Bytecoin, an open-sourced decentralized cryptocurrency, is widely recognized for its untraceable payments. In the fast-paced world of cryptocurrency, special features like anonymity and tight security protocols play a significant role in investors’ decisions. As a promising cryptocurrency, Bytecoin provides its users with top-notch security features and lightning fast transactions. The altcoin, which has been performing well in the last few weeks, has alarmed its investors. If you are yet to catch up with the latest updates, here’s the full story.
Bytecoin Gets Affected by Bug
Speaking of Bytecoin’s performance in the market, the coin went through a rough patch last week, as it has witnessed some unusual developments. To begin with, the price of the currency shot up exponentially after Bytecoin got listed on Binance. Bytecoin’s listing on Binance, which took the overall market capitalization of BCN to $3.4 billion, has attracted many new investors to the blockchain, including inexperienced traders. However, the price consolidation led to the epiphany that the spike was a part of the pump and dump scheme. All data got wiped off as the token fell from rank 15 to 1594, freezing all digital wallets. The executives later reported that they immediately shut down trading activities after they realized that about 25% of their miners were using outdated software, leading to bugs in the system.
Regarding the bug issue and technical problems, the Bytecoin team issued a crisp statement in a Medium post. The team reported, “Due to a large number of miners who were using the old software a bug appeared in the network consensus. That bug was the cause of the network’s instability. We’d like to say a huge apology to all the Binance users who were faced with Bytecoin’s network issues.”
Ubuntu Cryptocurrency Miner: A Potential Threat to the Blockchain
Malicious mining tools have become a menace for operating systems nowadays. While many mobile devices and Windows are more vulnerable to these attacks, Ubuntu users are not free from the risks of a potential attack. A malicious cryptocurrency mining application was recently detected in the Ubuntu Snap Store. Popular as 2048buntu, the application employed mining code to mine BCN. Monero, the dark web’s favorite currency, has been used for unauthorized mining activities. Although Bytecoin doesn’t offer the same level of anonymity, it has been widely misused by miners. While Bytecoin’s anonymity and tight security protocols are motivating factors behind illegal mining activities, the latest pump and dump schemes are also responsible for invigorating the interest of criminals. Moreover, much to the traders’ relief, the 2048buntu application has been eliminated from the Ubuntu Store.
Bytecoin Gets Re-Listed on Binance
Bytecoin (BCN) users received a huge blow last week when the altcoin experienced one of the worst price dips since its launch in 2012. Apparently, a transaction error detected by the Binance team led to the suspension of BCN on top exchanges, including Binance, Poloniex and HitBTC. While the bug on Binance was a huge reason for traders’ concern, the aftermath of the event sent shock waves across the crypto community. The coin, which is still undergoing maintenance, has been relisted on Binance.
Bytecoin and the Market
As per the price records, the coin is recovering from its losses after the damages caused during last week. The coin, which has been restored to the 17th position in Coinmarketcap, boasts a market capitalization of $1,852,439,152 at the time of writing. Bytecoin is making a successful comeback, but it is still heavily relying on Binance for trading.
The entire crypto market experience a steep price slump this weekend, sending some of the well-performing coins in the red. As the bearish sign makes a comeback in the market, the total market capitalization has hit $400 billion. After an unexpected decline in the market capitalization, much of the losses were recovered during the Asian hours. Although the market has been making recoveries, the general sentiment of the market is still bearish. With Bitcoin trading at $8,317.33, the rebound is not strong enough to pull the prominent altcoins out of the crisis and many of them are still trading in the red. Tracing the price movement of BCN, the coin entered into the top 25 list after it was listed on Binance, but there were a lot of controversies regarding the pump and dump which materialized after the listing.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Aluna.Social is a Compelling Social Platform for Crypto Traders and Investors
When one thinks about the social media landscape, the companies that first come to mind are most likely Facebook, Instagram, LinkedIn, and Snapchat. These platforms are a great way to stay connected with friends, families, and colleagues, especially when geographic distance is a factor. But, in addition to just chatting about life in general and sharing pictures, social media can be used to bridge the information gap that exists within the investment community.
Over the last decade, many trading offices have been established in large cities all over the world which allow solo traders and investors to pay a monthly fee in exchange for a workspace. The real benefit to trading in these offices is to participate in the free flow of trading ideas and information. Proprietary trading is one of the most challenging careers to be successful at and the exchange of ideas is almost required in order to succeed. Traders at hedge funds and investment banks work in teams so why shouldn’t remote traders?
While these trading offices are a great way to help bridge the information gap, Aluna.Social may provide an even better way, especially as it relates to cryptocurrency trading.
Aluna.Social, founded by Alvin Lee and Henrique Matias, is a multi-exchange social trading terminal for crypto traders and investors. The goal of the platform is to help newcomers shorten their learning curve,…
CoinFlip Scores Big with BRD Wallet Partnership
As the crypto markets move closer to mass adoption, one of the keys for future success will revolve around attracting as many market participants as possible. While many crypto users are extremely tech oriented, a lot of those on the sidelines are not. The cause of waiting on the sidelines could be due to a variety of reasons such as fear of the unknown, lack of knowledge, age, or a combination of all of the above. In order to entice new users to join the crypto revolution, crypto ATMs are rising up across the country. Of those, the largest and most influential crypto ATM company by a significant margin is CoinFlip.
In early October, CoinFlip announced on its Twitter that it had officially partnered with BRD Wallet to re-introduce their crypto ATM map. Now, BRD wallet users will be able to locate their nearest CoinFlip ATM and receive a 10% discount for both buys and sells. BRD brand awareness is growing quickly within the crypto community thanks to its innovative and entrepreneurial spirit. The team strongly believes in the value of financial freedom and independence, and want to empower people across the world by leveraging the possibilities that Bitcoin and other cryptocurrencies provide.
Cryptocurrencies are already making a huge difference around the world. Citizens of Venezuela, a country devastated by rampant inflation, have been using several cryptocurrencies…
Cryptocurrency Collateralized Debt Positions Are Growing in Popularity
While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle. Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance. One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess. That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS. These projects have managed to find a foothold in the market and have a better chance than most of staying there. While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.
What is a Cryptocurrency CDP?
In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount. There are several examples of this in our day to day lives. Auto title loans from large companies like TitleMax are extremely popular with consumers. Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has. The consumer can continue using their car as long as debt payments are made.
The same concept applies to cryptocurrency CDPs. Consumers are able to put up crypto tokens, such as…
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