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Bytecoin (BCN) Team Reschedules Hard Fork, Clarifies BCN is Not A Pump and Dump

Unbeknownst to many Crypto traders, the team at Bytecoin (BCN) had an AMA (Ask Me Anything) on Reddit that concluded on the 16th of May. This is the project’s third such event and was geared towards answering some lingering questions about the project’s road-map, its progress and to address the rumors that their was a pump and dump orchestrated when the coin was listed on Binance on the 8th of May.

With respect to the Binance listing, the coin managed to surge by 30% in less than one hour from $0.007 to $0.009. What initially happened is that the coin peaked to levels of $0.018 exactly after listing on Binance. Moments later, Binance users were experiencing delays with deposits and withdrawals, indicating a clogging of the BCN network. The issue was resolved but also occurred in two other exchanges: Poloniex and HitBTC.

The events described above, prompted many in the crypto community, to assume that the Coin is a pump and dump scheme. Many traders were quick to judge that the BCN team had intentionally orchestrated the delay so they can cash out efficiently, and with huge profits. However, the BCN team has refuted these claims and explained themselves on reddit.

The BCN team clearly stated that they only have control of the BCN software that governs the coin and were not aware what time Binance was going to make the announcement of the listing. The team reiterated that they have nothing but good intentions for the project and community. They said that the crypto market is what dictates the prices of the coins and tokens in general.

With respect to the scheduled Hard-fork of the coin to simplify the software, the BCN team has decided to reschedule the event due to the issues during the Binance listing. The main purpose of the hardfork as earlier stated, is to simplify the code, improve P2P protocol, and introduce dynamic fees.

More on the AMA (Ask Me Anything) discussion can be found on reddit.

Other questions that were answered were with regards to updating the roadmap and BCN debit cards. The BCN team pledged on updating on any developments on both issues with time. They also mentioned announcements of partnerships and more exchange listings of the coin to come as we progress down the year.

BCN is currently trading at $0.008644 and down 7.22% at the moment of writing this. This is because the entire market is also in the red, with the total crypto market capitalization dropping $3 – $5 Billion from levels witnessed only yesterday.

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Amidst Shake Up, FUD, Bytecoin (BCN) Price Skyrockets

After one of the most promising occurrence for Bytecoin (BCN) in the space which was attributed to the listing it got from Binance, the world seems like a place of pain and turmoil for the altcoin due to series of attacks it got from different cryptocurrency enthusiasts, bigwigs.

The allegation that it is a pump and dump due to price fall, network, and withdrawal issues made the cryptospace scared.

All the beefs never had a lasting effect as the altcoin is shaking off the dents to be a gainer in the market since yesterday.

How the incident all happened.

On May 7, Binance, on its Twitter page announced the listing of Bytecoin on its platform, causing a boost in the price of the altcoin. By May 9, Bytecoin had already stood up to achieve an all-time high price of $0.0300 in the market. People never perceive the achievement as a bizarre because the effect of being listed on the great Binance should surely be a big one.

Even though the crypto market is known for volatility and the fact that many observers and analysts immediately weighed in on the progress, doubting whether the price rise has come to stay or a pump and dump, the plummeting value afterward came to the surprise of people.

After the value rise, Bytecoin plunged to a low value of $0.00996 on May 11 (two days after). Not that alone, other observers opined that Bytecoin is a broad daylight scam due to the plunge and some other subsequent effects like the altcoin’s inability to manage the transactions on its platform, and the fact that its record was moving close to being on CoinMarketCap and some other notable pricing platforms.

According to the claim, the altcoin on its Twitter page announced that it is experiencing some predicaments.

“The network is experiencing an unusually high load. Transactions can be delayed, node synchronization can lag far behind. The team is working hard to solve these issues. It’s strongly recommended to avoid any transferring of BCN until the situation is resolved”.

“Dear @CoinMarketCap, could you please reinstate us on your site so our users can accurately see our value? We have been trying to contact you for the last 24 hours, we have fixed the major bug in our software that caused issues for our community”, Bytecoin twitted.

The Turn-Around

Surely, after a tough moment, there comes relief. Bytecoin, after some days, announced that it had fixed the issue and all user can withdraw and deposit. Also, it got reinstated on CoinMarketCap and now, Bytecoin in northing in the market.

Ranked 16th on Coinranking, the last 24hrs has been beautiful for Bytecoin as the altcoin stood up with an added value of 26.88%. Now priced $0.0121 against Dollar with a total market cap of over 2.2 billion dollars.

Success is for those who don’t relent.

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The Meteoritic Rise of ByteCoin (BCN)

Doing a quick price analysis of ByteCoin (BCN) indicates that the coin has done an impressive 486% increment in value from levels back in early April of $0.002. BCN is currently valued at $0.011726 and up a cool 25.76% in 24 hours. ByteCoin had peaked to levels of $0.018 only a few minutes after being listed on popular exchange, Binance, on the 8th of May. This is a percentage increment of 800% from the $0.002 value earlier mentioned.

In the announcement on the 8th of May via the Binance website, trading was enabled for BCN against Binance Coin (BNB), Bitcoin (BTC) and Ethereum (ETH). But moments later, Binance users were experiencing delays in deposits and withdrawals prompting another announcement by the Binance team. However, the deposit and withdrawal of BCN on Binance is now 100% operational and at the moment of writing this.

The ByteCoin team were able to inform the users through twitter on the resolved Binance issues but also on developments of BCN issues on other exchanges. The tweets were as follows:

May 10th:

The #Bytecoin network has been updated and now it is stable and working normally. Soon deposits and withdrawals will be open on all exchanges. Our team continues to work on our software and we will soon update our users to download new software. The latest version is 3.0.4 #BCN

Dear Community! #Bytecoin Deposits and Withdrawals are now available on @binance! #Bytecoin #BCN #Binance

May 11th:

Dear Community! #Bytecoin Deposits and Withdrawals are now available on @Poloniex! #BCN #Poloniex

However, the issues have not been resolved on HitBTC:

Dear Community. #HitBTC Deposits are currently unavailable! @hitbtc has informed us that it will take a few days to restore. Withdrawals are only available in general mode.

Also to add, and due to the meotoritic rise of ByteCoin in the markets, the BCN team has warned that there is no Airdrop or Ethereum give away happening with respect to the project. All announcements of the sorts are scams and should not be ignored by BCN owners and traders.

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Enthusiasts Allege Bytecoin (BCN) Is Broad Daylight Scam

Enthusiasts Allege Bytecoin (BCN) Is Broad Daylight Scam

Bytecoin (BCN) after witnessing a growth of over 165% in a single day just immediately it was announced that Binance added the cryptocoin, then it has been faced with series of problems, ranging from plummeting price to network, and withdrawal issues.

Enthusiasts and observers who weighed in on the issues bedeviling the coin are of the opinion that the cryptocoin may be a broad daylight scam, considering that the moment it got listed on Binance, it is unable to manage the number of transactions happening on its platform.

As at the point of writing, Bytecoin [BCN] has no traceable record on CoinMarketCap and some notable websites where price and value of every coin can be gotten. Enthusiasts of the coin who believe it could make them great were surprised with the incident as they have been unable to withdrawal and deposit any fund for close to 20 hours.

Market observers point that the coin is a scam and only came to cart away funds of unsuspecting enthusiasts. Some are saying the BCN market crashed for the fact that the coin could not manage an enormous number of users and transaction.

Yesterday, CoinMarketCap placed Bytecoin [BCN] at the 15th position and it later dropped to 1594th position without current price, market volume, and even market cap.

However, on coinranking, Bytecoin is ranked 11th and still maintains $ 0.0282 trade value, a 24 hours percentage increase of 57.01%, and 7 days percentage increase of 420.42%.

However, Bytecoin has officially made a poorly worded statement on the obscene happening, saying the network is witnessing unusual high load.

“Bytecoin network is experiencing unsual high load. Transactions can be delayed, node synchronization can lag far behind. Team is working hard to solve issues. It’s strongly recommended to avoid any transferrings of BCN until the situation is taken under control. We will notify you right after everything will be fixed!”

Image Credit: Imgurl

Also, Binance who witnessed the highest transaction of Bytecoin yesterday also weighed in on the issue, allaying the fear of users, stating that everything will return to normalcy.

“Due to Bytecoin (BCN) network issues, deposits and withdrawals are experiencing severe delays,” Binance announced.

“The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution.”

Meanwhile, many traders have lost whopping sum of money due to the sudden network issue.

According to a Telegram user: “BCN made me lost everything I worked for in a month”.

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Today’s Double Digit Gainers: Bytecoin (BCN), Zilliqa (ZIL) and Ox (ZRX)

As much as we all want some serious crypto action in the markets, the current total market capitalization above $400 Billion is enough for now and indication of better things to come. The total market cap is currently at $442.5 Billion with hopes of reaching $500 Billion as soon as Bitcoin (BTC) regains its footing in the markets.

Current market analysis puts The King of Crypto at $9,341 per BTC and down 0.23% in 24 hours. Ethereum (ETH) has managed to gather some good volume that is allowing the King of Smart Contracts to trade at current levels of $752. Ripple (XRP) is still very steady at the current level of $0.83.

With the Big 3 coins analyzed, it is then time to check out the amazing double digit gainers of the day.

Bytecoin (BCN)

Current market analysis puts BCN at a value of $0.0114 and up 64.33% in 24 hours. This is extraordinary for a coin Ethereum World News had highlighted less than a week ago. The current gain by the coin is attributed to the Binance listing less than 4 hours ago. BCN is now available for trading against Binace Coin (BNB), Bitcoin and Ethereum.

Bytecoin prides itself as being the first truly private untraceable cryptocurrency.

Zilliqa (ZIL)

Zilliqa is doing impressively well in the market. It is up 12.64% in 24 hours and currently trading at $0.144 at the moment of writing this. Zilliqa already has a Test Net version of its blockchain platform out with anticipation of the release of its Main Net later this year.

Ox (ZRX)

ZRX has been on the radar of day traders for quite some time due to its never ending daily action. The token is currently trading at $1.79 and up 17.64%. The project belonging to this token prides itself as being an open, permissionless protocol allowing for ER20 tokens to be traded on the Ethereum Blockchain.

The team behind the project is diverse and hails from different countries across the globe. Their backgrounds are in engineering, research, business and design.

In a nutshell, the keen crypto-trader will note the patterns of some of these coins and tokens with an aim at monetizing the gains and dips. But if day trading is too risky for you, the best option would be to buy and HODL.

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Bytecoin surges 30% on Binance listing

Nothing can give a cryptocurrency a greater boost than a listing on a major exchange and they don’t come much bigger than Binance. Just a couple of hours ago the world’s second largest exchange by trade volume announced that it was listing the relatively obscure privacy coin Bytecoin.

The announcement had immediate effect with prices pumping over 30% in less than an hour. Analysis website coinmarketcap.com reported that BCN surged from $0.007 to $0.009. In terms of Bitcoin it increased a similar percentage from 74 satoshis to 97 in about an hour.

The trading pairs provided by Binance were BCN/BNB, BCN/BTC and BCN/ETH. According to the blurb on the website Bytecoin is an open source, private and untraceable cryptocurrency that was started in 2012. It is the first coin that implemented CryptoNote technology to build the project and as such was very popular on the Dark Net for its anonymity.

As soon as a transaction appears on the blockchain, the address cannot be viewed by anyone and so BCN became the forefather of all of the anonymous cryptocurrencies based on this technology. The tech employs ring signatures, unlinkable transactions, and stealth addresses which all serve to keep exchanges totally private and make Bytecoin unique.

According to the website;

“Bytecoins are gradually getting more expensive over time, since the emission is limited to 184.47 billion BCN. The number of Bytecoin emitted each 120 seconds is slightly decreasing. As a result BCN gains value and the exchange rate increases.While currencies with sharp decreases of reward per block are exposed to intense declines in network power, Bytecoin emissions are decreasing slowly, which protects the currency from economic shocks.”

The listing on Binance has propelled this altcoin into the top 25 by market capitalization where it has usurped other popular altcoins such as Icon, Lisk and Verge. At the time of writing BCN was at 20th spot with a market cap of $1.7 billion, just behind OmiseGO with a similar figure. Trade volume in Bytecoin has jumped over 160% in the past 24 hours from $4.5 million to $12 million.

In general cryptocurrency markets have recovered a little from their two day selloff and Bitcoin has remained steady at around $9,400 at the time of writing.

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Siacoin (SC) and Bytecoin (BCN), Small Coins That Pack A Punch

With the crypto-markets in the green, it is worth sometimes to scroll down the list of coins and tokens on coinmarketcap.com and attempt to uncover some gems that have not yet hit the Crypto-verse by storm. Today’s two coins are SiaCoin (SC) and Bytecoin (BCN). The coins are ranked number 33 and number 29 on the same coinmarketcap.com with respect to market capitalization.

SiaCoin (SC) is currently trading at $0.0268 and up 1.98% at the moment of writing this. ByteCoin is currently valued at $0.00541 and is also showing gains of 2.36% in the last 24 hours. Both coins have a market capitalization that is a few millions shy of the $1 Billion mark (SC – $916.47 Million and BCN – $994.726 Million).

What is SiaCoin and why should we watch out for the coin and project?

Sia is a cooperative file storage network platform that leverages the Siacoin token, smart contracts, and blockchain technology to safely store data on hosts distributed throughout the world. It is written in the language Go and actively developed by Nebulous Inc. The latter company recently held a Private Sale Offering for select buyers to purchase Siafunds.

Siafunds pay out a real-time transaction fee from all storage-related payments on the network. This means that, if you hold one of the 10,000 Siafunds in existence, you receive a piece of this transaction fee as users pay for storage space

Storage on the platform is made available on the Sia Storage Platform, and renters access storage, using Siacoins. Siacoins are a special purpose cryptocurrency exclusively for use on the Sia Storage Platform. Users of storage (renters) pay for storage on Sia with Siacoins. Storage providers (hosts) on the Sia Storage Platform are required to deposit Siacoins with each file contract as collateral. Siacoins are stored on a digital wallet within the Sia software application.

What about ByteCoin?

Bytecoin is the first private untraceable cryptocurrency. It embraces the signature decentralized aspect of blockchain and cryptocurrencies to provide an open source code that allows everyone to take part in the Bytecoin network development. It allows users to keep their finances private and secure using its platform. Bytecoin is international, untraceable and with no additional fees.

The reliability of Bytecoin is defined by the total computational power of all the computers that take part in the processing of transactions. The greater the processing power, the more reliable the network. All transactions are carried out every 120 seconds. Bytecoins are gradually getting more expensive over time, since the emission is limited to 184.47 billion BCN. The number of Bytecoin emitted each 120 seconds is slightly decreasing. As a result BCN gains value and the exchange rate increases.

Given the brief description of both coins and their corresponding projects, it is safe to conclude that there is potential in both in terms of delivering a working product and investment returns in the crypto-markets.