Ethereums prices are way up in this year, to offer the understatement of the year. In fact, with a 119.90% gain in the past 30 days, ETH has been muscling its way to the top of crypto mountain.
One issue that has the potential to slow down the march to the highest levels if the increasing price of Gas.
How bad is the issue? It’s so bad that Seattle-based cryptocurrency exchange Bittrex is halting deposit for the blockchain. Naturally, this unexpected change is causing hearts to race and is making some traders angry.
Will this potential problem expand to other exchanges or will it stop with Bittrex? HitBTC says that the Ethereum network is overloaded and it’s causing slow transfer, deposit and withdrawal times.
Is This a Sign of Trouble to Come?
Cryptocurrencies are now in a period of mainstream adoption. The only thing that truly hurts growth is network breakdowns. The problem with slow deposits and unexplained non-performance is that it causes people to lose faith. With so many new people entering the crypto sphere each day, widespread confusion and upset over “missing funds” or lacking features can be a mushrooming problem.
Most online services outside of cryptocurrency operate with high degrees of accountability and transparency. They rarely suffer breakdowns and they avoid interruptions in service. Not only that, they offer clear terms so that their customers understand their offerings. Although crypto sites are attempting to rapidly improve, there are numerous signs of growing pains in the sector. It seems likely that customers will be willing to put up with some inconvenience, especially now that many of them are holding coins that are way up in value.
The next phase of growth is going to involve emerging coins that are building the necessary infrastructure to handle enterprise value. When they do, problems with wallets and transactions may quickly become a thing of the past. For now, it’s worth keeping an eye on the price of Gas and how it starts impacting others in the sector.