The Greeks are making Bitcoin go nuts
GettyImages/Pacific Press
Greeks are rushing to buy Bitcoin as their economy slides deeper into crisis, but the currency's decentralized system may not be able to handle that kind of volume, Bloomberg reports.
Over the weekend, Bitcoin, which has trading at its highest since March, had a stumble. It took nearly five-times longer than usual to process transactions, said Gil Luria, an analyst at Wedbush Securities.
A payment could take up to five hours to be confirmed, while some users were also unable to create new Bitcoin, he said.
The lag was caused by an update to the payment system's PC software over the weekend - or more precisely, it was caused by a disjunction in the versions of software users own. Operators who hadn't updated the software "put the whole system out of whack," the article said.
It's not the first time Bitcoin has seen this kind of software problem.
"I don't know that it's (ever) happened to this extent, because Bitcoin has never been this big," Luria said.
Bitcoin's customer base has increased, with nearly 120,000 transactions occurring a day in early June - an increase of 10 times since the same period in 2011, reported Coindesk, a Bitcoin researcher. Last week, Coinbase, a Bitcoin client, waived fees for customers buying with euros due to the Greek Crisis.
According to Bloomberg, Bitcoin will need to take market share from Bitcoin machine hobbyists to make software updates something to look forward to rather than dreaded in the future.
"This is test of a decentralized network," Luria said. "Every time Bitcoin passes one of these tests, it gets stronger."
Read the full article at Bloomberg>
- I spent $2,000 for 7 nights in a 179-square-foot room on one of the world's largest cruise ships. Take a look inside my cabin.
- Colon cancer rates are rising in young people. If you have two symptoms you should get a colonoscopy, a GI oncologist says.
- Saudi Arabia wants China to help fund its struggling $500 billion Neom megaproject. Investors may not be too excited.
- Catan adds climate change to the latest edition of the world-famous board game
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- Tired of blatant misinformation in the media? This video game can help you and your family fight fake news!
- JNK India IPO allotment – How to check allotment, GMP, listing date and more
- Indian Army unveils selfie point at Hombotingla Pass ahead of 25th anniversary of Kargil Vijay Diwas
- JNK India IPO allotment date
- JioCinema New Plans
- Realme Narzo 70 Launched
- Apple Let Loose event
- Elon Musk Apology
- RIL cash flows
- Charlie Munger
- Feedbank IPO allotment
- Tata IPO allotment
- Most generous retirement plans
- Broadcom lays off
- Cibil Score vs Cibil Report
- Birla and Bajaj in top Richest
- Nestle Sept 2023 report
- India Equity Market