Are Crypto Exchanges Ready for Bitcoin?

Fire Rabbit

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Quote from: 6wilson on December 07, 2017, 05:56:19 PM

Bittrex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange in the world. Customers openly complain they’re having issues with withdrawals, and this has been going on for weeks. Certainly every popular platform has had its share of problems with runs in the wake of price spikes, but until yesterday the exchange offered no formal, public explanation.

It may be because of the large volume of transactions that happens everyday. Its a fact that bitcoin is getting popular day by day and many people are stepping into this bitcoin world everyday. Since bittrex is one of the top most trusted exchanges in the world, all will prefer to open an account there and I think they dont have enough staff to manage the situation .This may be the real reason behind this.

filharvey

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Quote from: aso118 on December 07, 2017, 06:20:19 PM

Quote from: layoutph on December 07, 2017, 06:05:43 PM

I think its about the withdrawal fee issue. The bitcoin blockchain is clogged with so many unconfirmed transactions.

Aside from Bittrex, I heard some people are charged with 1300usd miners fee for withdrawing 1btc, the default Bittrex withdrawal is charging only .001btc. I think they are modifying their system.

They should allow users to set their own transaction fees. Then people cannot complain. If you are stingy and set a low transaction fee, then your transaction will get delayed.
There are some exchanges which try to make money from withdrawals and then are stingy from the transaction fee perspective. That is unfair and irritates me a lot.

I think that any exchange which charges high fee for withdrawal should reconsider it and set a nominal fee as per the congestion in unconfirmed transactions.

But i think that they are still far better than localbitcoins.com which charge even an incoming fee for depositing bitcoins to their wallet some times even a charge of 0.0009 BTC.

I think that only by the activation of lightning network,this issue would get solved.

scottykarate

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Quote from: Jating on December 07, 2017, 06:15:37 PM

Quote from: 6wilson on December 07, 2017, 05:56:19 PM

Bittrex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange in the world. Customers openly complain they’re having issues with withdrawals, and this has been going on for weeks. Certainly every popular platform has had its share of problems with runs in the wake of price spikes, but until yesterday the exchange offered no formal, public explanation.

With the huge influx of new customers coming in, I say that they are not ready to accept and transact this kind of volumes. I remember that there was this kind of situation before, specially when Japan entered the picture, the price pickup, customers increased resulting to many complains.

I guess those exchanges will need to make adjustments as well like upgrading their technical, - infrastructure including software, support channels, networks, servers. Communications are very important to their clients, so they should also make it a point to inform what is happening on their end beforehand so that every customers is updated.

And its not only exchanges are affected with the sudden spike hike, even tumbling services too, cryptomixer has been down lately because of DDoS. There's still a lot of individuals out there who wants to create havoc and panic specially when the price is surging.

As for the fees, it should only be increased or charge their client's appropriately. but then again, when the mempool is clogged we can't do anything about it but to pay higher fees.

Yep, I assume the exchanges are mostly running in colos and they'll need to request more horsepower for everything and definitely plan way ahead so they can have a tiered development path.

There's bound to be better exchanges coming along that fix the issues with the current ones and hopefully that coincides with the improvements to the BTC transaction process.

If they're not being housed in a big colo, they'd better think about it pronto and be ready for waves of DDoS attacks and hacking attempts and be prepared to mitigate that risk.

Beefcake

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Its going nuts today, and last few weeks really. I would not panic just yet, most likely they are just adjusting to larger volumes. The bitcoin market has been peanuts compared to other markets (gold, stocks, etc). So it is only natural that as there is a huge influx of volume they will need to make adjustments. Just a bump in the road (hopefully).

Ultegra134

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There's currently a large flux of new users and traders into exchanges, I've been having issues with Kraken lately too. Troubles regarding buying/selling and withdrawing.

aso118

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Quote from: layoutph on December 07, 2017, 06:05:43 PM

I think its about the withdrawal fee issue. The bitcoin blockchain is clogged with so many unconfirmed transactions.

Aside from Bittrex, I heard some people are charged with 1300usd miners fee for withdrawing 1btc, the default Bittrex withdrawal is charging only .001btc. I think they are modifying their system.

They should allow users to set their own transaction fees. Then people cannot complain. If you are stingy and set a low transaction fee, then your transaction will get delayed.
There are some exchanges which try to make money from withdrawals and then are stingy from the transaction fee perspective. That is unfair and irritates me a lot.

Jating

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Quote from: 6wilson on December 07, 2017, 05:56:19 PM

Bittrex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange in the world. Customers openly complain they’re having issues with withdrawals, and this has been going on for weeks. Certainly every popular platform has had its share of problems with runs in the wake of price spikes, but until yesterday the exchange offered no formal, public explanation.

With the huge influx of new customers coming in, I say that they are not ready to accept and transact this kind of volumes. I remember that there was this kind of situation before, specially when Japan entered the picture, the price pickup, customers increased resulting to many complains.

I guess those exchanges will need to make adjustments as well like upgrading their technical, - infrastructure including software, support channels, networks, servers. Communications are very important to their clients, so they should also make it a point to inform what is happening on their end beforehand so that every customers is updated.

And its not only exchanges are affected with the sudden spike hike, even tumbling services too, cryptomixer has been down lately because of DDoS. There's still a lot of individuals out there who wants to create havoc and panic specially when the price is surging.

As for the fees, it should only be increased or charge their client's appropriately. but then again, when the mempool is clogged we can't do anything about it but to pay higher fees.

layoutph

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I think its about the withdrawal fee issue. The bitcoin blockchain is clogged with so many unconfirmed transactions.

Aside from Bittrex, I heard some people are charged with 1300usd miners fee for withdrawing 1btc, the default Bittrex withdrawal is charging only .001btc. I think they are modifying their system.

6wilson

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Bittrex users took to social media to voice their concerns: something is wrong at the third largest cryptocurrency exchange in the world. Customers openly complain they’re having issues with withdrawals, and this has been going on for weeks. Certainly every popular platform has had its share of problems with runs in the wake of price spikes, but until yesterday the exchange offered no formal, public explanation.

Topic: Are Crypto Exchanges Ready for Bitcoin? (Read 209 times)