Bytecoin - A continuation.....
After some thoughts regarding Bytecoin from my previous post I thought I would share my journey in keeping ‘on the pulse’ with information/news related to the Bytecoin Cryptocurrency.
-{Mining mentioned further down!} -
There has been an increased amount of activity over at the Bytecoin forums along with a fancy new website and updated roadmap (up until recently it had ended in 2016….) as can be seen;
Could this be a sign of a comeback or potential longterm investment opportunity?
You can view the roadmap in more detail here: https://bytecoin.org/news/a-clear-way-to-your-private-future
Q: What is Bytecoin?
“Bytecoin is the first cryptocurrency based on the CryptoNote technology and launched in July 2012 with an open source code designed for anonymous cash settlement. BCN protects the user's privacy with impassive and anonymous transactions. Wikipedia"
Or to quote directly from the website;
“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 Market: Word of warning: If you are looking for a quick flip, do not continue!! At least not yet…
So you want some of that Bitcoin eh? How about a spare 2,178.24 Days mining? That is using over 2k H/S worth of computation to achieve a single bitcoin from Bytecoin using todays exchange rate..
Bytecoin, as with all other altcoin are a long term ‘investment’ (more a gamble) that rests entirely on the widespread adoption of the technology on that specific platform that you chose to invest your hard earned cash (or coin) into.
Bytecoin in its current form is cheap, dirt cheap. I am sure people said the same about BTC in the early days..but either way it is on exchanges… always a good start?
$1 USD = BCN: 769.2307692307693 The price of a single Bytecoin is $0.0013 (As of: 20/11/17)
So as you can see, you get lots for your money (for now?)… But are they going to be worth anything long-term?
This is a long-term chart showing the BCN price (to USD) since 2014;
An interesting update came directly from their website back in March 2017 quoting some kind of new untraceable ‘Token’ that uses the same technology (BCN) and implied would be cross compatible with the current Bytecoin Wallet system.
Quote: “As you know, the growing popularity of tokens has resulted in top ten token market capitalization value overgrowing $1.4 billion. Evolving the trend, the Bytecoin team has broken ground on developing a wallet-integrated solution that would allow anyone to create their own Bytecoin based token.”
(https://bytecoin.org/blog/untraceable-tokens)
So as above, will the current Bytecoin (BCN) hold any monetary value longterm? That is the unknown question. Maybe once the 200bn coin-cap has been hit and no further coins can be produced the market can begin to stabilise on supply.
Coins will be lost / burnt / hacked / stolen by Paul the alien so supply will begin to dwindle as with all cryptocurrencies with a top coin limit.
One of the ‘selling points’ of cryptocurrency is the fact it does not suffer from devaluation by printing note after note, or more recently adding digital numbers for money that does not exist… (cough cough bankers…..)
So yes it could rise……. Again assuming the widespread adoption to the platform. Stranger things have happened!
My personal verdict. Keep a close eye on this one.
“Easy” Mining Bytecoin - (Quick)
First you will need a wallet: you can download this from their website using links at the bottom of this article. Be warned, it takes a while….you can continue to mine whilst this downloads, or you can use their web wallet. I personally do not trust anything online…..choice is yours.
Day 2 and slowly syncing, its apparently fine to do this and will function once fully synchronised.
The application that I am using to mine Bytecoin is “MinerGate”, ‘love them or hate them’ its quick and easy to setup and let tick over to test the mining capabilities of your PC / Laptop or server…. If you are seriously into mining you would not bother with this and would have a dedicated rig with custom bespoke software dedicated to a specific (and more importantly profitable) coin.
Simply go to the MinerGate website, register and download the software. Upon launch you need to enter the email address associated with your account. Select the altcoin that you wish to mine (CPU and/or GPU) then click start……. Buckle up cowboy, your now a real ‘gold digger’….but more TRON style ;@)
After 24 hours of running MinerGate dedicated to Bytecoin I managed to produce 260 coins running on a 2013 dated AMD gaming rig (getting old!)
Specs AMD FX 8350 Eight Core Processor 4.34GHz
8GB RAM
AMD R9 2GB Graphics card.
700Watt PSU - ( I would expect 100% CPU and GPU would have a high consumption)
I have tried it also on my MacBook Pro, not bad but I do not fancy destroying that!
Q: Why are you mining this if its not profitable? -
No reason really. An experiment to see how (or IF) it works and how the coin behaves with their wallet / system. Still as I type this the blockchain is syncing to the wallet, so It will be some time until I can receive my hard earned (lol) Bytecoin from MinerGate………. TBC….will update soon.
So that is really it from this post…. Or writing or article??How about layman cryptocurrency guide ( for bytecoin ). Let me know your thoughts on both the above and your views on Bytecoin… do you think it has a future?
I have been playing around with some very accurate cryptocurrency trading simulators, to poor to use real money! jeesh. And have got some very positive results by following trends/news in the markets. Could a continuation of some kind of series following cryptocurrency trading… layman style ;”) be of any interest?..let me know.
Links and/or references.
Bytecoin Main website: https://bytecoin.org
Bytecoin Forum: https://bytecointalk.org
Bytecoin Wikipedia: https://en.wikipedia.org/wiki/Bytecoin_(cryptocurrency)
MinerGate application: https://minergate.com
CrytoCompare: https://www.cryptocompare.com/coins/bcn/forum/BTC