a confirmation page after your signing up for you to verify your transaction again so that you are sure of what you are about to do. Then click ‘NEXT.'
- Here, you will enter your wallet address in the ‘BCN ADDRESS’ box. The wallet address is the address you copied earlier under subtitle ‘How to buy Bytecoin – step 6’?. That’s great. So, copy your ‘wallet address’ and paste into the ‘BCN ADDRESS’ box here and click ‘NEXT.' You will be notified that you didn’t provide a payment ID but don’t be disturbed because your wallet doesn’t need it before it can accept coins. Press ‘NEXT’ again.
- Look at the transaction details again and ensure they are correct. Please take your time to confirm this so that you do not make any mistake. If you are sure of yourself, press ‘confirm and make payment.’
- You will be given an address to send your Ethereum to. Copy this address (also known as the Ethereum wallet address) and return to Coinbase.
- On Coinbase, click on ‘ACCOUNTS’ from the top menu and locate where ‘Ethereum wallet’ is listed. Click on ‘SEND.'
In the ‘Recipient’ box, PASTE the ‘Ethereum wallet address.' Also in the ‘Amount’ box, ENTER the amount of Ethereum you want to send, or you can simply click ‘USE MAX’ if you want to send all the Ethereum.
Click on ‘continue’ and follow any other instruction if stated.
Follow the instructions until it confirms that the Ethereum are sent. ‘It will take between 5mins – 30mins for the coin to be transferred from Ethereum to Changelly’.
There is no need for you to refresh the page because the Changelly page will update automatically.' During the automatic update on Changelly, you will be notified of these three steps of conversion which are
- Waiting for payment
- Sending to your wallet
Just relax and watch. Once the transaction is successful, you will see the confirmation on the screen. Do not close the page yet.
Go to your ‘Bytecoin wallet’ once it has fully synchronized with the blockchain and check if your coins are there.
This synchronizing process can take hours for it to synchronize completely. You can leave your computer and let the process finish patiently. Your coins should reflect on your wallet balance after this process but if the coins do not reflect, go back to the ‘Changelly exchange page’ and click on ‘Having troubles?’ box at the bottom of the page and follow the instructions. Here we are, no more panic as we can now buy ‘Bytecoin’ successfully using Coinbase Exchange.
This looks great, right? Let’s also consider the procedures involved when we want to buy Bytecoin using Cex.io exchange.
- Cex.io: This is an online digital/crypto currency exchanger that is used for the trading of cryptocurrency for fiat money. Fiat money means merely the currency that has been announced by Government officially to be legal tender. Examples of a fiat money include USD, GBP, EUR, and RUB. Below are the steps to follow when we want to buy Bytecoin from Cex.io.
- Go to the Cex.io website, register an account there with your email address and a secure password. After filling your details for registration, do not forget to click on the ‘CHECKBOX’ to agree to Cex.io terms and conditions.
- A 2-factor authentification would be required for the new account you created. This step is essential, and you are advised not skip it as the 2-factor authentification gives more protection to your account. The ‘Smartphone App’ option is highly recommended by us for this process.
- Cex.io will redirect you to your dashboard after you have completed the authentification process. A message will be sent to your email address to verify your account after which your email will be confirmed, and your account can now function efficiently.
- Your User ID will be displayed at the top menu on your account, look for it, move your mouse over it and ‘click on verification’ in the drop-down menu. Merit all required details (like uploading of ID card, personal information) by Cex.io to Complete the verification process.
Note that you will always be asked to verify your identity on every exchange and transaction here for security purpose.
- After you have been verified, CLICK on the ‘Deposit’ button at the top menu and choose your preferred mode of payment. Cex.io required payment platform include using Credit/Debit card or Bank transfer. Credit/Debit card payment attract charges, but it is very fast and can make you buy instantly while payment using Bank transfer has no commission but will take a few days for the transfer to reflect in your account.
- Once your money has reflected in your account, click on ‘Buy/Sell' on the top menu of Cex.io.
Select ‘Ethereum,' and ‘choose the currency you prefer to buy it in (USD, GBP, EUR or RUB).
Cex.io will offer you some precalculated amount of Ethereum or you can enter the amount of Ethereum you want or buy. To do this, go to the bottom of the page, click on the ‘CUSTOM AMOUNT’ box, then INPUT the amount.
Once you feel great about it, confirm your purchase by clicking on ‘confirm the order’ button.
Congratulations- You now own some Ethereum! Press Ok and proceed.
- Now, we have the Ethereum which will be converted to the Bytecoin we need. We will advance to the site ‘Changelly.'
Here, you will know the conversion rate of Ethereum to Bytecoin. So, enter the amount of Ethereum to you want to exchange in the Ethereum box and you will see the equivalent amount of ‘Bytecoin’ you will receive in the box marked ‘you get.'
Once you feel great with this, click on the attractive big ‘Exchange button’.
- ‘Changelly’ will then redirect you to sign up with your email address or your social media. You will see a confirmation page after your signing up for you to verify your transaction again so that you are sure of what you are about to do. Then click ‘NEXT.'
- Enter your wallet address in the ‘BCN ADDRESS’ box.
The wallet address is the address you saved earlier. That’s great.
So, copy your ‘wallet address’ and paste into the ‘BCN ADDRESS’ box here and click ‘NEXT.'
You will be notified that you didn’t provide a payment ID but don’t be disturbed because your wallet doesn’t need it before it can accept coins.
Press ‘NEXT’ again.
- Look at the transaction details again and ensure they are correct. Please take your time to confirm this so that you do not make any mistake. If you are sure of yourself, press ‘confirm and make payment.'
- You will be given an address to send your Ethereum to. Copy this address (known as the Ethereum wallet address) and return to Cex.io.
- On Cex.io, press ‘withdraw’ from the top menu and locate where ‘Select currency and amount’ is listed. Click on ‘USD' and select Ethereum (ETH) in the drop-down menu.
In the ‘Enter the recipient’s address below’ box, Paste the ‘Ethereum wallet address.' Also in the ‘Amount’ box, enter the amount of Ethereum you want to send, or you can simply click ‘use max’ if you want to send all the Ethereum.
Once you have cross-checked every information you entered, click the ‘check’ box to confirm again. If you feel great with this, press ‘Withdraw.’
- You will be required to supply a 2-factor authentification number. Select your preferred method to generate this as Cex.io will give you options to select. Press ‘Confirm’ and proceed.
- Cex.io will send a confirmation link to your email to confirm your transaction. Your coins will be send during this process.
‘It will take between 5mins – 30mins for the coin to be transferred from Ethereum to Changelly’. There is no need for you to refresh the page because the Changelly page will update automatically. During the automatic update on Changelly, you will be notified of these three steps of conversion which are
- Waiting for payment
- Sending to your wallet
Just relax and watch. Once the transaction is successful, you will see the confirmation on the screen. Do not close the page yet. Go to your ‘Bytecoin wallet’ once it has fully synchronized with the blockchain and check if your coins are there. This synchronizing process can take hours for it to synchronize completely. You can leave your computer and let the process finish patiently. Your coins should reflect on your wallet balance after this process but if the coins do not reflect, go back to the ‘Changelly exchange page’ and click on ‘Having troubles?’ box at the bottom of the page and follow the instructions. Here we are, no more panic as we can now buy ‘Bytecoin’ successfully using Cex.io exchange. Happy Trading!!!
Bytecoin Wallet is used to store, receive and send Bytecoin. Bytecoin wallet has a different wallet, and each wallet has its compatibility features which must be compatible with your computer. The following are the various features of Bytecoin wallet that are available; Linux (deb), Linux (rpm), Windows 64-bit, Windows 32-bit, OS X (dmg), OS X EI Captain (dmg), and source code.
For you to enjoy a steady and smooth transaction, choose and download the file of the wallet type that is compatible with your computer and install it. Kindly go through the procedures we discussed earlier in this article under ‘How to buy Bytecoin, step 1 - 6’ for you to know more about Bytecoin.
Where to Buy Bytecoin with Credit Card?
Bytecoin can be purchased with a Credit card on Changelly and Luna Exchange. Adequate information will be supplied to you through these sites when you want to make transaction.
Where to Buy Bytecoin with PayPal?
Bytecoin can be purchased with PayPal on Luna Exchange. Adequate information will be supplied to you through this site when you want to make transaction.
How to Buy Bytecoin with Wire Transfer?
Buying of Bytecoin using wire transfer depends on the Exchange platform you are trading with whether they accept wire transfer or not. We can buy Bytecoin using wire transfer from Coinbase and Cex.io. In a simple term, wire transfer is a method of transferring money electronically from one entity or person to another. It can either be processed from one financial institution account (bank account) to another or via cash at a cash office. Some Exchange offers specific types of transfer like ACH Transfer (United States) or SEPA (Single Euro Payments Area) for Euro bank transfer.
Using Coinbase: You will be required to sign up on Coinbase with your real information as it is on the identification card. You will then register your mode of payment which is Wire transfer. All other information to be supplied will be made available to you on the site, and you can then proceed with your transaction as we have discussed under the earlier on ‘how to buy BYTECOIN using Coinbase.'
If you are purchasing BYTECOIN from the United States, you will connect your bank account through ACH bank transfer during your payment registration while those buying from Europe will link their bank account via SEPA transfer. Buying Bytecoin using ACH payment takes 5days for your coins to be reflected in your wallet while with SEPA payment, your coins will be delivered within two days. Coinbase charges on all transaction are 1.49%.
Using Cex.io: The method here is similar to that of Coinbase. The difference is that you will be required to provide a lot of personal details every time you want to make transaction which can delay the process and made it more stressful. Transaction charges are as low as 0.2%. All other information to be supplied will be made available to you on the site, and you can then proceed with your transaction as we have discussed under the earlier on ‘how to buy Bytecoin using Cex.io.'
Where to Sell and Trade Bytecoin?
For you to sell and trade your Bytecoin (BCN), you will trade it with other cryptocurrency (Bitcoin, and Fiat currency) via the Exchange companies. Below are list of some Exchange companies where you can trade your Bytecoin with another money. They are
Be aware that these companies offer different conversion rate for Bytecoin. So, don’t get a flare up if their rate doesn’t fit in with your budget.
How Much Are the Transaction Fees of Bytecoin?
The transaction fees of Bytecoin depends on the Exchange company. The transaction fees are not stable because it is dependent on the rate of demand and supply by users.
Bytecoin’s market is the online trading market where you purchase goods and services and make your payment using Bytecoin. Bytecoin is good for transaction because it is convenient to use, safe and its method of payment is highly secure. Some merchants such as Allthingsluxury, Benteachai, Gabo, Sakama, LeBytecoin.fr, and Bytecoinmarket accept payment made with bytecoin from their clients.
Value of Bytecoin
Owing to the level of security and private attributes of Bytecoin, you can substitute each unit of a cryptocurrency for another. Bytecoin price is dependent on the highest amount of Bitcoin and the highest rate of BCN/BTC exchange in the digital currency market. Detailed information from Coinwarz on Bytecoin will be summarized below
Is It Profitable to Invest in Bytecoin?
Bytecoin has lost its credibility in the trading market since it has was rumored that Bytecoin was premine but there is no proof to verify the allegation. Mining of Bytecoin and holding onto the coin may be profitable if you are patient. This further depends on what you are using for its mining and it’s advisable to have in mind that payouts are shrinking as you approach the coin limit and this may hinder your plan to mine for a longer period.
Where to Spend or Use Bytecoin?
Bytecoin is primarily designed for undisclosed transactions, and it can also be used for payment in some online stores. Bytecoin can be used in exchange for other cryptocurrency using the Exchanges. Some Merchants like Gabo, Sakama, LeBytecoin.fr, Bytecoinmarket, Allthingsluxury, and Benteachai do accept Bytecoin for the payment of goods and services carried out on their websites. BytecoinCasino, a gambling site allow users to play online with Bytecoin.
Can Bytecoin Grow to Become a Major Payment Network?
Yes, it is realizable. Bytecoin is becoming more relevant in the market due to its unique attributes and the comfort you tend to enjoy when using it for transactions. Bytecoin are very fast just like the internet, efficient and process transactions successfully within 2mins. Bytecoin is known for some unique attributes which are security and protection. Bytecoin keep your information intact and safe and also give you the right to decide for yourself when third parties are involved. With Bytecoin, your money is in safe hands because Bytecoin uses the modern crypto algorithms which cannot be hacked to protect your account. Investors/traders always want a platform that will make payment comfortable for them and won’t reveal their business transactions publicly because of security issues. So, I believe an independent platform like Bytecoin will soon be accepted as one of the major payment networks in the business world.
How Does Bytecoin Work?
Bytecoin mode of operation is similar to other cryptocurrencies, the only difference is that it’s just more anonymous. It’s dependent on Bytecoin network which acts as the intermediary during payment transactions from the buyer bytecoin wallet to the seller wallet. Let’s assume you order for jewelry worth 2 BCN in the store for delivery. You will get a 2 BCN bill containing the jewelry Bytecoin wallet address that you order for. For you to actualize this payment from your Bytecoin wallet, you will send this instruction to the Bytecoin network: “send 2 BCN from my address to jewelry address”.
This instruction is received by each computer in the Bytecoin network, and these systems collectively verify if the amount (2 BCN) you are about to transfer belongs to you. This is so because Bytecoin network doesn’t have any idea of how you are in possession of 2 BCN initially since Bytecoin is anonymous. The system only checks for the conformity of your signature since it has no access to your personal data.
Each of the computers in the Bytecoin network gathers all transactions that need to be processed into a block form with the blocks adhering to specific rules. The computers in the Bytecoin network calculates convenient transaction block form needed to safeguard the network from fake transactions. In the end, one of the computers in the Bytecoin network discovers the precise block structure which in turns add another block to the blockchain.
It takes 2 minutes for each block processing to be complete. During this period of processing, the computer checks for the authenticity of the transaction to be made and process it. At the end of 2 minutes, the owner of the jewelry is now in possession of your 2 BCN.
Current updates indicate that 184.47 billion BCN are in circulation in the trading market and about 65,000 BCN are added every 2 minutes to reward miners.
Does Bytecoin Use Blockchain Technology?
Yes, it does. The blockchain works with the Bytecoin software to make it efficient and fast. You will download the blockchain file and install it. Let’s look at the steps below after you have downloaded and installed the blockchain file.
- unload the downloaded archive
- Move the extracted files to the classic Bytecoin folder (you can replace the existing files if necessary).
- Relaunch your Bytecoin software
Bytecoin is the first cryptocurrency built with the CryptoNote technology and it’s the future cryptocurrency for next generation. The ring signatures technology is used to provide Bytecoin with completely anonymous and untraceable transactions. It is important to know the following when mining Bytecoin.
- Modular code base: Build your application easily with Bytecoin source code modules. The code base was designed with the state-of-the-art standards and technologies. It's up to you whether to use Bytecoin out-of-the-box or modify its code to fit your own requirements. Playing around with Bytecoin features is a great experience.
- Multisignature: Bytecoin API (Application Programming Interface) provides access to multi-signature functionality. In simple terms, it requires few parties involved in transactions to sign it in order for the funds to be released. Multisig allows for the creation of native escrow services, foundation board wallets, and services with other sophisticated money transfer requirements.
- Powerful and flexible API (Application Programming Interface): Bytecoin API is multi-purpose and multi-layer to suit your particular needs. You may seamlessly integrate Bytecoin payment solution or build your own mining and wallet applications with the high-level API which provides you with the access to the core Bytecoin functions.
This guide reveals some of the ways Bytecoin can be mine either with a CPU and Graphics processing design (GPU) and as well as how to solo mine Bytecoin Pool mining with CPU: Mining pools are group of people ( originally known as miners) working together as a team to mine bytecoins and share the rewards based on the hash rate/stake everyone contributes. The first is to consider in pool mining is that you must a find a pool (i.e direct mining using website or software mining) to mine on. Bytecoin UK, Bytecoin-pool.org and Bytecoin Party are some of the mining pool websites to mine bytecoins. They charge 0% fees on mining and they offer unique packages to Miners. Each pool site has its port numbers and this can be found on the site. Softwares like Minergate GUI and Xmrig are considered as one of the software to mine bytecoins.
- Minergate GUI miner: The simplest way to mine BCN through the multicurrency mining pool with easy-to-use GUI miner is described below:
- Download the minergate GUI miner for your particular Operating System on the Minergate website by clicking on download on the top menu on the dashboard
- Create a minergate account with your email.
- Open the GUI app and login with your email account.
- Select BCN under “mining” and how many CPU cores you want to dedicate to mining
- Select "start mining"
Yes! You got it right. You are now mining Bytecoin on pool.
- Xmrig: This is another exclusive CPU mining software and it is presented in different versions.
- Download the xmrig miner for your particular Operating System on the xmrig website.
- Open up your configuration file after you have successfully downloaded and installed the app on your device
- Set how much CPU the miner can use
- Enter your wallet address in the user section and ensure the password field is empty
- Under the URL (Uniform Resources Locator) section, enter the mining pool of your choice with the port number.
- Then “start xmrig”.
You are now mining bytecoin with your CPU
- Solo Mining: Solo mining bytecoin is quite simple and easy to operate. Kindly note that solo mining is not profitable as compared to pool mining nor is it recommended for mining because it only uses CPU and it will take a longer time to solo mine just a block. The reward is not steady and most times, the entire reward is not guaranteed. The steps to Solo mining are as follow;
- Download Bytecoin simplewallet and Daemon on Bytecoin downloads page.
- Set up the Bytecoin daemon so that it can begin to synchronize with the Bytecoin network.
- Once it is done synchronizing, open the simplewallet and create a wallet file.
- To start mining bytecoin, run this ‘command’ below in the daemon; start_ mining your wallet address
- Pool mining with GPU: The process of mining bytecoins here is more tedious and this also depends on your graphics card. You will need to download one of these miners; fireice-uk/XMR-stak-amd or fireice-uk/XMR-stak-nvidia. These two miners both have configuration (config.) files, and the guide to mining is as follow.
- Start the miner up so that you can receive your GPU config. details
- Copy the details and open your config. File
- Replace the GPU conf. null with your mining config. details
- In the config. File, enter your pool URL and port, and wallet address (ensure that the password field is empty)
Other Miners that can be used as an alternative if the above-recommended software does not work are Mega.nz and tsiv/ccminer-cryptonight. There is no need for config. files here, the only thing require from you is to drag the ‘.exe’ into a terminal and enter the command below for your respective choice of miner:
AMD miner: -o stratum+tcp://yourpoolurl:poolport –u “your_wallet_address” –p x
Nvidia miner: -o stratum+tcp://yourpoolurl:poolport –u “your_wallet_address” –p x
Then run the miner after you have entered the command in the given format above and start mining.
What Are the Advantages of Bytecoin?
Bytecoin promotes itself as an absolute anonymous altcoin which exhibits various special features. Bytecoin has some advantages which traders tend to benefit from business activities aside from its untraceable token features. Bytecoin cryptocurrency has its operational principles which are entirely different from the one's fiat currencies and their digital correspondents make use. Bytecoin traders are classified as follows; Being a customer, Being an investor of bytecoin and/or for Business purposes and each with specific benefits which will be listed later. It’s your quick start with one of the most accessible, easy-to-use, and easy-to-learn digital currency chain to be part of the Bytecoin ecosystem.
Bytecoin for customers:
- Your money is safe with Bytecoin
- It safeguards and protect your Personal Data
- Bytecoin is easy to mine on an average computer
- Instant International Zero-fee money transfers
- Reliable investment of your resources
Bytecoin for Business:
- Bytecoin protects your money
- Instant International Zero-fee money transfers
- It reduces your business risks
- It protects your Private Data
- It is easy to use, and it is a convenient tool for your business
Bytecoin for Investors: Bytecoin gives rooms for investors that are in search of private and sustainable project to consider Bytecoin as one of the relaible option for investment. Bytecoin annual dividend cover both BCN and USD profits and it also help investors to store their funds in a secure and private way.
- Safety: Only you have the access to your investment
- Transactions are always in private
- Big investors have access to more unique options to make more money
- International payments are fast and charges free
- Funds are reliably secured
- Your personal data is safe
What Are the Risks of Bytecoin?
Before you invest in any coin, you need to make consultations and obtain advice so as to decide if the potential returns on your investment overweigh the risks. Historic performance and success stories do not guarantee the future returns in cryptocurrencies trading. Generally, investing in Cryptocurrencies are highly speculative and involves significant risks such as vulnerability to hacking, highly volatile and capital loss. Bytecoin distinguish itself from other cryptocurrencies in terms of security, financial privacy, and protection. Bytecoin Investment is like other cryptocurrency or foreign exchange investment. You purchase your BCN when the price is low and sells the price appreciates. Historically, Bytecoin price fluctuates regularly, and you can never be sure of the actual price. You experience an increase in price today and a decrease in price tomorrow. This instability has created fears in the heart of traders, and this has made investors/traders to be inquisitive on what the “Risks of Bytecoin” entails before joining Bytecoin. Below are some risk associated with Bytecoin.
- The danger of losing the private keys: Private keys which are also known as secret keys is an integral component of cryptography that is used with algorithms to decrypt and encrypt code. It allows a user to have access to his or her cryptocurrency. It security build up help user to protect their wallet from unauthorized access to their funds and theft. All cryptocurrencies including Bytecoin rely on the digital wallets that store the secret keys. Users may lose access to their wallets if they forget or lose their passcode to their wallet. This is one of the reasons why users should are advice to use a passcode that they can easily remember and ensure they are well protected from the third parties. Digital wallets are not exempt from getting lost as well. Users tend to lose their Bytecoins if the computer with the digital wallet installed gets lost together with the wallet or the smartphone with the wallet is misplaced. Bytecoins could also get lost if the system storage where the wallet is stored is formatted. In order for users to prevent their bytecoins and wallets from getting lost, it is essential to have as many backups for your wallet as possible. You must get yourself updated with your wallet status and maintain it at all time. To make this easy to achieve, you can obtain a lot of hardware drive wallets and keep one under lock and key either at home or in the bank, and also ensure that the computers are in good condition all the time with adequate monitoring. Traders who deal with Bytecoins and other cryptocurrencies always designate a high performance and standard computer to handle each coin accordingly.
- Cyber Attack: Bytecoin founders argue that their system is well encrypted and therefore, it is not vulnerable to cyber-attack. It will be difficult for any hacker to penetrate easily and steal the coins of consumers because according to the brain box behind Bytecoin, the process will need a lot of costly electricity and the computing power of data processors. They forgot hackers could explore at any length in order to achieve their aim. In December 2017, there was a gigantic fraudulent attack on the Bytecoin’s network which resulted in the heavy loss of consumers’ coins from their respective wallets, exposing the power between the Crypto Note-based coins and damaging the Bytecoin Network. Bytecoin experienced this cyber-attack in the period when the rate of Bytecoin was experiencing a great increase in its coins. The basis of the Bytecoin software and power of the cryptographical technology which it was designed proved that it’s impossible for anyone to attack the network or pilfer someone’s coins. Although consumers’ couldn’t find their coins in their wallet due to the inability of the desktop wallet to synchronize which is as a result of the attack.
- Risk of being a scam: Cryptocurrencies is the latest in the world now and it is fast moving with publicity that everybody wants to be involved in it. No matter how secured a scheme is, scams will still thrive especially in the heart of those with little or no knowledge on cryptocurrencies. Everybody wants to be in the record book of cryptocurrencies but most do not understand how the cryptocurrencies work. However, Some people get lured to invest their money in some cryptocurrency companies with the promise that they will get ROI (RETURNS ON INVESTMENT) on their money within a short period. Some people register on websites and started trading just because they want to be part of Bytecoin stories. Hardly can Ponzi schemes be differentiated from cryptocurrencies because the latter is a wide network and it operates in the highest possible anonymity. Scams can discourage many people from participating in Bytecoin because people are scared of losing their hard earned money to fraud. This can further pull down the value of Bytecoin and make it irrelevant in the cryptocurrencies network.
- Government regulations: Cryptocurrencies activities and its operational mode in the world business market pose a lot of threat to the governments. One of the targets of governments is to build up industrial and enterprise growth in order for dividends and income generation to grow but Bytecoin and other cryptocurrencies have been seen as an antagonist to this target. Bytecoin activities do not create employment opportunities for people because there is no room for any intermediary between the seller and the buyer since its activities take place online. Transactions charges on Bytecoins are very low because no intermediaries are involved. These trading activities hinder banks from generating income because transactions being made with banks generate multiple ripple effects through the bank growth, empowerment, employment, investment activities, and tax to the government. The Governments, therefore, seek a move to modify cryptocurrencies mode of operation by declaring Bytecoin and other cryptocurrencies a tax asset with the introduction of the tax and also limiting the extent to which Bytecoin operate.
The implication of this is that the modern rapid appreciation of Bytecoin and other cryptocurrencies is likely to depreciate and move down the trend the moment these laws are introduced. Bytecoin will definitely get regulated at long last just like Foreign Account Tax Compliance Act (FATCA) had far-reached implications after the 2008/2019 global recessions. In view of this, experts and analysts have advised people not to put all their eggs in one basket when they are dealing with Bytecoin network alone. Instead, they should explore other crypto assets carefully and invest wisely without cutting links with the fiat money.
What Happens if Bytecoin Gets Lost?
Different reasons are associated with the loss of Bytecoin from owner’s wallet and this may be due to the carelessness from the owner, Bytecoin system malfunctions or fraudulent attack on the Bytecoin wallet from hackers and scammers. The following are the common ways that people lose Bytecoins
- Carelessness from the owner: Loss of Bytecoin occur when the owner of the Bytecoin mistakenly or carelessness link his wallet login to the public (i.e third parties). This careless act will enhance easy penetration from third parties into the Bytecoin owner’s wallet and the Bytecoin can easily be diverted and move away from the wallet. You must ensure your log in well secured and save from third parties because Bytecoin lost due to this reason may be difficult to recover.
- Bytecoin system malfunctions: This normally occurs when some software updates occur on your computer. You may lose your Bytecoin wallet in this process but you can still retrieve your coin back to your wallet when you reinstall the Bytecoin wallet. Retrieving of the coin can be achieved in the following ways.
- If your Bytecoins are stored in the wallet that you have backup initially, then you can use it this
- Also, you can use the Data recovery exercise which has to do with recovery from the original wallet. This is possible when deletion occurs from the memory stick/SD card or deletion of a hard disk.
- Fraudulent attack on the Bytecoin wallet from hackers and scammers: Bytecoin owners in possession of coins in their wallets may lose their coins when there is an attack launch on the Bytecoin system by hackers. This mostly occurs when the company security firewall has been broken down or captured by the hackers. The company is responsible for the loss of your Bytecoins and you can always file a case against them if their preventive measures to refund back your coins fail.
For any Cryptocurrency to be the future, there would always be a need for the currency to be fully integrated or utilized by the dominant financial system and be regulated in some ways so as to provide efficient structure and reliable security. Bytecoin financial system is a dispersed network and the basis is such that it provides restraint for the cost needed for the operation of the cryptocurrency. This approach allows the Bytecoin financial structure (i.e system) to regulate the optimal state when the operating efficiency of the system is the highest. Bytecoin goal is aimed at developing a financial system that is more efficient than the existing ones and such that it provides all the same functions but at a lesser cost for users.
Is Bytecoin Legal?
Yes, Bytecoin is lawful and accepted in the society for business transactions but less than twenty percent of the population in a country have a clear understanding of Bytecoin and other cryptocurrencies. This inadequate knowledge and lack of exposure has created fear and doubt in the mind of the people and thus, hinder them from participating in Bytecoin and cryptocurrencies. Several questions have been asked for clarification and enlightenment. Some of these questions include; why is Bytecoin not used as the general currency in all countries since it is lawfully accepted? Why are people still scared of cryptocurrencies despite its dominance in the business market for transaction activities? Although, some countries like United States, European Union, China and others allowed Bytecoin as one of the payment methods when making transactions. These countries are far grown in Technology compared to most African and underdeveloped countries where cryptocurrencies appear like a mystery to them. Bytecoin would have attracted many people if it were to be the only cryptocurrency in the market but this is not so because over 500 cryptocurrencies have found their ways into the market with different technologies.
The government finds it difficult to legislate Bytecoin because of its anonymous and tricky nature. The problem associated with cryptocurrencies is that the crypto chains are mysterious just the same way the identity of the founders cannot be traced. The BCN founders didn’t reveal their identity till date thus making it more complicated for people to know who they are and where they come from. This nature of crypto has frustrated that potential declaration of Bytecoin and cryptocurrencies in general as legal or illegal by the Government.
Bytecoin is not single-use as most people think. Aside from being used as currency, it also creates opportunities for people through Mining as a means of additional and steady income. Bytecoin and other cryptocurrencies seek to explore the positive side of blockchains to shun lagging, and the possible ways of gaining the heart of people in this new era of technological advancement by capitalizing on the flaws, and havoc the current fiat currencies have caused such as inflation and direct interference. Considering the opportunities that bytecoin have created, most countries will not find it appealing to shut down its activities.
Fiat currencies are designated to specific territories while Bytecoin is bound to the Internet. Hence, it is International by default. Though Bytecoin is accepted and widely in use today, the impending government regulations could affect the current appreciative value of Bytecoin and thus, makes its future unpredictable.
Bytecoin and Taxes
Does Bytecoin Have a Consumer Protection?
Bytecoin cryptographic money works as indicated by rules that are profoundly not quite the same as ones the fiat monetary forms and their digital analogs utilize. Close by this, it needs an unassuming measure of vitality plus Human Resources. This grants clients to get along without transaction charges. It's your fast begin, with a standout amongst the most simple to-utilize cryptographic money systems, to be a piece of the Bytecoin world.
- Your cash is sheltered with Bytecoin: Bytecoin cannot be hacked it is impervious to hacks. Cryptographic algorithms that we've used to control the cash are difficult to split. Any endeavor to make sense of your record key would require a tremendous measure of assets which makes an assault unrewarding.
- Bytecoin Protects your Personal Data: On the off chance that you set up a high faceless level for your transactions, no one will know where you get cash from or where you send it. This is totally difficult to make sense of.
- Instant International Zero-Fee Money Transfers: The exceptionally created framework permits each client from all around the globe to transfer their cash quickly and without charges. The main thing you require is a gadget associated with the Internet.
- Reliable Investment in your Resources: The Bytecoin emission rate is diminishing after some time, which implies that the estimation of each BCN is progressively expanding. You may join Bytecoin mining or buy BCN on an exchange. The estimation of your Bytecoins will just but increase.
- Simple to mine on a normal PC: You can build Bytecoin organize security through cash digging for which you get remunerates in BCN. Bytecoin calculations offer no preferred standpoint to GPU mining which implies that you can mine even with a normal office Personal Computer (PC). The need to purchase application-specific integrated circuit gadgets (ASIC) is therefore not necessary.
Illegal Activities with Bytecoin
Sometimes in May, a lot of individuals over the world were assaulted by a malware program that bolted their PCs and requested cash to open, in an assault named WannaCry. The aggressors got a large number of dollars as Bytecoin. Bytecoin is unknown and simple, which implies it’s a most loved among offenders. Exactly how is Bytecoin utilized by crooks, how might you shield yourself from some Bytecoin tricksters, and should Bytecoin confront higher direction to keep lawbreakers from having the capacity to utilize the cryptographic money? This article should dig into the illegal side of Bytecoin, and take a gander at a portion of the negative perspectives that can be experienced or experienced.
The WannaCry assault began in Europe. Utilizing a malware programming that misused defects in Windows security that were spilled from the NSA, the malware spread like out of control fire, particularly for days. Not long after the huge spread on the all around, a web specialist could definitely moderate the assaults by finding an off button. The malware kept a client out of their PC and requested cash payable in Bytecoin with a specific end goal to open. In spite of the speed of abating the assault, the assailants got a large number of dollars in Bytecoin, with this illegal act.
However, it likewise made numerous inquiry whether Bytecoin is too simple for culprits to use to get they're evil gotten picks up. A case of this is an emphatic letter in Financial Times. The creator contends that states endeavor to constrain illicit action with state-sponsored cash, for example, the European Union (EU) prohibiting 500 Euro bills, yet do nothing to stop Bytecoin. She contends that Bytecoin and different digital forms of money have just enabled wrongdoing to develop, and have delivered nothing else beneficial. Presently obviously that is garbage.
Bytecoin shouldn't be made illegal by countries since it is utilized by offenders, similarly as autos or dollar notes shouldn't be made illicit on the grounds that they are utilized by hoodlums. In any case, there is a point to be made that the secrecy of Bytecoin makes it a most loved among crooks. Truth be told, there has been an expansion in ransomware assaults lately.
Is Bytecoin Secure?
Bytecoin is very secure due to some certain reasons highlighted below;
- Bytecoin Transactions: Not at all like fiat cash exchanges, where your cash is handled through middle persons, banks, or financial foundations, the transaction between Bytecoin clients are done over the Internet which makes the exchanges significantly more dependable. A transaction privacy is ensured by secure cryptographic algorithms whereby nobody can distinguish who sent the cash, who the collector was, and what measure of cash was exchanged.
- Security and Reliability: The unwavering quality of Bytecoin is characterized by the aggregate computational energy of the considerable number of Computers that participate in the preparing of the transaction. The more noteworthy the handling power, the more solid the system network. In this manner the greater part of the cash put away in your wallet is now ensured and fully protected amid the transaction procedure and its security doesn't rely upon the system's dependability. Your cash is constantly protected and always safe.
- Collapse: Bytecoins are continuously getting more costly after some time because the emission is constrained to 184.47 billion BCN. The quantity of Bytecoin discharged every 120 seconds is somewhat diminishing. Accordingly, BCN picks up esteem thereby causing the swapping scale increments and increase in exchange rate. While monetary standards with sharp abatements of reward per square are presented to extreme decreases in arranging control, Bytecoin emissions are diminishing gradually, which shields the money from financial stuns.
- Discharge: The discharge of fiat monetary standards is a shut procedure where an issuer is taking part in its own abilities. One can't participate in the emission procedure. Bytecoin emission is an open procedure which utilizes the registering forces of all system individuals. Any client can join the Bytecoin system and participate in the outflow procedure (in this way, turning into a miner).
Mining in the system brings about the making of new cash, which fills in as a reward for clients who utilize their figuring power so as to process transactions. All transactions are done like a clockwork at every 120seconds. The Miners guarantee that the transactions are handled accurately and give cryptographic insurance of transactions and individual information. In any case, miners can't get to clients' financial information since Bytecoin secures the character of the sender and the beneficiary, and hides the total transferred.
Is Bytecoin Anonymous?
Bytecoin is confirmed as a verified anonymous currency. Among the colossal number of cryptographic forms of money, just a couple of offer unknown exchanges include, and just a little portion of those few are really ready to convey. Bytecoin (BCN) is another age advanced cash in light of the CryptoNote innovation to take secrecy to an unheard of level. Bytecoin publicizes itself as a totally unknown altcoin. Bytecoin claims the accompanying highlights:
- Boundless moment universal installments: The Bytecoin organize acts as quick as the Internet. Installments set aside a little opportunity to process, as affirmation is required for installment. Bytecoin claims that exchanges are handled in around 2 minutes.
- Security: Bytecoin "ensures the client's cash with secure and current crypto calculations" which "cannot be hacked. The makers of Bytecoin contend that breaking digital money "will require a considerable measure of costly power and the registering influence of supercomputers."
- Secure individual information: Bytecoin states that "it is totally difficult to acquire data about your money related exchanges and adjustment of your wallet" on the off chance that you would prefer not to reveal your information one day. Just the client can oversee information that accomplices and outsiders can see.
Then how is Bytecoin anonymous?
The common advanced mark confirmation process includes the Public Key of the signer. Public Key is a string of long letters and numbers used to make the Bitcoin address. The general population key is made from the private key. In cryptography, people in general key are utilized to encode messages expected just for that key holder. In Public key of the underwriter, the mark really demonstrates that the creator has the comparing mystery key. That is how innovation is executed in Bitcoin, and the vast majority of its forks, and about each other cryptocurrency.
Ring signatures, then again, are a more modern plan. These signatures require various diverse open keys for the check. To influence it to plain and clear by ring signatures, we comprehend a gathering of people each with their own particular mystery and open key. The endorser of a given exchange is an undistinguishable individual from the gathering. The fundamental contrast with the standard computerized signature plans is that a verifier can't build up the correct character of the signer.
With the latest refresh, the marks highlight has now become available to the Bytecoin users. Using multi-sigs will let you compose secure installments in an assortment of innovative ways. A portion of the sorts of exchanges empowered by this smart solution is an escrow benefit where a trusted outsider goes about as a middle person between the two gatherings engaged in a transaction. Presentation of multi-marks into the Bytecoin structure makes boundless open doors for the wide cluster of administrations to be consistently implanted into the Bytecoin ecosystem.
Bytecoin may not be as announced as a portion of alternate "anonymous" cryptographic forms of money, however, it unquestionably has awesome potential. When others have been dealing with building their cash to be more appealing, or to fulfill an extensive variety of clients, the Bytecoin group has been indefatigably attempting to culminate Bytecoin's anonymizing innovation. At the same time, the group has been permitted to develop naturally, with clients who comprehend the money, and know why it is the correct decision for their needs.
Has Bytecoin Ever Been Hacked?
Importantly, the payment system cannot be compromised and the content of Bytecoin Wallet cannot be made away with. Password are secure uniquely and cannot be tampered with.
How Can I Restore Bytecoin?
Bytecoin can be restored due to its unique ability to be traceable. This is explained further below.
Bitcoin transactions are presented on an open record enabling you to effortlessly track exchanges between wallets. The best way to keep your transaction anonymous is by utilizing a trusted outsider or a third party tumbler to blend transactions.
Bytecoin in view of CryptoNote to keep your transactions untraceable and unlinkable. Every transaction utilizes a one-time open key regardless of whether there are different transactions with a similar beneficiary. Intrinsically, this eliminates the issue of address re-utilize and diminishes the traceability of transactions.
Why Do People Trust Bytecoin?
History of Bytecoin
Bytecoin (BCN) was established on July 4, 2012. Since the dispatch, a few enhancements have been made, including multi-esteemed exchanges and a few security refreshes. In 2013, the first usage of CryptoNote Java was written again utilizing C++. Starting at 2015, Bytecoin has been forked for about 25 times. Bytecoin blockchain contains extra data not specifically identified with remittances: a few pieces incorporate the topographical directions of universities, instructive foundations among different structures. Block made since August 11, 2012, contain cites from Cyphernomicon, Neuromancer William Gibson, and different authors.
Bytecoin (BCN) is a cutting-edge totally anonymous digital money propelled July 4, 2012, making it the primary CryptoNote currency of its type. Bytecoin is not at all like some other digital money as it accomplishes obscurity by embracing the CryptoNote protocol, which enables secrecy by utilizing Ring Signatures to shroud wallet balance and transactions. Therefore, any transactions you make are successfully carried out and untraceable. Your protection is secured when you utilize Bytecoin.
On March 31, 2015, Bytecoin designers declared their guide and roadmap for a few future discharges. Among others, the accompanying changes and development were mentioned:
- Installment portal fit for getting and sending thousands of transaction at the same time
- Work area GUI wallet programming (discharged couple of weeks after the fact in April 2015)
- A few API layers to mix with another programming
- Blockchain-based pseudonyms framework
- Blockchain-based resources
- Brilliant contracts with inserted turning-finish language