What is Bytecoin?
Bytecoin is a private, decentralized cryptocurrency with open source code that allows everyone to take part in the Bytecoin network development. Privacy and security come naturally from using Bytecoin. The best solution for those who want to keep their financial privacy.
Instant private transactions are provided all around the world by the Bytecoin Network, they are totally untraceable, and they don’t require any additional fees.
Fiat currencies are assigned to specific territories while Bytecoin is bound to the Internet and therefore is international by default.
Bytecoin Specifics
Your can participate in the operation of the network by allocating the computing power of your computer. Due to this mechanism, transaction processing is decentralized, which allows a person to be not only a user, but also a participant.
The decision entirely your choice, you are able to choose to take part in network maintenance and get a reward for it, or buy BCN directly on exchanges.
Bytecoin Transactions
Unlike fiat money transactions, where your money is processed through an intermediary, bank, or financial institution, transactions between Bytecoin users are carried out over the Internet which makes the transactions much more reliable. Transaction privacy is protected by secure cryptographic algorithms whereby no one can identify who sent the money, who the receiver was, and what amount of money was transferred.
Safety and Reliability
The reliability of Bytecoin is defined by the total computational power of all the computers that take part in the processing of transactions. The greater the processing power, the more reliable the network.
In so doing all of the money stored in your wallet is already protected during the transaction process and its safety doesn’t depend on the network’s reliability. Your money is always safe.
Deflation
Bytecoins are gradually getting more expensive over time, since the emission is limited to 184.47 billion BCN. The number of Bytecoin emitted each 120 seconds is slightly decreasing. As a result BCN gains value and the exchange rate increases.
While currencies with sharp decreases of reward per block are exposed to intense declines in network power, Bytecoin emissions are decreasing slowly, which protects the currency from economic shocks.
Emission
The emission of fiat currencies is a closed process where an issuer is engaging in its own capabilities. One can’t take part in the emission process.
Bytecoin emission is an open process which employs the computing powers of all network members. Any user can join the Bytecoin network and take part in the emission process (thus, becoming a miner).
Mining in the network results in the creation of new money, which serves as a reward for users who employ their computing power in order to process transactions.
All transactions are carried out every 120 seconds. The Miners ensure that the transactions are processed correctly and provide cryptographic protection of transactions and personal data. However, miners cannot access users' financial data since Bytecoin protects the identity of the sender and the receiver, and conceals the sum transferred.