The Coinbase for the first time rose to first place among free apps in the US App Store in the Wake of a significant increase in the price of bitcoin, despite the disruptions in the website due to high demand.
Yesterday there was a sharp fluctuation in the prices of bitcoin raising above $ 15,000 dollars or more and then decreased. Naturally, this caused a massive influx of people wanting to buy or sell cryptocurrency that contributed to raising the Coinbase app in first place among free in the us Apple App Store.
Output in the first place
In fact, it is surprising that the Coinbase so long rose to the top. Over the last few months everywhere you can find expert opinions about bitcoin and other cryptocurrencies.
Coinbase is the largest and most famous in the world of cryptocurrency exchange with a turnover of $ 1.6 billion. In respect of raising the Coinbase app in the first place it is interesting that the service itself was not working during several times in this busy day. This caused an endless stream of anxious people wanting to register and take advantage of the historic and irregular hot bitcoin.
The challenges of growth
Since launching in 2012, Coinbase has expanded considerably with the growth of bitcoin and other cryptocurrencies. Yesterday there were disturbances in the operation of the site in the Wake of increasing traffic due to the rapid increase in the price of bitcoin. This is nothing new, because the site also faced disruption when the price of bitcoin has reached $ 10,000. This caused a doubling of traffic compared to the previous peak a few days before that and an increase in 8 times in comparison with the peak in July. Peaks grow more and more in the world of increasing the number of people wanting to get involved in cryptocurrencies.
Yesterday’s traffic growth has caused periodic closures of all major bitcoin exchanges during the day, such as Kraken. It upset and want to register, and Coinbase. The Director of the production Department Coinbase Jeremy henrickson said:
“In some of the famous periods, this year we were not able to cope with the volume. And now we are still not at the level required”.
Coinbase is working hard to keep up with the growth of bitcoin. The company is expanding into two more floors in San Francisco and rents an office in new York to conduct business with wall street through the stock exchange GDAX. Coinbase has increased its customer support from a modest 24 (in early 2017) for up to 180 people. By the end of the first quarter of 2018 it is planned to increase the number of support staff up to 400 people to reduce the 10-day backlog of service calls.
The growth of cryptocurrencies and related businesses such as Coinbase, over the last few years is amazing. Constant demand raised the Coinbase in the first place, despite the interruptions of the site and recent loss due to litigation with the IRS (IRS) with the forced transfer of data from more than 14,000 transactions (which is far from the nearly 500,000 records that initially demanded by the U.S. Federal government).
Apparently, in litigation with the IRS and technical problems due to the excessive demand did not diminish the enthusiasm of the people in relation to Coinbase. You can’t blame them in the background of continuing growth of the cryptocurrency.