Rally

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Bitcoin

when

Diamond

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<p>Popular cryptocurrency exchange Coinbase suffered an outage this week that left many users unable to access their accounts or make trades. The outage occurred as bitcoin prices were surging past $60,000, pointing to a likely influx of traffic that overwhelmed Coinbase's systems. This event highlights the risks of centralization in the crypto space.</p>
<p>While Coinbase did reassure customers that their funds were safe, users were understandably frustrated by the temporary loss of access. The exchange later confirmed that a surge in traffic triggered failures in its API and caused cascading issues across services. Many noted the irony of a decentralized currency like bitcoin being impacted by problems at a single company.</p>
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<p>The outage comes right before bitcoin's next "halving" event in mid-April, which will reduce the supply of new bitcoin introduced to the market. Some speculate the timing coincidence likely boosted fear surrounding the Coinbase issues. However, the event does showcase the lack of redundancy in the still-nascent cryptocurrency industry when one player like Coinbase has this level of importance.</p>
<p>Cryptocurrencies were created partly to avoid centralized points of failure. Yet in practice, prominent exchanges like Coinbase essentially serve as large clearinghouses for crypto trading activity. When they go down, trading grinds to a halt. This centralization also increases hacking risks and data vulnerabilities from a cybersecurity standpoint.</p>
<p>While what happened with Coinbase could be chalked up to growing pains for crypto exchanges, it should serve as a wake-up call. The industry needs better solutions to drive decentralization and reduce dependence on these vulnerable choke points for trading. The era of true decentralization remains elusive if third-party exchanges hold this much singular influence over crypto market activity. Robust systems with fail-safes are critically needed.</p>
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<p><strong>This episode is sponsored by <a href="https://bit.ly/TangemPBN" rel="noopener noreferrer nofollow">Tangem</a></strong></p>
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