Trading platforms globally are taking strain under the increased demand for bitcoin and some alternative coins. This is on the back of rising prices which is causing mainstream media to take notice. Reports on the bitcoin price to the wider public is becoming common place as interest in the new digital economy grows. More and more individuals are adopting bitcoin and the first thing that a newbie does… is open up a wallet on an exhange and attempt to buy.
As a result of this influx, a few exchanges have struggled to deal with the demand, Denial-of-Service (DDoS) attacks, increased customer support, and even keeping their website online and operational. A distributed denial-of-service (DDoS) attack is an attack in which multiple compromised computer systems attack a target, such as a server, website or other network resource, and cause a denial of service for users of the targeted resource – definition by wikipedia
Just a few days ago, we reported Breaking News – Coinbase Down, Users reporting Problems. Coinbase has registered nearly 100,000 new accounts per week and currently services 7.2 million customers. Other exchanges such as Kraken, Poloniex and Bitstamp have had their fair amount of problems too.
Coinsecure, one of India’s top three bitcoin exchanges, has been experienin “exponential growth” of bitcoin users on its platform this week which has cause some deposit and withdrawal delays. Zebpay, another major Indian wallet and exchange, reached half a million downloads of its mobile Android application this week adding 2,500 new users every day to its platform.
Exchanges must be used for what they are intended and that is buying or selling various cryptourrencies such as bitcon, ethereum, litecoin etc. Once you have completed your transaction, transfer the cryptocurrency to another wallet such, preferably offline such as Your Swiss Bank In Your Pocket or a virtual bitcoin card online.
As Bitcoin value increases, cybercrime increases – make sure you keep vigilant and safe – keep your private keys private!
Let us know whether you have experienced problems with exchanges this week – add your comments below, we would love to hear from you!
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