Cryptocurrency has been rampant in recent, and the trend is even increasing. Many brokerage companies are beginning to grasp power of Technology and people can now have smart contracts with limitless possibilities. However, crypto scams are nowhere behind in this race. There are many projects and brokers that intend to scam the investors. Hence, one should be alert and have an eye to discern the legitimacy of the brokers before investing with them. Read the full Bytecoin review here.
Bytecoin is an old generational decentralized cryptocurrency with open source launched in 2012. The bytecoin is based on CryptoNote technology and designed to protect the user’s policy. CryptoNote is a layer of application which has an open-source protocol that powers several decentralized and privacy-oriented digital currencies. Bytecoin specifications are drastically different from Bitcoin. Bytecoin has a very shady mining history. It is alleged that Bytecoin had done around 80% pre-mining of BCN coins before the public launch. The team of Bytecoin has furnished a statement stating, “There network is facing issues and transactions could be delayed. They even recommended avoiding transferring of BCN until the issue is resolved”. Traders have lost so much due to this so-called issue. This seems to be a manipulating step taken by the broker.
More facts about Bytecoin:
Upon doing some more research about the Bytecoin, it was found that their ‘Community’ page hardly revealed the identity of listed people. Moreover, the names of the people behind the company is also not verified. On Truspilot.com, all the reviews were negative about the broker. One such review says “the brokerage company is a pure scam. The wallet provided by them doesn’t work and the login seems impossible”. Scamadviser has also stated the following negatives.
- The identity of the owner of the website is hidden.
- The website’s set up relates to two countries.
Is Bytecoin a scam or legit broker?
Bytecoin is an unregulated broker that provides trading of private untraceable cryptocurrency. The broker seems suspicious as it has no license to provide such services and the people behind the company is also hidden. The history of Bytecoin is also not very impressive and has already seen scams. Moreover, the internet also has various negative reviews for the broker which ultimately led to low-reliability level. Therefore, considering all the facts and details that have been collected with regard to Bytecoin, we would recommend avoiding this broker.