Coinbase Webpagina Down: Trading Podium Practices Outages Spil Bitcoin Price Skyrockets
12/07/17 AT Two:01 PM
Bitcoin trading toneel Coinbase wasgoed down spil the currency wasgoed rising. Photo: BTCCMint/Pexels
While the cryptocurrency Bitcoin has soared to fresh highs again Thursday, cracking the $15,000 and $16,000 barriers , popular digital asset broker Coinbase has come under fire for experiencing downtime and overcharging traders.
Coinbase, which may be the most popular toneelpodium for buying and selling Bitcoin, has become legendary for its unannounced downtime that makes the webpagina inaccessible. It suffered from one of those outages Thursday while the price of Bitcoin wasgoed rising, with many visitors receiving an “Error 502” message.
According to the company’s webstek , which tracks issues and downtime, Coinbase began experiencing high traffic around 11:00 a.m. ET, which resulted ter customers experiencing slow show on the webpagina or issues logging into their Coinbase account.
Additionally, Coinbase reported experiencing issues with its identification verification system—a device that is used to authenticate fresh users, who are required to vertoning a form of identification when setting up an account. At around 1:00 p.m. ET, Coinbase reported that the ID system wasgoed failing to accomplish “for a significant number of customers” because of high traffic.
The issues have caused what the webpagina calls “degraded performance” for cryptocurrency traders, making it difficult to buy and sell Bitcoin right spil the currency wasgoed reaching fresh heights.
For those who were able to trade during the period of spectacle issues, Coinbase may have overcharged. According to Peter Brandt , a commodities traders, users who bought Bitcoin through Coinbase may have paid more than $Two,000 more than what the contemporáneo price for the currency wasgoed.
“If you bought [Bitcoin] a few minutes ago [on Coinbase] you overheen paid by more than $Two,000 vanaf,” Brandt wrote on Twitter. “But of course it is worth it since its web webpagina is usually down and you cannot reach tech support.”
Brandt documented the list price to buy Bitcoin from Coinbase spil $Legal,238.30 while the contemporáneo value of the cryptocurrency at the time wasgoed $16,000. Bitcoin has yet to crack the $17,000 barrier, let alone the price Coinbase charged users to buy the cryptocurrency.
International Business Times reached out to Coinbase regarding the price difference but did not receive a response at the time of publication.
Coinbase’s issues come right spil Bitcoin broke fresh thresholds Thursday. The cryptocurrency continued its rocketing rise, reaching the $15,000 and $16,000 milestone during the course of the day. The rise caps a 48 hour period ter which the cryptocurrency experienced more than 25 procent growth.
The rise for Bitcoin overheen the course of has bot exponential. The cryptocurrency commenced the year valued at below $1,000. By September, it wasgoed valued at around $Trio,250 and has risen rapidly te the months that have followed.