In a Medium post, the CEO of Coinbase, one of the more popular cryptocurrency exchanges out there, is advising users given the responsibility about their assets. “We too wanted to remind patrons of some of health risks associated with trading digital money, ” CEO Brian Armstrong wrote. “Digital currencies are volatile and the prices can go up and down.”
The startup, which is currently evaluated at $1.6 billion — though surely soon to be worth a whole lot more if current trends sustain — had a rough daytime yesterday as the exchange buckled under the pressure of a particularly hefty period of trading. For large-scale swaths of duration, the app was unavailable for numerous useds who were unable to even check their accounting poise. This came as the Coinbase app skyrocketed to temporarily deeming the No. 1 downloaded free app spot in the App Store.
Armstrong says that the revitalization of bitcoin’s popularity and recent striking mobilize has caused a strain on the startup’s infrastructure, but that they’re rapidly scaling to encounter the needs of the. The firm said it has increased the number of events it’s able to handle at peak hours by 40 ages, and has scaled up its support team 640 percentage while contributing features like telephone support.
Nevertheless, Armstrong “re just saying that” service interruption may still prolong. “Despite the sizable and ongoing increases in our technical infrastructure and engineering personnel, we are trying to remind clients that access to Coinbase services may become degraded or unavailable in times of substantial volatility or loudnes, ” he said. “This could result in the inability to buy or sell for periods of time.”
The price of a bitcoin is currently resting around $15,000, down practically 11 percentage over the past 24 hours, according to Coindesk.
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