BYTECOIN GUIDE FOR NEWBIES!

What is Bytecoin?

Bytecoin is an open-sourced, private and untraceable cryptocurrency that was started in 2012.

Bytecoin is the first coin that implemented CryptoNote technology as a default aspect to build a project. Launched in 2012, Bytecoin was widely spread in the Dark Net as one of the popular available methods for payment. The main thing that separates Bytecoin from most of the other coins is total anonymity - as soon as your transaction appears on a blockchain, your address can’t be viewed by anyone.

Bytecoin has shown a huge growth potential in all of its indexes. Since December 2016 the price per coin has increased by 171 times and made over 17000% from growth to the early investors. During the project’s lifetime the amount of users has increased significantly. As of the beginning of December 2017 we have more than 20,000 loyal users (contributors, community enthusiasts, developers, broadcasters, etc.), so Bytecoin’s community is staying as one of the most talented and active ones. Today’s blockchain statistics are also spreading the word that Bytecoin is heading towards mainstream adoption - almost 1,500,000 transactions have been made according to Bytecoin’s blockchain.

Bytecoin is the forefather of all of the anonymous cryptocurrencies based on CryptoNote technology. Here’s a list of the tech features and specifications Bytecoin has:

Ring Signatures

A Ring signature is a special type of digital signature that can be created by someone from a group of users, but it is unknown who exactly the signer is. Imagine a letter that is signed by a group of 10 people. You know that one of them signed the letter, but there’s no way to identify who it actually was (you may only guess). This introduces the untraceability property, which means that for any Bytecoin payment there is a number of equal probable senders.

Unlinkable Transactions

Unlinkable transactions make the Bytecoin blockchain resistant to being scanned, which means it’s possible to see the details of a user’s transaction, but no one will know the sender or the recipient.

Stealth Addresses

With stealth addresses it’s not possible to know the sender and the recipient because of the outputs associated with certain addresses, moreover, it’s impossible to know who belongs to a certain output.

The complexity of the features above makes Bytecoin absolutely unique. Moreover, Bytecoin’s Development Team has some ideas for the potential improvement of Bytecoin to make it even more anonymous and reliable.

Is it profitable to invest in Bytecoin?

Investing in Bytecoin means: A. Investing in your anonymity, and B. Investing in a breakthrough technology. In fact, investing in Bytecoin seems to be one of the most profitable solutions in 2018 for one only obvious reason - today’s Bytecoin isn’t as widely spread as it is able to be, however, it has a huge potential. For now Bytecoin is only represented on 8 exchange platforms, while it is possible to be listed in additional markets, the price has to increase significantly in order to help this come about so that new traders will be able to buy Bytecoins. In this case, investing in Bytecoin today will double your USD deposits by at least twice towards the end of 2018. Moreover, in December 2017 99,5% coins have been mined, which means the emission has to end soon (in about a year), which will definitely lead (according to the economical model) to a slight and stable price growth.

Where can I buy Bytecoins?

Here’s a list of the exchange platforms to trade BCN with different cryptocurrencies:

Poloniex. Available pairs: BCN/BTC and BCN/XMR.

HitBTC. Available pairs: BCN/BTC, BCN/USDT, and BCN/ETH.

Stocks.Exchange. Available pairs: BCN/BTC and BCN/ETH.

AlCurex. Available pairs: BCN/BTC.

And a list of the platforms where you can purchase BCN directly with FIAT currencies:

Changelly. USD, EUR deposits with a bank card.

Cryptonator. Purchase Bytecoin with USD, EUR, RUB, and UAH via the Payeer payment processor.

Coinspot. Direct purchasing of BCN with AUD.

CoinBe. Direct purchasing of BCN with PLN.

Any other questions regarding this? Please, visit this page to know more about buying Bytecoin.

Where can I mine Bytecoins?

Minergate. The largest mining pool with an elegant graphic and 2% fees.

Eobot. Bytecoin cloud mining made easy with any mining hardware.

Bytecoin Party. Community-made zero-transaction fee pool.

Bytecoin UK. Fee-free pool straight from the United Kingdom.

BCN XFREE. Bytecoin Mining Pool without fees.

You also have an opportunity to mine BCN directly from your wallet in one click by pressing the “Start mining” button.

Have questions about mining BCN? Kindly visit this page for answers.

Where can I store my coins?

There are several options on places to store your coins, starting from the exchange platforms which have inner wallets like Poloniex, HitBTC, and Cryptonator. However, the most secure way to store your coins is to keep it in outside wallets. Here’s a list of wallet options to store your coins:

Official Desktop Wallet. If you’ve faced some difficulties with setting up the wallet, take a look at the instructions or the guide. You may also watch this video for information on how to use the wallet.

Official Web Wallet.

Official Android Wallet.

Bytecoin Android Wallet by Freewallet.

Cryptonator Wallet for Android.

Choose the best option that is suitable for you and don’t feel shy to ask us for help when setting up your wallet. Please, understand that your wallet is a source where you store your funds. Take it seriously, use all the available protection methods (backups, mnemonics, 2FA, complicated passwords), but rely mostly on yourself and never forget your app credentials (keep them somewhere else except in your mind).

How to check the current status of the available services?

Here’s a telegram bot which is showing the real-time status of BCN supported services.

Are there any local communities presented in my native language?

Sure, Bytecoin is a cryptocurrency with supporters all over the world. Be the first one to hear news in your native language and meet other users in our community!

BCN communities around the world :

🌍 BCN Official

🇫🇷 BCN France

🇨🇳 BCN China

🇹🇼 BCN Taiwan

🇯🇵 BCN Japan

🇮🇩 BCN Indonesia

🇨🇭 BCN Switzerland DE

🇺🇦 BCN Ukraine

🇹🇷 BCN Turkey

🇮🇹 BCN Italy

🇷🇺 BCN Russia

🇧🇷 BCN Brazil

🇩🇪 BCN Germany

🇪🇸 BCN Latin America

🇲🇪 BCN Montenegro

🇧🇦 BCN Bosnia

🇷🇸 BCN Serbia

🇭🇷 BCN Croatia

🇩🇿 BCN Arabic

🇰🇷 BCN South Korea

Can I use Bytecoin as a payment method? Is it possible to spend the coins in a store, shop, hotel, etc.?

Of course, you can purchase items, rent a room, and/or buy goods using Bytecoin. Here’s a list of the available partnerships where you can pay with Bytecoin:

Dukley Hotels & Resorts - Five-star luxury hotel located in the heart of Montenegro’s Budva Riviera. You’re able to rent a room using Bytecoin.

Bentea - Rare sorts from Indian tea plantations with worldwide delivery.

Gabo - Art transformed into things for everyday life. Buy Bytecoin art goods.

Le Bytecoin France - Buy and Sell Art only with your Bytecoins.

Bytecoin Market - Purchase any available item listed on the Bytecoin market.

The Bytecoin team is glad to welcome every new user into our community. Join our family to be a part of one of the most prospective cryptocurrencies and enjoy it!