Bitstamp Giving Neck to Neck Competition to Mt. Gox
Although, Mt. Gox still enjoys a lion’s share in Bitcoin exchange, on 22nd July, Bitstamp sold 8,294.02 BTC which were slightly higher than Mt. Gox’s 8,215.90. Nonetheless, there will still not be a major challenger for Mt. Gox in the sense that it still has more than half of the market for Bitcoin.
Though two years ago Mt. Gox used to handle over 80% of all Bitcoin trade; the Bitcoin Charts show that the company handles 52% of exchange transactions now. On the other hand, Bitstamp handles 18% of Bitcoin exchanges. Thus, despite the recent over passing, Bitstamp is far away to become a major challenger, but no one knows in a couple of years, it can be.
Nejc Kodrič, the CEO of Bitstamp seemed happy about the over passing and felt that this represented a milestone for his company as well as recognition of its joint efforts. He also assured to continue to improve and serve the clients and bring the best products and customer care services to tackle any issues that customers face.
Bitstamp, Still a Long Way to Go
Thus, despite the fact that Mt. Gox is still enjoying a lion’s share, Bitstamp is fast catching the pace and according to some estimates Bitstamp will one day become the largest Bitcoin exchange in the world. Experts believe that they appreciate Bt. Gox’s role as it helped Bitcoin a lot and brought it to this stage; however, a lot has to be seen in the next couple of years.
Opinions are also rife that Bitstamp will keep growing because of its high-quality customer service. However, the exchange also needs to find more bank partners as it is essential to restore operations if some banks discontinue the relationship, the operation must go on. Also, the organization needs to diversify geographically to rule out Cyprus like situations.
According to various estimates the increasing popularity of Bitstamp can also be related to the Mt. Gox’s issues i.e. one’s loss is another’s gain. Mt. Gox was recently caught in a myriad of issues such as two-week’s hiatus on dollar withdrawals, legal complications with the US government and more.
It is also assumed that Mt. Gox was a hit because it was one of the first providers and there were a large number of customers. However, the challenge in front of Bitstamp is huge as it has Mt. Gox, a huge exchange that is dominating the Bitcoin landscape.
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