As cryptomania has swept the world in 2017, the influx of new users has caused bottlenecks at major exchanges. From server outages to lack of customer support, recurrent issues have tormented users, many of whom have taken to social media to vent their frustrations. In a Reddit post on November 20, Kraken CEO Jesse Powell apologized for the site’s issues, which he attributed to “record demand”.
Unleash the Kraken
While no bitcoin exchange is immune from criticism, traders have reserved particular ire for Kraken in recent months. The US-based exchange, which boasts the world’s largest BTC/EUR trading, averages total volume of $250 million a day, placing it in the top ten global exchanges. Like many of the other exchanges on that list, Kraken has struggled to keep pace with rising demand for cryptocurrencies.
For all the talk of decentralized exchanges, atomic swaps, and P2P trading, centralized exchanges still form the bulk of the on- and off-ramps to bitcoin. As a consequence, users are largely at their mercy. When chokepoints occur, frustration spills over, forcing overworked customer support teams to fend off barbed complaints on Twitter, Telegram and elsewhere…