Zann kwan bitcoin
16,000 last week, the network could not keep up with the breathless demand. Two ATM machines selling the cryptocurrency in Singapore crashed last Friday. The machines, at Hong Zann kwan bitcoin Complex and Tiong Bahru Plaza, could not sell bitcoin for three days due to “congestion in the bitcoin network”, Bitcoin Exchange founder Zann Kwan told The Straits Times.
Meanwhile, potential investors like Mr W. Wen, 61, looking to get in on the action, watched in frustration as the price of bitcoin rose. I’ve never bought bitcoin before, but it is the talk of the town now,” said Mr Wen, who was retrenched a month ago. Buying bitcoin is like buying Toto. But Toto is so hard to hit, I might as well use the money to buy bitcoin, which is going higher every day. Last week, the worry about missing out was global.
Investors flocking to open new accounts or place orders last Thursday left Coinbase, the largest US bitcoin exchange, warning of outages and slow transactions, while Bitfinex, the largest global bitcoin exchange, said on Twitter that it has been under a denial-of-service attack for several days and that it recently got worse. Percentage jump in bitcoin’s value since the start of the year, even while there are doubts over how long the party can go on. In Singapore, the three bitcoin ATM machines, including one at Clarke Quay Central Mall, have been even more sought after following a move by several local banks to close the accounts of companies that provide cryptocurrency services. This surge has “all the hallmarks of a ‘get-rich quick’ scheme”, he said.
Even Ms Kwan is startled by the frenzy. Four years ago, our bitcoin vending machine needed to be replenished three times a week. Now we are replenishing our machine three times a day,” she said. My customers range from teenagers and young working professionals to those in their 70s. They see bitcoin becoming more mainstream and fear missing out. We have problems getting people to cash out because many think that prices can only go up, and not down, which is quite scary,” she noted. Sunday, and the Chicago Mercantile Exchange, which is planning to launch its bitcoin futures on Sunday.
16,000 level last Thursday, according to Bloomberg data. The relative ease of setting up a cryptocurrency wallet to acquire and trade bitcoin has pulled in the investors. But there are doubts over how long the party can go on. Mr James Cheo, investment strategist, Bank of Singapore, noted that even if there is more usage of cryptocurrencies in the future, it is “inconceivable for governments to allow their widespread adoption”.