BIPS, a Europe-based Bitcoin service provider, has announced that though it has been using Mt. Gox to convert between fiat currency and Bitcoin, the latter is darn slow in processing the transactions.
The largest provider of Bitcoin payments in Europe, BIPS claimed that though the number of sell orders has increased recently, there has not been any improvement in Mt. Gox’s processing speed.
Recently, we also published news that Bitstamp surpassed Mt. Gox (http://www.forexminute.com/bitcoin/bitstamp-giving-neck-to-neck-competition-to-mt-gox-8805). Now, this new decision on the part of BIPS is another opportunity for Bitstamp and another loss for Mt. Gox, which is facing huge problems.
BIPS which was launched in 2013 was designed to perform Bitcoin tasks. Currently, it serves more than 10,000 customers globally. Operating from Denmark and Canada, BIPS has a lot of experience in creating Bitcoin payment solutions in the world and for that matter is trusted a lot by customers.
BIPS is PCI-DSS ready. Customers can trust its knowledgeable team which ensures Bitcoin is integrated effectively and efficiently. Now that the organization is signing in with Bitstamp, the efficiency will increase further as the latter is also known for effective and efficient services as well as great customer care services.
According to the sources, the BIPS realized that working with Mt. Gox was becoming increasingly unfeasible and withdrawal was the only solution. Moreover, as conversions between Bitcoin and fiat currency is fundamental business requirement, the company felt that Mt. Gox was not doing good in that regard.
BIPS claims that each withdrawal had a pending period of over eight weeks which is quite upsetting as it affects its fiat buffer as it processes withdrawals in 1 to 5 business days. However, now with Bitstamp which has promised to do it more quickly, BIPS is hopeful that the time will be reduced significantly.
Mt. Gox Facing New Challenges – Opportunities Falling on Bitstamp’s Ways
For Mt. Gox which has been facing a lot of problems recently, the decision on the part of BIPS will be a major blow. It has been losing market share after it faced a lot of technical and regulatory problems.
Bitstamp seems to be a winner in all this development as with this it gets a boost. However, the Henriksen of BIPS says that in the long run it would probably benefit both of the companies and as he meets the Bitstamp team in San Jose, he will be more inclined to trust them over Mt. Gox.
To contact the reporter of this story: Jonathan Millet at firstname.lastname@example.org