This is perhaps the most insane news related to cryptocurrency that could’ve surfaced. An app which lets you buy and sell cryptocurrency was recently named as the most downloaded and used app on Apple’s app store.
According to data by market statistics firm “App Annie”, the lucky app – the American exchange to buy and sell cryptocurrency – that ranked as number one app of the Apple’s United States app store for the first time was of Coinbase. The company that is currently valued at $1.6 billion basically took the number 1 spot because of the upward trend in Bitcoin trading. The upward surge, which by the way, increased the red hot digital currency’s value up to a whopping $19,000.
Coinbase App’s Malfunction
This fact wouldn’t have been of such importance and amazing value, but the truth is that on that particular day, the service of Coinbase was fluctuating and was not even available for most parts. The problem being faced by the Coinbase app was that it was hanging and lagging, which was affecting user experience substantially. Users weren’t able to check their account balance, and the trading of Bitcoins using the app was just out of the question. Even then the Coinbase app made it to the number one position.
If there were technical hold-backs in the app, the website of this world’s best cryptocurrency exchange didn’t do any better. The Coinbase website was facing record high traffic and it went down for maintenance for quite-a-many, long hours that day. Users who wanted to trade Bitcoins weren’t being able to trade on either the digital platforms of the app and the website. Users couldn’t even login into their account to check their balances.
Cryptocurrency Exchange Crashes
Coinbase has a huge customer base. These millions of users use the platform of this company to trade Bitcoins all over the world. Coinbase has a record of opening 300,000 accounts in a day. The day when Coinbase’s app became the most downloaded app on Apple’s app store, there was such a massive rush to trade Bitcoins that cryptocurrency exchanges, including Coinbase, ended up crashing.
This is not the first time Coinbase has suffered a major outage. The first big outage that Coinbase had to go though was when Bitcoin’s value rose up to more than $2,000. Coinbase is not new to such high demands for cryptocurrency. In November 2017, 100,000 users joined Coinbase. This was one day after the derivatives exchange CME announced that it would launch Bitcoin.
According to the financial and digital currency experts these future contracts, like derivatives, will compel and encourage investors to invest more and even bigger sums of money in cryptocurrency. This is because these future contracts allow investors to buy and sell an asset on a set future date at a predetermined rate and price. If this is true, more and more people will flock to these cryptocurrency exchanges to begin investing in Bitcoin and other lower valued digital currencies like Altcoins.
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