In the universe of Bitcoin and other digital currencies, things are becoming more interesting by the second. The best example is the controversial decision made again by Bittrex. The company temporarily disallowed users to create new ETH and asset deposit addresses. Addresses already created are not affected by this move. This is in connection with the extremely high gas prices affecting the Ethereum network.
All top cryptocurrencies are presently experiencing difficulties with major network fees. Bitcoin has become too expensive to spend for many people. Even though the prices are starting to go down, there is still a two-digit fee required for each transaction. Now, it appears that Ethereum is faced with the same predicament. With gas prices heading in an upward direction, this is not a good sign for ETH supporters. Furthermore, this causes more problems for any assets issued on top of this blockchain as well.
Bittrex puts a halt to creation of Ethereum deposit address
As a consequence, Bittrex committed another unpopular decision. The company stated that users can no longer create new deposit address. For the meantime, addresses already in existence remain operational.
Due to incredibly high gas prices, we’re preventing new ETH and asset deposit addresses from being created. Existing deposit addresses will work as normal.
— Bittrex (@BittrexExchange) January 6, 2018
The public is apparently unhappy with Bittrex’s present position. It is a fact that Ethereum network has experienced major issues with regards to network fees all throughout 2017. However, they are the only exchange to take this drastic course of action. It will be quite interesting to witness how things will unravel in the future. Furthermore, other exchanges may follow Bittrex’s footsteps in the coming weeks.
Currently, cryptocurrency exchanges are in a bit of a struggle. Not only is their infrastructure stressed to the extreme, but the issues affecting other currencies should also not be ignored. It is quite obvious that something needs to be changed in connection with this. Decentralized trading and atomic swaps are the next rational move with regards to the evolution of cryptocurrency trading. For now, Bittrex users would have to wait until the networks stabilize again.