Bytecoin came into existence in 2012 as a replica of the pioneer Bitcoin. However, the altcoin improved many aspects of the Bitcoin which has been a cause of worry even today for the pioneers. Its privacy features especially gained it enough mileage to be recognized as a good investment option.
So are you looking forward to making an investment into the Bytecoin in 2019? We will give you 5 reasons to buy Bytecoin in 2019.
Privacy has always been a selling point for cryptocurrencies, but are they really private? Take Bitcoin, for example, the pioneer was introduced as the encrypted private form of digital asset, but if you have been into cryptocurrency, you must know its quite easy to track down any Bitcoin transaction through its Block as well as node information.
This is one of the features that has been improved by Bytecoin, and it promises total anonymous transactions. Now let us dive deep and see how Bytecoin can be our next crypto calling and why it could prove to be a good investment option in 2019.
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Is Bytecoin a Good Investment
Bytecoin started on shaky ground, but the team behind the network did a commendable job to bring it to the center stage. A low trading price could be tempting and an improved Proof of Work consensus also help it attract some investors towards the privacy coin. Let us look at the different aspects which could make Bytecoin a great investment option in 2019.
1. The Privacy Factor
Bitcoin might promise you privacy but as we discussed, someone with enough resources can track down your transaction on the ledger. However, Bytecoin makes use of Cryptonote algorithm which creates a number of layers to process all the transactions privately.
Although many can claim most of the cryptocurrencies are private since there is no third party involved, but as discussed it’s not as private as the currencies making using of Cryptonote. Thus, the almost invisible transaction factor might attract several people to make an investment into Bytecoin.
2. The Use of PoW
Proof Of Work consensus make a cryptocurrency mineable, and Bitcoin uses the same to help it maintain the transaction verification process on its network. However, the increasing mining difficulty over time has made it impossible to mine Bitcoin using a CPU or GPU based home PC, which was the intent in first place. Now the mining process is centralized in the hand of a few mining farms.
However, Bytecoin uses Egalitarian PoW, a version of the skrypt function which is just like the hashcash function of Bitcoin. The improved PoW is not bounded by memory, thus it’s still possible to mine Bitcoin using an efficient CPU mining rig. Thus, we can say there is no monopoly in the hands of few.
3. Coin Emission
As we know, the Bitcoin mining rewards are halved after every 4 years, and as the time nears, the hashrate on the network decreases significantly. This is the time when the network is prone to attack from hackers which can lead to double spending.
However, Bytecoin is free from such issues as 99% of its token is already in circulation and three is no point for attackers to target the network.
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4. The Team Behind the Network
Bytecoin was introduced as the privacy coin and the team behind it also maintained the privacy factor for quite some time. Until 2017 the development and core work was carried out by a set of anonymous operators.
However, in 2017, the Bytecoin team decided to give it a makeover by creating new websites with the names of the team members along with their picture, but still no links or bios of any of them. Well, that is as far as you go when it comes to a currency which is built around the concept of privacy.
Bitcoin work on an open -source code thus paving the path for other cryptocurrencies to learn and better the limitations of the pioneer. However, many constants are hard-coded in the Bitcoin source code which cannot be altered, limiting the capabilities.
Bytecoin realized that they need to work on the flexibility if they want to survive in the long run. Thus the team behind the network made significant changes in the parameters of its network. Some of the very important changes included changes in difficulty, size limits and penalty on excess size.
The change ensured that not only Block Reward fluctuates, but even the mining difficulty changes from time to time. This ensures a constant block rate. The user of the network has the right to vote for the size of the next block, making it truly decentralized.
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Bytecoin has been in the crypto realm for quite some time now, but earlier the altcoin was marred into controversy for various reasons, be it a pre-mining scam or the ever-increasing number of forks on its network. There have been a total of 15 forks, which changed the developer community behind the network on a number of occasions.
However, Bytecoin has maintained its ground even after so many anomalies and roadblocks, proving the determination of the community and the developers behind the network.
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