Bitcoin and Mt Gox: What Happened and Where Does Bitcoin Go from Here?

The Blog

A virtual cryptocurrency that relies on peer-to-peer computer algorithms, Bitcoin (BTC) has started somewhat of a financial revolution since Satoshi Nakamoto created the decentralized currency in 2009. Last year, Bitcoin Trading entered the mainstream with Bitcoin entrepreneurs seeing business opportunities, Bitcoin ATMs and a growing acceptance of the currency by forward-thinking retailers. Its value shot up from $12 per BTC unit in January to more than $1,200 per BTC in December; a 10,000% gain in less than 12 months that led to Forbes declaring ‘2013: Year Of The Bitcoin’.

Magic: The Departure – Mt Gox Exits the Marketplace

Based in Japan, Mt Gox became a Bitcoin exchange in 2010, having originally been a trading card exchange called Magic: The Gathering Online Exchange (Mt Gox for short). At times in 2013, the company’s Bitcoin market share stood at 70-80% of all BTC trades, yet in February 2014, it came clean about…

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