Bytecoin (BCN) is the first untraceable cryptocurrency. It also the first cryptocurrency that used the *CryptoNote technology. This token focuses on the privacy of its users.
Although Bytecoins (BCN) is not as popular as bitcoin or other coins, it currently has 184,064,929,344 BCN circulating supply as of this writing (September 24, 2018) with 5,996,672 USD 24-hour volume. In this article, we will teach you how you can purchase BCN in the Philippines.
*CryptoNote – An application layer protocol that is used by several privacy-oriented digital currencies.
Table of Contents.
What is Bytecoin?
Bytecoin was up and running since 2012, making it one of the oldest cryptocurrency circulating in the market. But according to Wikipedia, its developers faked its discovery in 2014 and the dated signatures on the whitepaper were also fake.
With the news, its initial release date was 2014. Along with its discovery, 80% of the coin’s maximum supply was already pre-mined by its developers. This caused privacy token enthusiasts to move to another token, which is its more popular fork, Monero.
Although shrouded in controversy, bytecoin claims that it can make unlimited instant international payments. The bytecoin network can work as fast as the internet. The coin is also secure and all of its transactions are anonymous.
Where to buy BCN in the Philippines?
Bytecoin is not readily available in the country. A cryptocurrency enthusiast has to use traditional cryptocurrency exchanges or via online cryptocurrency brokers.
Since BCN is not readily available in the country, Filipinos can use Changelly. It is a cryptocurrency broker that works just like a money changer. It has over 100 altcoins that you can exchange and will let you buy bitcoin with a credit card/debit card. Transactions using Changelly is easy and quick as it can only take 10-30 minutes.
Before using Changelly, make sure you have your BTC ready to send and exchange for BCN. If you still don’t have BTC funds, you can buy directly by using your credit/debit card. Once you have your BTC and you’re ready, exchange your BTC to BCN. Don’t forget to also get your bytecoin wallet.
Traditional Cryptocurrency Exchanges
This type of cryptocurrency exchange can let users buy altcoin using the market price or can set their own price. Usually, this type of cryptocurrency exchange has different kinds of trading pairs. In BCN, the most common is the BCN/BTC pair. It also has BCN/ETH, BCN/BNB, BCN/USDT, BCN/EOS, BCN/XMR, and SHND/BCN.
You will need to register and verify your account first, deposit BTC in your account, go to the exchanges, find BCN/BTC pair, you can either use the market price or set your own price, after the trade make sure to withdraw and keep your BCN safe in your bytecoin wallet.
Bytecoin has three official wallets: a web wallet that you can access 24/7 from any device, mobile wallet that you can have on the go, and a desktop wallet that is available on your PC.
Lifetime Bytecoin Price Chart
Bytecoin’s initial release per token was around 0.000065 USD on June 17, 2014. It went further down on January 16, 2015 and traded for 0.000007 USD per token. After it reached it farthest dip, its price settled at around 0.000020 USD to 0.000050 USD until March 2017. On March 29, 2017 it finally broke through the 0.000178 mark. Its highest peak was on January 6, 2018 when it jumped to 0.017358 USD. As of this writing (September 24, 2018), the price of BCN is around 0.002 USD a token.
BCN – Difference from other Coins
Although mixed with a lot of controversies that ranges from its original date of creation, amount of coins pre-mined, and has been forked 25 times, it is the first token that focused on user privacy. Monero is also forked from Bytecoin.
BCN Key People
Although shrouded in mystery, bytecoin is the first cryptocurrency that used the CryptoNote technology. It is not a hard fork from any existing blockchain but it is its own blockchain. It has a lot of competition when it comes to being a privacy token and one of it came out of its fork, Monero.