Bytecoin is a cryptocurrency that was founded on July 4, 2012 and it currently trades under the ticker symbol BCN. Bytecoin was developed separately from Bitcoin and its associated forks which makes it a completely independent currency. It is the very first cryptocurrency that is based on the unique CryptoNote technology that was designed for anonymous cash settlements. Bytecoin can provide private transactions worldwide that are completely untraceable which protects the user’s privacy with impassive and anonymous transactions.
Unlike fiat currencies (currency that a government has declared to be legal tender) that are assigned to specific territories, Bytecoin is international by default because it is bound to the Internet.
How Bytecoins Are Created
Unlike the emission of fiat currencies which is a process closed to the public, the emission of Bytecoins is an open process in which any user can join and take part in the transaction process of Bytecoin (otherwise known as mining). This mechanism of transaction processing is decentralized, which allows a person to be both a participant and a user of Bytecoin.
When a user dedicates computer power to mining in the network, this results in the creation of new Bytecoins which serves as a reward for those that employ their computing power in order to process transactions.
Bytecoin reliability is defined by the total computational power of all the computers in the network that take part in processing transactions which means that the reliability of the network increases with the more processing power the network has available to it.
Bytecoin transactions are carried out every 120 seconds. The Miners provide cryptographic protection of personal and transaction data and ensure that these transactions are processed correctly. It should be noted that miners do not have access to users’ financial data since Bytecoin protects the identity of both the receiver and sender along with concealing the sum transferred.
Current 2018 Roadmap For Bytecoin
Below is the current roadmap for BCN that outlines some of their goals for the year. According to the information listed on their website they have big plans for the second have of 2018. You are encouraged to visit their website at https://bytecoin.org/blog/bytecoin-2018-roadmap-1,-2-quater to stay up to date on the events listed below.
Forks tree for CryptoNote coins
As I pointed out earlier, Bytecoin is the very first cryptocurrency that is based on the unique CryptoNote technology. They came before Monero (XMR) that we all here about in the news which became very popular when the price took off last year. To help you understand this in more detail I have provided the following fork tree.
The Price Of Bytecoin Could Take Off By The End Of 2018
In theory, Bytecoins should start increasing in price because the production is restricted to 184.47 billion BCN and there are already approximately 183.83 billion coins circulating. The amount of Bytecoins produced in 2 minutes is faintly diminishing, and in theory Bytecoins should in turn rise in value.
A website called “Bytecoins World” has a real-time counter that estimates the time that all Bytecoins will be mined. As of April 11, 2018 their website has a estimated time of 364 days that are left until that will be achieved. This countdown is based on the current network hashrate and average block reward for 24 hours. That value is variable so the countdown will fluctuate.
Theoretically, the price of Bytcoin should increase when all BCN are mined because at that time a person will only be able to obtain Bytecoins is to buy or trade for them.
Future Price Of Bytecoin
As of today, Monero has a current marketcap around $2,649,064,948 USD while Bytecoin has a current marketcap of approximately $439,483,367 USD.
I believe the reason why Monero is much more valuable than Bytecoin today is that miners are rewarded a good number of BCN when compared to the amount of coins received when mining Monero. For example, if a person would mine Bytecoin at the hashrate of 1000 h/s they would receive approximately 300 Bytecoins daily in return. If the same amount of computing power was dedicated to mining Monero, they would receive approximately only 0.05-0.08 Monero weekly as a reward.
* Please note that the above mining rewards are a broad estimate and can fluctuate based on the efficiency of the mining pool, block difficulty and reward.
In my opinion, the low reward for mining Monero makes it more valuable today. However, the supply of Bytecoins is rapidly reaching the total supply that is available and could reach its’ total supply limit in the first half of 2019.
As the supply limit gets closer to being reached for Bytecoin the total market value should increase to at least be comparable to the total market value of Monero. This puts the value of Bytecoin at around a 600% increase from its current value and it should have little problem achieving this price target as long as it continues with the current plans listed on their 2018 roadmap that was provided above.
Furthermore, the value of BCN could become much greater than that of Monero because it is the very first cryptocurrency that is based on the unique CryptoNote technology.
To Sum It all Up
Bytecoin (BCN) is the pioneer to first use the unique CryptoNote technology that gave way to Monero (XMR), but due to its’ large supply of coins it has failed to gain any real traction with market value and the community in the past. However, the supply of Bytecoins is rapidly reaching the total supply that is available.
In the past few months, Bytecoin is seeing more talk in crypto related social media because of its’ privacy features and the demand for anonymous coins. BCN can be seen as a great investment to similar digital assets as the coin is seen listed on more exchanges.
The Bytecoin project has a great roadmap for 2018 and with the current low price it can be seen as a potentially attractive long term investment.
* The estimate for the future price of Bytecoin is speculation based on the opinion of the author. Prices of cryptocurrency can fluctuate greatly because they are still in the development stage and any person/group should only invest money in them that they can afford to lose.