Mass Exodus Of Users From Coinbase Triggering 12 Hour Delay In Bitcoin Withdrawal
Bitcoin withdrawal is falling prey to heavy traffic with a mammoth number of users withdrawing their leftover digital currency from Coinbase, a leading cryptocurrency exchange. The delay which is even taking up to 12 hours occasionally is being mostly caused by Bitcoin network congestion due to large number of outgoing Bitcoin transactions.
Industry specialists having in depth knowledge of Bitcoin network have sensed foul play in Coinbase’s claim as they feel that the network is operating normally without any backlog holding it back.
Coinbase had already made it clear that it shall not compensate its users with equivalent amount of Bitcoin Cash tokens once the hard fork is pulled through. They have also stated that their customers will lose sovereign rights of holding or withdrawing their digital currencies. This might be the very reason behind the sudden upsurge in users shifting base to safer mediums like cold storage hardware wallets and paper wallets.
But several other cryptocurrency exchanges like Bitfinex, Kraken, etc have vouched their support for Bitcoin cash suggesting that they shall list the same for trading and will also allow users to hold and withdraw the same if required. (Click here to read a list of exchanges and wallets supporting BitcoinCash)
ViaBTC was the torchbearer of the path allowing listing of Bitcoin cash for trading under futures. With 1st August approaching which may create a paradigm change in Bitcoin functioning, several users opted for ViaBTC’s proposal pumping up the Bitcoin price to a whopping 900$ in one go.
Once Bitcoin Cash achieves a valid digital identity it will be listed in exchanges such as Bithumb, Bitfinex, Kraken and many more with prices which are expected to skyrocket in days to come.
Keeping in view Coinbase’s association with risk taking and playing it big, this sudden change is both surprising and frustrating for its global users.