Cryptocurrency exchanges have seen major user growth in 2017. In some cases, this also means their services are subject to degraded performance. Bitstamp seems to be doing quite well in both aspects, though. Not only is their platform pretty solid, they also welcome around 100,000 new users every day. An astonishing number, to say the very least.
There are few exchanges out there which can handle an increased workload. Coinbase has struggled quite a bit throughout 2017 in this regard. Kraken has a bad infrastructure, but an upgrade is on the way. Even non-fiat currency exchanges struggle from time to time Poloniex has seen multiple outages this year alone. Not to mention the number of DDoS attacks performed against these platforms on a regular basis. Cryptocurrency is very hot right now and exchanges are struggling a bit. Bitstamp, on the other hand, seems to do relatively fine in most cases.
Bitstamp is Coping With Major Our Growth
More specifically, their platform seems to hold up quite well without issues. No major problems have been reported with performance, orders going awry, or anything like that. Getting your account verified, on the other hand, is a waiting game in its own regard. It is not uncommon for people to wait a week or longer to complete this process. It causes some friction, but there’s a good reason for these days. Around 100,000 new users register for Bitstamp every single day right now.
Please understand that we currently have over 100,000 new accounts opened daily. It is challenging to cope with such surge. We are expanding our capacity to on board clients faster but this takes a bit of time.
— Nejc Kodrič (@nejc_kodric) December 16, 2017
This is quite an interesting statement by the Bitstamp CEO. Most companies aren’t as transparent regarding such delays or new user signups. The demand for Bitcoin and various altcoins has been surging as of late. It is evident this demand will not slow down anytime soon either. Given the recent value increases of all major cryptocurrencies, people are going crazy for anything in this industry right now. For Bitstamp, this means a lot more users who have yet to sign up for this platform in the very near future.
At the same time, using a third-party service provider for user verification may be an option worth exploring. Veteran cryptocurrency users don’t want their information in the hands of too many entities right now These KYC and AML procedures are a necessary evil in the world of cryptocurrency exchanges. At the same, it may only be a matter of time until centralized platforms become obsolete. These are incredibly exciting times in the world of cryptocurrency, to say the very least.
JP is working hard to bring more credibility to the Bitcoin and blockchain news industry. Outside of being Europe Editor at Newsbtc, JP is also an active writer for the website, and does not shy away from letting his opinion be heard.