Bytecoin’s BCN price soared during the preceding month scoring a 312% rise in its value, even though bitcoin has been witnessing a relatively powerful bearish wave during most of this period. Even more, Bytecoin is one of the cryptocurrencies whose price are expected to reach higher levels in 2018 for many reasons, especially that the fees required to send transactions on Bitcoin’s network have surged to unprecedented levels, rendering bitcoin unsuitable for micro-transactions, which is not what Satoshi Nakamoto, the mastermind behind Bitcoin, had in mind when he invented the blockchain. So, why did the price of bytecoin skyrocket in just a few weeks? Is Bytecoin a promising coin to mine in 2018?
What is Bytecoin BCN?
Bytecoin BCN represents the first cryptocurrency to be ever built on the basis of the CryptoNote encryption algorithm. BCN went live in July 2012, and since then it has been advertised as a cryptocurrency that promotes anonymous, untraceable payments with negligible transaction fees. Bytecoin is ASIC-resistant, i.e. it is mineable via CPUs, or better GPUs, which promotes decentralization of the mining process and encourages wide adoption of cryptocurrencies, especially that anyone with a personal computer, with a relatively powerful graphic card, can acquire some Bytecoins and start using them. You can mine Bytecoin using MinerGate’s mining software, which is by far the best option for cryptocurrency newbies to start testing the waters of cryptocurrency mining.
Bytecoin has had a number of developments since its launch in 2012 which resulted in 25 soft forks. Interestingly, Bytecoin’s blockchain stores some information in addition to transaction hashes and other relevant data: some blocks have been used to save the geolocation coordinates of the campuses of a large number of the world’s universities, as well as other educational institutions. Bytecoin blocks mined after August 4th, 2012, include quotes from “The Cyphernomicon”; a document authored by Timothy C. May discussing the concept of “crypto-anarchism”, and “Neuromancer”: a sci-fi novel which represents one of earliest works of literature belonging to the “cyberpunk” genre.
Why did the price of Bytecoin BCN skyrocket in 2017? and why is it expected to rise even more in 2018?
The last quarter of 2017 witnessed a rise of around 166% in Bytecoin price. Even more, its price soared by more than 60% since the beginning of the new year. The increased market appreciation of Bytecoin can be attributed at least partly to the rise in Bitcoin’s transaction fees. This has urged a considerable percentage of crypto-enthusiasts and individuals, who use Bitcoin for payments, to shift to other cryptocurrencies with lower transaction fees. Bytecoin was a very attractive alternative in this context, as it costs a fraction of a cent to send a Bytecoin transaction when Bitcoin’s transaction fees exceeded $30 at certain times during the past couple of months. For instance, the Dukley Hotel and Resort, which is located in Montenegro, began accepting Bytecoin as a payment method in December 2017.
- A new version of Bytecoin’s API:
The development team is working on releasing a beta version of Bytecoin’s API that will be testable by users. The new API will render it extremely easy to add Bytecoin payments to various forms of e-commerce websites. It will also simplify the development of BCN wallets and mining software. The beta version will allow test users to report bugs and suggest solutions, as its source code will be presented through a new branch of BCN’s repository on GitHub.
- New wallet release:
The first quarter of 2018 will witness the release of a new version of the online wallet. A better design, brand new features, and higher speed of blockchain synchronization will be available for all users of the new wallet.
The hardfork is planned to take place before the end of the second quarter of 2018. The fork aims mainly at the introduction of a dynamic transaction fee system, and replacement of the coin’s old API. In other words, all BCN owners will have to shift to the new wallet. When the hardfork is completed, all coins should be included in new API wallets and the old API will become obsolete.
- The release of a public testnet:
Bytecoin’s board has big plans for the second half of 2018. These include marketing strategies to expand in markets in the Middle East and Africa; the development of a payment processor plug-in for offline stores, and a 6th-anniversary surprise that is yet to be announced. That’s why the board will launch a public testnet that will enable users to test new software versions, the comment about them and suggest solutions to problems they encounter. The testnet will act as a bridge between the coin’s community and its development team.