Cryptocurrency

Bytecoin vs Bitcoin | Crazy Differences of Bytecoin &. Bitcoin (Learn Now)

You might have heard about crypto-currency; it is a type of currency that permits you to grip your funds in one of the two forms of wallet in a way that you can easily change it into your account very quickly. The good news is that you do not have to pay extra costs connected to your wallets to have digital currencies. Specifically, there are two types of digital money known to people, Byte coin and Bitcoin. This guide will discuss Bytecoin vs Bitcoin.

So, if you want to discover the facts regarding Bytecoin vs Bitcoin, keep on reading this informative article.

What is Byte-coin?

Bytecoin vs Bitcoin

Byte-coin is the primary digital currency and private cryptocurrency built on the Crypto Note technology with open-source code intended for unidentified transactions. BCN supports user privacy with blank and an unnamed transaction, launched on 4 July 2012 and based on innovative crypto-note technology.

Essential features of Bytecoin

The main aim of the byte coin is the formation of a new, improved, and self-efficient financial system that offers more and better-advanced services at an affordable price for its users. 

So, what are you waiting for? Let us dive into the features of the Byte coin;

  • Self-regulation: The Bitcoin financial system works with a decentralized network that permits the user to control the pricing needed for the functional currency. It enables the method to go with the highest level when the functional currency is at the top.
  • Openness: Bitcoin works with an open development network, which means that users can use it, make transactions quickly, and support the system.
  • Impartiality: The network of Bite coin is developed to expose consistent efficiency on both specialized and non-specialized devices while using the web.

What is Bitcoin?

Bytecoin vs Bitcoin

Bitcoin is a digital form of currency, formed in January 2009, and the person who introduced this technology is still unknown. They offer very few fees compared to traditional online payment procedures, and it works through decentralized authorities, unlike currencies issued by the government.

Bitcoin users: When it comes to Bitcoin users, they can be exchanged and converted to other currencies. Services and products, but the actual value of coins all over the world are very volatile. According to the University of Cambridge research, in 2017, there were 2.9 to 5.8 million users using a cryptocurrency wallet like Bitcoin.

Essential Features of Bitcoin

  • Unique hardware:  You can use the unique and new ASIC cheap and GPU rigs, as it is the advanced Bitcoin mining technology. 
  • Instant activation: An essential feature of Bitcoin is that you can instantly activate it by entering a BTC address, as the process does not require any registration.
  • Security:  The reputed companies appreciate the security purpose of the miners, so using the SHA-256 algorithm is best to use. The Data centers are also highly secured.
  • Fastest withdrawal: The withdrawal procedures of Bitcoin require 24 hours, as we are very clear about our transactions. 
  • Outstanding commission:  When miners start their mining process, they can get a 20% bonus.

Bytecoin vs Bitcoin: Comparison Table

Bytecoin vs Bitcoin: Comparison Table
 BitcoinByte coin
Price$31 566,15,-0.16 %$0,00 -14,78%
Volume$21 533 096 032$86 597
Circulating supply18 758 693184 066 828 814
Maximum Supply21 000 000184 470 000 000
Market Cap$591 338 424 606$ 193 440 476
Block Reward6,25106,53
Block number685 7141 589 112
Net hashes per second149 667 739 178 312  400 896 000298 027 262,700
Proof TypeP0WP0W
Hash AlgorithmSHA-256Crypto night
Frequency of Difficulty Adjustment2016 blocksOne block
Block reward reduction50%
CoinYesYes
MinableYesYes
TokenNoNo
ActiveYesYes
Foundation date2009-01-032012-07-05
Main Websitehttp://bitcoin.org/en/http://bytecoin/org/
Explorer Websitehttp://blockchain.info/http://chainradar.com/bcn/
Main Twitter account@ Bitcoin@ Bytecoin-BCN

Conclusion

To wrap up the article, Bytecoin vs Bitcoinyou got basic knowledge about the two, but there are many other types of cryptocurrencies, approximately more than 4000 users worldwide. But we have only go through the main features and differences between the two to give the main idea of what’s available on our hands and what’s happening latest in transactions through Byte coin and Bitcoin markets.

So, what is your personal opinion about cryptocurrencies and blockchain?