The various optimistic frame of references leading to the success of Bytecoin.
Why is privacy in LimeLight?
Privacy in this Brave New World is really scarce. Almost all the electronic gadgets that we employ, in order to, carry out our personal or professional responsibilities, stands in between our privacy and us. All the conveniences, that are offered in this era is at the sole cost of security and privacy. We always tend to undertake the utmost private phone call in a public place, work on a confidential project on a public WiFi, the indirect consequence of which is directly reflected in the form of little mistakes to huge catastrophes. Ironically, it is we who have willingly chosen for such kind of a social environment where absolutely nothing is private in nature. Therefore, how can we design a solution to the problem that is created by us itself?
Bytecoin provides privacy in Crypto domain
Even in the cryptocurrency domain, most of the Crypto coins are privacy-focused and provide anonymous Transactions to its users for various applications. In particular, Bytecoin is one of the most sorted out Blockchain platforms when it comes to privacy. Developed in the year 2012, the Bytecoin project has one of the fastest Crypto transaction speed which takes only around 2 minutes for its confirmation. How can the developers reveal their identity when the core Idea behind the Bitcoin project is being anonymous? Therefore, until today the developers of the Bytecoin project has been anonymous to the entire world.
Which consensus mechanism does Bytecoin apply?
The consensus is effectively achieved through the incorporation of the Proof of work, but interestingly unlike Bitcoin, the Bytecoin project allows the users to mine cryptocurrency by incorporating the basic CPU or GPU mining rigs. It doesn’t require expensive brute force computations that are used by the ASIC miners in case of Bitcoin. The total supply of the cryptocurrency coin is around 184,470,000,000 coins. The Bytecoin developers along with the community were mostly dormant up to 5 years. It was only in May 2017, when the developers expressed some kind of activity in the project the price of the Bytecoin tokens started gaining momentum.
Factors supporting the development of Bytecoin
Many Crypto exchanges have listed Bytecoin and hence it is one of the most easily available cryptocurrency coins in the market. Specifically, the world’s leading Crypto exchange, Binance listed Bytecoin in May 2018, which would be a catalyst in the further propagation of Bitcoin as the daily trading volume of Binance turns out to be almost 2 billion dollars. The Bytecoin community has even confirmed that a hard fork is going to be initiated in 2018 which would indirectly make the network more robust and Secure. This might indirectly boost the economy of the ecosystem as developers are looking forward to entailing a dynamic fee system within the Bytecoin blockchain.
How will Bytecoin manage to overcome its competitors?
The prices of Bytecoin are usually expressed in decimal notation which is quite confusing, but it would be astonishing to know that the coin has Rosen rising by 2300% and further expectations are with it. Only the announcement of Binance listing, the coin price rose by almost 116%. This marks the potential of Bytecoin. Wait for the development of the project, as it is inevitable that the coin will experience a huge success in the coming future. Although, there are many other counterparts giving a tough competition to Bytecoin, like Dash, which takes only a few seconds for the transactional confirmation through its Instantsend protocol, the Bytecoin community through its robust and futuristic roadmaps, and in particular the event of the hard fork will overthrow all its competitors.
Is Bytecoin a good investment? Let’s find out
Bytecoin predictions are mostly based on assumptions as there are no hardwired rules to be incorporated in order to predict the future price of a particular coin. Mostly, the Bytecoin project through which effective decentralization would invariably gain a market dominance with respect to the privacy based coins. Investment in the cryptocurrency market, as such, is highly subjected to various unseen and uncontrollable factors. Therefore, everyone is advised to do their personal effective homework regarding the cryptocurrency project and must invest only the amount that they are willing to shell out.
Note: This article represents only the opinion of the writer. The article is not, in any way, an investment advise. All cryptocurrency investments are risky and you should do your own research and analysis before buying or selling any digital assets including BCN.