Coinbase Is Not Able to Manage Transaction Volume

Coinbase Is Not Able to Manage Transaction Volume

Jameson Lopp, leading engineer and software architect at BitGo, expressed his negative opinion about the largest virtual currency platform Coinbase.

The expert criticized the fact that the platform does not use Segregated Witness (SegWit) and batch processing of cryptocurrency transactions.

Lopp listed some large cryptocurrency exchanges that use batch processing IIRC and SegWit to lower the commission fees and network loading. He mentioned Bitstamp, HitBTC, Kraken, LocalBitcoins and QuadrigaCX, that use both SegWit and IIRC.

Other famous digital currency experts also criticize large companies, such as Coinbase and Blockchain, because they do not implement SegWit and batch processing of transactions to decrease commission fees for their clients and improve the overall transaction capacity of the bitcoin network.

According to them, big platforms like Coinbase process more transactions than 70% of companies working in this branche. So Coinbase has a really significant influence on bitcoin operations.

Coinbase president Brian Armstrong replied that that the company will add SegWith, batch processing of transactions and other innovative solutions to improve the situation with  the low speed processing of bitcoin transactions. In his Twitter he says:

Anyway the time will show whether the implementation of SegWit and batch processing of transactions really improves bitcoin scaling and lowers the network loading.


Previous ArticleNext Article

Leave a Reply

Your email address will not be published. Required fields are marked *

Cryptocurrency Prices: The Rating Is in the Red Zone

Cryptocurrency Prices: The Rating Is in the Red Zone

According to the trading portal, Bitcoin (BTC) fell by 2.27% in the last 24 hours. The price at the time of writing is $8122.

The prices of cryptocurrencies are jumping again. Only yesterday they were growing, but today the rating is showing red numbers again. Ripple decreased by 3.27%, Monero lost 6.31%, Stellar fell by 5.10%, the price of EOS is also in the red zone – it dropped by 2.76%.

Ethereum is showing a fall by 2.95%. Its value at the time of writing is $682 per coin.

The total market capitalization is $370 billion. Bitcoin accounts for 37.3% of the total amount. It is $138 billion in monetary terms.

Subscribe to The Coin Shark news in Twitter:

The Japanese bank MUFG Will Launch Its Own Cryptocurrency

The Japanese bank MUFG Will Launch Its Own Cryptocurrency

After loud statements by Buffett and Gates concerning cryptocurrency, it seemed that at least the state institutions of countries would refuse from it, but a Japanese bank Mitsubishi UFJ Financial Group still decided to acquire its own cryptocurrency, MUFG Coin, in 2019.

“Regarding the speculation (in) media reports, these reports are not based on any announcement by MUFG, and the details have not been decided,” the bank’s spokesman said in an emailed statement to Reuters. “However we can only say that it’s true that MUFG is conducting demonstration experiments on the ‘Coin’ within the company utilizing a blockchain technology.”

According to NHK Japan, the digital currency MUFG Coin will be tested for suitability in several regions of the country. 100,000 people who are associated with the company will be able to participate.

Representatives of the bank will provide an opportunity for users to use the cryptocurrency as a means to pay for goods and services in shops and institutions. The bank’s digital currency can be transferred to the accounts of those who participate in the project. If the idea is successful, then MUFG will be the first Japanese bank that has its own digital currency.

The MUFG coin can be used exclusively in Japan. In the world market it can be traded in pairs at non-financial currency exchanges instead of USTD (Tether cryptocurrency, tied to the dollar).

Those people who have downloaded and installed an application that automatically converts deposits into MUFG Coin will be able to take part in the test of the new currency. The cost of one coin is equal to one yen.

We remind you that the management of Mitsubishi UFJ Financial Group announced its intention to launch a  cryptocurrency exchange with the national currency, as well as a service with split Bitcoin-accounts.

Subscribe to The Coin Shark news in Twitter:

%d bloggers like this: