Business 12 January 2018

Jasmine Solana

Coinbase outgoing BTC transactions temporarily go offline (again)

A week after announcing that they have “cleared” their transaction backlog, popular cryptocurrency exchange Coinbase is beset once again with another technical issue.

On Thursday, the San Francisco-based company announced on its website that outgoing transactions involving SegWit1X (BTC) are “temporarily offline,” and that its team is “actively investigating the issue.”

“BTC sends are temporarily offline. Outgoing BTC transactions have not been successfully sent since approximately 3:15 p.m. PST today [Thursday]. Our team is actively investigating the issue,” Coinbase stated.

An hour later, Coinbase said “BTC sends are now back online,” although the company is still monitoring the issue. According to the company, “this incident has been resolved” and they “apologize for any inconvenience” that it has caused.

To say that customers are not happy with Coinbase’s ongoing technical issues would be an understatement. On Twitter, many of exchange’s clients accused “Conbase” of being “unethical and negligent,” while others warned crypto users to “avoid Coinbase” at all costs.

“You’re an embarrassment to the entire ecosystem. Hope you go out of business soon. You deserve it,” tweeted @NotGoxed.

MySpace of Bitcoin

This isn’t the first time—in this month alone—that BTC outgoing transactions were temporarily unavailable on Coinbase. On Jan. 4, the Coinbase customers had to wait up to 72 hours for their BTC transactions to be processed due to “high transaction volumes.”

Three days later, Coinbase announced that it has already cleared its backlog of outgoing BTC transactions.

“We have cleared our transaction backlog, and sends are no longer delayed for any asset. We will continue to monitor for stability and provide updates if any delays are expected,” according to the exchange.

Thursday’s incident, however, proved that there is no end in sight yet for Coinbase’s technical problems. And unless it finds a solution soon, this could become the crack leading to the downfall of the company that made history as the first cryptocurrency startup to raise $100 million in funding at a private valuation of $1.6 billion.

To quote Twitter user @LachlanCraigie: “Bitcoin is not going to become the myspace of crypto @coinbase is going to become the myspace of bitcoin.”

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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