Prior this week the San Francisco-based digital currency exchange Kraken planned some downtime to redesign the exchanging stage’s framework. The update for one of the world’s biggest computerized resource trades should keep going for just two hours, yet the site stayed down for well more than 24 hours. Kraken is currently back on the web and plans to offer zero charge exchanging until January 31 to compensate for its clients’ burden.
Kraken Exchange Goes Offline for a Record Amount of Time since 2013, Freaking Out Customers
The Kraken trade is one of the greatest computerized asset exchanging platform, with a tremendous amount of clients. On January 10, the exchange told the general population that it was “playing out a framework upgrade on Thursday, January 11 at around 5:00 UTC (Wednesday, January 10 at 9 pm PT).” The update was at first just expected to most recent two hours however that time go with no reclamation of administration and clients began getting chafed. Kraken clients on gatherings and online networking grumbled as every hour go amid the day. As the day advanced the exchange updated the public by means of Twitter:
“We are in the final stage of installing the upgrade now — We are getting close but hard to give an exact ETA since it depends on how the final testing goes,” explained Kraken.
Yes, this is our new record for downtime since we launched in 2013 — No, we’re not proud of it.
Back Online But With Many Changes
At last, on January 13 the San Francisco exchanging platform reported that the site and the exchanging engine was back on the web. Nonetheless, amid the redesign certain things had changed, for example, the new record check process would be postponed to its “most reduced need.” Further higher layered records will have need over new accounts searching for first time confirmation, says the exchange. Withdrawals are as yet suspended for the following 12 hours and every single earlier request were cancelled. Along this, deposits can take up to two extra business days for assets to be credited to exchanging accounts.
“All assets in beforehand open requests have been come back to your accessible adjust — Margin liquidations will be stopped for no less than 48 hours, and the production of new edge positions is crippled for no less than 48 hours,” clarifies Kraken’s blog entry and email to clients.
With trading now resumed, the engine’s performance will be closely monitored — The site will come down if needed, which may occur with little to no notice.
The Recent Crypto-Bear Market and Fallen Exchange Nightmares from the Past Get Traders Edgy
Kraken unquestionably saw its clients furious about the downtime, particularly when markets have been to a great degree bearish so the organization apologized for the downtime. Thus from now and until January 31, the exchanging stage is giving clients zero fees for all unleveraged exchanges until January 31, 2018 (UTC). Furthermore, the trade is diminishing edge position charges to 0.005 percent until the finish of the month also.
Kraken dealers were not happy with the downtime.
The experience has reminded digital money defenders that trades can go down whenever and for long periods of time. Shockingly, many individuals likewise have recollections of trades that never returned on the web and their assets are currently gone until the end of time. This made the Kraken encounter alarming for a considerable lot of its clients, says one of the clients:
Can someone in the Bay area please stop by Kraken headquarters and see if there is anyone there or if it looks like they skipped town?
Is Toronto Next to Accept Bitcoin for Property Taxes?
Toronto is the biggest city of Canada with a population of more than 6 million. It’s also one of the leading global financial centers which makes it an attractive place for investors.
Bitcoin has emerged as the leading cryptocurrency in the world and attracted a lot of attention from financial investors. There are many crypto exchanges and investors in Toronto, which makes it an important destination for crypto startups and investors.
Recently, there has been a surge in usage of Bitcoin in the Real Estate world as lot of companies around the world are now accepting Bitcoin for buying and selling of properties. In April 2019, Innisfil, A town located in Ontario, at a distance of about 1 hour drive from Toronto, announced that they will accept Bitcoin for property taxes at the municipal level. In July this year, Richmond Hill announced that they are ready to accept Bitcoin as a payment method for property taxes.
Evan Kuhn, Co-Founder of a Toronto based crypto exchange Coinberry believes that integration of Bitcoin as a payment method for property taxes in Toronto can reduce cost, not only for tax payers, but for municipalities as well. Kuhn mentioned
“It doesn’t cost homeowners to use the service, and it costs the municipalities far less in processing fees”
“A credit card company charges a 3% fee,” he said. “Our fee is .5%, so that’s a lot more beneficial for the municipalities.”
He further explained the entire process to make it simple for the users and for the authorities. “When a resident makes a payment through our exchange, the company immediately converts the Bitcoin into Canadian Dollars and pays the relevant authority, so in basic concept this entire process works like a credit card system but with lower fee for both parties”
Morning Crypto Roundup
- Crypto market entered into a consolidation phase, with market cap at around $265 billion, market is currently trading in a range
- Bitcoin stays above $10,000
- Gray scale reported in a recent report that there are 7.1 million active Bitcoin users worldwide with more than 32 million Bitcoin wallets.
- After Innisfil and Richmond Hills, is Toronto next to explore an opportunity to pay property taxes through Bitcoin?
- According to a report from CryptoCompare.com, Untrusted crypto exchanges are dominating the crypto volume with more than 2/3 share