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  Crypto exchanges facing problems in the face of Bitcoin boom | Bit Updates
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Crypto exchanges facing problems in the face of Bitcoin boom

Friday, December 8th, 2017 | bitcoin updates

In the course of yesterday's wild ride on the crypto market, in which the Bitcoin shot through the ceiling several times in succession, it has apparently come to isolated problems on the market. So the crypto trade did not always run smoothly and everywhere. What does that mean for the mass adaptation of cryptocurrencies? The Bitcoin yesterday presented a rally beyond compare. Starting at just under $ 12,000, the cryptocurrency hurled one barrier after another and climbed to $ 18,300 by Thursday night before cooling off again. BTC-ECHO reported yesterday at the level of 15,000 already possible reasons. The extreme development of the crypto market, the stock exchanges on Thursday before some massive problems. This was probably most evident in the Coinbase Exchange GDAX. As the company confirmed via its Twitter account, technical issues were a major challenge for the operator. Among other things, customers had trouble completing transactions that took extra time and logging into their CoinBase accounts. In the night from Thursday to Friday, the site was not reachable for about an hour. The reason given for this was the congestion caused by a record-breaking transfer at Coinbase. Coinbase is the largest platform for the purchase and sale of cryptocurrencies in the US, and therefore the first port of call for entry into and subsequent trading with Bitcoin and Co. To the credit of operators, when Coinbase and GDAX reached the limits of their technical capabilities. There have also been problems in other parts of the Bitcoin boom. Thus, the purchase prices of the cryptocurrency differed drastically. The bitcoin price was listed at over $ 19,000 at the South Korean crypto exchange Bithumb at one time, while at the same time it was trading on Taiwan's bitfinex for under $ 15,000. The infrastructural issues raise the question of how much Cryptocurrencies like the Bitcoin actually already have suitability for the mass market. As of today, neither the cryptocurrencies themselves nor the stock exchanges that operate on them provide the prerequisites to function without any compromises in the event of high fluctuation. If the currency itself is primarily the scaling problem, which is primarily due to high transaction costs and low transaction time, an incident like yesterday proves that the problem of the crypto exchanges is infrastructural. As of today, even market leaders do not yet have the capacity to ensure the flow of money beyond what they have been accustomed to. Only when this problem can be addressed, crypto currencies are really mass suitable.BTC-ECHOAbout Tobias SchmidtTobias has been working as an editor in the BTC-ECHO team since August 2017. He completed his studies in Politics and Economics at the University of Münster with a bachelor's degree and also worked as a student assistant during his studies. In addition, he gained professional experience in parliamentary work and strategic communication before moving to the journalistic field. Since 2017 he has devoted himself to blockchain technology, focusing in particular on the many different applications in politics, business and society. All contributions by Tobias Schmidt


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