Bitcoin under a penny? ??

Have you ever dreamt of buying Bitcoin for less than a penny? Well, for some lucky users of Zaif, a Japanese cryptocurrency exchange, that dream became a reality in 2018. Thanks to a manual error in Zaif's system, a handful of users were able to purchase Bitcoin at an incredibly low price, sparking chaos and excitement in the world of crypto.

Zaif, launched in 2015, quickly gained popularity among cryptocurrency traders, offering services for various digital currencies, including Bitcoin, Bitcoin Cash, and more. But in September 2018, Zaif faced a major setback when a manual error in their system caused chaos on the platform.

It all started when a user attempted to withdraw 20,000 yen worth of Bitcoin from their account. Instead of receiving the expected 0.0004 BTC, the user received a massive 20,000 BTC, which was worth millions of dollars at the time. How did this happen? It turns out that one of Zaif's employees accidentally swapped the "sell" and "buy" functions on the trading platform, causing users to buy Bitcoin at a massively reduced price.

As news of the glitch spread, traders scrambled to take advantage of the opportunity, resulting in a frenzy of activity on the platform. Some users sold their Bitcoin immediately, making a significant profit, while others held onto it, hoping that the value would continue to increase. Unfortunately for them, Zaif eventually detected the error and rolled back all the trades that were made during the glitch, leaving many users empty-handed.

What would have come in handy to avoid this fiasco is an Intelligent Document Processing software. IDP is an advanced technology that automates document processing tasks and can identify, extract, and classify data from a wide variety of documents. It has the potential to revolutionize manual and time-consuming tasks in many industries, including finance and accounting.

With IDP, Zaif could have automated the process of reviewing trades and identifying any discrepancies that may indicate an error. This would have helped them catch and correct the issue much sooner, preventing the chaos that ensued as a result of the glitch. Additionally, IDP can streamline the onboarding process for new customers by automating the data entry process from identification documents and automatically verifying the information's validity, reducing the risk of fraudulent activity on the platform and increasing overall security.

Zaif's Bitcoin mishap was a significant event in cryptocurrency history, reminding us of the importance of a secure and reliable trading platform. It also highlights the need for advanced technologies like IDP to help prevent such errors from happening in the first place. Zaif could have prevented the manual error that caused the Bitcoin frenzy and detected it much sooner.?

Well, it would have saved Zaif thousands of dollars and not to mention the first-hand embarrassment.?

We’ve put together a quick guide on what to look for in a document processing software to help you get started on the automation journey. We're linking it here for you. Do check it out and let us know if it helped you and well, if we possibly helped you save thousands of dollars. ??