Bytom cryptocurrency guide advises where to buy and how to buy Bytom. 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 Bytom as well its status in the world of cryptocurrencies.
Bytom, Tuesday, 2018-08-14
- 1 What Is Bytom?
- 2 Beginner's Guide to Bytom
- 3 Where and How to Buy Bytom?
- 4 Bytom Markets
- 5 Where to Spend or Use Bytom?
- 6 How Does Bytom Work?
- 7 Bytom Regulation
- 8 Is Bytom Secure?
- 9 History of Bytom
- 10 Bytom Videos and Tutorials
- 11 See Also
What Is Bytom?
Bytom is the next generation cryptocurrency promising to bridge other blockchains, government agencies, businesses, and even individuals into a single ecosystem. The rise of big data and its associated complexity has seen the internet adrift from the adage information is power to computing is a powerhouse. Bytom is one of the third generation open source and decentralized projects that are providing an interactive platform with the aim of getting everyone onboard.
In their mission, Bytom describes itself as an interactive protocol of multiple byte assets. These are assets such as indigenous digital assets and digital currencies that take forms like bonds, dividends, securities, warranties, or intelligence info among others. The Bytom system makes it possible for these assets to be registered, gambled, exchanged and even engaged in complicated contract-based formations for interoperations in the ecosystem.
In November of 2017, Bytom passed the Howey Test conducted by the US Securities Regulatory Commission. This test is administered to assess the structures and integrity of any entity targeting to trade in the markets. It was the first score by a Chinese project in the United States. But this is not all. Even back at home base, in China, Bytom has demonstrated the capacity, commitment and urge to follow every available rule while guaranteeing faster growth and success.
Though the value of Bytom has been playing well below the one dollar mark for most of the months of 2017, its architecture and potential have made everyone to take notice. The experts and crypto community believe that once every feature and component of Bytom takes shape, it does not have an equal in the cryptocurrency market. It is simply the cryptocurrency to watch, and you do not want to be left behind.
Beginner's Guide to Bytom
Are you looking forward to joining one of the most potential cryptocurrencies in the globe today? One of the top options is Bytom. The cryptocurrency was designed early in 2017, and it is promising to revolutionize the entire crypto industry. The cryptocurrency is designed to operate as an interactive protocol of multiple assets (both digital and indigenous assets).
Between October 2017 and January of 2018, Bytom experienced huge growth that made people to ultimately think that it had finally reached the exponential growth stage. Its architecture, management, and entire formation are desirable. Even though every person is in the rush towards getting a piece of the crypto, take some moment to understand it. Do not simply jump in. You need to carefully review all the structures of the Bytom to make the right decision.
This guide is a comprehensive review of the Bytom system to determine what it is and how it works. The guide looks into every component of the cryptocurrency including how to buy, where to buy, the wallets, regulations, markets, and advantages of joining it. This is not all.
This Bytom guide digs deeper into the blockchain model, how to mine, the security, and consumer protection when operating in the network. It closes by exploring why people trust the network so much, the history and the main creators. Welcome to read through the guide and discover everything you have ever wanted to know about Bytom.
Where and How to Buy Bytom?
Between October of 2017 and January of 2018, the value of Bytom grew at a supersonic speed of about 3000%. That is right. It shifted from $0.1 to about $3.1 by January 8th of 2018. Though the price adjusted downwards in the subsequent month, the cryptocurrency had demonstrated its huge potential and what might be in store on the coming days.
When people look at this potential, the appealing architecture of the cryptocurrency network and a lot of things that can be accomplished by joining it, the urge to join is irresistible. You need to acquire some Bytom (BTM) and enjoy value growth over time. To buy Bytom, here is the process to follow.
- Buy Bytom from cryptocurrency exchanges
- This is the main and, perhaps the best place of buying Bytom or other cryptocurrency assets. The cryptocurrency exchanges are trading platforms that bring together buyers and sellers for direct exchange. Some great exchanges to consider include CEX.io, Binance, Changelly, and Cryptopia.
- To Buy Bytom from an exchange, you need to visit their website and open a trading account. Then, verify the account using personal details such as proof or address and phone number. The verification requirements could differ depending on the exchange. The exchange can be used to buy as many BTM as you want, including trading for other cryptos.
- Purchase from cryptocurrency brokers
- Cryptocurrency brokers are special selling points where you can walk in and buy the crypto assets of choice. Though their prices closely mimic those of the exchanges, they are adjusted to higher rates to cater for the brokerage fee. Depending on the location of the brokerage, the trader might require users to open accounts and verify their personal details. Top cryptocurrency brokerages include Coinmama and Bitpanda.
- Buy from those who already have Bytom
- Between 2009 when Bitcoin was created, and the first quarter of 2018, a lot of cryptocurrency clubs have emerged. The clubs are used by crypto traders and enthusiasts to meet, share and learn new things about crypto networks. They have also become important points of sale for people who have crypto assets such as BTM to sell. You only need to identify such a club, join and indicate you want to buy. A great example of such a club is LocalBitcoins.com.
- Buy from cryptocurrency ATMs
- The concept of cryptocurrency ATMs is one of the new considerations aimed at enhancing faster spread of cryptocurrencies. The ATMs operate the same way that standard ATMs work, but users only buy the assets of choice to their wallets. Note that most cryptocurrency ATMs available in the market today only allow traders to buy Bitcoins. Therefore, you will need to start by acquiring Bitcoins and exchange them for Bytom in an exchange such as Binance.
NOTE: No matter the method of purchasing Bytom that you prefer, you will need a wallet to store the crypto coins. Look at the next section that digs deeper into the cryptocurrency wallets ideal for Bytom holders and traders.
Are you planning to join the Bytom network? The first thing that should come to your mind even before setting out to buy the coins is a cryptocurrency wallet. This is the digital wallet that will hold your BTM after the purchase process is complete. Before taking a closer look at the best Bytom wallets, it is important to look closer at the term cryptocurrency wallet.
The accepted definition of a cryptocurrency wallet is a digital wallet that holds your crypto assets such as BTM and BTC. However, in reality, the digital coins are not minted/ printed like the conventional coins. Besides, they can only reside in the native network. They cannot be moved. Even when you buy Bytom, the coins remain in the native network but only the ownership changes. Therefore, what exactly does a Bytom wallet stores? How does it work?
A digital wallet stores a set of codes that show and link to the actual tokens you have in a crypto network. The first code is called private keys. This is a code that points and calls your tokens to live in a cryptocurrency network. You cannot carry any transaction such as sending value without the private keys. As the name suggests, the code is private and should never be shared.
The second code is referred as the public keys. This is an address that points to your wallet. As the name suggests, the code is public and can be shared on the network. When you have people who want to pay you in BTM, provide them with the public keys.
The last code generated by Bytom wallets is the private keys seed phrase. This is a very important code that is used for generating the private keys. In some cases, the private keys is the first code that the wallet generates. You need to keep this code in a safe location because it will be required if the wallet/ private keys get lost.
There are five main types of wallets you can select. Make sure to compare the demerits and benefits of each for easier operations and security. These options include desktop wallets, Web-based wallets, Paper wallets, Hardware wallets and Mobile wallet.
- Trezor (hardware wallet)
- This is one of the top Bytom cryptocurrency wallets in the market that has won the affection of the cryptocurrency community for its unique security features. It is a finger-sized and USB-connectible hardware that allows users to store Bytom private keys, interact with the network, and initiate transactions. It also has an LCD screen that allows users to follow the transactions as they take place.
- When you acquire and use the wallet for the first time, it will generate the private seed phrase. This phrase is used to generate other keys including the private keys and the public keys. Note that the seed phrase should also be used to restore the Bytom in the case of the wallet damage or loss. Therefore, the seed phrase should be stored safely and preferably away from the main computer.
- As a hardware wallet, it means that the private keys as well as your BTM are always stored offline. By storing the tokens offline, it implies that hackers cannot easily get access to your assets. Remember to keep the wallet well because it can also get lost or even stolen and cause huge loss.
- MetaMask (web-based wallet)
- When you activate MetaMask, you must appreciate that the browser in that computer/ device is getting a new functionality. Therefore, you need to allow it to write and read any web page in the Bytom network. Remember to avoid visiting risky pages to reduce the danger of getting attacked when using MetaMask. It works well with Chrome, Firefox, and even Safari browsers.
- MyEherWallet (desktop wallet)
- This is a digital wallet that was originally designed for Ethereum cryptocurrency. However, its functionality was extended to support other crypto assets such as Bytom. Unlike the web based wallets that store and manage the users’ private keys, the desktop versions such as MyEtherWallet bestow that role to users. This implies that you are in absolute control of the private keys and public keys. It is, therefore, important to carefully store them away from the main computer. To operate safely when using the wallet, it is important to keep it up-to-date and avoid visiting risky websites.
Where to Buy Bytom with Credit Card?
When the term cashless system is discussed in communities, what clicks in people’s minds are credit cards. Most people argue that simply operating without cash in the pocket, qualifies the community to be referred cashless. Well, that can only be considered a partially-cashless model because the cards represent the actual notes and coins in the bank or financial services company. The credit cards have gained a lot of acceptance in both the online stores and conventional markets.
Now, it is also possible to buy Bytom and other cryptocurrencies with credit cards. Note that in most of the cases, you are required to buy an alternative token such as BTC or Ether and exchange them for Bytom in an appropriate exchange such as Binance. Here are the top four platforms you can buy Bytom from.
Where to Buy Bytom with PayPal?
PayPal is a digital wallet mostly used to pay for online purchases. Unlike credit cards that might have restrictions in terms of acceptability especially abroad, PayPal is global. This means that the location of the online seller doesn't matter. Even with this global acceptance, PayPal still lags behind when it comes to making payment to cryptocurrency networks such as Bytom.
By the close of the first quarter of 2018, PayPal was not accepting payments to crypto networks. However, its administration has indicated that it will start facilitating crypto related payments. Because this new system is yet to be implemented, there is no way to buy Bytom directly with PayPal. You will have to follow the longer route of offloading to other platforms such as bank account or credit card.
How to Buy Bytom with Wire Transfer?
Banks are the most trusted institutions by institutions, companies, and individuals. They help with salaries processing, financial advice and credit provision. It is almost impossible to imagine a lifestyle without a bank account. Now, banks can be used to pay for cryptocurrency assets such as Bytom. Here is the procedure.
- Start by acquiring an appropriate cryptocurrency wallet. This very crucial because the wallet will hold your BTM after the purchase procedure is completed.
- Select an appropriate cryptocurrency market. These are platforms that bring together buyers and sellers of various cryptocurrencies. Some great examples include CEX.io and Binance.
- Open a trading account in the selected exchange. Depending on the exchange of choice, you might need to start by purchasing a different cryptocurrency and exchanging it for BTM. Then, verify the account using personal details such as proof of address and phone number.
- On the trading account (the one you have created in the third step), navigate to the portal for buying crypto assets. Then, select Bytom (if it is on the list) of other top assets such as Bitcoin if Bytom is not available.
- On the payment section, select pay with a wire transfer. The Bytom tokens or other altcoins will go to the trading account. This means that you will need another step to shift them to the personal wallet. For those who have bought alternative currencies, it is important to move them to another exchange that lists Bytom.
Note that buying BTM using wire transfer requires you to have ample cash in the bank account. If you are buying a very large volume of Bytom coins that might require a lot of cash, it might be important to make a formal notice to the bank. Remember that there are charges for operating in the selected exchange and the procedure could take a couple of days to complete.
Where to Sell and Trade Bytom?
When you mine or buy some BTM, there are various ways of using them. One, you can hold them and wait for the value to grow over time. Two, you can use them for direct shopping. Third, you can trade them on various platforms to optimize profitability. If you opt to sell and trade in the markets, it is important to take a closer look at the available platforms.
The selling and trading platforms operate like forex markets, except that they only handle digital assets. Note that in most of the cases, the platforms are guided by local laws that require every trader to get verified before starting to trade. Besides, people looking for trading platforms should understand that they are the easiest target for cybercriminals. It is not uncommon to hear people saying that their crypto coins were stolen after successful hacking in trading platforms. Therefore, how do you select a good Bytom trading platform?
- Look for the trading platform that has won good reputation in the market. This means a platform that works hard to protect the traders’ assets.
- The trading platform should have low transaction fees. Low transaction charges mean that users can keep the bulk of the profit they make when trading Bytom.
- Select the trading platform that lists many digital assets. Many digital assets will guarantee you of having a profitable pair if the current one proves unreliable.
- The trading market of choice should have good customer support to address issues that might emerge when trading.
- If possible only select the platforms that allow traders to move their assets to the wallets immediately.
- The market should also have some insurance of the stored assets where possible.
In many cases, the largest losses reported in trading digital assets took place in cryptocurrency markets. Cybercriminals work on advanced codes and inject them on the exchanges. Because most of the exchanges are centralized, they lack the rigorous verification procedures adopted by distributed and open-source networks. Therefore, you must be extra careful so that you pick only the best platform. Here are some of the top selling and trading platforms that you need to know about.
How Much Are the Transaction Fees of Bytom?
The main target of cryptocurrency networks is helping to pull down the cost of transactions. By operating as decentralized networks, the Bytom system helps users to bypass profit seeking cryptocurrencies such as banks and money services companies such as Visa. Though the white paper does not outline the cost of transaction in the cryptocurrency network, it is still less than the charges by banks.
The cryptocurrency markets have been growing at a very fast pace to match the rising demand. Unlike in 2009 when very few people understood cryptocurrencies, things are very different in early 2018. More people are looking for ready markets to either buy/ sell Bytom or other cryptocurrencies. Therefore, what are the best Bytom markets? Note that in some of the markets, you have to buy a different crypto asset such as Ripple and trade it for Bytom. Remember that you have to open a trading account with the selected exchange to start trading there.
- One of the best selling points of Changelly is that it allows users to promptly transfer funds after transactions are completed. The cryptocurrency exchange was founded by MinerGate in 2013 to help crypto traders operate with no boundaries. This includes using finance services such credit cards.
- The market uses advanced trading metrics and auto trading bots that links it to other top exchanges such as Poloniex and Bittrex. This means that traders are assured of getting the best reviews, representations, and suggestions to make moves at the right time. Besides, it also lists a lot of assets and does not limit the amount that you can exchange in the platform.
- For new Bytom traders, Changelly is an ideal starting point because it allows them to use credit cards to buy the preferred crypto assets. Even for experienced traders, the exchange is still highly appealing because of its intuitive interface, faster transaction time, and support.
- The biggest challenge of using Changelly is its transaction fee. Though the fee of 0.5% of the transaction volume might look small, it is relatively big compared to other exchanges such as Binance that charge 0.1%. The exchange can indeed do better by lowering the charges to less than 0.1%. Besides, the team behind Changelly, Minergate, remains anonymous; prompting some people to think it is a Ponzi scheme.
- Binance is a leading cryptocurrency exchange that was started in mid-2017. The platform is based in Hong Kong and was established by Changpeng Zhao to help make trading cryptocurrencies easy, fast, reliable and secure. In less than six months of operations, Binance had grown and become among the top 20 crypto exchanges in the globe.
- To make trading easy, fun and more profitable, Binance introduced its native token called BNB (Binance Coin). This token is used as a reward for operating in the network and pairing Bytom or other cryptos with it. If you use BNB token to pay the fee on Binance network, the cost is cut by half. This means that the 0.1% charges will come down to 0.05%. That is right. You will only pay 0.05% to use the network.
- In addition to the low transaction fee of 0.1%, the exchange also lists very many trading assets so that traders will never miss a profitable pair any time of the day or night. To make trading more effective and reliable, Binance has a mobile application and multi-signature support. This implies that you can follow the market on the go and optimize trading your favourite crypto pairs.
- Many people targeting to join the cryptocurrency industry anticipate finding an easy to use platform that can help them grow rapidly. One such platform is CEX.io. CEX.io has won the hearts of many people in the cryptocurrency niche because of its acceptability. No matter the country you are in, the chances are that CEX.io is likely to be accepted there.
- The exchange is also preferred for listing very many cryptocurrencies. This means that you will never miss a profitable pair if the current one becomes less desirable. But this is not all. Many traders indicate that the user interface is very simple and intuitive. You can easily pull out specific metrics, follow individual crypto assets, and knowledge bases to make the right trading decisions.
- If you are new to CEX.io, it is very enthralling to learn that payments can be made both in cryptocurrencies, credit cards, and fiat. This makes with the perfect entry point for those who do not have other cryptocurrencies or newbies to the crypto world. Note that they also provide automated borrowing and margin trading so that clients can enjoy trading and making more profits even when opportunities emerge but they lack ample resources.
- Cryptopia is a New Zealand based cryptocurrency with its headquartered in Christchurch. By early 2018, it had grown to become one of the top crypto markets in the market today. The interesting thing about Cryptopia is that it was designed to have a three-pronged operational model; a cryptocurrency exchange, a market place, and mineshaft for those who want to be involved in mining.
- To use the exchange, you have to register for a trading account and pick the preferred level of operation. These levels limit the amount of funds that you can withdraw on any 24 hours cycle. Level one allows you to only withdraw up to $5,000 while level two has a higher limitation of up to $50,000. The highest account level is level three that allows users to withdraw a maximum of $500,000 in a day. Note that the higher the level of operation you select, the more the verification details that are required.
- The biggest challenge for using Cryptopia is that though it lists a lot of cryptocurrencies, the main focus is the emerging and smaller cryptos. This means that people who want to trade Bytom for other top cryptocurrencies in the market might find it less desirable. Besides, the three-factor authentication is only available for the advanced trading levels. This puts new traders who want to start at level one at a bigger risk of losing their assets.
Value of Bytom
When people look at cryptocurrencies, most of them want to know how valuable it is. You will hear some asking whether Bytom can match Bitcoin to guarantee users of optimum profitability. To know the value of Bytom, you check its trend in the markets.
The value of Bytom grew progressively between the last quarter of 2017 and January of 2018. It shot from less than $0.1 to $3.1. This was a remarkable 3000% shot. However, the value took a downward shift to $0.5. Though the figure is still very low compared to other top cryptocurrencies such as Bitcoin and Bitcoin Cash, it is still relatively high compared to the 2017 levels.
Many people prefer Bytom, especially when sending value because its low value translates to lower transaction costs. The ability of the Bytom team to keep the value growing over time is very critical in facilitating the core mission of bridging other cryptocurrencies.
Is It Profitable to Invest in Bytom?
How profitable is Bytom? Many people always pose ask when they hear about Bytom or want to join it. As an investment platform, it has demonstrated the capacity to deliver high profitability to users. Though its price has not changed much when compared to other faster-growing cryptocurrencies, the community is in agreement that Bytom will in the long term be one of the most profitable options out there. Its structures and a highly enthusiastic team are clear demonstrations that the profitability of the network could grow rapidly in the coming days. Here are additional pointers that Bytom will be a highly profitable venture.
- A lot of corporates are starting to develop an interest in Bytom.
- The cryptocurrency seeks to bring together different blockchains and individual businesses.
- Unlike other cryptos that operate as direct competitors to financial institutions, the Bytom network seeks to bring them closer.
- It is operated in close association to the local administration. This means that even when the crypto laws are finally installed, the resulting impacts will not have huge shocks on the network.
Note that profitability of Bytom can only be guaranteed if the Bytom development team manages to prevent attacks, continue growing the community, and introducing more features.
Where to Spend or Use Bytom?
Since the entry of blockchain technologies and solutions, one of the main targets has been getting accepted in the market. One example of cryptocurrencies that has done very well in gaining acceptability is Bitcoin. On this front, Bytom is lagging behind because very few stores out there are accepting BTM.
However, this does not imply that people with Bytom cannot buy from stores that accept other crypto assets such as Bitcoin. You simply need to convert to the accepted crypto token and make a purchase. To continue growing the cryptocurrency and demonstrate value to users, the Bytom team must work extra hard to forge closer relationships with both conventional and online marketplaces.
Can Bytom Grow to Become a Major Payment Network?
The primary goal of cryptocurrencies is to serve as peer2peer networks for direct transfer of value. This implies that they facilitate bypassing of centralized organizations such as banks and financial services. Now that there are more than 1500 cryptocurrency networks out there, can Bytom grow to become a major payment network? The answer is yes. Here are indicators that put it in a better position of becoming a great payment network.
- The cryptocurrency community has been growing rapidly especially beginning from mid-2017. This implies that more people coming to it will be using the network for direct payments.
- A lot of corporates have been developing an interest in the cryptocurrency because of its unique structures. This means that it is just a matter of time before they start accepting BTM for payment.
- It is a third generation cryptocurrency that helps to bring together blockchain and conventional businesses. This means that all associated chains will at some point use the Bytom network and make it a major payment network.
- Though Bytom is yet to gain acceptance in the conventional marketplaces, the development team is working on entering into partnerships with many stores for acceptance as means of payment.
- The cryptocurrency does not operate as a direct threat to the current methods of payment such as decentralized banks and payment services such a Visa. Rather, it provides a system for synergies to yield a win-win situation for all.
While all indicators point at the great potential for Bytom to become a major payment network, the success will only be possible if the platform maintains the current appeal and growth. The development team must also work towards strengthening the core code and keeping the platform as secure as possible.
How Does Bytom Work?
The core mission of Bytom is helping to bridge the digital and physical worlds by creating a decentralized network. The new platform allows easy registration of physical assets and representation in digital formats for trading in the markets. Here is a demonstration of how Bytom achieves this.
The platform facilitates exchange and flow of byte information and byte assets that have value attributes and using smart contracts to create new byte assets. Therefore, it is advisable to look at Bytom as a form of intermediary or generating profits using data and amplifier to the performance of the digital assets. As blockchain technology advances, these digital assets will become the powering assets and AI (Artificial Intelligence) for IoT (Internet of Things). They will also help to redefine impact of the digital world on the physical world.
Bytom is also a medium for transferring value on a peer2peer basis. Like other cryptocurrencies, Bytom operates as a network that brings together users spread as nodes in its system. Using the native asset, BTM, users can easily measure the value of economic activity. This means that Bytom represents both ownership and right to use the network. When you buy BTM, it implies that you own a piece of the network and can do the following in the network.
- Participate in building consensus through voting on different activities. This includes managerial decisions that define the future of the network.
- As a Bytom holder and network owner, you are entitled to participate in confirming transactions through the process of mining. Remember that you will be rewarded for such confirmation through demonstration of the work done.
- You can hold the BTM waiting for them to gain value or even trade them in the market.
Does Bytom Use Blockchain Technology?
Yes, Bytom uses blockchain technology. Bytom is one of the most technical projects out there by the first quarter of 2018. It employs three layers in its blockchain model;
- The transaction and transmission layer.
- The asset interaction layer.
- The contact layer.
The three layers are designed to help manage the different assets in an efficient and secure way. The Bytom blockchain also uses a combination of public keys and private keys that allows naming of the assets using Open Data Index Name (ODIN) system. Note that the ODIN system and the three-layer architecture operate by calling contracts that pre-defines the rules of operations.
The Bytom blockchain further separates transaction signatures from other types of data during transactions. This closely mimics the operation of the Segregated Witness format employed in the Bitcoin network. Though it is unclear whether the Bytom team created its own transaction signatures or they borrowed what is at Bitcoin network, the model has been very effective in facilitating smooth running of different chains.
Using the Bytom UTXO system, the network can verify transactions simultaneously so that unspent outputs are only quoted by a single transaction at any one moment. It is a brilliant idea that many crypto networks have been trying to achieve with little success. By helping to protect double spend, Bytom has become one of the most desirable projects out there.
Another concept of Bytom blockchain is cross-chain distribution. The network allows developers to create smaller side-chains that can operate linked to the main chain. This means that individual businesses can craft their own chains and run them embedded but completely independent on the Bytom network. Just like the Ethereum blockchain’s smart contracts, it means that the Bytom will in the future host new blockchains.
Mining is the process of confirming transactions in cryptocurrency networks for a reward. The miners are nodes spread in the network that work very hard to check the authenticity of transactions, confirm them, and add new blocks to the public ledger.
In the Bytom network, the network employs Proof-of-Work algorithm which means that users must demonstrate their commitment to working hard to maintain the network. When users want to send value, the Bytom network generates complex mathematical puzzles that nodes/ miners must work hard to get the answers. The first miner to get the answer correct is rewarded with BTM.
When Bytom was created, a total of 2.1 billion native coins referred as BTM, were created. 33% of the total coins released in the network were delegated to reward miners in the network. In the first four years of Bytom existence, a total of 86.625 million coins would be mined. Then, the value would halve every subsequent four years until all the rewards are mined.
If you want to start mining the Bytom network, it is important to look for appropriate hardware that generates high hashing power and appropriate software. The best option is the AI ASIC-chips because it generates very high hashing power. However, people are encouraged to work in pools that help to consolidate the hashing power and raise the chances of confirming transactions.
What Are the Advantages of Bytom?
Every person thinking of joining the cryptocurrency niche indicates he/she want to enjoy huge ROI (Return on Investment). Most people are categorical that they look forward to growth and huge benefits such as those yielded by other networks such as Bitcoin. Now, Bytom has entered the crypto market and it is being tagged as a better network than Bitcoin. Can it deliver the same growth demonstrated by Bitcoin? Here are the main advantages to anticipate after joining the Bytom network.
- It allows users to make transactions as anonymous entities
- The best thing when using cryptocurrencies such as Bytom is that they allow you to operate in total privacy. This means that unlike the banks that allow the cashiers, bank management, political authorities, and financial administrators to access your transactions, Bytom is completely anonymous. Both the transaction and all the details are fully encrypted to ensure that no one can follow and unmask you.
- It is a sure way of sending funds at lower costs
- Cryptocurrencies entrenched themselves in the community by promising people lower transaction fees. Bytom has lived to this commitment by charging users only a very small fee. Though the fee for using the network is based on the value of the BTM, it is currently very small since the price of Bytom is still low. Because of this, many people even from other networks are opting to join the Bytom to enjoy the low transaction costs.
- You have total control over the network
- If you are a bank customer, one of the things you must follow is operational timelines. For example, you cannot access the banking services during weekends, public holidays, and at night. Even for those that have bank mobile apps, the transactions they can work on are still limited. Bytom is completely different because it allows users to operate in absolute freedom. Once you join the network, the services are available on a 24/7 basis on 365 days every year. You can mine, send funds, check balance, interact with other networks, and carry every transaction no matter the time of the day or night.
- The cryptocurrency allows people to use and own the network
- When you use money services such as PayPal or Visa, there is a sense of passiveness after a transaction is completed. Some only pull out the cards when they are making the next purchase. However, it is different when it comes to Bytom.
- Bytom users are also the owners. Once you join the network, it applies the Proof-of-Work consensus model to make you a node. This means that you will be called upon to vote when there is a conflict or a major decision is required. The good thing about this is that you are paid to help in making these decisions and confirming transactions.
- The best way to work without worrying about third-party seizures
- If you use a bank to keep personal savings, you need to be very worried. In case a lawsuit hauls its way to your doorsteps, the judges can easily freeze your account. Note that you do not even need to have committed a criminal offense to be dragged into the courts. A case can gather dust from the workplace, social media, and even on the road when driving from work. However, things do not need to be this way if you invest in the Bytom network.
- Because the network encrypts all the transactions and it is owned by the nodes spread in the globe, nobody can know about your details or even the investment. It is the perfect place to hide your savings, investments, and see it grow over time.
What Are the Risks of Bytom?
When people join the Bytom or other cryptocurrencies, they want to know the benefits they will get from it. However, the risks that come with these networks are equally important to know when drawing the right decisions. Here are the main risks that you need to understand when joining of using the Bytom cryptocurrency.
- High market volatility
- Like other cryptocurrencies, Bytom is subject to the market that has demonstrated high volatility. Most cryptocurrencies react to issues emerging in the market and causing serious price swings. A good example was the first quarter of 2018 when most of the cryptocurrencies experienced sudden downward shifts of prices. Even Bytom was not spared. This is an indication that growth of the cryptocurrency cannot be guaranteed.
- The risk of getting attacked by hackers
- The cryptocurrency niche has become a prime target for hackers. Because of their emerging acceptability, hackers are always looking for vulnerabilities and capitalizing on them to siphon from unsuspecting clients. At Bytom, the network, their assets, and even users are also faced with the same risk of loss. Though the development team has indicated its commitment to stay ahead of hackers to lower the risk of attack, it is advisable also to take appropriate initiatives such as storing your BTM in cold stores such as hardware wallets.
- The danger of sending BTM to the wrong address
- To operate in the Bytom network, you are required to use the private and public keys when making transactions. However, these are lengthy codes that are very difficult to remember. This means that the risk of sending BTM to the wrong address always looms. Remember that once you send BTM to the wrong address, the transaction cannot be reversed.
- The danger of the looming regulations
- No cryptocurrency out there is sitting pretty when it comes to regulations. The governments have been threatening to pass harsh regulations because cryptos are making it hard for authorities to collect taxes and control inflation. If such laws come to fruition, there is a danger of the Bytom value plummeting and causing huge losses to users.
- The threat of new and more appealing cryptocurrencies entering the market
- Every cryptocurrency entering the market is targeting to address issues experienced by the preceding network. It is because of this that Bytom is considered better than the networks launched several years back such as Bitcoin and Litecoin. In the coming months or years, Bytom is likely to face the same fate as more advanced and appealing cryptos enter the market. The value is likely to plummet, and the appeal could dwindle relegating Bytom to oblivion.
- The mandate of the Bytom is very broad
- A closer look at the Bytom white paper reveals it is a highly ambitious project. However, there is a consensus among the cryptocurrency community that the mandate is very broad. One of the main things that have made Bitcoin grow and reach enviable levels is being specific to one role; sending value. It is thought that Bytom could easily collapse under its own weight in the coming years.
What Happens if Bytom Gets Lost?
If you have been in the Bytom network, the chances are that your tokens have continued to grow over time. Whether you bought or mined the Bytom coins, there is a special sense of attachment and success. However, the risk of loss is only a few steps away.
News of people reporting that their crypto assets were stolen has become way too common. However, many are those who keep asking what happens when Bytom gets lost. To demonstrate what happens, it is important to follow the individual channel of loss.
NOTE: The native Bytom coins do not leave the main network. Even when they are lost it simply implies that you have lost ownership. However, the coins are still in the network.
- Bytom loss through sending to the wrong address: If you send Bytom to the wrong address, the coins will be lost. They will still be in the network but under a different person.
- Bytom coins lost through damage to the wallet or forgetting the private keys: If you lose Bytom coins through these two ways, it implies that they are on the network but in a dormant state. This means that you are still the rightful owner. However, you MUST get the right private keys and wallet to access and bring the tokens to life.
- Loss of Bytom through hacking: Whether the hacking took place at the exchange or wallet level, the loss is permanent. The tokens have simply changed hands and are gone forever.
When Bitcoin entered the market in 2009, everything changed. That is right. Satoshi Nakamoto had opened a lid to blockchain technology that has threatened to change how everything is done. Now, the third generation cryptocurrencies have taken the idea of distributed ledger solutions to another level where the governments and centralized institutions think they could be easily toppled. The first jurisdiction to sound the alarm was the United States. The Federal Bureau of Investigation warned that cryptocurrencies risked opening the wild for cybercriminals and even terror funding. But this was not the only danger that the governments saw from cryptocurrencies such as Bytom.
- The cryptocurrencies are anonymous and make it impossible to follow people who avoid paying taxes.
- The cryptocurrencies are presenting a new informal line of investment that could distort the conventional focus of shares, debentures, bonds, and even real estates.
- As an alternative currency, it means that the need and application of the fiat currencies could easily fade. This will deny the governments opportunity to control inflation.
- By operating as decentralized and peer2peer systems, cryptocurrencies such as Bytom are a direct threat to banks and other financial organizations. Ultimately, these organizations could decline and close down. The governments see this as a risk because employment will be lost and economies shrink rapidly.
The Bytom and other crypto networks are not owned by a single or known entity. After the creators developed and released the core code, the network is owned by users spread across the globe.
While these threats from cryptocurrencies are grave in nature from the view of most administrations, it is interesting to see that none has passed comprehensive legal frameworks. Even the states willing to make the first move such as China and Bolivia are only resorting to direct gagging orders. In China, the governments started by banning ICOs and freezing accounts of enterprises that supported cryptocurrency trading. In other countries such as Russia and Bolivia, the administrations have threatened to find the traders using crypto assets for payment to be committing illegalities.
- The technologies are changing too fast than many administrations can handle. Most of the states are forced to play catch-up when it comes to distributed ledger technologies.
- The distributed ledger solutions have a positive side that cannot be wished away. For example, they have demonstrated the capability to address the problem of big data.
- The subject of cryptocurrencies is fast drifting from being a logical one to a highly emotive and political outset. Some administrations are not willing to pursue legislation that go against the followers’ preference.
From Russia to the United States, one thing that comes out clearly about cryptocurrency laws is that legal frameworks will finally dawn. Therefore, whether you are new to Bytom or has been in the industry for some time, you should be prepared for the shocks that will come with such laws.
Is Bytom Legal?
Between 2009 and the first quarter of 2018, no jurisdiction had passed cryptocurrency regulations. This means that Bytom and other blockchain networks are legal. However, most countries are at different stages of drawing or passing legal frameworks that will ultimately guide cryptocurrency use. Here is a closer look at some of these jurisdictions.
1) The European Union
- European Union is one jurisdiction that had not crafted a clear legal framework by the first quarter of 2018. This implies that Bytom is legal in all the EU member countries. The EU administration appears undecided on the approach to follow on cryptocurrencies. Different arms of the EU have been taking separate positions on cryptocurrency regulations.
- The European Union Central Bank was the first in warning citizens in member states to be cautious when using cryptocurrencies. The experts in the highly influential bank argued that cryptocurrencies came with huge risks and people risked losing their investments. It also pointed that users risked suffering from high volatility that could lead to more losses.
- The legislative arm, the EU parliament, was reading from a different script. The parliament argued that the blockchain technologies marked the apex of the fintech niche and cannot be wished away. The parliament indicated that even though there are numerous risks that come with use and application of crypto technologies such as Bytom, they need to be carefully studied before passing a legal framework.
- By failing to pass a binding legal framework, it means that individual countries in the EU can pass their own frameworks. One of the jurisdictions that have taken such a local initiative is Austria.
- The Austrian administration has become one of the emerging jurisdictions to craft cryptocurrency related frameworks. The administration had indicated that it appreciates the huge benefits that come from cryptocurrency networks such as Bytom. However, it acknowledges that the threats are equally serious. For example, the threat of tax evasion and fraud must be looked at from the earliest possible point before the cryptocurrencies can move to the next level.
- The ministry pointed that it is already at an advanced stage of passing crypto framework that will help lower security-related threats. The ministry was concerned that the anonymity in most cryptocurrencies was becoming a hiding point for both cybercriminals and terror networks. The ministry argued that some form of scrutiny will be introduced so that terror networks do not issue ICOs to fund raise for their activities or use the networks to convey resources.
- Germany is one of the countries considered crypto friendly. Because they do not have a legal framework, Bytom and other cryptocurrencies are legal. The director of the Germany Central Bank indicated that the cryptocurrencies are not considered as commodities, currencies, or even stock. Rather, they are seen as private money. Consider it the same way countries look at foreign currency. This means that when you trade in cryptocurrencies in Germany, you will not be charged for short-term gains that are less than 600 EUR.
- The central bank director insisted that the country is pushing for a global framework as opposed to a local solution. During the G20 summit held in March of 2018, the country indicated that it would work closely with all countries that target global regulations to lower the risk of fraud and tax evasion.
- Russia, like Austria, has taken a bold move towards implementing a legal framework for cryptocurrencies. Notably, this is a shift from the earlier stance taken by the administration. Prior to 2018, the Russian authorities indicated that cryptocurrencies were not legal tenders and it would not regulate them. However, the stance changed early in 2018 after it emerged that cryptocurrencies were altering the investment landscape in the jurisdiction.
- The finance ministry pointed that there was a legal loophole that made it impossible to tell whether using cryptocurrencies was legal or not. The ministry and central bank went on an overdrive to review the cryptocurrency technologies, their applications, developments and other aspects with a view to crafting a legal framework. By February of 2018, the draft bill referred as Digital Financial Assets Bill was ready.
- Under the bill, Bytom and other cryptocurrencies are considered securities that are stored in the blockchain networks. The bill goes ahead to define and prescribe the procedures to be followed for mining, trading, and even ICOs. The Russian government is also working with the Venezuela administration that has already installed a state-run cryptocurrency.
- While other countries are feeling threatened by cryptocurrencies, it is different when it comes to Switzerland. The country is setting up a system that will attract more cryptocurrencies such as Bytom to set up their bases there. The economic minister in Switzerland, Johann Schneider-Ammann was categorical that they are leaving nothing to chance in making the jurisdiction a crypto-nation.
- The minister started by setting up an ICO-working group in the economics ministry. The working group was tasked with crafting an ICO framework and promoting cryptocurrency growth in the country. This effort has been very fruitful with more cryptocurrency foundations and banks intending to run new crypto networks setting up their bases in the jurisdiction. The Sberbank, a Russian based bank plans to launch its cryptocurrency exchange in Switzerland.
Bytom and Taxes
The topic of Taxes and cryptocurrencies is perhaps the most complex in the history of blockchain technology. Many governments feel irked by cryptocurrency users who hold the view that cryptocurrencies are designed to help them live without paying taxes.
When governments passed the Common Reporting Standards (CRS) framework in 2014, it became apparent that tax evasion through stashing funds abroad was no longer viable. The OECD members and even non-members committed to sharing financial information of offshore account holders.
Now, a lot of people are shifting to cryptocurrencies such as Bytom because they anticipate living tax-free lifestyles. But tax experts hold a different view altogether. They posit that though the cryptocurrencies such as Bytom might be look tax-free at the moment, the status cannot last forever. The distributed ledger technologies and encryption are advancing at a fast rate, and it is only a matter of time before anonymity is broken. To demonstrate this, it is important to look at an example.
Early in 2017, a strain of malware called Ransomware was released by cyber criminals in Europe. The malware encrypted the target files and demanded a ransom for de-encryption. Because Bitcoin was thought to be anonymous enough, the malware designers insisted on being paid in BTC. However, new technology was discovered, and the criminals found themselves at risk of getting exposed and prosecuted.
In the United States, the Commodities Futures Trading Commission (CFTC) gave a clarification that all cryptocurrencies should be considered commodities. This was meant to emphasize that even cryptocurrency traders are required to pay taxes. But the United States is not alone. Israel, Russia, and Canada among others have also given their takes on cryptocurrencies and taxes. These states have indicated that no matter the avenue of the revenue generation; all the applicable taxes must be paid. Is it possible to enjoy all the benefits from Bytom without breaking tax related laws?
Even as many administrations take a tough approach to ensure that everybody pays taxes, the good thing is that you do not have to wait until the hammer falls on your side. You can be compliant when operating on the Bytom network. Here are some useful tips that can help you operate without breaking any law.
- Make sure that the revenue generated when trading Bytom in the markets is considered taxable income.
- Capture the revenue and taxes deducted therein when filing tax reports annually. Note that this means capturing all the details even if you made losses.
- Ensure that the value of Bytom and corresponding fiat is articulately captured at the time of trade. You could also note important particulars of a transaction to support your assertions.
- If you are a trader accepting payment in BTM, consider working with a tax expert to capture the details of the transactions well in the balance sheet. Remember that this does not mean compromising your anonymity in the Bytom network.
Does Bytom Have a Consumer Protection?
Bytom does not have consumer protection. The cryptocurrency is owned by the users and nodes spread in its network. Like other cryptocurrencies, everything in the Bytom system is based on consensus from the users in the network. This implies that you are on your own if anything goes wrong on the network. For example, if you send funds to the wrong address or get hacked at the wallet level, you cannot complain to the Bytom development team. Things are even worse in cryptocurrencies because there are no regulations. This implies that you cannot rush to the court of law for redress.
The closest that the Bytom system comes to having a sort of consumer protection is its 3-tier management model that includes the executive committee, the autonomous committee and the Bytom coin holder assembly. The largest authority is bestowed to the Bytom coin holder assembly. These are the people who have the Bytom coins and that vote in all matters in the network. Then, the last two levels are involved in the Bytom development, updates and improvement.
If you are new or has been in the Bytom network, the notion that you are not protected prompts the need to redefine personal protection. You must take every caution to protect your BTM. Here are some of the most effective tips that you can use to operate safely in the network.
- Ensure to select the cryptocurrency exchanges with a lot of care. You should focus on picking the platforms that have exclusive strategies for protecting traders’ assets.
- Always triple check the public address of the targeted recipient before sending funds.
- Consider dedicating a single computer for Bytom operations only.
- Keep the Bytom client and your computer updated all the time.
- Avoid visiting high-risk websites on the computer used for Bytom operations.
- Try to keep your BTM in cold storage most of the time to reduce the danger of attacks and loss.
Illegal Activities with Bytom
Anonymous cryptocurrencies such as Bytom provide an easy platform for criminals to perpetrate their illegal activities. Because they are anonymous, many are the people who opt to use them for illegal activities. The feeling that you are anonymous and cannot be reached by authorities encourages criminals to craft Ponzi schemes and even sell counterfeits on crypto networks. Despite this, the rigorous scrutiny of member accounts has made it extra difficult for criminals to use the Bytom network. No illegal activity was reported on the Bytom network by the first quarter of 2018.
Is Bytom Secure?
How secure is Bytom? This is one question that every person hearing about Bytom or with interest in joining it asks. A good cryptocurrency should have good structures that make it difficult for hackers and cyber criminals to break. Bytom has won the tag of one of the most secure cryptocurrencies out there because of its unique features that have helped it operate without any incidence of a successful attack since inception.
The Bytom network uses separated transaction signatures for the rest of the blockchain data. The cryptocurrency uses a DLT protocol that allows interactions between different assets without compromising users’ security. By adopting the principle of minimum authority, it means that the transaction signatures to guarantee users isolation between specific assets management and synchronized distributed ledgers. The model allows users to operate without fearing that compromise in one asset can affect the rest of the network. In such a case, only the affected asset will be involved, and can easily be isolated and cured.
Bytom employs a Hierarchical Deterministic multi-address model to make hacking difficult. Specifically, the development team settled for the BIP44 five-layers path that defines the path rules, types of currencies, index, and account. This gives the user absolute control over their wallets. It also makes breaking almost impossible.
The focus of the Bytom development team is ensuring that all the features are progressively improved and actions are taken proactively to keep the network secure. Though the Bytom network has been working extra hard in ensuring that the system is secure, you also need to play your part. It is important to avoid visiting risky sites, keep the BTM offline most of the times, and select the trading platforms with a lot of caution.
Is Bytom Anonymous?
Bytom is an anonymous cryptocurrency. The third generation cryptocurrencies such as Bytom are riding on the promise of making transactions more private. The asset management system at Bytom largely relies on advanced encryption to ensure users’ details and accounts cannot be unmasked by third parties. This implies that only you can reveal the info in your wallet or Bytom client. The development team opted for the ESCDA encryption and the advanced 256 hashing to keep users details as private as possible.
Bytom further employs the SM2 Cryptographic Hash Algorithm that is considered faster than DSA and RSA when processing private keys. This guarantees higher levels of efficiency in encryption and greater anonymity when operating in the network.
Has Bytom Ever Been Hacked?
Bytom has never been hacked. The fast-rising popularity of cryptocurrencies has aroused a lot of interest from hackers who target stealing from digital asset holders at different levels. It is not uncommon to hear people saying that they have been hacked and a lot of coins siphoned away. However, Bytom has never been hacked since it was launched. This is an indication of how strong the core code of Bytom is compared to other networks.
Note that though Bytom has never been hacked does not mean it is not a target by criminals. The development team indicates that they are targeted very many times by cybercriminals, but the attempts are never successful. It is, therefore, crucial that you regularly check for the Bytom core updates to reduce the danger of loss. You should also move your BTM to cold storage to lower the danger of loss.
How Can I Restore Bytom?
Every other time, you will hear somebody shout on the crypto community forums that he/she has lost tokens. It can be very painful. Think of a situation where you bought thousands of Bytom but woke up one day and find that they have been siphoned away. In many cases, the loss takes place through hacking or sending to the wrong address. However, the question remains whether it is possible to restore the lost BTM? The answer is yes and no.
If you lost BTM coins through forgetting the private keys or damage to the wallet, it is possible to restore them. When you first acquired a cryptocurrency wallet, it generated a unique 24 code phrase referred as the seed phrase. This is the code that you should use to re-generate the private keys. For those who lost their wallets because they have been damaged, the best method is using a backup. What this implies is that you need to be prepared for restoration well before the loss takes place.
If you lost BTM through hacking or sending to the wrong address, they cannot be restored. They have changed hands and now belong to another person. You need to be extra careful with the exchanges that you use and the websites you visit. Remember that you can never be 100% secure when working on cryptocurrency networks such as Bytom, Bitcoin, and EOS among others.
Why Do People Trust Bytom?
The cryptocurrency niche has been growing rather fast. Many people in the crypto world refer to it as supersonic speed. Between 2009 and 2018, over 1500 cryptocurrencies had entered the market. Even as the blockchain technologies continue working towards helping to advance a cashless society, things are fast shifting to winning trust. When reports that a cryptocurrency such as Bitcoin Gold was hacked or a cryptocurrency exchange has lost millions worth of crypto assets, people are left wondering whether there is any network that they can trust.
Even as other cryptocurrencies continue struggling to win users trust, Bytom is easily winning more on its side. Why do people trust Bytom so much? Here are the main reasons why no one wants to be left out of the Bytom network bracket.
- The cryptocurrency has a dedicated team of very knowledgeable members. The effectiveness of a cryptocurrency is as good as the team that is behind it. Bytom has not just captivated the community with its unique architecture, but also with its highly dedicated team. The development team members include Li Zongcheng who holds a masters degree in Technical Economics from Zhejiang Gongshang University. Others members of the high tech development team include Guo Guanghua who is a highly experienced Java developer and Qu Zhaoxiang who has vast experience in decentralized technology solutions. With such a highly advanced team, the community can only expect the best.
- It is one of the most transparent networks in the crypto market today. While one of the main traits of cryptocurrencies that communities cherish so much is anonymity, they feel cheated when the management fails to disclose complete details on ownership. For example, the Bitcoin developer, Satoshi Nakamoto is a mystery. No one knows about the person/ persons. However, Bytom is a very transparent network that has its developers and founders well documented. They also interact with the community at different forums to showcase the cryptocurrency features, updates, and commitments.
- The architecture of the cryptocurrency carefully provides for the harmonic existence of multiple assets. As an interactive protocol for different byte assets, the community's first interest is understanding the underlying architecture. The three-layer model has made it possible for different assets to be enjoined, managed, and run optimally to address the problem of scalability.
- By allowing for easy development of sidechains, the network enables users to optimize Bytom by crafting their blockchains. Like the Ethereum network, the Bytom network is a perfect place for all users to come and optimize the applications. For example, users are free to develop side-chains. This means that you can also own and run a cryptocurrency. If you had not thought about it, it is time to consider running a network that can grow to become as big as Bitcoin.
- The cryptocurrency is developed with a lot of input from the central administrations. The Bytom team understood the peril that faces all the cryptocurrencies in the market today. In particular, it wanted to help shield its users from the looming threat of cryptocurrency regulations. Because of this, the development team has been working closely with Chinese and other authorities globally to ensure that it is on the right side of the law.
- The cryptocurrency borrows a lot from Bitcoin. Many people have indicated that Bytom is on the launching pad and could follow the projectile like that of Bitcoin. For example, it uses the same algorithm used in Bitcoin. However, it is better than Bitcoin because it comprehensively addresses the problems of scalability and speed.
History of Bytom
The history of Bytom can be traced back to the first quarter of 2017 when the founders started working on a new core code. They were concerned that the cryptocurrencies of that time were not appropriately addressing the issue of scalability, fungibility, and speed. They also wanted to create a platform that could facilitate cross-chain interaction so that a person in network X can easily make payment to network Y without having to be a member of the two systems.
In the first quarter of 2017, the developers started working on a new Bytom code from scratch. By mid-2017, the Bytom core code was ready, and the development team released the white paper and fundraising plan. The fundraising ICO was held between June and July of 2017.
During the ICO, the Bytom development team broke down the tokens and distributed them to different entities. A total of 2.1 billion tokens were released with the following breakdown.
- 7% of the tokens went to the Private Equity investors. These are the investors and institutions that helped with support and finances during early development.
- 30% of the tokens were distributed to the public through the ICO.
- 20% of the tokens were reserved for the Bytom Foundation (the foundation was yet to be formed by the first quarter of 2018).
- 10% of the tokens were reserved for the coin business development.
- 33% of the total tokens were reserved for mining rewards. They will be released to miners who help to confirm and add new blocks to the Bytom public ledger.
In 8th January of 2018, the value of Bytom shot to the highest point in its history, $3.1. This was a 3000% growth between October of 2017 and early 2018. The sudden growth is being considered as a pointer to the possible growth that could be experienced in the coming days.
Who Created Bytom?
Bytom was founded by Chang Jia and Duan Xinxing. Chang Jia was also the founder of 8btc that aimed at popularizing using the blockchain technology in China. He is also a well-known scientific fiction writer who won the Galaxy Award for three consecutive years (2006-2008). Like Jia, Duan was also the Executive President of 8BTC.com. He was also the vice president of the OKCoin which is one of the largest cryptocurrency exchanges in the market today.
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