Bytecoin (BCN) is a decentralized and open-source cryptocurrency focused on transactional privacy and high level of contribution of the users within its ecosystem. It claims to offer globally supported, instantaneous and untraceable transaction with no price tag attached. Bytecoin’s history started out in 2012. The currency’s developers saw issues with the dominance of Bitcoin, particularly in the area of its openness, ability to self-regulate and its lack of egalitarian principles of operation. This prompted Bytecoin to posit itself as the foundation of a future decentralized network which promotes autonomous control of the costs associated with the use of BCN. Privacy is considered yet another forte of the Bytecoin, allowing each transfer made with it to be secured cryptographically to avoid insights into the identities of senders, receivers or the amount sent. All of this served to promote Bytecoin as an alternative to Bitcoin and other heavy hitters.