May 14, 2018 by Jake

Last week was definitely about Bytecoin, as this relatively unknown token skyrocketed after being listed on Binance. However, shortly after, the price went down again, with a lot of people suspecting that it was just a pump and dump.

Everybod thought it was a scam after the network crashed

And they have all the reasons to believe this, considering how low it went. The team behind the coin shortly released a statement, though, explaining the entire situation.

“We’d like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues. We remained in silence until the moment we clearly understand the root of the problem because we want to be able to provide you with certain solutions, updates, and deadlines.”

Still, it looks like it’s not back on the right track.

According to CryptoRecorder, Bytecoin spiked a lot over the past hours, trading at $0.012 at the time of the writing and registering a total market cap of $1,819 billion. The cryptocurrency is well known for its CryptoNote technology, which allows users to keep their anonymous status when using it.

Right now, it’s among the biggest gainers in the top 20 currencies, considering the market cap. Also, it’s back again on CoinMarketCap, as the team asked users to update their wallets to the latest software.

How can such issues be avoided?

Even though all the problems seem to be gone, after the wallets were updated, this doesn’t mean that the fix is permanent. But a final solution could be on its way, so the team behind Bytecoin will be able to avoid this situation once again.

According to the token’s official roadmap, a hardfork is expected to happen on Tuesday, June 12, 2018. This will solve most technical issues the digital asset is currently dealing with, especially wallet-related and exchange trading problems. Also, this will see BCN adopt a new software, most likely with less issues. Finally, the hardfork will see the official web wallet make the transition fo a new API as well.