Let us share some of the most important highlights of our transformation in the past 365 days with you.
2017 was a truly exciting year for the blockchain industry. The first Blockchain system for payments, Bitcoin, saw astronomical returns of over 1 300 percent. Bitcoin price was breaking ‘all time high’ records several times, the highest market price reaching over 19 700 USD (December 17th). The interest in cryptocurrencies grew with their increasing market price, the mainstream media coverage, the amount of ICOs and the VC funding deals. Bitcoin and other blockchain based systems became popular conversation topics. Google search frequencies for industry terms like bitcoin, cryptocurrency or blockchain hit all time highs, with Bitcoin searches surpassing those for Donald Trump or Justin Bieber.
‘Bitcoin Scaling,’ debate over the future of Bitcoin and its transaction capacity, intensified and brought several forks: Segregated Witness soft fork (software upgrade for reduction of transaction size August 1st); Bitcoin Cash hard fork (giving birth to a new blockchain and currency, August 1st); unsuccessful attempt for Segwit 2x hard fork (planned September 15th); and several minor Bitcoin hard forks – Bitcoin Gold (October 25th) and Bitcoin Diamond (November 24th). We have followed the customer demand for newly forked currencies and introduced Bitcoin Cash payments to Coinify Merchants. To better understand blockchain forks, read this introduction article by our Co-Founder Lasse.
However, the Bitcoin scaling difficulties in combination with rapid adoption from the mainstream public led to some challenges for the entire industry: the Bitcoin network congestion and significant increase in Bitcoin transaction fees (also called network or miner fees). At Coinify, we have had the pleasure to welcome thousands of new customers, all eager to join the growing blockchain ecosystem. As the user count and trading volumes kept setting record levels, we have been sincerely challenged. Our efforts to keep up with the increasing demand while maintaining the same service levels are ongoing. We continue hiring new team members to the affected departments and strive to maintain transparency over service updates to our customers. We want to thank each one of our customers for putting their trust in us. Thank you for letting us serve you, we appreciate your business!
It is exciting to share that partnership with the leading wallet provider Blockchain has enabled us to serve so many users across Europe. Throughout the year, our service integration brought many new features, most recent one being the introduction of recurring buy orders. Have a look at how exciting Blockchain’s year had been.
This was the first part of our year in review. Find the second part here.
Image credits: Coinify, Google and Blockchain
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