Bitcoin exchanges are feeling growth pains: locking up customers’ accounts, taking too long to onboard new clients, and sometimes making a mess of enthusiasts’ experience with money’s brave new future. Cryptocurrencies are already a quarter trillion dollar market. Customers of popular exchanges are beginning to notice problems, and are protesting vocally.
Close to 70% Wait 1 Week+ at Bitcoin Exchanges
Bitcoin influencer and personality Jameson Lopp revealed results of an informal Twitter survey in which over 1,600 votes were cast.
Putting aside the 1 day anomaly, results tallied almost 7 out of every 10 exchange customers spending a week or longer waiting to be “verified and enabled.”
Business Insider recently noted, “Kraken is one of the four crypto-exchanges that is set to contribute to the Chicago Mercantile Exchange index,” and yet “customers of Kraken, one of the largest crypto-exchanges in the world, experienced delays and connection time-outs triggered by record-high volumes,” reports Frank Chaparro.
During an interview, Kraken CEO Jesse Powell answered: “We are hiring in almost every function. In addition to developers, which we are always actively hiring, we are looking to bring on a VP of engineering, regulatory affairs counsel.”
Anecdotal Evidence Abounds
For sure volume has played a role in congestion; bitcoin exchanges swing from 1 to 5 billion USD daily. However, that is relative peanuts when put alongside institutional exchanges that can trade in the trillions…