Most of the people panicked on the realization that Bytecoin was no longer on Binance. Reports indicate that no single person was able to access the cryptocurrency. Both the deposits and the withdrawals were broken and word was moving around that everyone had lost their money.
An outlook at the complication
A person well conversant with the matter outlined that most of the blockchain-based coins were not the kind that disappeared in such a manner. It was after the calamity that the Bytecoin team provided its explanation regarding the matter. According to the team, Bytecoin’s listing on Binance had resulted in a huge volume which had proven difficult for it software to handle.
The number of miners had shot up by a significant margin and the inconsistency had been that they had been using the old software. The matter resulted in the appearance of a bug in the network consensus. It was a bug that sparked about instability in the network but currently the Bytecoin development team is making efforts solve the matter.
The statement by the team and latest developments
The team has made its statement revealing that the diagnosis has been completed already. However, the treatment is still in its early stages. The team added that it had managed to fix most of the bugs. Anytime soon everything will be restored and people will move online and carry out their respective transactions.
It was last Tuesday that the Bytecoin team issued out a warning that its networks were overloaded resulting in instability. It had called upon all the holders to quit making further transfers until the situation is finally resolves.
Most of the Bytecoin holders are keen on believing the series of statements that continuously being made by the team, even though they find them rather mysterious. One official advised them to be patient as they wait to see their trades to come back online.
However, fears that continue gripping a large number of them have to do with what the situation looks like there after. There isn’t any guarantee that upon the opening of the trading session the price of the cryptocurrency won’t dip.