Cryptocurrency scams are not new in the community.
There has been a lot of Bitcoin scams in the past, and there would quite many in the future, if we are not very careful about how we use these coins.
A significant number of people consider the entire cryptocurrency industry a scam. But having studied this industry, I am trying my very best to differ.
Yet, I would not refrain from agreeing with the fact that many projects in the cryptosphere intend to scam the investors.
To debunk different crypto scams, I will go deeply into Bytecoin overview and how it became a cryptocurrency scam within a short while.
What is Bytecoin?
Bytecoin (BCN) is an old generational cryptocurrency launched in 2012. It is a privacy and anonymity-focused decentralized crypto-coin implemented upon CryptoNote protocol.
CryptoNote is an application layer open-source protocol that powers several decentralized, privacy-oriented digital currencies.
Bytecoin claimed to be made up from scratch using CryptoNote. It was launched in July 2012 to fill in the gaps Bitcoin had initially.
And as for Bytecoin mining, it is quite easy. They can be mined with GPUs (Graphic Processing Units). It doesn’t require ASICs miners like Bitcoin.
Future of Bytecoin
Bytecoin specifications are drastically different from BTC. Unlike Bitcoin, BCN has a very shady mining history.
This cryptocurrency has a humongous supply of 184.47 billion BCN coins and a block time of 120 seconds in contrast to Bitcoin’s 10 minutes.
It is alleged that Bytecoin had done 82% pre-mining of BCN coins before the public launch.
Why is Bytecoin price rising?
On 8th May 2018, Bytecoin got listed on world’s biggest crypto exchange (i.e. Binance), and in 24 hours the price rocketed more than 3,000%.
The trading volume also reached its all-time high of 600 million dollars.
The spike resulted in suspended deposits and withdrawals on exchanges (like; Binance and Poloniex), leaving investors BCN coins that could not be sold.
It was almost days before the prices returned back to normalcy, but by then the investors who tried to catch the BCN train had been Rekt.
How to buy Bytecoin
Initially, you could’ve bought Bytecoin (BCN) when Binance listed it on their crypto exchange platform, but it later got delisted when it came off as scam.
How is Bytecoin scam?
The scandalous Bytecoin team is alien. The comments and findings are highly questionable!
Doubtedly, many of these listed faces and names are not true, as I couldn’t find details and more information on Jayson (Developer).
Is Bytecoin a scam?
If you need my candid answer to make your decisions, I would suggest you try your best to stay away from this kind of cryptocurrency investment.
It can take all your money away from your without returns at an instant.
Moreover, Bytecoin team does not respond to all the accusations and behaviour validates their intentions.
I consider Bytecoin a scam and a highly shady project, and is run by a highly incompetent team of developers.
Lastly, there are many good projects in the cryptocurrency market to invest in, so why waste your time in a ‘Pump ‘n’ Dump’ coin.