Initially the purpose of the first cryptocurrency — Bitcoin — was to provide financial freedom to its users. Banks and other financial institutions control us. They have a lot of power and can determine our financial behavior, and speaking about developed countries we must admit that nearly all their inhabitants depend a lot on their local financial institutions.
Cryptocurrencies let us pay and get money without disclosing who we are and why we do this. Of course, criminals do their best to use BTC and other electronic money for their dirty deeds and it's the job of developers to protect their system from such unwanted users.
Bytecoin is a great solution for people who do not break law, but still prefer to make their financial activity anonymous.
Undoubtedly, the name of the coin was chosen under serious influence of Bitcoin, however since then Bytecoin has been developing independently. It is based on Crypto Night — a powerful data encryption algorithm — and Proof of Work protection method. The main function of Proof of Work method is to protect system from SPAM, DoS-attacks and other maluse of services which may cause serious damage to the system. If you want to learn more about it there is plenty information available on the web.
Advantages of Bytecoin
Despite Bytecoin is a very young currency officially launched only in 2017, it is already on the 64th place of the global cryptocurrency ranking. Considering that there are over 1000 different coins in the world today this result is really impressive.
Bytecoin exchange rate originally was equal to 0,00004$, but by the end of 2017 it exceeded 0,018$! After it a steep drop occurred with all cryptocurrencies beginning with Bitcoin. Anyway, Bytecoin to USD exchange rate has been gradually growing since the middle of January and it exceed 0,0044 in the end of February, 2018. This is the best evidence of stable traders' demand.
So called "unlinkable transactions" used in Bytecoin (it's a unique solution, by the way) leave to chances to trace one's operations. If you are interested in technical side of the matter, we highly recommend you find some Bytecoin reviews online — you will see that different people analyzed this system and came to the same conclusion that it is impossible to track users' transactions. It is impossible from the technical point.
As for Bytecoin hacking — well, theoretically any system can be hacked. Vulnerabilities are always found in any defence, but hackers are hardly interested in Bytecoin because breaking through their protection would be too costly. It is more profitable to hack any other cryptocurrency that Bytecoin. There are many coins where developers do not care about safety as much as Bytecoin creators do.
Today Bytecoin is already available at major exchanges — for instance, at Poloniex. There is no big challenge in buying or selling Bytecoin.
By the way, they have a very well-designed website. You will easily find all interesting information there. The website is available in Korean and English. It would be great if Bytecoin users could access the website in other languages as well, but we don't know about developers' plans regarding localization. Perhaps they think that Bytecoin owners should know English well.
The last advantage of Bytecoin is that it is now at a very favorable stage of its development. It survived a drastic price fall and successfully passed the most dangerous period for a new cryptocurrency. At the same time, Bytecoin is not a top-10 coin yet, so you have all the chances to buy it before it gets to the top. Well, we cannot be sure it will become a top-10 or top-20 coin, but it has all the chances.
Crypto enthusiasts are pretty sure that any more or less new coin is easy to mine, but they are wrong. Bytecoin mining is hardly something you want to do unless you live in a country with very cheap electricity. The thing is that even a very weak and outdated PC can actually mine Bytecoin, but it will be very slow and inefficient. Traders living in Europe, Canada or the US are recommended to forget about Bytecoin mining as it is totally senseless even if you have top-notch hardware.
Luckily, today one can purchase and sell Bytecoin at numerous exchanges — as we have already mentioned Bytecoin was added to Poloniex.
There are other websites offering Bytrecoin too like Cryptonator, HitBTC and many more. Please be cautious and keep in mind that exchange rates for Bytecoin are very different depending on an exchange service. As it often happens with a new coin they all try to earn on it. Sometimes exchanges set unbelievably high exchange rates and inexperienced traders do not notice that.
The only significant disadvantage
The major disadvantage of Bytecoin is not connected to the technical side. It's not about marketing either. Actually, this disadvantage concerns all new coins.
Crypto market is glutted with coins. There are simply too many of them. Tremendous variety hides frightening truth since vast majority of new coins are not competitive. Their developers launch cool marketing campaigns, but the system itself is usually poor and inconvenient. Despite Bytecoin is something totally different it has to fight dozens and hundreds of young and ambitious projects.
It will not make Bytecoin stop, but it slows the evolution of the coin down.
They predicted the end of the crypto world when Bitcoin started falling, but it passed through this short bad period and is now climbing up again. The same is about other coins. It means that cryptocurrencies will still be used. New coins will appear, new traders will come to buy these and the crypto market will remain.
It is high time to buy all prospective coins now including Bytecoin. Bytecoin has everything needed for stable work. Only the coins which can fulfil their functions are interesting for investors, and Bytecoin perfectly meets this requirement. So hurry up to buy it before the exchange rate gets much higher again!