GDAX may pause BTC trading

GDAX exchange announces its plans for August the 1st, 2017
14 July 2017   4029
Bitcoin

Is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen

The countdown towards the most important day in Bitcoin’s history so far has begun. On August the 1st, it will be decided what way Bitcoin chooses and what the future has in stock for it.

On this day, the Bitcoin User Activated Soft Fork (UASF) is to be activated. The UASF is intended to address scaling issues faced by the Bitcoin network by accelerating the adoption of Segregated Witness. 

It goes without saying that processes as significant as this one may pose a considerable threat to the exchange's stability. That's why one of the most popular exchanges GDAX is considering Bitcoin trade suspension the day UASF to be launched. 

GDAX on Twitter  GDAX on Twitter 

Blockchain

Distributed database that is used to maintain a continuously growing list of records, called blocks

There are two possible outcomes expected ones UASF is activated: 

  • One blockchain becomes dominant, resulting in the other blockchain having low community adoption and value.
  • Both blockchains are adopted, co-existing and operating independently of one another with roughly equal community adoption and value.

As Adam White, GM of GDAX, reports, in either scenario GDAX is planning to implement safeguards to ensure the safety of the customers’ funds. Thus, the exchange will temporarily suspend the deposit and withdrawal of bitcoin on GDAX and may pause the trading of bitcoin as well.

This decision will be based on our assessment of the technical risks posed by the fork, such as replay attacks and other factors that could create network instability.
 

Adam White
GM of GDAX

It is also being underlined that GDAX will continue supporting the growth and scaling of the Bitcoin network.

Most Crypto-Optimists Live in Norway, Bitflyer Study

According to bitFlyer's poll on future of crypto, europeans believes cryptocurrency has future
24 April 2019   101

Most Europeans believe that in ten years digital currencies will continue to be in demand, but they do not have the same confidence about Bitcoin. This is reported by Cryptonews, citing a study of the bitFlyer.

10 thousand people from ten European countries took part in the online survey. Of these, 63% believe in a “bright future” cryptocurrency. However, not all Europeans are confident in the future of Bitcoin - only 55% believe that the first cryptocurrency will exist in ten years.

It is also noteworthy that, despite the fall in prices of most cryptocurrencies that lasted for almost a year, the majority of respondents positively assessed the prospects for the development of the market.

Most of the “crypto-optimists” turned out to live in Norway - 73% of the inhabitants of this Scandinavian country are convinced that a decade later, digital currencies will still be in society. This is followed by Italy (68%), the Netherlands and Poland close the top four (67% each).

The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time
The percentage of consumers who believe cryptocurrencies will still exist in 10 years’ time

But the exact form of cryptocurrency will exist, almost no one knows. Only 8% believe that they will become money, and 7% - a tool for investment or a means of preserving value.

The fact that Bitcoin is not generating as much support as other cryptocurrencies is in part a symptom of the market’s volatility, but is also a direct impact of the constant media attention that is associated to its volatility.
 

Andy Bryant

COO, bitFlyer Europe

He also added that the study demonstrated how much remains to be done to increase public awareness of the benefits and opportunities of cryptocurrencies.