Bytecoin vs. Bitcoin; Should You Invest in Bytecoin?
The problem with a constantly changing crypto world is that in the end, things get left behind. Could Bitcoin become one of those things? Some experts think that Bitcoin will be here for decades to come, while others foresee an inevitable crash. Luckily, there are a ton of newer cryptos you can choose to invest in, like Bytecoin.
What is Bytecoin?
Bytecoin is a cryptocurrency that allows you to make private, instant transactions with anyone around the world. This is possible through the Bytecoin network, a decentralized network that all can contribute to. There are some problems; the same problems a lot of newer cryptos are having. Firstly, it’s quite high-risk. There is a limit on the total number of coins they will release. Usually, that promotes stability, as over time, BCN will become more sought after and are in limited supply, in theory. In reality, it’s going to take quite a while before BCN becomes as sought after as BTC. Also, keep in mind that because it’s not tied to a fiat currency, BCN is prone to economic highs and lows.
How is Bytecoin better than Bitcoin?
It offers you a much better level of privacy compared to Bitcoin. The secure Bytecoin algorithms make sure that no one can ever find out the amount transferred, the person transferring, or the receiver. However, if you are looking for ultimate privacy, you might be better off investing in a crypto that supports I2P. Currently, neither of these do. If you really need I2P support, try Monero instead.
Which should I invest in?
For now, Bitcoin seems to be a much better option when we compare it to Bytecoin. Not only is Bitcoin worth so much more, but it’s also more widely usable, and you’ll find it easier to spend, save, or use with various applications. Bytecoin just isn’t popular enough yet, and many experts consider it too high-risk. As always, seek professional advice before making those investments. YouToken.io offers informative cryptocurrency courses right now.