We often peep to the previous transactions of Peer2Peer payments in Bitcoin to check whether this particular address has been existing and really giving payments when we deal with unknown people we come across the social media. Though transparency is still the best way to transact and avoid fraudulent activities, it is somehow let you have a safe situation for your main funds to be transferred from the privy eyes stalking at your activities when you do your finances on a personal level.
This cryptocurrency is the original Pink in color coin.
In the Mid-year of 2017 just before the schedule of the well-know Seg-Wit of Bitcoin, the price of this very stable coin in terms of BTC has been agitated because of the wide-spread use of investment of the public in the most popular trading sites. Thus, to be able to at least buy a certain digital asset at a very low price is such a joy to an individual to be able to hold at least a hundred units of a coin similar to BTC when you say it out loud.
"Bitcoin = Bytecoin (Bayt-koyn)" Long letter ' i ' vowel sound from Bitcoin's short letter ' i ' vowel sound."
Yes, this kind of sound mattered to most of the traders.
Created last 2012 and apparently lucky enough to be listed in the CMC, Bytecoin's technology is supported by CryptoNote ring signature for anonymous transactions. This enables users to keep financial transactions really private. This technology allows users to collect one-time usage of a particular address which is derived from receiver's public key. This will then prevent people from seeing on addresses that might reveal the user's income just like what we can see on blockchain.info in BTC and BCH.
How feasible is Bytecoin (BCN) when you just hold this digital asset?
You can mine BCN in EoBOT. I personally do this since Year 2014. I just regularly collect all units on a monthly basis and be able to transfer it to my cryptopia and bittrex account. Once I have transferred them, I DON'T exchange them into any other crypto but let it just stay there until such a time the value rose up to 600%. Binance was the only exchanger which had hit a 600% rate during this time and transferred every BCN that I have collected and traded before.
Screenshot taken from coinmarketcap.com today March 26, 2019
The 600-800% rise happened in May 8, 2018. (From $0.011 to $0.018) Though exchanging your Bytecoin to ETH, USDT and BTC seems to have a really hard time processing your SELL order. Though it hit the values you have entered, still it will be a pending order. It has been resolved after a few days and the exchange was processed mostly after 3 days. (11th of may 2018)
Just to prove this one that I was able to experience this meteoric surge, I created a blog on steemit here.
Right now, this is not a really feasible coin to be traded on a daily or even a weekly basis but just hold a few. It's value is just really small and the volume is not really gonna make your orders be processed asap compared to Doge and XRP. Instead of buying BCN, just buy Ripple and Doge instead.
I am not an expert and please do not regard this post as a signal. I just love sharing my experience with the coins I have traded before.
Thank you so much for reading!
Please check out my previous posts about "Introduction to CryptoCurrency"
Grateful for all your support!
Cover Image source
This blog is also posted on steemit just a few seconds interval.