How to buy, sell and trade Bytecoin (BCN)
We explain how to buy and sell Bytecoin in Australia.
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Bytecoin is the first cryptocurrency built on the CryptoNote technology. This technology features ring signatures for anonymous transactions, and it creates unique one-time addresses for every payment to make each one untraceable. This makes it impossible to find out the addresses of the sender and receiver, or the amount of Bytecoin transferred.
Bytecoin also uses the CryptoNite Egalitarian proof-of-work (PoW) algorithm. Egalitarian algorithm means that it does not give priority to specialised mining hardware, but it allows everyone with an average computer to mine Bytecoin. The goal is to have equality in coin distribution.
A step-by-step guide to buying BCN
If you decided to buy BCN, here is what to do:
Step 1. Create an account at an exchange that offers BCN
You can sign up at any exchange that lists BCN, but for our example we will use HitBTC exchange as it had the highest trading volume of BCN compared to other exchanges.
To sign up at HitBTC, use your email and follow the instructions you receive. You don’t have to verify your account to deposit and start trading.
Step 2. Deposit funds into your account
You'll need to make your deposit in bitcoin (BTC) or Ethereum (ETH) or fiat currency. If you don't have BTC or ETH tokens, follow our guide here on how to purchase them.
Once you're ready to deposit, log in to your account and click on a button that says “Deposit”, “Funds” or “Balance”, depending on the exchange you use. Search for BTC or ETH and click Deposit. The exchange will generate a deposit address for you.
Step 3. Buying BCN
Once you have your BTC, ETH or fiat in your account, click on a button that says “Exchange” or “Markets” and look for BCN in the search tab.
At HitBTC, click “Exchange” and find the “Instruments” tab. You can either scroll down the list or type BCN in the search tab. You’ll find a “Buy BCN” tab under the Instruments list where you can choose “Market”or “Limit” or “Scaled order”. If you want to buy BCN at market price, click on “Market” and type in the number of BCN tokens you want to buy. Click the “Buy Market” button when you are ready.
How to sell BCN
You can sell BCN tokens on the same exchange where you buy them, but this time you will enter the number of BCN you want to sell in the “Sell BCN” tab.
Which wallets can I use to hold Bytecoin BCN?
Bytecoin has five wallet types:
- Web wallets. This is a convenient way of managing your money 24/7 anywhere in the world that has Internet access. Bytecoin has its own web wallet, but also the exchange Cryptonator has a Bytecoin web wallet you can use.
- Desktop wallet. The desktop version has an intuitive Graphical User Interface (GUI), but as well as using it as a wallet you can also use it to mine Bytecoin.
- Mobile wallet. Bytecoin is developing its own wallet, but at the moment you can use Freewallet to store BCN and all your other cryptocurrencies on your mobile device.
- Bytecoin RPC Wallet. This is an HTTP server, with a JSON 2.0 RPC interface for payments and address management that is designed for e-commerce projects
- Bytecoin Reference Client. This is the classic Bytecoin wallet with command line and a simple wallet.
Real world applications for Bytecoin BCN
Bytecoin is envisioned by its developers to be the evolution of bitcoin, so the primary use of BCN tokens is to make anonymous transactions that will be executed in minutes with zero fees.
Another feature of Bytecoin is its source code, which is based on modules. You can either use Bytecoin out of the box or modify it to suit your needs.
Bytecoin (BCN) is often confused with another cryptocurrency with the same name, but with a different ticker symbol BTE.
What to consider if buying Bytecoin BCN
Before you decide to purchase Bytecoin or any other cryptocurrency, it’s important that you do your own due diligence. If you consider buying Bytecoin, keep the following points in mind:
- Supply. At the time of writing (March 2018), the circulating supply of BCN tokens was 183,758,867,380 tokens, out of 184,470,000,000 maximum supply once all tokens are mined.
- BCN use. Bytecoin’s primary use is to make anonymous and zero-fee peer-to-peer transactions.
- Availability. You can purchase BCN tokens on several exchanges and on Changelly with a credit card.
- Competition. Bytecoin is not the only cryptocurrency with anyonymous transactions. Similar tokens are: Monero, ZCash, Dash, Komodo, Karbo, BoolBerry and many others.
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