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that they immediately shut down trading activities after they realized that about 25% of their miners were using outdated software, leading to bugs in the system.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

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

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collateralized debt position
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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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Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

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Hodium
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I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

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Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

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There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

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