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Investing in Bytecoin: the bull and the bear case (January 2019)
Bytecoin is said to be the first anonymous cryptocurrency, described as untraceable. Bytecoin (BCN) offers anonymous transacting with untraceable payments for complete anonymity on the network, enabling a scalable ecosystem with no delays on the network. The creation of a BCN block set takes two minutes.
When it comes to investing in Bytecoin, these are some of the frequently asked questions:
- Is Bytecoin currently a buy or a sell?
- Should I sell or hold Bytecoin today?
- Is Bytecoin good buy/investment opportunity?
Here are the reasons to buy Bytecoin (the bull case):
1. Bytecoin enables anonymous and untraceable payments in what is described as a highly scalable environment with no network delays, also representing one of the rare cryptocurrencies that offer zero-fee transactions. These features make Bytecoin a solid alternative payment method.
2. Bytecoin uses ring signatures for making payments untraceable, similar to the well-known privacy coin Monero (XMR), but the network remains immune to hacker attacks as Bytecoin uses innovative security mechanism powered by blockchain.
3. Bytecoin network is scaling security enhancements with the growing number of network users.
Here are the reasons to sell Bytecoin (the bear case):
1. Bytecoin doesn't offer unique services unlike many other cryptocurrency projects and is solely focused on providing an alternative and anonymous payment method.
2. According to some users, there is a synchronization issue with the Bytecoin wallet; however, this case is not putting users' balances in jeopardy.
Bytecoin is currently traded at 0.000618$, down by -7.41% in the course of the last 24 hours. BCN has declined -92.6% YTD.