How to PAY with BITCOIN from BitBay crypto exchange – Sending $400 worth of Bitcoin (BTC)
- Connection problems
- Increased demand for scrapping the system
- Quarantine stimulates interest in cryptocurrencies
BitBay cryptocurrency exchange went offline, users lost access to accounts
Polish exchange BitBay reports network connectivity issues
A temporary solution implies a partial restoration of functionality
The reason for the failure could be an increase in the volume of trading on the exchange
BitBay, a popular crypto exchange with Polish roots in Europe, faced technical difficulties and disruptions. The site claims that an external service provider is to blame for everything..
Users report that they cannot open the platform and log into their accounts. The company confirmed its connection issues by posting a statement on its official Twitter account..
Dear Users, a network problem of our external service provider has occurred. &# 128577; &# 128577; Please be patient. We are in touch with the provider and working to resolve the problem. We apologize for the inconvenience.
– BitBay (@BitBay) March 26, 2020
“Dear users, our external service provider has a network problem. We are in touch with him. Please, be patient. We are working on a solution to the problem. We apologize for the inconvenience caused, “the message says..
According to traders, the website of the exchange is accessible and loading quite quickly, but there are a lot of problems with other services..
So far, no troubleshooting has been possible. The company reports that the situation is more serious than originally anticipated. It is planned to launch a platform with limited functionality as a temporary solution. In particular, transactions will not be processed, but traders will have the option to cancel orders.
Unfortunately, the problem turned out to be more complicated than we initially thought. We plan to launch the platform with the blocked possibility of transaction processing. You will have time to cancel or add offers. We will keep you updated on the situation. Thank you!
– BitBay (@BitBay) March 26, 2020
Crashes have also been reported on Binance, one of the world’s leading cryptocurrency exchanges..
Increased demand for scrapping the system
BitBay, the second largest cryptocurrency exchange in Poland, has reported a significant increase in trading volume over the past two weeks. It is possible that she could not withstand the load against the background of the growth in trading volumes during the collapse in the cryptocurrency market.
According to the published data, the peak was recorded on March 13, when more than 11 thousand bitcoins worth about $ 75 million were traded in the BTC / PLN pair (Bitcoin / Polish zloty) per day..
Despite the fact that traders prefer to trade bitcoin against the euro on other exchanges, the volume of BTC / EUR on March 18 also reached a record value for the exchange at 223 BTC..
Over the past 24 hours, the exchange processed transactions on available for trading pairs in the amount of $ 39 million.
Quarantine stimulates interest in cryptocurrencies
It is noteworthy that the surge in interest in cryptocurrency trading coincided with a lockdown in Europe due to the outbreak of COVID-19. People are stuck at home and many are interested in investing in digital assets.
Another European provider of trading solutions recorded similar dynamics. Earlier, the editorial staff of BeInCrypto reported that the collaborative financial platform 2gether noted a 236% increase in trading volume in the week from March 5th to 13th..
Last year, the cryptocurrency exchange changed its payment solution provider, switching to Payment Technologies to handle deposits and withdrawal requests in local currency as its previous partner faced banking problems..
Despite the fact that the main client base of the exchange is located in Poland, in November last year it moved to Estonia, a jurisdiction with clearer laws in the field of cryptocurrency trading..
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