We all want the most fiat currency for our Bitcoin when we are forced to sell this beloved digital currency. However, it is not as easy as you might think to find the best price, especially not when you need some quick cash. But when a Bitcoin platform with 0 information about its team claims to offer you 10% on top of the current market price, something definitely smells fishy.
Bitstamp has been making headlines during the month of January after their Bitcoin hot wallet was breached by a nefarious third party, and several bitcoins went missing. After a few days of downtime, the exchange once again opened its doors to the public, and trading seemed to resume peacefully. That was until a few days ago, when reports surfaced about several users’ USD bank transfer to the Bitstamp exchange bouncing or remaining uncredited.
Standard Chartered Bank No Longer Processing Bitcoin-related Wire Transfers
The Bitcoin price seems to be stuck between a rock and a hard place for the foreseeable future. Even though yesterday was a good day, and prices passed the US$215 threshold once again, things are looking a lot less enthusiastic today. Both the Bitcoin price and trading volume are down several percent across all fiat currencies when comparing the numbers to yesterday’s statistics.
Rather Low Trading Volume
The past 12-18 hours have been quite scary for many Bitcoin enthusiasts,a s prices plummeted from the US$240 mark all the way down to US$166.45. During this “Bitcoin Flash Crash”, as many speculators are calling the event, a lot of trading has occurred, allowing newcomers and traders to accumulate some very cheap Bitcoins. But is this the big drop before the big gain, or will it continue to be very volatile for the next few days?
Bringing Bitcoin wallets to mobile users is a key element in order to push awareness and adoption to new heights. Luckily for us Bitcoin enthusiasts, there are a plethora of mobile wallets to choose from, each with their own interesting and unique features. AirBitz is so much more than just another Bitcoin wallet for Android and iOS users though!
As much as we would like to think that everything is okay, things are still awry as far as the Bitstamp exchange is concerned. Like we reported in yesterday’s article, it looks like the relaunch is not happening any time soon. In fact, there have been no updates provided throughout all day or night (depending on your timezone).
While all of that might not be a reason to panic for many cryptocurrency enthusiasts, it does worry me personally. Then again, I have seen these types of situations before and most of them ended badly for anyone involved. But all of us still have hope that everything will be working again very shortly, so let’s hope we are all right for a change.
A few days ago, I managed to get a hold of Safello CEO Frank Schuil, and he agreed to a small written interview with CryptoArticles. In the light of the recent turmoil surrounding Bitcoin exchanges, we thought it would be a good idea to get the opinion of an actual exchange’s CEO. Here is what we discussed via e-mail.
Name of the interviewer : JP , name of the interviewee : FS (Frank Schuil)
Ever since the Bitstamp exchange got breached a few days ago, things have been tense when you as much as drop the name in any type of conversation. Understandably so, as a lot of people are very anxious to ensure their funds are safe in cold storage. However, the way Bitstamps is communicating over the past 24 hours, it looks like they are delaying the relaunch multiple times for an unknown reason.
Bitcoin did not make such a great start in 2015 as some of us might have hoped. Bitcoin wasn’t doing so hot at the end of 2014 and to date in 2015 , it got worse after Bitstamp, one of the major exchanges out there, announced that their hot wallet was hacked. According to the latest reports Bitstamp lost around US$5 million, which is around 18,668 BTC.
Due to all of the negativity surrounding Bitcoin exchanges over the past few days, other exchange platforms are doing their best to reassure customers regarding the safety of their funds. Huobi, one of the biggest Chinese Bitcoin exchanges, have issued an official statement regarding how they handle security in light of the Bitstamp incident.
“Huobi (including BitYes and BitVC, which are separate platforms operated by the same security team and wallet system) follows the common industry practice of keeping the vast majority of its users’ coins in secure cold storage. For the operational hot wallet, which is used for processing user deposits and withdrawals, Huobi has independently developed its own three-tier security system which includes multi-signature addresses and real-time monitoring and anomaly detection mechanisms.”