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Problems for Binance as Bitcoin reaches $12,000
Problems for Binance as Bitcoin reaches $12,000
Crypto

Problems for Binance as Bitcoin reaches $12,000

By Alfredo de Candia - 19 Aug 2020

Chevron down

Over the last few days, when the price Bitcoin (BTC) has been recording new period highs, the Binance centralized exchange has been experiencing problems, preventing access to some users.

The CEO, Changpeng Zhao, has thus provided a solution to the problem.

With time we have been getting used to the volatility of Bitcoin and the fact that, when the price starts to rise, there is an increase in volumes and interest from the public that for one reason or another begins to buy bitcoin for fear of missing out, the so-called FOMO.

Unfortunately, for several years now, when this happens, centralized exchanges, the main entry points to buy crypto, are not able to handle such an important amount of transactions and users at the same time, causing them to go down.

A couple of days ago it happened to the Bitfinex exchange, although it is not clear why. 

While some months ago Coinbase had some problems when the price of Bitcoin was approaching 9000 dollars, which means that this is a real and generalized problem.

How to solve Binance’s connection problems

To solve this problem, which results in errors 404 or 502, the CEO of Binance invited users to use the desktop version of the portal by downloading software from the platform’s home page.

In fact, one of the problems with the web pages is not being able to manage too many accesses and requests at a given time and this puts the portal out of action.

It is the same that happens in the case of DDoS attacks in which the criminal, through a botnet, sends millions of requests to a website causing it to go offline.

Considering that for this type of problems, one of the solutions to be adopted is to upgrade the servers, it is fair to assume that the efforts made have not been enough or that this aspect has not improved yet.

But there is a positive aspect: it is because of these and other problems that decentralized exchanges are more reliable and that is why their volumes are growing.

 

Alfredo de Candia
Alfredo de Candia

Android developer for over 8 years with a dozen of developed apps, Alfredo at age 21 has climbed Mount Fuji following the saying: "He who climbs Mount Fuji once in his life is a wise man, who climbs him twice is a Crazy". Among his app we find a Japanese database, a spam and virus database, the most complete database on Anime and Manga series birthdays and a shitcoin database. Sunday Miner, Alfredo has a passion for crypto and is a fan of EOS.

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