Digital currency enthusiasts and outside observers alike have been intently focused on Bitcoin's volatile price activity over the course of the last several days, as the world's most well-known cryptocurrency soared to more than $18,000 before declining to around $15,000 earlier today.
Coinbase said its site was down for some users because of record-high traffic.
The price of bitcoin was all over the place on Thursday, with numerous exchange listing it at drastically different prices. At around 1:00 p.m. ET, Coinbase reported that the ID system was failing to complete "for a significant number of customers" because of high traffic.
Bitcoin may be digital currency, but why would anyone spend it? The digital currency surged past the $15,000 mark, and now trades at $15,537.85, according to Coindesk.
Coinbase isn't the only cryptocurrency to have collapsed under pressure at the last minute. "But of course it is worth it since its web site is usually down and you can not reach tech support".
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Depending on who you ask, bitcoin is the next big thing in money - decentralized and protected from the volatility of the financial market - or just another form of wealth storage whose value is only defined by the exchange rate with the US dollar.
The company, which is the largest platform for buying and selling cryptocurrencies in the United States, has experienced a number of outages as the price of bitcoin has skyrocketed to new highs.
International Business Times reached out to Coinbase regarding the price difference but did not receive a response at the time of publication.
Coinbase is definitely benefiting from the infatuation with bitcoin.
At its current rate, it may hit $16,000 before the end of the day.
The rise for Bitcoin over the course of 2017 has been exponential.
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