Hurry to Bitcoin Cash Causes Exodus Wallet to Suspend BTC Trading Pairs
Now, customers wished to make certain their money wasn’t caught in some sort of blockchain hell, so not able to be recovered. Exodus guarantees that their decision to suspend prevented this kind of a catastrophe.
The Conclusion and its Consequences
The letter explains, “Since the Bitcoin network slowed down dramatically, we began seeing these exchanges neglect, and at the height of the congestion, one-third of all exchanges were ineffective.”
Exodus “acquired over 1500 support tickets on the weekend, about two weeks’ worth.” They were able to recover somewhere about 60 percent of requests with “341 tickets unanswered, and 198 tickets in which the solution hasn’t been attained yet,” as of the writing.
Suspension of their program’s exchange trading pairs, as stated by the firm, happened at 6:40 UTC on 12 November 2017 due to “exchanges failing at an unacceptable pace.”
“We know most of you feel Exodus has failed you at this vital moment. We truly apologize.”
Moving forward, provide more exchange options, include surge pricing warnings, and the company plans to hire additional engineers.
“Ordinarily about 20 percent of miners operate on Bitcoin Cash and 80% on Bitcoin,” the letter continued, “but this weekend BCH had more than two-thirds of their mining energy. In the time of writing this upgrade, there are still transactions on the Bitcoin blockchain, about five to ten times the usual.
In three days time, bitcoin cash went to a tear. Its price increased, causing a lot to either purchase them or sell their coins that were existing. It meant a major headache.
Wallet software platform Exodus frozen exchange attributes such as bitcoin trading currencies on the weekend, after a rush into bitcoin cash caused major congestion. The organization explains why the decision was made and the changes going forward.
Torsten Sandor, Chief Communications Officer (CCO) for Exodus explained, “We think in 100% transparency and openness. We are posting this announcement on Moderate, so it is possible to add your ideas. We are here, we are listening, and we want to make this appropriate.”
Transaction fees were not helping the corporation’s margins .
The company claims to get in touch with each client. Additionally, “In the next 24 hours, then we’ll intentionally use transaction boosting services to accelerate your transactions. We cover all related costs,” they wrote.
Images courtesy of: Pixabay, Exodus.
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Many analysts concluded the reverse connection between bitcoin’s price fall over that period and the increase of cash were equally due to the Bitcoin fork that was challenging being called off.
“The parabolic increase of Bitcoin Cash needed a critical impact on the Bitcoin system,” the company claimed. “Viewing the price surge, lots of the miners abandoned the Bitcoin network and began mining Bitcoin Cash. BTC transactions ground to a halt. Bitcoin transactions normally require 5–20 minutes to go through, but this weekend we have seen transaction times around 12 hours.”