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Invest in Bytecoin in 2022

Last updated 26th Sep 2022
Disclosure

Bytecoin is a private and decentralized cryptocurrency that utilizes open-source code to allow anyone to take part in the network development process.

It offers instant and anonymous payments between two parties across the globe, with near-zero fees.

You can participate in the operation by allocating your computing resources to the network.

Let's take a deeper dive into how investing in Bytecoin (BCN) works, so you can have a better perspective going forward.

Best way to invest in Bytecoin in 2022

There are multiple methods through which you can invest in Bytecoin or the BCN coin in 2022.

We have provided you with a list of some of the best providers in the industry, so you can instantly create an account and start trading BCN today.

1
eToro
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$10
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10
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This ad promotes virtual cryptocurrency investing within the EU (by eToro Europe Ltd. and eToro UK Ltd.) & USA (by eToro USA LLC); which is highly volatile, unregulated in most EU countries, no EU protections & not supervised by the EU regulatory framework. Investments are subject to market risk, including the loss of principal.

What is Bytecoin

Bytecoin is a project that initially started in 2012 and has a history with Monero, which is another popular cryptocurrency that came into existence as a fork of Bytecoin.

Bytecoin aims to create an efficient financial system that provides services at lower costs when compared to traditional options.

The Bytecoin network is built around self-regulation, openness, and egalitarianism.

The Bytecoin network was built entirely from scratch through the usage of CryptoNode, which is a powerful, privacy-oriented open-source application layer protocol. Everyone can be a part of this ecosystem through mining or buying the BCN token.

At the time of writing, Bytecoin had a market cap of $70,000,000 with a total supply of 184.47 billion BCN coins.

Pros

  • The advanced cryptographic encryption algorithm provides a high level of security for users

  • You can mine the coin using your computer processor and graphics card

  • All of the transactions are carried out instantly with near-zero fees

Cons

  • Not as fast as newer cryptocurrencies

How does Bytecoin Work

Each transaction that occurs on the Bytecoin network is fulfilled within 2 minutes.

Each BCN transfer is encrypted with secure cryptographic algorithms, which prevent anyone from knowing who sent and received the transaction and how much money ended up getting sent in the first place.

These transactions are carried out through the blockchain network directly, which allows users to skip intermediaries such as banks or other conventional systems.

That said, the security of the network is reliant on aggregate computational power found in all of the computers in its system. The more power it has, the better its security becomes.

Bytecoin uses a consensus algorithm called Egalitarian Proof-of-Work which makes the coin easier to mine.

What’s more is that the transaction sizes are unlimited, meaning you can send any amount of money over the network.

Ways to buy Bytecoin

Bytecoin (BCN) can be purchased in a number of different ways including cryptocurrency exchanges, P2P marketplaces, or even in-person trading.

These have been outlined below:

  • Cryptocurrency Exchanges – There are many cryptocurrency exchanges through which you can easily purchase or trade BCN. As a result, find one that has fair fees and a high level of liquidity for the best experience.

  • P2P Marketplaces – P2P or Peer-to-Peer marketplaces are ones that connect you directly with a seller of the BCN coin. These work great, but you need someone who wants to off-load their BCN balance to you first.

  • In-Person Trading – This is a process where you essentially meet the person you are buying the coins from physically and make the transaction in whatever way you both agree with.

Here is everything you need to know about buying Bytecoin (BCN):

  1. Just sign up for a cryptocurrency exchange or a brokerage that you want to use. Ensure that your selection supports Bytecoin (BCN).

  2. Once your account has been created, you will need to fund it. Note that many brokerages have a requirement for KYC and AML documents from your end, but this is the case only if they are regulated. Once the verification process is completed, and you can deposit some funds, use a FIAT payment option to fund the account with the amount you would like to buy Bytecoin for.

  3. The last step involves typing BCN in the search bar of the exchange or brokerage. Once you do so, to complete your transaction, you need to click on "Buy." Once the transaction is confirmed and completed, you should now see BCN coin in your account balance.

How to invest in Bytecoin

Nowadays, you can invest in Bytecoin (BCN) in a number of different ways.

Cryptocurrencies are no longer the obscure internet coins that only the most technologically literate people have access to.

Indeed, to get started you can simply find a platform that offers BCN, deposit some money and exchange into the coin of your choice.

Below we have outlined the ways in which you can get started today.

  • Brokerages. You can invest in Bytecoin through the usage of a cryptocurrency brokerage. This is typically the recommended option for newcomer investors due to the fact that they are regulated, safe, and have easy and simple-to-understand user interfaces, where all you have to do is click on a few menu options and find Bytecoin (BCN) on your wallet with ease.

  • Exchanges. You will find that cryptocurrency exchanges are the preferred option for more advanced traders. This is because they offer specific trading capabilities, such as charting tools, indicators, notifications, and other features specific to them. When you invest in Bytecoin, exchanges are also a solid option.

  • Apps. There are many Bytecoin (BCN) applications that will allow you to invest in the coin, which is simple to understand and use and convenient as you will always have them in your phone that's in your pocket.

Is it safe to invest in Bytecoin right now?

Cryptocurrencies are volatile assets and Bytecoin is no different.

BCN has indeed had its fair share of price swings in the past and may continue to do so in the future. This is something to bear in mind before departing with your cash.

That said, as long as you follow the recommended security measures, you are likely to reduce the level of risk posed by external factors.

With that in mind, only invest in Bytecoin with money you can afford to lose.

Danny Maiorca

Danny Maiorca

Danny is a freelance writer specialising in technology and finance. Prior to working for himself, he spent several years working within those sectors in London. Since then, Danny has relocated to Denmark.