It is an anonymity-focused cryptocurrency, offering theoretically untraceable transactions because it uses temporary public keys for each one. Users can control how private their transactions are by selecting the number of filters for them to pass through. The more privacy selected, the higher the transaction fee.
Bytecoin uses a consensus system called 'egalitarian-proof-of-work', which means that it registers blocks using programming language which is not reliant on memory. This means that it can be mined with cheap and efficient machines, which avoids the tendency towards monopoly of the proof-of-work system. It is also more flexible than Bitcoin, as block size is set by each miner (although there is a hard limit).
Problem
The Bytecoin development team announced yesterday that an unusually heavy load caused the system to lag and strongly recommended that users not touch their holdings until the issue is fixed. Binance published a similar notice on its own website. A Reddit user called Satekroketje claims that these announcements came only 11 hours after the issues happened, and claims a pump and dump scheme.
He said that prior to the announcement from Binance, Bytecoin was trading at 72 Satoshi on the exchanges HitBTC and Poloniex:
As soon as the announcement broke and the price shot up, it was noted that Bytecoin withdrawals didn't work anywhere. This means that there was only a small supply of Bytecoin actually on Binance, which caused the price to jump to 2320 Satoshi - a 32-fold rise in price.
According to Jenny Goldberg, Bytecoin's community manager, speaking in an interview with cryptocurrency news outlet Coin Bureau, the coin can be used to "book a room at a luxury resort in Montenegro [specifically, Dukley Hotels], buy a bottle of French wine [Domaine de Cromey], wash your car, buy domain names, and a variety of other products without showing your identity, which gives you absolute freedom regarding your finances."
The official website, re-launched in July 2017, does list the names of developers, although they are mostly only first names and there are no links. It says that the team intends to enter "the Asian, Middle East, and African markets throughout 2018." Its social media account is also active:
Bytecoin Development team is working hard to fix all the network issues. Most of the problems have already been fixed. The fixed software is going online so be prepared to update your Bytecoin clients.
We will update you right after the software will be available for download.
It is an anonymity-focused cryptocurrency, offering theoretically untraceable transactions because it uses temporary public keys for each one. Users can control how private their transactions are by selecting the number of filters for them to pass through. The more privacy selected, the higher the transaction fee.
Bytecoin uses a consensus system called 'egalitarian-proof-of-work', which means that it registers blocks using programming language which is not reliant on memory. This means that it can be mined with cheap and efficient machines, which avoids the tendency towards monopoly of the proof-of-work system. It is also more flexible than Bitcoin, as block size is set by each miner (although there is a hard limit).
Problem
The Bytecoin development team announced yesterday that an unusually heavy load caused the system to lag and strongly recommended that users not touch their holdings until the issue is fixed. Binance published a similar notice on its own website. A Reddit user called Satekroketje claims that these announcements came only 11 hours after the issues happened, and claims a pump and dump scheme.
He said that prior to the announcement from Binance, Bytecoin was trading at 72 Satoshi on the exchanges HitBTC and Poloniex:
As soon as the announcement broke and the price shot up, it was noted that Bytecoin withdrawals didn't work anywhere. This means that there was only a small supply of Bytecoin actually on Binance, which caused the price to jump to 2320 Satoshi - a 32-fold rise in price.
According to Jenny Goldberg, Bytecoin's community manager, speaking in an interview with cryptocurrency news outlet Coin Bureau, the coin can be used to "book a room at a luxury resort in Montenegro [specifically, Dukley Hotels], buy a bottle of French wine [Domaine de Cromey], wash your car, buy domain names, and a variety of other products without showing your identity, which gives you absolute freedom regarding your finances."
The official website, re-launched in July 2017, does list the names of developers, although they are mostly only first names and there are no links. It says that the team intends to enter "the Asian, Middle East, and African markets throughout 2018." Its social media account is also active:
Bytecoin Development team is working hard to fix all the network issues. Most of the problems have already been fixed. The fixed software is going online so be prepared to update your Bytecoin clients.
We will update you right after the software will be available for download.
Will Litecoin Go Up? LTC Price Prediction for 2025 Threatened by Double Top Pattern
Featured Videos
Executive Interview with Tony Rose | LNP Audit + Assurance | FMLS:24
Executive Interview with Tony Rose | LNP Audit + Assurance | FMLS:24
Executive Interview with Tony Rose | LNP Audit + Assurance | FMLS:24
Executive Interview with Tony Rose | LNP Audit + Assurance | FMLS:24
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Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon | Exante | FMLS:24
Executive Interview with Andrian Coxon, CMO at Exante during FMLS:24
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Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel & Wei Qiang Zhang | ATFX | FMLS:24
Executive Interview with Siju Daniel, from ATFX and Wei Qiang Zhang from ATFX Connect | FMLS:24
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Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
Executive Interview with Adam Saward | EC Markets | FMLS:24
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Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil | Tickmill | FMLS:24
Executive Interview with Johnny Khalil, Executive Director at Tickmill during FMLS:24
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