Bitcoin Exchanges Outages Prove Their Sway on Mass Market

With a bank, the coins and notes you hold in your hand are your connection to the currency system; with gold, you can hold your ounce in the palm of your hands, even stocks and bonds have certificates. When it comes to Bitcoin, they are ethereal.

For many everyday users of Bitcoin, their only connection to their asset, their money, is the exchanges. These applications, companies, websites essentially, are the only tenuous link between people and their digital assets.

Thus, when there are problems with the exchanges, it is little surprise that a degree of panic sets in. Coinbase, one of the biggest and fastest growing exchanges, suffered outages as the frenzy of FOMO rallied adoption to new high levels.

When people were met with outages and delays, it sparked panic, in two senses. More FOMO was met, and people fell back to the fear that Bitcoin can collapse – or pop – anytime. This prompted a rather large sell off.

The importance of exchanges

With parallels being drawn between the latest rally, and the boost in 2014 because of the mainstream adoption take up, it is important to see the role of exchanges back then, and how they play their part today.

It was in 2014 when some of the heavy hitters of exchanges, like Coinbase, burst onto the market, making the buying and selling of Bitcoin far easier and much more of a pleasant user experience…

Read Full: Bitcoin Exchanges Outages Prove Their Sway on Mass Market