Mount Gox is the biggest bitcoin exchange, when it comes to buying and selling bitcoins. Mt. Gox makes crypto- currency more stable and reliable. The service has changed from externally hosted to self- hosting. This will allow a greater flexibility and control over the service.
Mt. Gox has announced they will be launching new trading engine “Midas”, which will be able to run more than 500,000 trades per second. All these features will help Mt. Gox to support the Bitcoin rival Litecoin. However, there will still be problems, which will not be able to deal with so easy, such as the time it takes to make deposits and withdrawals.
Mt. Gox representatives states that it takes up to 10 days to process a deposit, which is a long time. This happens because bank holds received deposit for 7-10 days before transferring it to their account. The problem about this that Mt. Gox is crediting customer accounts before they receive the funds themselves, which leads to vital losses, when some cases of deposits are rejected by bank. Therefore, it creates a lot of risk to credit customers, before the deposit is received. The process of fixing this problem is running and hopefully will be fixed successfully. If Mt. Gox and Bitcoin wants to see the digital currency gain wider audience, they critically need to offer their services at the same level of standard- currency timescales.
That kind of time issues in trading is one of the reasons why exchange is so unstable and it also effects on user verifications, which is a touchy subject for Bitcoin representatives, who keep rather relative anonymity of the currency’s use. Union Square Ventures offered direct Bitcoin purchases and sales to those who will go through an ID check in order to fight money- laundering. There are many issues concerning the performance of the digital system, which Mt. Gox is willing to work on.
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