The rapid rise in the price of Bitcoin has caused an increase in interest in Coinbase – one of the largest cryptocurrency exchanges and wallets in the world. Having exchanged over $50 billion in crypto – you would think the tech stack could keep up. Think again.
In a series of tweets, Coinbase admitted demand was outstripping its ability to to allow customers to purchase, or sell, crypto.
In the past month alone, Bitcoin has increased by 137% – but don’t blink – as that number continues to go higher – or lower – depending on when you look.
Today, Bitcoin topped $16,000 for the very first time. It was JUST $6000 las month.
Ethereum and Litcoin have also benefitted from popular interest in purchasing digital currency – just not quite as much.
[status] Identified: Identity verification is failing to complete for a significant number of customers due to high… https://t.co/3E9srQ9jAT
— Coinbase Support (@CoinbaseSupport) December 7, 2017
We are currently experiencing record high traffic. This is resulting in some customers having slow performance or issues logging into their https://t.co/bCG11KveHS accounts. We are actively working to resolve this as quickly as possible.
— Coinbase (@coinbase) December 7, 2017