The team at Bytecoin (BCN) had realized a need to communicate with the fans and HODLers of the coin and answer some questions by the community to clarify the progress of the project. It is with this acknowledgment that the team held an AMA (Ask Me Anything) on Reddit that concluded on the 16th of this month. In the AMA, lots of questions were asked with respect to the coin, the road-map and other issues that were concerning the community. The AMA was successful and had the following questions answered.
Many in the Bytecoin community have been wondering if the coin and project was a pump and dump affair; especially after the debacle that happened when the coin was added on Binance on the 8th of May. With respect to this event, the Bytecoin team responded by saying that they have no control over what direction the price of the coin takes. All they can control is the underlying software of the coin. They also added that Binance never gave them information on a time of the listing as earlier assumed by the community.
Also of concern to the community, was the issue of BCN debit cards and an updated roadmap. The team at Bytecoin was able to elaborate that the debit card project has had some setbacks and they will be updating the community as soon as they have news. With respect to the road-map, the team requested for patience as updates will be available soon.
The project has also been experiencing issues with the WebWallet. The team has been tirelessly working on solving issues of 2FA (two-factor authentication) and refunds. They promised to find a solution and recommended the desktop version of the BCN wallet for use as these issues were sorted.
With respect to partnerships and listings on exchanges, the team also promised good news with time. They are currently working on some partnerships and increasing the coin’s visibility in the markets by having it listed in more exchanges.
Last but not least, in terms of the questions asked, was the rescheduling of the hard-fork. The team explained that hard-forks are usually complex in terms of the technicalities involved and will be updated on when the event will happen. The BCN hard-fork is meant to simplify the code, improve P2P protocol and introduce dynamic fees.
More with respect to the AMA can be found on Reddit where the team gives more detailed responses to the community’s concerns.
Current market analysis of Bytecoin (BCN) indicates that it has decreased by 7.35% in 24 hours and is currently trading at $0.008648 at the moment of writing this. The general feel of the market is of a slight decline with Bitcoin (BTC) currently trading at $8,339 and down 2.13% in the last 24 hours.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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