Bytecoin exchange sites are becoming more numerous as the privacy-focused cryptocoin continues to mature. However, there is a clear leader when it comes to volume and often it can be best to trade where the action is.
Bytecoin (BCN) is a unique cryptocurrency which elevated the pursuit of total privacy and anonymity since its early inception in 2012. The genesis of the Monero fork, Bytecoin was first to adopt Cryptonote technology as a core pillar to the project. Deploying Cryptonote and the affiliated Ring Signatures, Bytecoin creates an ecosystem of private and untraceable transactions which cut its teeth in the dark web during its early days.
Today, Bytecoin aims to find its space in a larger arena, with a particular focus on disrupting the current financial system at-large and providing solutions for a new model “more efficient than the existing ones”.
Bytecoin Exchanges – Where to Buy, Sell and Trade Bytecoin
Currently, there is a range of online exchanges that will help change your dollars or crypto for Bytecoin. But, to help narrow down the selection and clear the water a little, it may be more effective to follow the volume.
Exchanges that deal with high crypto trading volume will often be able to provide the most liquidity and pairings to their users. However, the most active exchange overall, isn’t necessarily where the action is for Bytecoin. Take the cryptocurrency exchange OKEx for example. OKEx is the number five exchange by total trade volume and has Bytecoin as a listing. However, OKEx only accounts for less than one percent of the total volume of traded Bytecoin.
The Bytecoin exchange that reigns supreme, at time of writing, is HitBTC by far. But hang tight, there are a handful of other exchanges that should be considered. Perhaps you are already trading with Binance or have heard good things of Poloniex and want to try out their services. Despite the lion’s share of volume happening on HitBTC, there are other Bytecoin exchanges you should know about.
Exchanges for Trading Your Cryptocurrencies for Bytecoin
The primary method to trade on a Bytecoin exchange will be to buy and sell Bytecoin with other cryptocurrencies. BCN/BTC which allows for the trade of Bytecoin and Bitcoin is likely to be the best choice to get your Bytecoin, especially if you’re already holding some Bitcoin.
The process of using Bitcoin to buy Bytecoin is pretty straight-forward. After registering with the exchange of your choice, transfer the Bitcoin you intend to use your new exchange provided wallet. Once, your deposit is ready to go, trade the BCN/BTC pairing at the price you are looking for.
As with any exchange currently, strongly consider moving your newly purchased Bytecoin off the exchange wallets and into your own. If you aren’t looking to trade frequently, it is always best to keep your cryptocurrencies in your own wallets with safely managed private keys. Exchange wallets remain a prime target and even though funds have been recovered or reimbursed by exchanges previously, the best practice is to custody your own crypto.
Binance – Relatively late to list Bytecoin, Binance is a top-tier cryptocurrency exchange with nearly 400 crypto pairings at time of writing. Binance is popular for having a strong track record of professionalism and security within the cryptocurrency community. Currently, Binance accounts for around 11% if the total volume for Bytecoin with their BCN/BTC and BCN/ETH accounting for nearly all of that activity.
OKEx – OKEx has a pretty small slice of the Bytecoin activity but only recently listed it to their exchange. This exchange is currently the fifth largest in the world by volume and has a huge range of over 500 pairings including BCN/BTC, BCN/USDT, and BCN/OKB. OKEx exchange is a bit more advanced when you’re ready for that, including access to futures and margin trading – not with Bytecoin yet though.
Poloniex – Also a smaller player in the Bytecoin volume, Poloniex is based out of Boston and has around 100 pairings. For Bytecoin, the exchange has two pairs: Bytecoin and Bitcoin along with Bytecoin and Monero. Being a smaller exchange in general relative to the top five, Poloniex’s slice of the Bytecoin may be largely due to the unique BCN/XMR pairing.
HitBTC – The heavy hitter in overall Bytecoin exchange volume. HitBTC lays claim to well over 85% of the Bytecoin exchange activity trading primarily BCN/BTC and BCN/USDT. HitBTC has been in operation since 2013 and has the most pairings in the industry with over 700 to satisfy your trading needs.
HitBTC, Binance, Poloniex and OKEx cover nearly all the trade activity with Bytecoin to-date. Each of these trading platforms has their own various options and services to offer that cater to our individual needs. Finding which exchange is most suitable for you won’t necessarily have to rest on their volume or liquidity.
The Bytecoin exchanges mentioned before are relatively easy to use. They should be good testing grounds for novices and more to get exposure to Bytecoin and other cryptocurrencies in a professional setting.
Beyond the exchanges, there are other ways to invest and participate in Bytecoin. Bytecoin mining is showing opportunities, r/BytecoinBCN is always thirsty for more memes, and strong developers are always wanted for these open source projects.
Content retrieved from: https://coincentral.com/best-bytecoin-exchange-sites/.