What Is Bytecoin (BCN)?
Bytecoin (BCN) was developed in 2012, making it one of the earliest altcoins (alternatives to Bitcoin). It improves on Bitcoin’s mining issues, speed, and security using the CryptoNote ring signatures. This was initially ASIC-resistant, but mining rigs have long since centralized mining. Of course, critics argue developer premining long ago centralized it, causing many to move to Monero and other privacy coins.
Who Is Bytecoin?
Bytecoin was launched in July 2012 by anonymous developers who already premined much of the supply. This was a precursor to many nefarious Initial Coin Offering (ICO) launches and coin distributions that followed.
Use Cases of Bytecoin
Bytecoin is mostly meant as a digital currency, but it’s a profitable one. In fact, rumors swirl that Bytcoin’s initial developers had a heavy hand in the creation and operations of Cointelegraph.
How to Mine BCN
BCN is mined using the CryptoNote Proof-of-Work (PoW) mining algorithm. Because it’s mineable by both CPU and GPU, it’s possible for desktop PCs in mining pools to compete effectively with ASIC farms.
Learn More About Bytecoin
If you want to learn more about Bytecoin, I wrote a full coin intro guide at Crypto Briefing. Or you can learn more about other cryptocurrencies across Thought for Your Penny.