Understanding various reasons if Bytecoin is an excellent investment or not in 2019
Bitcoin experienced an exponential rise in December 2017, where the world became confident that cryptocurrencies have the potential to transform the financial economy of the world. When Bitcoin was initiated in the year 2009, its value was not even 0.01 dollars, but it would be highly unbelievable if one says that the value had reached almost $20,000 on December 2017. This is the peculiarity of the cryptocurrency domain, as it is so unpredictably volatile.
Regardless of its popularity, Bitcoin, after widespread adoption across the globe, unfortunately, experienced some issues with its scalability, where the experts witnessed that security was being compromised. Therefore many other cryptocurrency coins were developed to lead the cryptocurrency bandwagon towards a tangible and bright future. If you are doubtful of should I invest in bytecoin, then this article is for you.
Bytecoin Potential: What makes it so unique?
Bytecoin is one such cryptocurrency coin initiated in the year 2012, which can be considered as a replica of Bitcoin but with improved features. Unlike Bitcoin, Bytecoin is an excellent investment since it eliminates the usage of Proof of Work consensus mechanism. Bytecoin maintains its dignity as its protocol is comprised of the Cryptonote algorithm. There is no need to buy equipment to mine Bytecoin exclusively.
Bytecoin’s Cryptonote algorithm
The Bytecoin cryptocurrency algorithm enables its users to undertake transactions concerning cryptocurrencies privately. Although Bitcoin is considered to be highly private with cryptographic principles encrypting the complete information, as the distributed ledger is open source in nature, the transactions are traceable by the online media experts.
The users prefer to go with the Bytecoin cryptocurrency as they form some of the most anonymous Chains of the transaction. With the incorporation of the Cryptonote algorithm within its working paradigm, Bytecoin has become one of the significant privacy-focused coins. Bytecoin is setting records in the cryptocurrency industry that its counterpart can never imagine.
Bytecoin mining through Application-Specific Integrated Circuits
One of the precise reasons for the development of the Bitcoin community is its unmined amount of coins, which accounts for almost 1 billion out of 185 billion. The adoption of the cryptocurrency token by various exchanges like Binance, as well as many other Crypto exchanges, would skyrocket its value to the skies. It is estimated that many cryptocurrencies in the market do not support mining activity through the ASIC’s, but the members at Bytecoin have taken a step for making Bytecoin mining possible through the ASICs. This is precisely being done to assist the development of the cryptocurrency Blockchain platform.
How and where to buy Bytecoin
You can buy Bytecoin by exchanging it with other digital coins such as Bitcoin, Ethereum. All you have to do is create an account on a cryptocurrency trading platform, buy ethereum or bitcoin, and trade it for BCN. Another significant step post Bytecoin buy is its storage. Desktop wallets are one of the best stores for the crypto coin. A few exchanges also allow its purchase via traditional money. Examples of these exchanges are eToro, Poloniew, HitBTC, etc.
Is Bytecoin a good investment? Should I invest in bytecoin?
The Bytecoin community even offers various kinds of incentives to the people and its community members in the form of rewards for utilizing or undertaking the specific (especially huge) amount of trades by using Bytecoin. This incentivization of the whole process attracts many users throughout the world to come forward and accept the offers. Bytecoin seems to be a significant investment on a long-term basis as the team members are dedicated to the development of the Blockchain platform.
Previous surges in the value of Bytecoin
Even the Bytecoin value experienced a surge during December 2017, along with Bitcoin, but later the cryptocurrency coin reached back to its traditional value. The cryptocurrency token had increased in it by almost 375%. Privacy is incorporated within the Blockchain system with the usage of the ring system. Many other cryptocurrency tokens like Monero is forked out of Bytecoin itself, but currently, it is witnessed that Monero has more amount of acceptance as compared to Bytecoin.
This discrepancy can be related to the FUD in the market about the pre-mining scam within the Bytecoin community; as a result, investors had withdrawn from Bytecoin.
Bytecoin is one of the oldest altcoins and holds a firm and devoted following. The byte coin price is no exception from the volatile market. At the time of writing, the BCN price stands at $0.000400. Although it is a complex phenomenon to project the crypto prices considering the market volatility, the crypto enthusiasts carry an optimistic outlook towards the bytecoin price prediction.
With the end of 2019, the Bytecoin price is predicted to go up to $0.00534. Prediction for 2020 might take bytecoin worth, upwards to 7X the ongoing cost. $0.01541 was the highest bytecoin value achieved in January 2018. CoinLiker provides a BCN coin price prediction for the year 2023, where they estimate its price will rise to $0.6792.
You can stay abreast of BCN news through various networks. Bytecoin attains an exclusive forum on the most famous social news aggregator, Reddit. Besides, Bytecoin twitter also acts as a significant provider of updates on the coin.
BCN to USD
Several websites are available that aid you in converting the value of BCN coin to USD and any other fiat currency.
In all, Bytecoin is an open-source software using the POW principle. Currently, the coin possesses a remarkable valuation of $73,641,391 in terms of the market cap. As per the analysts, the future of bytecoin possibly holds an ascended value hinting at a compelling bytecoin future.
Being a new cryptocurrency, bytecoin potential is always questioned and whether bytecoin is a good investment or not, but the investments in the cryptocurrency market are subjected to market risks and volatility. Therefore, one must be very speculative and sure about their investments as no one could directly or indirectly be blamed in case of any inadvertent circumstances. The value of the cryptocurrency coin is gradually increasing day by day, which might be insignificant, but the cumulative results have much higher potential.
The article is only the writer’s point of view, and all readers are requested to do their prior research and analysis before investing in any cryptocurrency, including bytecoin.