Bytecoin, one of the oldest and outdated cryptocurrencies on the market, was unexpectedly added to Binance yesterday. The exchange is more used to listing emerging tokens like Wanchain, but recent developments have shown its willingness to list any cryptocurrency.. Bytecoin, which has been in operation since 2014, is a controversial cryptocurrency claiming to be pre-mine with up to 82 percent.. It disappeared from the market until it resurfaced last year with these claims.. Prior to being listed on Binance on May 8, it was only available on exchanges such as Stocks.Exchange, HitBTC, and Poloniex. It is claimed that 82% of the coin’s supply is in the hands of a group of people, and is also susceptible to an endless inflation bug that allows the coin to be created out of nothing.. This second flaw may now be fixed but Onchainfx still lists BCN as a “scam” like Bitconnect. it rose more and its fall was just as spectacular. Bytecoin, which increased by over 500 percent with its listing on Binance, then fell to 71 percent.
Coin comparison site Coincodex revealed that there are huge price differences between Binance and Poloniex for BCN.. A blog post by Coincodex said:
“Who in the world was buying BCN at a price 10x higher than elsewhere? Maybe there were some traders who didn’t want to miss out on this coin, which is skyrocketing without checking prices on other exchanges, but it seems unlikely that BCN trading on Binance will be fully organic.”
Shortly after being listed on Binance After some time, Bytecoin network stopped confirming transactions, asking Poloniex to stop BCN withdrawals. According to Bytecoin, this was due to the unusually high load on the network.. Presumably BCN holders were in a rush to transfer their coins to Binance in order to sell them at a higher price.. Later, Binance issued an update telling users to be wary of high price volatility.. But given Bytecoin’s history, it’s hard to see how the community has benefited from the addition of Bytecoin to Binance, coupled with concerns that too much of the circulating coin is in the hands of a group.
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