Understanding the cryptocurrency can be a pain in the head, right? Especially if you have never invested or taken keen on knowing what they are. Have you ever taken time to know what they talk about when they say about the digital currency?
What is digital currency? many government officials were caught by surprise when the first crypto was made. That is because it meant the embracing of the new way of doing things. some took time to understand more while other made measures to restrict the coin.\
Digital currency is a means of trade, just like the way we use our fait money to make transactions. It was invented to make sure that we change the way we do business by making the transactions more efficient, safe, cheap and with no restrictions due to the government policies.
Over the years the digital currencies have been embraced and used by traders to trade. That has come to see that you can gain more by using crypto something you cannot do with your normal crypto. The currency has also solved a lot of problems that come with the fait cash.
The first crypto to be invented was the bitcoin. I must admit that the first time I had about the coin, I thought it was a scam. I used to ask myself how comes a coin with an anonymous inventor can come and take over the way we do our businesses?
Not until I took the time to study and know about the coin. It came to my realization that the coin was invented and over time gained people trust. Investors love the fact that they can do their business any time of the day with no border restriction and with a lot of secrecy.
If you are an investor, you will agree with me that keeping your transactions safe and from the rest of the world will help you safeguard your money from any theft. That is what bitcoin promised and so far, have been doing, not to mention a good return in investment.
Bitcoin has been a good coin to trade with. It has been doing well in the exchange market and more and more investors have been embracing it as an alternative to fait money. All have been well except that investors noticed some loopholes in the bitcoin. what did they do?
Some of the investors in the coin are also innovators. They have been taking part in the bitcoin trading and know how the coin is made and how it works. That means it was easier for them to amend the loopholes that they were noticing in the bitcoin. That gave birth to the altcoins
What are altcoins? they are alternatives of the bitcoin. they are meant to complement or compete with the bitcoin. none of the altcoins has ever had a chance to reach and perform like the bitcoin has but many have come to solve so many loopholes that were noticed in the bitcoin coin.
When you have something good and you want to keep it, you will always look for ways to make it better right? That is how the innovators of the altcoin think. Their main mission is to preserve the main concept of the bitcoin features but make it better in the weakness that the bitcoin has.
So, you may wonder what has the altcoin solved so far? W0ell when you look at the over two hundred altcoins that have been invented so far, they have managed to solve some of the bitcoin backlashes. Some of the problems solved include;
- Speed issue
When you are transacting with the bitcoin, you must wait for your transaction to be verified and be stored in the blockchain system. That may take time due to peer to peer verification process. There is some altcoin that has come to reduce the waiting time by increasing the speed.
When an altcoin reduces the waiting time and the sped at which transactions are confirmed, it means that more transactions will be verified and confirmed hence more transactions are done at one specific time. That brings efficiency to a coin.
- Cost issue
It has been a topic that has been surfacing much time when you hear about the bitcoin. any traders have been complaining about the increasing cost of transaction fee and it has been making traders scare away from the coin, well, there is some altcoin that has been invented to solve that.
They are made to reduce the cost of the transaction fee to remove the transaction fee and intend to gain a fee in a different way. with a coin with the features of a bitcoin but has a low transaction fee, investors will have a good alternative to transact with.
- Mining issue
Ming has also been a problem for investors who want to gain by doing so. That is because mining the bitcoin has been expensive in term of hardware installation, time, and the power used in mining the coin. That has kept potential miners away from enjoying the profit that comes with mining.
Innovators have come up with no coins to solve that. The coin is meant to use a different peer to peer algorithm that is used in mining that is energy efficient hence making mining cheaper and affordable by ordinary miners. Quite a convenient right?
- Privacy issue
When it comes to privacy, it is every investor’s concern. That is because the safety of your coin depends on how private your transactions are kept. When it comes to the bitcoin blockchain, that is not guaranteed. Miners use the platform to verify and store the transactions once they are verified.
The problem with that is if one can be able to trace the wallet address that did a certain transaction, one can be able to trace to home the bitcoin was sent to and can also be able to know how many coins were sent and the transaction fee that was charged.
Now, that is a lot of information is it was to fall in the wrong hands. It can lead to your coin being traced and stolen or can lead to thieves knowing how many coins you own and how much you transact at a time, something that no investor wants. That is why the byte coin was invented.
What is Bytecoin?
It is any other altcoin meant to solve a bitcoin loophole, the security one. It has managed to become the number one anonymous alternative to bitcoin, something that many investors are ready to know and use to safeguard their crypto coins.
Byte coin is a peer to peer digital currency that was released in the year 2012 to the public. Slowly, it has been improving and gaining fame among investors. That is because more and more people are in demand of a more secure and anonymous cryptocurrency to trade with.
When you use the byte coin, you are guaranteed of the privacy of your transactions since it is a decentralized cryptocurrency with an open source code which allows every coin owner to take part in the byte coin network development and changes.
Transactions with Bytecoin are anonymous and untraceable around the world and the best part of that is that it comes at no extra fee. The coin is international by default and bound to the internet hence no one can dictate the coin.
What makes the coin unique from the bitcoin?
The coin is meant to make your transactions untraceable. That is by obfuscating the transaction address of the senders and the recipients. That means it is open for any coin user to take part in the development without his or her information being leaked outside of the network.
When it comes to the bitcoin, the user sends another user some bitcoin. a transaction is created, it contains the address of the wallet of the sender and the recipient. It also notes the amount of coin that was sent and the key used to verify the integrity of the transaction.
The byte coin comes in to solve the openness of the transaction by rapping the addresses of the wallets using a ring signature algorithm called the crypto note. Once that is done, an analyst of transactions and blockchain cannot be able to trace any members transaction in the blockchain.
How to buy Bytecoin
For you to gain the Bytecoin, you must own it. for you to do that you go to any stock exchange market online and with your fait currency or bitcoin, you will be able to get the coin. For you to get the reliable coin, you can purchase them at HitBTC, poloniex and GDAX.
It is also good to note that the coin has been trading well in the exchange. Many investors have been buying the coin and reselling it at a profit due to its high value. When you own the coin, be on the lookout for the next rise of the coin value. You might make a good return on your investment.
Where do you store your Bytecoin?
For you to effectively store your byte coin and ensure that they are safe, you need to have a wallet. You have three places in which you can do that;
- In a desktop wallet
- Your web wallet
- Your mobile wallet.
For you to get the desktop wallet, you can get it on Mac, windows and Linux. If you go for the web wallet, you can get the wallet from any web browser. Android phone users have the privilege of enjoying the mobile wallet for now.
Bytecoin is all about the safety of your coin. You should make sure that when opening your wallet, you use the 2-way authentication process to make sure your wallet is safe and secure before use. once you do that, you will be free and ready to transact at ease.
Advantages of the Bytecoin
It is the primary aim of the coin. To make transaction safe at the end user. With the coin, you can transact anonymously without anyone on the blockchain tracing your transactions. That makes your coin secure and your transactions secret from anyone.
Because of the encoding of the addresses, it makes transactions easy and fast. That is because every transaction is coded immediately it is transacted and no hackers can come to disarrange things in the name of finding a transaction. It also makes mining easy since every coin user is involved.
- Use friendly
In byte coin, every coin owner takes part in the development of the coin. They have a say in the changes and take part in the verification and mining of the coin. That makes the coin users feel valued and appreciated
Disadvantages of the Bytecoin
The coin is facing serious competitors who have better management and development. That can impact the coin in a good and a bad way. The bad way in that they are always trying to be better than the Monero and other altcoins
Future of the Bytecoin
In the white paper, they have made it clear that the coin is not here to compete with the bitcoin but to make it better for the users to use both the bitcoin and the byte coin. With the aim of making your transaction secure, they have been able to build trust with the users.
It has been one of the oldest altcoins with a bright future. Since its release, it has seen a positive feedback from the public and over the years, it has been doing well when it comes to trading. If you ask traders, the problem of the security has been taken care of and will continue to be a coin to go for.
It is in every investor’s mind to want to secure his or her currency. You can do that using the byte coin. It ensures that sender and recipient wallet address are sure and untraceable. To use the byte coin, you need to understand the coin, purchase and enjoy the benefit that comes with it.