Bytecoin (BCN) Issue Explained: Outdate Software

A hard fork was prevented because most of the blocks being generated by miners using the up-to-date software were being accepted by the older consensus models.

On Tuesday, Binance opened up three new BCN trading pairs with Bitcoin (BTC), Ethereum (ETH) and its own Binance Coin (BNB). Soon after the announcement – at around 04:00 GMT –  the BCN price began to rise significantly in value, rising by 157% from just below $0.007 to $0.018 per coin by midday, according to CoinMarketCap.

The surge of almost over $2bn in its market capitalization seemed to gradually subside before rising back up by an additional 172% by around midnight, at which time CoinMarketCap seemingly stopped tracking Bytecoin’s pricing. Poloniex and HitBTC two other exchanges that list BCN) froze all trades as they beacme aware of network issues, and as a result left Binance as the only exchange where the Bytecoin could be bought or sold at an incorrectly inflated price.

Having released a new software update that fixes the network’s bug, the Bytecoin development team expect network issues to be resolved in the next day or so as users update their software.

 

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