Since the announcement of Bitcoin Cash user-activated hard fork (UAHF), a lot of Bitcoin users have decided to move their funds off Coinbase. This may sound good news at first until users have to wait for more than 12 hours to receive their Bitcoins recently.
Bitcoin is still more popular and recognized as a cryptocurrency worldwide. Their customer base has been leaping and growing exponentially because of the transparent nature of their user base. However, the situation for all users is not always on their side.
For the past months, Bitcoin has been dealing with both good and bad publicity. The positive side is that they keep on increasing and the down side of that is the increasing issues of blackouts that interrupt the smooth flow of services.
Sometimes, the server will go offline during heavy trading. Sometimes, one of the gateways is not working as it should. These disconnections and blackout have annoyed and inconvenienced Bitcoin users.
One of the major issues that the company has to take immediate action is the withdrawal delay. It would have been acceptable for many if the transaction were delayed for an hour or two. But the average time they have to bear is 12 hours.
The real reason for this is the upcoming Bitcoin Cash hard fork that is set to be launched tomorrow, Aug. 1, 2017. This new branch of Bitcoin will credit all users with BHSC balances. And for some reason, this has resulted in an unprecedented amount of people withdrawing their money and ultimately, an increased transactions to process.
Since the company's hot wallet can only process a few transactions at a time, they had to the other withdrawals manually. So what else can the users expect but a long and growing queue? If this issue continues, it is not surprising if Bitcoin will lose a lot of users. That's why they have to step up and resolve this immediately, now that UAHF is coming.