Over the past two days, the cryptocurrency world was staggered after a relatively unknown coin, Bytecoin, – ironically, since it’s been around for a few years – took the market by storm, after it was listed on the world’s biggest exchange, Binance.
The prices for the coin went up up to eight times, according to Bitcoinist, and this, as expected by many, put Bytecoin’s servers in the incapacity of dealing with the entire amount of traffic.
It was the trigger that lead to discussions about a possible scam
“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,” was the message shared by the team on Twitter.
Shortly after, Binance also suspended trading, announces that buying and selling BCN will be available after everything will be fixed. Normally, everybody who invested in this the day before was fearing that it was just a scam and the everything they invested was just a scam.
However, everything was fixed and trading resumed yesterday, around noon. Still, the value didn’t skyrocket again, but remained somehow stable instead, according to multiple price tracking sites, except CoinMarketCap, which currently states that BCN is under maintenance or experiencing wallet issues.
But what’s Bytecoin, after all?
The coin is presented as a private untraceable crytptocurrency, which makes use of a proof-of-work consensus mechanism. Also, the transactions on its blockchain are obfuscated by a secure cryptographic algorithm.
Currently, things aren’t looking all the great for Bytecoin, as the fairytale seems to come to an end, but this was somehow expected, especially considering that it’s common when a coin registers such gains. It is believed that the huge surge was caused by a pump-and-dump cycle.
Still, let’s not forget one thing: the price had soared by over 150% these days, so its current decline is not as bad as you might think. Our recommendation is to wait for a few more days and see if the market corrects the price.