ByteCoin (BCN) is not your typical privacy cryptocurrency, but one with huge prospects if its performance in recent months is anything to go by. The coin is up by more than 200% over the last six months and continues to outperform a multitude of altcoins.
Increasing Trading Volume
Supported by a vibrant community, ByteCoin has continued to fly high even while other coins/tokens turn bearish. The rally has seen it rise to become one of the 20 largest cryptocurrencies with a market cap of over $375M USD.
The current price is still as a shadow of the all-time highs recorded at the start of the year. However, there is still a reason to be bullish about the altcoin’s long-term prospects. The community support is slowly increasing as most people take note of the privacy coins efficiency and use cases.
The amount of transactions that ByteCoin is currently handling is a testament to the amount of traction it is gaining. A 200% rally has come at the back of the huge traded volume, in part because of an increase in the number of transactions processed.
The coin boasts over $2M USD trade volume on Binance, one of the largest crypto exchanges in terms of trading volume. Poloniex is another major trading platform to have added support for the privacy cryptocurrency.
ByteCoin (BCN) Privacy Credentials
ByteCoin has positioned itself as a first privacy-focused coin. By promising users untraceable transactions, the coin should continue eliciting strong demand. In an era where privacy is a big issue, such coins are becoming increasingly popular as people shun centralized systems.
ByteCoin is able to achieve anonymous transactions through the utilization of ring signature technology. The technology enables the signing of transactions on a network on behalf of the group. Consequently, the network achieves a robust, secure, and anonymous system.
With ByteCoin, hiding transactional activities from the public eye is the order of the day. By de-linking transactions using unique addresses from the user’s private keys, the network is able to take privacy to another level.
Furthermore, scalability might be a big issue with most cryptocurrencies, but not ByteCoin. The privacy cryptocurrency remains well-positioned to enjoy mass adoption given that it is able to process a block every minute. Upgrades and updates in the recent past have also made it possible for ByteCoin blockchain to process more transactions a minute.
The team behind the ByteCoin project recently released Software v3.3.30 for supporting ByteCoin Desktop. In addition, the team also added support for new languages. This aligns with their goal of pursuing opportunities in the Japanese and Korean markets.