A lot of cryptocurrency enthusiasts are not too happy with GDAX right now. A new thread on the Litecoin subreddit shows how the company is dealing with a lot of minor outages. It is evident the exchange with an increasing demand, though. Then again, not being able to provide their cryptocurrency services can become a very big problem really fast. It is evident something will need to change sooner rather than later.
It is never good to see cryptocurrency exchanges struggle. This is especially true if it is a popular platform. For some time now, GDAX users have dealt with minor issues. It is evident the company is struggling to keep up with growing demand. That is rather problematic, considering how GDAX is so popular right now. Minor service outages are to be expected at some point. However, they are becoming far too common right now, which is not a positive sign.
GDAX has a lot of Minor Outages Lately
When these centralized exchanges start showing signs of weakness, things can get out of hand quickly. A lot of users are looking to get their funds off GDAX. It is owned by the same people who operate the Coinbase exchange. That particular platform has seen its fair share of issues this year as well. Scalability is an issue in cryptocurrency. Unfortunately, that also goes for the centralized exchanges so many people have come to rely on.
It is unclear what is causing these issues for GDAX, though. Minor service outages can be caused by so many different issues. We do know these outages mainly affect both deposits and withdrawals. It also appears margin trading on the platform is a problem area right now. That latter part is only a secondary issue, though. Most people just use GDAX to buy and sell cryptocurrency. Right now, that proves to be rather difficult.
What is even more interesting is how GDAX claims the Bitcoin network suffers from degraded performance. More specifically, deposits and withdrawals in BTC suffer from this issue. That is rather strange, as the Bitcoin network works just fine. Something strange is going on with GDAX right now, that much is evident. We can only hope the company sorts out its problems before things get out of hand.
Header image courtesy of Shutterstock