Bytecoin is an independent peer-to-peer cryptocurrency created in 2012. It is based on CryptoNote technology. It is the first open source privacy coin.
Bytecoin was one of the first to start making transactions anonymously, giving users an extra layer of security. BCN price rose slowly. Today the coin’s market capitalization now exceeds $ 86 million.
The anonymity of transactions in the CryptoNote hashing protocol is ensured by the use of so-called ring signatures. The technology combines transactions with the same value into one, after which it becomes impossible to track them. Transactions are performed without fees, since Bytecoin operates with minimal energy and human effort.
It is worth noting that over time, the BCN emission rate decreases. This happens every 120 seconds. With a decrease in the number of issued BCNs, the value of the token increases.
If maximum privacy is very important to you, you should pay attention to Bytecoin. However, despite the fairly widespread use, there are still few methods for storing coins. In particular, BCN is still not supported by hardware wallets.
Crypto Wallets For Bytecoin
The best Bytecoin wallets are those created by the cryptocurrency development team. They are similarly subdivided into hot and cold.
Bytecoin Desktop Wallet
Bytecoin Wallet is the official desktop storage app created by the Bytecoin development team. It is considered to be the most secure because users’ private keys are stored on their own devices. It is compatible with major desktop operating systems including Windows, Mac OS, and Linux. In case of hacking, the wallet provides an additional password. The program provides an address book for completed transactions.
After installation, the program gives the BCN address, which is used to receive and send coins. The Bytecoin wallet can be used to mine coins as well, but first you need to consider if it’s really worth it.
The security of assets stored in this manner depends entirely on the security of your equipment.
BCN Web Wallet is a lightweight, online desktop program without blockchain installation. To get started, you just need a username and password.
Your coins are available from any device connected to the Internet, you can instantly exchange, place a bet or pay for a purchase from anywhere in the world. It is worth remembering, however, that online wallets are always more vulnerable than desktop wallets. Your keys are stored on third-party resources and their security practically does not depend on you.
Another web wallet for Bytecoin with a simple user interface. In addition to BCN, the Cryptonator supports several more popular cryptocurrencies.
This is the safest way to store digital assets, as your keys or QR code are simply printed on paper and cannot be digitally accessed. For better safety of the keys, they can be applied to a more reliable storage medium, for example, engraved on metal.
None of the ways to store cryptocurrencies are universal. High asset protection is achieved by making it more difficult to access your funds. Ease of transactions is always associated with greater vulnerability. However, no one forbids the use of several storage methods for different amounts and different purposes.