Bytecoin Intro

Bytecoin is one of the first post-Bitcoin, privacy-focused cryptocurrencies that implements CryptoNote, also used by other privacy coins like Monero.

The Bytecoin team believes Bitcoin’s on-chain transactional privacy is insufficient for a widely used, peer-to-peer value transfer network. Borrowing the CryptoNote white paper, Bytecoin implements one-time ring signatures which enable complete transactional unlinkability between network participants.

Unlinkability is one of two primary transaction data privacy goals for Bytecoin, the other being untraceability. Bytecoin believes Bitcoin does not sufficiently, if at all, meet these privacy requirements, and they aim to build a protocol that does.

You can see full roadmap for BCN here. It is generally a list of technical updates, improvements and tweaks around their reference client. In the second part of the year, there are plans for some new innovations and features like Gateway technology, the technology required to form a bridge between Bytecoin and another blockchain and Copper v3.6.0 that will bring messaging functionality to Bytecoin.

The downfall of altcoins that were mainstream media darlings at the start of the last year, BCN among them, can be attributed, in part, to novice investors getting scared off once the bear market kicked in with a vengeance. Every resurgence of bitcoin in recent period, was met with the, for the most part, inability of altcoins to rally with it. Reason for that can be rookie investors learning from their mistakes, while smart money that was previously watching from the sidelines has begun to enter into bitcoin.

These entities weren’t about to buy BTC when it was trading at an all-time high, but they’ll take a look now, having missed the boat the first time around. None of them, it seems, are interested in altcoins however, despite the fact that many are trading at a 5x discount. Institutional investors may be cautious, but they’re not foolish.

What does the Electroneum (ETN) future look like?

Some altcoins will continue to have some speculative value for the foreseeable future. But just like the now infamous tulips, the hysteria will eventually subside. We are already witnessing the first phases of that slide and even though most of the bag holders react emotionally to articles that criticize their coins, I am just observing the developments on the market. You better start emotionally detaching yourself from your “great sounding” coin because if goes nowhere, ideas are worthless without execution and real users that see value in the project.

BCN, as the rest of the market, is tied at the hip of bitcoin’s price action. If bitcoin embarks on another bull run, BCN can hope for one as well. Since that is very unlikely, don’t expect much to change for BCN price-wise in this year. So 2019 will be a year of boring sideways action with minor bitcoin ignited jumps and slumps.

In general:

The main currency in cryptocurrency markets is Bitcoin and given this, altcoins tend to fuel Bitcoin runs and Bitcoin tends to do the same in return. Given this relationship, Bitcoin price movements (or lack thereof) tend to effect altcoin prices.

When Bitcoin goes up swiftly, it will likely:

In cases when Bitcoin plunges, it will likely:

When Bitcoin moves sideways, it will likely:

What does Cardano future look like? See our ADA Price Prediction 2019

To summarize, Bitcoin is the focal point of the crypto market in many ways, and with BTC trading pairs on every exchange, the gravity of Bitcoin is hard to evade.

The majority of projects will fail — some startups are created just to gather funds and disappear, some would not handle the competition, but most are just ideas that look good on paper, but in reality, are useless for the market. 

Vitalik Buterin, co-founder of Ethereum said:

“There are some good ideas, there are a lot of very bad ideas, and there are a lot of very, very bad ideas, and quite a few scams as well”

As a result, over 95% of successful ICOs and cryptocurrency projects will fail and their investors will lose money. The other 5% of projects will become the new Apple, Google or Alibaba in the cryptoindustry. Will BCN be among those 5%?

Almost certainly NO.

After getting canned from Binance and other big exchanges, there are couple of team members (probably some freelance community manager) still surfacing from time to time to promise the “new roadmap” before diving back to obscurity and opaqueness of the Bytecoin desert.

One of the BCN users had a pretty plausible explanation what happened with Bytecoin and where are the developers and core of the team:

“The devs left the ship, did not you notice? the last move they made was, list in binance, send their bcn there, disable all bytecoin portfolios with a DDOS (the Bytecoin wallet allows a DDOS attack that leaves the network dead, if almost no hashpower) and while everyone was trying resuscitate the portfolios they culminated one of the biggest scams of cyptomundo, they sold all their coins and now they do not need to say anything, they have achieved their goal, do not you see?”

If you recall, the top exchanges listing caused the price of this coin to jump to $0.018 and its market cap to go over $3 billion before the issues began. The “private and untraceable” Bytecoin apparently wasn’t prepared to handle this much of an investor interest, as the network “crashed” with no explanation immediately after this massive price spike. No one was able to withdraw or transfer their BCN tokens and the panic kicked in.

Really hard to see any reason to list here – it is a privacy coin with no innovation, dissipated community, anonymous and ostensibly inactive developer team. There are much better options to use for the privacy concerned users in Monero, Dash and ZCash. Bytecoin simply has no reason to exist.

Because it was a dubious project from its inception. As Riccardo Spagni, Monero lead developer and crypto insider explains:

“The reality is that 82% of the coins were already mined before its ’public’ release. Even if the premined coins weren’t done so maliciously, it still means 82% of the coins in the hands of persons unknown and invisible. It basically centralizes a decentralized currency.”

82% is a huge number of coins to be premined and gives the developers and stakeholders the opportunity to influence the price of BCN solely with their holdings. What is more, this opens the possibility of a “pump and dump”, meaning that the premined Bytecoins can be dumped on the market which, in turn, would cause the price to drop significantly.

“Even if you take the fact that Monero is clearly leading the innovation race, I would think it dangerous to touch a coin where 82% of it is held by unknown actors who were not publicly observed during the period where they supposedly mined the coin. Having a shady history does not set a good precedent.” –Spagni also says.

Another concerning fact about Bytecoin is that is has been on the market for so long and yet, very little is known about its developers. Even in the official website of the currency, you can only find pictures and first names with no detailed information. To conclude: if you are stuck with bags of this shitcoin, sorry for your loss – sell it if you can and take it as a valuable lesson for the future investing decision.

Probably not. It is more likely to reach zero than one dollar.

No, but it is on a life support machine waiting for someone to pull the plug and declare it officially dead.

All of this summed up means one thing: BCN might live through couple of orcheBCNed and, for a regular trader, completely unpredictable pumps but the majority of time will be murky sideways trading with small volume and no significant interest from the market.

Price will heavily depend on what BTC will do and since many analysts think BTC will not be making big moves in this year, it is hard to expect BCN will do them either. The price will probably stagnate and record slow-moving depreciation or appreciation depending on the team activity, potential technological breakthrough or high-level partnership.

With the market being completely unpredictable, forecasting the cryptocurrency price is really more of a gamble and luck rather than a data driven guesstimate.

Let’s throw a glance at the eminent publications and personalities, and their predictions regarding the BCN price, which will give us another point of view to consider:

Walletinvestor is a popular website that does technical analysis-based price predictions of various cryptocurrencies. According to them, BCN is expected to grow to $0.002 per token in one year. That is highly optimistic and surprising prediction.

Cryptoground predicts that BCN might rise to $0.002 by the end of 2019. They even added their version of BCN price prediction 2024, where they stated that BCN might reach $0.013 by 2024.

Bytecoin (BCN) will struggle to be alive in 2020 with chances of that to be the case being very high.

If BCN is still around in 2023, John McAfee will eat his transplant new genitalia and then eat it again.

Chances of nuclear war are way higher than BCN being live in 2025.

Realistically, this coin should’ve been dead long time ago. Realistic price is for that reason zero.

The post Bytecoin (BCN) Price Prediction 2019 & 2020 – Future Forecast For BCN Price appeared first on CaptainAltcoin.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

216 +