The CEO of the world’s most visited bitcoin-related website, which also offers the most popular bitcoin wallet service, said the increased pressure on the cryptocurrency network has led to a record level of complaints by its customers. And, he has called on the bitcoin community to work together to fix the problem.
Blockchain.info’s CEO Peter Smith has revealed that during the first week of March it received more complaints than it did for the whole month of February — and that was after complaints in February rose 110 percent compared to January, having risen just 14 percent from December to January.
The reason for the huge spike in complaints is that the bitcoin network is creaking, unable to process transactions quickly that is in turn putting pressure on consumer-facing businesses. The constraints of the blockchain technology, which underpins the bitcoin, make it difficult for the network to handle the level of transactions currently on the network, leading to higher fees and longer wait times.
“In short, transactions took longer despite average fees rising significantly, and the price fell,” Smith said. “Simply put, bitcoin users paid more for less value. Higher fees did not result in faster transactions, just a lengthy backlog.”