Understanding the potential of Bytecoin, despite its hard times.

Why would a cryptocurrency fail?

One must understand very firmly that all the ebbs and flows are a part of its daily operations. When a particular cryptocurrency has a fundamental use case and even performs really well, then it is absolutely inevitable for it to remain away from unpopularity. On the other hand, when a crypto coin doesn’t seem to be performing well due to various unwritten reasons, it must not be disregarded but must be considered as an opportunity for the community members to help the Blockchain project sustain its hard times. it is also the responsibility of the developmental team, to constantly upgrade the protocol in order to meet the growing requirements. Feeling to which might cause the project to slide away from the crypto race.

What is Bytecoin? Is it safe?

Bytecoin was the first cryptocurrency based on the Cryptonote technology, predominantly incorporated for their anonymous transactions. It was very different, as it wasn’t any form of the hard fork from previously existing coins. It has been incorporating the Ring signature technology to hide the transactional details from an external personal. Also, the mining operations are carried out, to generate new Bytecoin tokens. Also, miners take part in the mining operation but even they have no access to the financial transactional information of a transaction as the information is concealed through cryptographic principles.

Delisting of Bytecoin from Binance

The cryptocurrency coin was listed on various exchanges throughout the world. But due do to some technical issues, on October 9th, 2018, one of the leading cryptocurrency exchange, Binance issued an official statement marking the delisting of Bytecoin from its list. The other cryptocurrency in the list, which were to be discarded by the exchange operations were ChatCoin, Iconomi, and Triggers. This particular move greatly affected the price of BCN, as it created a negative FUD in the market. According to information, it is well known that Binance was one of the leading providers of market liquidity to BCN as it was mostly traded in it.

Delisting of Bytecoin from Okex too

The delisting of Bytecoin from the exchange isn’t viable, as it has such a negative impact on the community. More recently, even Okex has been following the footsteps of Binance and announced that even they would be delisting Bytecoin from its operations too. The actual event took place on 11 AM UTC on October 12, 2018. Even the customers were advised not to undertake any form of Bytecoin transactions. Otherwise, all the orders would instantly be canceled and rejected by the system automatically. This particular exchange cited the incapabilities of the developmental team and said that despite critical bugs in the cryptocurrency, the developers haven’t corrected it. Therefore, in order to avoid any kind of losses to their customers, the exchanges have taken this decision.

It wasn’t viable to undertake such decisions

Typical bugs do exist in many cryptocurrencies, but instead of giving a chance to the Development team, to rectify the protocol, the Exchanges must not delist them as such. Bytecoin was very much renowned for its anonymous Transactions and was also one of the key coins, to be accepted by various porn websites as a payment method. The Bytecoin community is very supportive in nature, which wouldn’t affect the value of Bytecoin much. The coin is still available to be traded on HitBTC and Poloniex which have understood the future potential of the cryptocurrency coin.

The supportive attitude of the community

The community members also expressed their unhappiness on Twitter. But soon after the delisting, the members of Bytecoin approached the Exchange representatives, in order to clarify the issue. However, after consistent efforts, the members of Binance reassured to list Bytecoin back within its operations. This marked a great sigh of relief for all the Bytecoin enthusiasts. This incident clearly directs at the future of Bytecoin, as it still entails immense potential.

What’s the future of Bytecoin?

Apparently, the coin is highly appreciated by the experts, as it has managed to sustain tough times. The team members are very positive about their project and hence has not come forward to speak in order to negotiate with the members of Okex exchange. The coin would certainly regain its popularity and respect, among the cryptocurrency space.