Gaining further particulars on Bytecoin.
Bitcoin is the most popular cryptocurrency among thousands of other cryptocurrency coins, but the fact is much lesser known among the people that Bitcoin is not the best cryptocurrency in terms of efficiency as well as worldwide acceptance, as demons of scalability as well as security haunt it. Nevertheless, when Bitcoin was initiated in the year 2009, it was highly reliable, as no other cryptocurrencies were able to replicate the working mechanism or the robustness provided by it. But as times have passed by, significant advancements have been made within the cryptocurrency domain also, which has, in turn, lead to the inception and development of better cryptocurrencies than Bitcoin too. Let us read about one such cryptocurrency: Bytecoin.
Bytecoin: The untraceable one
In a nutshell, the Blockchain technology which is the actual working model behind all the cryptocurrencies must be adopted in each and every domain possible, in order to enhance their productivity. Bytecoin was one such cryptocurrency coin developed in 2012, with some of the most advanced as well as new features making it one of the best cryptocurrencies of today’s time. In this article, we’ll list some of the key attributes which make Bytecoin the way it is.
1. Bytecoin is one among the many other cryptocurrency coins which are endorsed as the most reliable, secure, as well as robust cryptocurrency coin.
2. The community and also released a beta version of its high load resistance to which the users can be a part of. This particular update will precisely assist the community members to improve the future scalability or any other issues that can occur within the Bytecoin network.
3. The Bytecoin is also available on one of the most popular cryptocurrency exchanges OKEx from July 2018 itself. This is one of the major Milestone on the roadmap of the cryptocurrency field. According to the experts within the Bytecoin community, this adoption will open up opportunities for a widespread acceptance of Bytecoin as the Crypto exchanges are one of the highly reliable ones.
4. Its acceptance and popularity can be put forth by incorporating statistics into the picture, within a span of 24 hours, the cryptocurrency coin who’s daily trading volume was around 8 million dollars spiked to 600 million dollars writing.
5. Another hard fork from the cryptocurrency coin is expected to undertook on 31st August 2018. All the Bitcoin users, miners, as well as the community members, are highly advised to update the cryptocurrency coin through this hard work with a version number 3.3.
6. This particular update of Bytecoin has removed the lower margin of minimum fees that were required for each and every transaction. The Transaction fees earlier were proportional to the transaction amount and the trend would continue in this update also.
7. Keeping the decentralization of mining process in mind, the team members at Bytecoin have adopted the compatibility of Bytecoin mining through the ASIC miners also, that can also support CPUs as well as GPUs in order to mine Bytecoin.
8. Despite various scandals and cryptocurrency regulations within the Asian market, the Bytecoin community has certainly been able to enter into the market along with keeping its previous connections with various countries intact.
9. Countries like China, Japan, Korea, Taiwan, etc have been only some of the many countries which have openly adopted the Bytecoin within its cryptocurrency domain.
10. Much other privacy-focused cryptocurrency coins like Monero were kind of extracted from Bytecoin itself.
11. At some point in time, the Bytecoin network experienced huge amounts of network influx due to the features of the private and untraceable Bytecoin. The congestion was so intense that the community tweeted to its users to avoid any kind of Bytecoin Transactions until they have completely resolved the issue.
12. Also regarded as “ father of Monero”, the cryptocurrency coin holders have an amazing future ahead as the adoption of Bytecoin is consistently being observed to be increasing.
13. Recently, in August 2018, the Bytecoin community also released their official cryptocurrency Android wallet which forms one of the most secure forms of cryptocurrency wallet until now.
14, Also, in the same month, its Public testnet release was initiated which marks one of the most important events in the history of Bytecoin.
15. In order to provide an engaging and attractive user experience, the community members have even decided to upgrade their Web-based Bytecoin wallet, keeping the requirements of its community members in mind.