Surging Bitcoin Price Affects Exchange and Trading Platforms

By May 26, 2017Bitcoin Business
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These past two months have been a crazy ride for the Bitcoin community. As the cryptocurrency’s value continues to increase, the number of people trading Bitcoin and the frequency of such trades have drastically gone up. The sudden influx of traffic has caught many exchanges and trading platforms off guard, leading to outages and disruption of trading services.

Popular cryptocurrency platforms are the ones that are feeling the heat, thanks to their reputation and huge customer base. Media outlets have reported about the periodic outages faced by the likes of Coinbase and Poloniex. The trend is not limited to the platforms mostly used by the western population. A popular Indian Bitcoin exchange, Coinsecure has already sent out a couple of emails to all its users updating them about the issues and steps taken to resolve the same.

The latest email from Coinsecure had a message from the CEO, Mohit Kalra explaining the reason behind delays in transactions and disruption of service. His message coincides with increasing interest in the cryptocurrency within the country, following its stellar performance in the recent days.

“We have been experiencing exponential growth of users on our website causing slowness and stress on our systems.

You would have experienced downtimes during the course of the last few days and we are expecting it to continue for the next few days.”

The message goes on to state that their team is currently working on fixing the issues, while the platform works with its banking partners to expedite all the pending fiat withdrawal requests.

A leading business news outlet has reported a similar issue being faced by Coinbase users. Increased traffic originating from over 32 countries where the platform is currently operational has caused multiple outages in the past week. The issues faced by Coinbase customers include card verification failures, slow load times etc., most of which is either already resolved or in the process of being resolved.

Poloniex users were also faced with similar issues, thanks to high Bitcoin and altcoin trade volumes. These issues are expected to be faced by cryptocurrency platforms has the community continues to grow. It can be classified as growth pains, which will be resolved in due time.

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