Created in 2012, Bytecoin (BCN) describes itself as a private, decentralized cryptocurrency with an open source code. The main goal of the project is to facilitate fast, anonymous, and untraceable transactions. Bytecoin claims to be the first project to implement CryptoNote technology. Its security reportedly comes from using ring signatures to protect a sender’s identity and unlinkable addresses to prevent blockchain analysis. Bytecoin claims to have a block time of 2 minutes and adaptive parameters that are designed to make it easy to mine. Recent additions to Bytecoin technology include Auditable Wallets, which reportedly enables secure, publicly observable deposits, and Blockchain Gateways, a means of connecting Bytecoin’s blockchain with other blockchains.
What Is Bytecoin?
Bytecoin is an untraceable cryptocurrency that uses CryptoNote ring signatures to provide anonymous transactions. As a primarily peer-to-peer (p2p) payment system, Bytecoin has many of the same use-cases as Bitcoin.
Created in 2012, Bytecoin is one of the earliest developed cryptocurrencies. Until recently, the team behind the coin has kept themselves anonymous. Now, though, they’ve opened up multiple communication channels, removed some layers of anonymity, and even built several local communities.
The coin has a deep history with Monero, another popular privacy coin and fork of Bytecoin.
How do I buy cryptocurrency?
While some cryptocurrencies, including bitcoin, are available for purchase with U.S. dollars, others require that you pay with bitcoin or another cryptocurrency.
To buy cryptocurrencies, you’ll need a “wallet,” an online app that can hold your currency. Generally, you create an account on an exchange, and then you can transfer real money to buy cryptocurrencies such as bitcoin or ethereum.
Coinbase is one popular cryptocurrency trading exchange where you can create both a wallet and buy and sell bitcoin and other cryptocurrencies.