DESPITE EXCHANGERS TROUBLE BITCOIN IS STRONG

Updated: 06/07/2013 21:22
Reprints/Permissions  Hyip Monitor
Recently Bitcoin exchange #1 site Mt. Gox faced a series of troubles like phising, federal's prosecution, etc. But despite all these problems Bitcoin...

Recently Bitcoin exchange #1 site Mt. Gox faced a series of troubles like phising, federal's prosecution, etc. But despite all these problems Bitcoin prices are holding dteady. Almost everyone who is interested in the e-currency Bitcoin trades at Mt. Gox. It handles more than half of all Bitcoin’s transactions, with roughly $144 million in USD filtering through the system right now, according to Bitcoin Charts. It seems that due to legal, technological and federal pressure its traders are losing faith in that website as trading volumes begin to slip.

In the latest development, Symantec researchers discovered that a group of hackers had spoofed the Mt. Gox site and duped users into downloading harmful malware onto their computers — another in a series of attacks aimed at harassing Mt. Gox and some of its users (and perhaps stealing some Bitcoins in the process). A string of malicious DDoS attacks throughout 2013 have caused the website to even shut down a few times to stabilize the currency.

Beside that Mt. Gox faces some legal threat. The website has implemented tighter verification process on its traders, especially those who trade different to Bitcoin e-currency, in order to separate itself from recently shuttered Liberty Reserve and Mutum Siegellum (seized by Homeland Security for failing to register as a money transmitter). To crown it all Mt.Gox has been hit with massive $75 million lawsuit by Bitcoin portal CoinLab after partnership split.

Interesting, but Bitcoin prices remained the same and traded steady as if nothing happened at all. So if even the biggest exchanger will not make it there are about 11 different exchangers more to fill the gap and satisfy all traders needs. The second to MT. Gox biggest one is BitStamp with more than $27 million trades. There are clear sighns that despite any troubles Bitcoin has outgrown its own trading arena.


About the author

Charles Morris works as the Chief Editor of HYIPNews for 5 years. Before 2010 has been working as a freelance copywriter writing for online newspapers, blogs, magazines and online portals in the sphere of investment. Since 2010 has been accepted to the team of HYIPNews as a copywriter. Used to write exclusive materials for HYIPNews. Have shown great skills in managing day-to-day publications and since April 2011 has been appointed for the position of HYIPNews Chief Editor. Among the current duties the main ones is to oversee all of the authors' publication and ensure that each issue is released on time and in a professional manner. Apart from the position of Chief Editor, Charles Morris also takes the post of the Support Manager of HYIPNews.
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