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‘Bytecoin (BCN) Not Pump and Dump Scheme,’ says BCN Team on Reddit

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The team at Bytecoin (BCN) had realized a need to communicate with the fans and HODLers of the coin and answer some questions by the community to clarify the progress of the project. It is with this acknowledgment that the team held an AMA (Ask Me Anything) on Reddit that concluded on the 16th of this month. In the AMA, lots of questions were asked with respect to the coin, the road-map and other issues that were concerning the community. The AMA was successful and had the following questions answered.

Many in the Bytecoin community have been wondering if the coin and project was a pump and dump affair; especially after the debacle that happened when the coin was added on Binance on the 8th of May. With respect to this event, the Bytecoin team responded by saying that they have no control over what direction the price of the coin takes. All they can control is the underlying software of the coin. They also added that Binance never gave them information on a time of the listing as earlier assumed by the community.

Also of concern to the community, was the issue of BCN debit cards and an updated roadmap. The team at Bytecoin was able to elaborate that the debit card project has had some setbacks and they will be updating the community as soon as they have news. With respect to the road-map, the team requested for patience as updates will be available soon.

The project has also been experiencing issues with the WebWallet. The team has been tirelessly working on solving issues of 2FA (two-factor authentication) and refunds. They promised to find a solution and recommended the desktop version of the BCN wallet for use as these issues were sorted.

With respect to partnerships and listings on exchanges, the team also promised good news with time. They are currently working on some partnerships and increasing the coin’s visibility in the markets by having it listed in more exchanges.

Last but not least, in terms of the questions asked, was the rescheduling of the hard-fork. The team explained that hard-forks are usually complex in terms of the technicalities involved and will be updated on when the event will happen. The BCN hard-fork is meant to simplify the code, improve P2P protocol and introduce dynamic fees.

More with respect to the AMA can be found on Reddit where the team gives more detailed responses to the community’s concerns.

Current market analysis of Bytecoin (BCN) indicates that it has decreased by 7.35% in 24 hours and is currently trading at $0.008648 at the moment of writing this. The general feel of the market is of a slight decline with Bitcoin (BTC) currently trading at $8,339 and down 2.13% in the last 24 hours.

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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

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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Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

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Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

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Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

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SonicX
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When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

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