Measures absolute and relative price fluctuations over several time frames and other variables.
Calculates returns in comparison to moving averages and other factors.
Measures the ability to scale, upgrade and other technological weaknesses or strengths.
Evaluates public acceptance, participation of developers and other key factors.
The question Bytecoin investors are constantly being asked is, “Why not just invest in Monero?” to which Bytecoin has yet to come up with an answer for.
The question regarding whether Bytecoin has potential to become a popular individual cryptocurrency remains to be seen. For now, it is better to trade and sell with either Bitcoin or Monero, which are more ubiquitous.
It’s important to differentiate between Bytecoins (BTE) and Bytecoin (BCN). BTE are made from a fork in the bitcoin code but BCN was coded from scratch, not from a bitcoin code fork. Some of the advantages of the cryptocurrency include the utilization of ring signatures as well as one-time cryptocurrency addresses.
Crypto traders have responded favorably to anonymous cryptocurrencies. Bytecoin sells it coin on three features:
- Fee-free internet fast international payments: It’s reported that Bytecoin transactions take about 2 minutes to fully process.
- Security: The makers of Bytecoin claim that hacking the currency “would require immense amount of expensive electricity and computational power of a supercomputer”.
- Safe private data: Bytecoin claims that it’s “totally impossible to get information about your financial operations and wallet balance.”
So far Bytecoin has proved correct in these three areas. Monero provides all of this as well but is more widely used.
If you’ve read the Tech and Team section, you may be reminded of another anonymous cryptocurrency: Monero (XMR). Monero is the evolved from Bytecoin and has seized a larger market control than that of Bytecoin.