Presently, crypto users on all kinds of social platforms are complaining about the speed of Bitcoin Exchanges. The problems include making transactions, accepting new users, the locking of accounts, and account verification.
Bitcoin influencer and personage, Jameson Lopp, conducted an informal survey on twitter in which over 1,600 people participated. According to the result, 7 out of 10 crypto exchangers are facing a delay of about a week or longer for verification and enabling of new accounts.
Kraken is a major Bitcoin Exchange based in the United States and currently operating in Canada, the EU, Japan, and the USA. It also contributes to the Chicago Mercantile Exchange (CME) index. Users of Kraken have also complained of delays and connection interruptions stimulated by the highest records of volumes.
Kraken CEO, Jesse Powell, intends to tackle this problem by hiring in every department. This not only includes developers, but also VP engineering and regulatory affairs counsel.
Today, cryptocurrency is a $250 billion market. The most crucial factor in the investment market is speed and if the users start facing connection resets and other issues then they are bound to suffer. A potential investor could lose a lot of money as a result of these apparent scaling issues.
To be fair, all the digital currencies are facing such problems. The main reason of this inconvenience that has been recognized is resistance due to ‘know-your-customer' (KYC) and ‘anti-money laundering' (AML) laws. The experienced crypto users are favoring peer-to-peer (P2P) functioning instead of involving a third party exchanger.
Many crypto exchangers are grieving upon the banking of the virtual currency, as it contradicts the sole purpose for which it was created. The Bitcoin startup company, Localbitcoins, is considered an immediate remedy for this issue.
Consumer Federal Protection Bureau (CFPB) has a database of all the complaints by users. One can search their database of complaints by simply typing 'coinbase' in their search bar. Moreover, Tether, the dollar pegged cryptocurrency, has consistently received low rating on social medias.
Such issues need to be resolved as soon as possible. as they pose a serious threat to the cryptocurrency traders. They should not be disturbed because of the exchanges' inability to scale their operations according to the demand. This may be the perfect example of how informal and unstructured the cryptocurrency market can be at times.
Problems with cryptocurrency exchanges
Bitcoin influencer and personage, Jameson Lopp, conducted an informal survey on twitter in which over 1,600 people participated. According to the result, 7 out of 10 crypto exchangers are facing a delay of about a week or longer for verification and enabling of new accounts.