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Enthusiasts Allege Bytecoin (BCN) Is Broad Daylight Scam

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Enthusiasts Allege Bytecoin (BCN) Is Broad Daylight Scam

Bytecoin (BCN) after witnessing a growth of over 165% in a single day just immediately it was announced that Binance added the cryptocoin, then it has been faced with series of problems, ranging from plummeting price to network, and withdrawal issues.

Enthusiasts and observers who weighed in on the issues bedeviling the coin are of the opinion that the cryptocoin may be a broad daylight scam, considering that the moment it got listed on Binance, it is unable to manage the number of transactions happening on its platform.

As at the point of writing, Bytecoin [BCN] has no traceable record on CoinMarketCap and some notable websites where price and value of every coin can be gotten. Enthusiasts of the coin who believe it could make them great were surprised with the incident as they have been unable to withdrawal and deposit any fund for close to 20 hours.

Market observers point that the coin is a scam and only came to cart away funds of unsuspecting enthusiasts. Some are saying the BCN market crashed for the fact that the coin could not manage an enormous number of users and transaction.

Yesterday, CoinMarketCap placed Bytecoin [BCN] at the 15th position and it later dropped to 1594th position without current price, market volume, and even market cap.

However, on coinranking, Bytecoin is ranked 11th and still maintains $ 0.0282 trade value, a 24 hours percentage increase of 57.01%, and 7 days percentage increase of 420.42%.

However, Bytecoin has officially made a poorly worded statement on the obscene happening, saying the network is witnessing unusual high load.

“Bytecoin network is experiencing unsual high load. Transactions can be delayed, node synchronization can lag far behind. Team is working hard to solve issues. It’s strongly recommended to avoid any transferrings of BCN until the situation is taken under control. We will notify you right after everything will be fixed!”

Image Credit: Imgurl

Also, Binance who witnessed the highest transaction of Bytecoin yesterday also weighed in on the issue, allaying the fear of users, stating that everything will return to normalcy.

“Due to Bytecoin (BCN) network issues, deposits and withdrawals are experiencing severe delays,” Binance announced.

“The Bytecoin project team is working to resolve the issue. Please be cautious of high price volatility and trade with caution.”

Meanwhile, many traders have lost whopping sum of money due to the sudden network issue.

According to a Telegram user: “BCN made me lost everything I worked for in a month”.

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