Major Cryptocurrency Exchange Platform Accused of Spam-Attack on Bitcoin
REUTERS/ Dado Ruvic/IllustrationBusiness19:48 13.01.2018(updated 19:49 13.01.2018) Get short URL
Bitcoin, which is the first international decentralized digital currency, works without a single administrator and central repository, while transactions between people are made directly without an intermediary.
A Twitter user @CivEkonom has accused largest cryptocurrency exchange platform Coinbase of spamming the blockchain system, thus making the pending period longer and commission higher.
The user noted that after the platform had stopped Bitcoin withdrawal, the volume of the mempool (total number of all transactions awaiting verification) began to decrease. However, the volume resumed its growth after the withdrawal had been launched again.
According to @CivEkonom, the platform conducted transactions separately instead of packing them together, thus making the pending period longer and commission higher.
Commenting on the post, Head of Coinbase Brayan Armstrong said that the platform was working on packing transactions, introducing the SegWit protocol and other solutions to the problem.
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Bitcoin, the world’s most popular cryptocurrency, showed a meteoric rise in 2017, with its value growing from below $1,000 at the beginning of the year and hitting a historic milestone of $20,000 in December.