Poloniex to disable deposits and withdrawals of Bitcoin

Poloniex Exchange's plans to handle potential BTC network disruptions
25 July 2017   4930
Bitcoin

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

A leading cryptocurrency exchange offering a wide variety of digital assets, Poloniex, announces its plans concerning potential Bitcoin network disruptions as there are a number of proposals for technical changes to Bitcoin that may take effect in the coming weeks.

As the team claims, Poloniex takes no position on the desirability of any particular proposal nor does it have a stake in any outcome. As reported, the primary concern is protecting its users and their tokens.

We will be disabling deposits and withdrawals of Bitcoin (and all BTC related tokens) any time we deem necessary to ensure that all tokens stored on Poloniex remain safe.
 

Poloniex Team

The length of any possible downtime is unknown as this is highly dependent on network stability, the team details on its blog. Trading will be unaffected during these periods.

Blockchain

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

Poloniex also highlights that the exchange cannot commit to supporting any specific blockchain that may emerge if there is a blockchain split. Even if two viable blockchains emerge, Poloniex may or may not support both and will make such a decision only after they are satisfied that they can safely support either blockchain in an enterprise environment.

Another important remark made is that if the exchange decides to support and make available derivative blockchain tokens after a blockchain split, note that if you have your tokens on loan at the time of a split, Poloniex cannot distribute the derivative tokens to you, the lender, as you would not possess them. Such loaned tokens can leave the platform. 

Feedback on Poloniex Exchange TwitterFeedback on Poloniex Exchange Twitter 

The feedback to the announcement is rather ambiguous. Thus, some users are not happy with the status quo, let along the breaking news concerning the disabling deposits and withdrawals of Bitcoin.

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.