I’ve known about Bytcoin now for a few months. I noticed it was a relatively quick coin to mine through Minergate. Bytecoin right now is mined with your processor. It is the same type of coin as Monero and Digital Note. The three coins are based on CryptoNote. Of the three coins, Bytecoin falls in the middle in terms of attractiveness.
Most of you probably know of Monero after it took off with two big bumps in the mid-late summer. Bytecoin has been around for three years and up until recently was worth next to nothing. Over a relatively short time this year, it shot up to .4 cents but it then dropped back to the .2 cent range. Currently it is just above .13 cents off it’s most recent lows.
To me, it is a wonder that people stuck with it as long as they did. Bytecoin had it’s 3 year birthday earlier this month.
As you can see from the chart, Bytecoin is still in a relatively valuable state. The problem is, it is hard to find information on this coin. Some people like myself believe the coin’s price will go up and I will tell you why in a minute. Other people, a few people on various forums claim that the coin is a scam. The thing is, hardly anyone who takes this position that Bytecoin is a scam has a reason why. The one person who said it was a scam and gave a reason,said he tried to buy some and lost his money in the process.
Another reason one or two people have given why Bytecoin is “worthless” or a “scam” is because there are “too many of them.” In the screenshot below, below the blue box, you can see how many coins are in circulation vs the max supply of coins.
While there are a lot of Bytecoins, approximately .9934/1 or over 99% of the Bytecoins have been mined. I believe the stirring in the Bytecoin price earlier this year portends a greater move up by the time the max supply has been mined.
If you are interested in taking a chance with me and many others, Bytecoin Mining is relatively easy. I have a laptop with the newest generation i7 from Intel. If I mined for 2 days straight, I would get a payout of 100 Bytecoins before those 48 hours were up. Like clockwork everytime the counter hits 100, I get a payout. By this time next year or the year after, Bytecoin miners could have a nice little payout waiting.
The setup and program I have came from Bytecoin itself but you can see what you can do by checking in on the various pools. The program from Bytecoin comes with the wallet and miner… It also comes with the blockchain which seems to download negatively parabolic. Downloading the Blockchain is the biggest issue I have with the program.
You can get the program here: https://bytecoin.org/info/
And, no matter what youre’ mining, happy mining.