Over the weekend, Coinbase sent out an email that reminded me of the “Drink Responsibly” tag on ads for beer, vodka or other inebriating liquids. While apparently altruistic, Coinbase also wanted to highlight issues they themselves are facing with the most recent Bitcoin hype train:
“We at Coinbase couldn’t be more excited by the explosion of interest in digital currencies. The last few weeks has seen an unprecedented increase in the price of digital currencies. More people are engaging with our platform than ever and that bodes well for the future of the digital currency. At the same time, it does create extreme volatility and stress on our systems. We take this very seriously and wanted to share some important thoughts.”
The email to registered users (like myself, though I don’t have any coins there) makes sense. Bitcoin stretched past $18,000 USD around Friday midnight (UTC) – this peak is a doubling in the price of Bitcoin in less than two months. It has since cooled off to $15,000 but suffice to say everyone and their dog is now keen to get in on the action.
Regardless of Coinbase’s motivations for sending the email, in light of the cryptocurrency frenzy reaching people that don’t even use antivirus on their PCs… I think the points they make are quite salient:
- Ensure your email address is properly receiving all communications and notifications from Coinbase. To learn more about ensuring email delivery, please refer to this support article.
- Ensure your two-factor authentication is updated and functional. If you have recently switched mobile devices, your two-factor authentication needs to be properly migrated to the new device. In addition, please migrate from SMS two factor to Google Authenticator to enhance the security on your account, if you have not already done so. To learn more about two-factor authentication, please refer to this FAQ.
- Familiarize yourself with your buy and sell limits. They can be found here.
- Complete any pending identity verifications. During times of significant volatility, ID verification may become degraded or unavailable. To learn more about identity verification on Coinbase, please refer to this FAQ.
- Expect payments to take the maximum number of days indicated when making a deposit or withdrawal.
Coinbase also highlights the actions they’re taking, which comes amidst ongoing trouble in the cryptoworld, such as the Nicehash hack – that site is currently down and funds stolen are estimated to be $50-$100 million USD.
“We’re continuing to invest heavily to scale our platform… Over the course of this year we have invested significant resources to increase trading capacity on our platform and maintain availability of our service. We have increased the size of our support team by 640% and launched phone support in September. We have also invested heavily in our infrastructure and have increased the number of transactions we are processing during peak hours by over 40x.”
You can read the full text on their blog. Suffice to say the world of cryptocurrency is too big to cover in one article. But the “Gamble Responsibly” signs at the casino always piqued my interest.
Article pic credit: Vitalij Fleganov, Flickr.