Coinbase crashes but still has ‘most downloaded app’ title
There are many ways to measure the success of companies, especially those in the online sphere. Perhaps, in our increasingly smartphone-glued-to-your-hand world, the best way to determine this how many people have downloaded your app.
If this is the new measure of success, then Coinbase definitely has something to smile about. The crypto exchange describes itself as a “secure online platform for buying, selling, transferring, and storing digital currency”. This was probably music to the ears of those hoping to benefit from the rise and rise of Bitcoin, and for those following its upward growth trajectory over the last year.
The world’s most well-known cryptocurrency left dropped jaws and head scratching in its wake over the last two weeks when it continued to breeze passed its previous record-breaking heights.
It first achieved five-figure status by reaching $10k, then continued to climb in $1k increments until it reached $18k, even $20k on some exchanges. One memorable day showed the price increase by 20% in just 24 hours!
These impressive numbers saw people scrambling to get in on that Bitcoin action, which resulted in the Coinbase app going into overdrive. It took its maiden voyage to the top spot of Apple’s US App Store for free apps. In addition, the platform is said to have opened approximately 300,000 new accounts in a single day.
However, all of this sudden excitement proved too much. The app was unavailable for most of the day and suffered numerous glitches. Those hoping to hop onto the Bitcoin bandwagon were left disappointed as they couldn’t buy anything. Users also weren’t able to check their balances.
The problems didn’t end there. The actual website was having similar issues, and it’s not the first time. The platform also experienced problems when Bitcoin reached the $2k mark in May this year. However, it wasn’t just Coinbase that crashed during these recent price surges. Many other exchanges also had issues catering to the growing number of interested investors hoping to be part of the Bitcoin mania.
So, even though the app was down for most of the day, it was still the most downloaded app. Another case in point for just how popular Bitcoin and cryptocurrencies are becoming.
According to some investment professionals, the price of Bitcoin is set to increase even more in 2018. Here’s hoping that exchanges will be able to handle the massive amount of traffic that they’ll be getting.
Author : Jack Dean