CoinWallet Crowdsources Transactions for its Major Stress Test with a Bitcoin Giveaway

Bitcoin Magazine
CoinWallet Crowdsources Transactions for its Major Stress Test with a Bitcoin Giveaway
falling-coins

Bitcoiners got to participate firsthand in the latest CoinWallet stress test on the Bitcoin network Thursday. In a collective exercise, Bitcoiners flooded the network with thousands of transactions as they tried to access 200 free bitcoin (worth about $48,000) from free keys and addresses being released into the system by CoinWallet.

In what one commentator could describe only as “[expletive] crazy”, Bitcoiners helped CoinWallet test the bitcoin network, and although there are still 84,000 transactions awaiting confirmation at the time of publishing, the network seems to be in good shape.

The U.K.-based exchange saved itself a lot of work by simply counting on human nature to respond in a predictable fashion and go after the free bitcoin.

And in the end, forum comments show that the system was mostly unaffected and people were still able to trade bitcoin. As one commenter noted: “Even though under DDoS attack, the Bitcoin network still worked better than the Commonwealth Bank today!”

This comes as the Bitcoin community is coming closer to some resolution after a vigorous and open discussion and will be meeting in Montreal this weekend in a Scalability Conference to try and resolve the ongoing debate about Bitcoin’s blocksize.

Meanwhile, Bitcoin businesses seem to be adjusting fine, although some have had to increase their fees to get transactions processed.

Mycelium’s Dmitry Murashchik told Bitcoin Magazine that he didn’t see much of an effect on their systems.

“I think stress tests are fine. How else will you find problems?” he said.

Jack C. Liu from OKCoin told Bitcoin Magazine they didn’t see much of an impact, and, in any case, they use a dynamic fee structure to handle any surges.

CoinWallet has made its point, and the network has survived, and there can be no doubt about the enduring popularity and enthusiasm for owning bitcoin.

 

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Bitcoin Exchange Celery Partners with Vogogo Inc. to Expand to Canada
celery-canada

New York-based bitcoin exchange Celery has integrated the products of Vogogo risk management and bank/payment verification platform to enable Canadian residents to exchange between bitcoin and fiat currencies. Celery was founded in 2013 and has been funded by Draper Associates and BoostVC.

Celery supports more than 10,000 users in the United States and has processed more than $2 million in volume since its launch in early 2015.

Due to its success in the U.S., the company has decided to launch its services in Canada with the integration of Vogogo’s bank verification API and risk-management technologies.

“This release marks the first expansion of Celery outside the U.S. Vogogo’s unified payments, risk and bank verification API enabled Celery’s Canadian integration to be straightforward and exceptionally fast. Snowbirds, Canadian professionals and businesses who make cross-border payments in U.S. and Canada, now have a new and highly-accessible bitcoin-based option,” said Celery co-founder Divya Thakur.

Over the past few months, leading bitcoin startups and exchanges, including BitPay, ChangeTip, Genesis Global Trading and Zinger, have integrated the technologies and APIs of Vogogo to protect themselves from money-laundering attempts with advanced decision-making technology.

“Vogogo continues to position itself as a pivotal partner to the crypto industry’s largest and most influential companies as well as new, smart and dynamic organizations like Celery which are scaling rapidly and experiencing significant growth. We’re immensely excited to be working with each of these groups and helping to solidify the global crypto ecosystem,” said Vogogo CEO Geoff Gordon.

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