ByteCoin : A new alternative to BitCoin?
You probably haven’t seen any discussion about bytecoin in any of the websites. And it hasn’t really grabbed any attention in the market like other cryptocurrencies eg. Ripple, Litecoin, Ethereum etc. But keeping its price growth consideration the coin is surely in its best days bringing it to the top of 25 most valuable cryptocurrencies prevailing in the market.
Moreover, it’s gaining popularity over time. It’s growing more and more, even they announced their steady growth in their social media platform through a tweet from official twitter handler.
Bytecoin as well as Siacoin are growing at a steady pace and are beating its peers. Currently, BCN is trading at 0.0027$ which is already 47% more than it was the other day. It has already grown 198% since the last week and around and around 498% since the last 30 days. These growths are amazing.
All these circumstances and factors made the Bytecoin to stand out at the 31st position at present in the coinmarketcap index. It has been overtaken by stratis though which stands at 30th place followed by steem coin slightly ahead.
Is Bytecoin just another alternative to Bitcoin?
Like every other cryptocurrency prevailing in the market that followed the original concept of cryptocurrency influenced by the Bitcoin this currency also came up with some improvements and developments on the line.
First of all the main priority of a cryptocurrency that should be maintaining the anonymity of the users in all transactions. However, Bitcoin lacks in that as the transactions are constantly tracked and analyzed by the firms all over the world provided that the BTC addresses aren’t that much simple to keep fully disconnected from their owners.
So just like other cryptocurrencies eyeing to give a tough competition to Bitcoin, Bytecoin came up with truly private and anonymous addresses. Their blockchain technology is enhanced with a unique technology which is known as the ring signature technology. Each of the addresses is sent to a different server during different transactions. The data is then amalgamated and shortened and it picks up new information and leaves behind some more at every step. This makes the transactions completely anonymous and almost impossible to track.
But all the other cryptocurrencies have already found this drawback of Bitcoin that is of anonymity and the top 10 are really good at it using the same ring signature technology. So how is Bytecoin is any kinda different?
They have this one and a very important appeal is they make it easier for the average Joes and average Janes to use. Bytecoin’s official wallet is extremely easy to use and their concept and technology are very much well organized. Many people have a huge attention towards Bytecoin current and excited to see how it’s price goes up until the next week.
Disclaimer: The above-written statements shall not be taken as a financial advice as I’m not a financial advisor. These are just my opinions and views about how I feel and I would recommend all whenever investing in any of the cryptocurrencies always take advice from a well renounced financial advisor. All the information above is taken from the press releases, informational industry web pages, and news stories.