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A Closer Look at the Developments on the Bytecoin Blockchain

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Bytecoin
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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that they immediately shut down trading activities after they realized that about 25% of their miners were using outdated software, leading to bugs in the system.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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Bitcoin

Investors Beware: Another Large Bitcoin Crash Might Be Coming

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Bitcoin crash
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The crypto prices have surged quite high in the last few months. Of course, their progress is nowhere near the one seen in 2017, but they appear to be getting there, one day at the time. However, things might not be as simple as that, and according to recent performance — it is more than possible that a major Bitcoin crash is incoming.

The fact is that cryptos saw a massive amount of growth in a very short period. Bitcoin itself more than doubled its price in only two months. Now, the rally is starting to crash in on itself, and the coin is already about $1,000 lower than last week. If such development does come to pass, a lot of people will experience quite large losses, although experienced investors might find some opportunities, and leverage in order to enhance their holdings’ long-term value.

For example, Bitcoin dominance is expected to crash very quickly, which will work in favor of quite a lot of altcoins. While this does not seem to be the best time to invest in BTC, altcoins are another story, and diversifying a portfolio now might end up being very profitable in days to come.

Bitcoin behavior mirrors the pre-bear market situation

The crash that analysts are predicting right now comes as a direct consequence of all the hype that has been building up in…

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Altcoins

Top 3 Coins to Buy Before They Go Big

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coins
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Crypto bulls are back, that much is clear. The long-lasting, harsh crypto winter is gone, and the new era in digital currency sector opens up some rather interesting opportunities. With many more bull runs expected to come in months ahead, a lot of coins are likely to blow up and maybe even hit new all-time highs, although that still remains purely theoretical.

On the other hand, the fact is that numerous coins are seeing prices that were not achieved since early 2018, and the overall momentum remains bullish. With that in mind, even if new records do not come for a very long time — chances are that many of the coins will blow up enough for investors to see some serious gains in months to come. As a result, investing in some of these coins now might be a very profitable decision, for those who have the patience to wait a few months. Here are some of the projects believed to have the greatest potential to go big in the second half of 2019 and beyond.

1. TRON (TRX)

Putting TRON on the list should not really surprise anyone, as the project constantly comes up with new project updates, partnerships, and alike. It also constantly breaks records, as is becoming one of the biggest players in the dApp and smart contract development sector.

In the past few…

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Blogs

Can Crypto Credit Cards Disrupt the Fight Against Financial Crime?

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crypto credit cards
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It is commonly known that the world of finances has the biggest problem with the crime of all existing industries around the world. It has been so throughout history. While the financial world has evolved, so did the criminal activities, and they continue to be an issue. With the arrival of cryptocurrencies, many were hoping that financial crime might be disrupted. However, for now, at least, it appears that cryptos themselves cannot find a way to resolve issues such as international money laundering.

In fact, when it comes to money laundering, the crypto sector appears to be the weakest link, especially because of the nature of digital currencies. The anonymity that cryptos are being praised for means that anyone can get a payment from an unknown source from anywhere in the world. This method can then be used for financing drug trafficking, cyberattacks, terrorists, and more.

Until recently, it was not easy for bad actors to make use of cryptocurrencies obtained for illegal purposes. The number of merchants willing to accept the coins was low, and criminals were forced to find a way to exchange crypto into fiat currencies. However, this came with a set of issues, such as taking foreign exchange risks and then sending the money through wallets and exchanges to a banking system that would allow withdrawal. The banking account was the biggest obstacle here,…

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