Leading Bitcoin exchange Mt. Gox which disallowed global US dollar withdrawals two weeks ago has announced that customers can now withdraw the currency. Earlier, Mt. Gox withheld any withdrawal of the US dollar for it was testing its new transaction processing system which according to it was unable to meet the increasing demand from the customers.
A Commendable Job, Says Mt. Gox
It is quite commendable a job; Mt. Gox fixed the issues within a record two-week time. At the same time, it also formed relationships with a number of new banking partners from around the world as according to its sources, the organization is all set to create increased stability. The organization also thanked all those who stood with it when the chips were down.
Bitcoin May Say an Improvement in Value
The virtual currency which used to be valued around 100+ dollar has now gone down and now trading between $80 and $90. Several of the currency experts feel that the measure from the leading Bitcoin exchange, Mt. Gox will help in the value appreciation of the crypto-currency. They however consider any such appreciation in value will not last long.
Whereas some Bitcoin experts claim that soon the virtual currency will be valued somewhere around $50, some others such as Vladimir Marchenko, CTO at BTC Global are unsure about the outcome of the decision by Mt. Gox. According to Mr. Marchenko the decision by Mt. Gox will have two effects; the first, the money trapped in Mt. Gox will see the light of day and will be invested in competing exchanges.
And, number two, Mt. Gox will be able to generate confidence among Bitcoin investors. Moreover, Mt. Gox is all set to comply with the rules and regulations set by the US Treasury’s Financial Crimes Enforcement Network (FinCEN) as a money transmitter and in that regard it even recently applied with the agency.