There are lots of things that make cryptocurrencies world different from other types of currencies. It is the only reason why the demand for cryptocurrencies like bitcoins is rising at a tremendous level. There was a time when the limited range of audience only chose bitcoins, but as time changed, more and more people started investing in this digital currency. Although the very advanced exchange and trading platforms are developed for the management and operations related to cryptocurrency, users have been facing many issues that are not letting them buy or sell bitcoins at the right moment at the bitcoin-freedom.com.
Bitcoin is a digital currency that has been developed for the convenience of the people. If anyone wants to access it, they have to use the specific bitcoin trading platform specially developed for these cryptocurrencies. If we talk about India’s top-rated bitcoin trading platforms, then there are only a limited number of options available, which mainly includes WazirX, Coinbase and Kuber. They have been developed for limited trading because developers were aware that only a few proportions of Indian are having an interest in digital currencies, and these platforms offered by them are sufficient to handle them. The owner of the trading platform claimed that they are having some issue with the banking partners, which is causing hindrance in the service.
What is the cause of the issue?
The investors are required to add money in their trading wallet, which is possible from their fiat money-based banking system. As the central bank announced for banning the digital currencies but has not officially confirmed it, many banks have put a permanent ban on their system to make transactions related to the bitcoins. This is creating issue among the audience as they cannot use the appropriate mode of payment that suits their requirement. It is a bitter dispute because most investors have a significant investment in the bitcoins, and if they are not able to transact, there will be a decline in the flow of bitcoins.
Earlier, there were only complaints from the users of WazirX about not working on the payment system, but now many users from other trading platforms have mentioned this issue. Even one of the reputed platforms named Coinswitch, has put restrictions on the payments performed using the INR. The reason for these restrictions is still unknown, but it is a grave disappointment for those who transact using UPI or other modes of fiat currency.
The experts of the trading platform are working hard to deal with this issue as quickly as possible. Till that time, users are apologised for the Inconvenience. The other modes of payments are working, and the users can simply access them so that they should not miss a chance to make revenues through trading. Actually, it is an online system that is based on technology, and it can face any kind of issues without getting informed. When the problem with the system is dealt off, the users will be notified through the tweet.
How did bitcoins attain an immediate trend among the investors?
There was a time when bitcoins and other cryptos were not in the attention of people. Things changed when these digital currencies were endorsed by the leading celebrities and sportsperson all around the world. At that moment, a shocking incident took place where a considerable number of people made their mind to invest in bitcoins at the immediate moment. This resulted in an astonishing amount of traffic at the platform, which was another reason for the crash that caused Inconvenience for the people.
How long will the problems like this go on with the use of bitcoins?
The trading platform available for bitcoin trading in India is not developed according to the characteristics of the highly advanced system. This is why they lack in a various issue that can improve the overall experience of traders who regularly buy and sells bitcoins. So, such type of things as a crash issue is very normal things. As soon as the government implements the structured framework for cryptocurrencies, the developers of the trading platform will also focus on improving the quality of service, which will reduce the possibility of such type of issues.