With cryptocurrencies like Bitcoin supposedly on the cutting edge of the financial revolution, it can be frustrating to suffer worse service and performance than you did under existing financial systems. And yet, this is exactly whatâs happening right now with major cryptocurrency exchanges across the globe.
San Francisco-based Coinbase, perhaps the most famous cryptocurrency exchange in the world, has experienced a number of disruptions that have affected its everyday business operations. The companyâs own status page has admitted that it currently faces delays with ID verification, as well as wire processing and transaction. Coinbase has also reported that its users have experienced degraded levels of performance both for Ethereum (ETH) and Bitcoin (BTC).
Who is to blame for these problems?
Coinbase would have us believe that it is all down to extremely high volumes of traffic and transactions, and theyâre not the only ones to think so. Other digital exchanges around the world are reporting similar stories, stating that they are unable to cope with the huge influx of eager new investors and traders without suffering operational difficulties.
In tune with their less well-known counterparts, the Coinbase team have announced that they are working diligently towards adding further resources to their exchange, in an effort to optimise their existing systems and take them up to scale.
Of course, until the existing infrastructure is fixed and subsequently upgraded to handle future traffic demands, their user base is making sure that everyone else knows about the problems they are facing with the service. The Coinbase forum on Reddit is a litany of complaints regarding both the length of delays and lack of support.
Generally, Coinbase users are calling for the company to take stronger measures to resolve the problems that are still ongoing. Some of the bitcoin communityâs high-profile members have taken to Twitter, threatening Coinbase with legal action should they fail to meet their concerns.
Image Source: Wikipedia Commons