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Bitcoin Exchange MtGox Shutdown Permanently!

mtgox shutdown exchange

MtGox Shutdown Bitcoin Exchange

The hole the hackers dug and dumped MtGox – the oldest and most established bitcoin exchange company – was so deep that the company wasn’t able to dig itself out of it. The breaking news come out today that MtGox shutdown its doors permanently and will no longer be a Bitcoin exchange company!

The exchange rate of Bitcoin sank to its lowest lever at MtGox since the big rally Bitcoin and owners of Bitcoins enjoyed over the last couple of months and threaten to sink the entire bitcoin economy. After MtGox got hacked and hackers made away with over $2.7 worth of Bitcoins, the company become a liability, not only to its owners and customers but to other Bitcoin exchange companies lobbying to take Bitcoin mainstream and turn it into a widely used virtual currency.

MtGox shutdown and departure open up the market for smaller Bitcoin exchanges to step up. However, some are very angry at the operators of MtGox. Six of the major Bitcoin exchanges issued a joint statement distancing themselves from MtGox.

“This tragic violation of the trust of users of MtGox was the result of one company’s actions and does not reflect the resilience or value of Bitcoin and the digital currency industry,” the exchanges, including Coinbase and BTC China”, the statement read.

“As with any new industry, there are certain bad actors that need to be weeded out, and that is what we are seeing today.”

“We are confident, however, that strong Bitcoin companies, led by highly competent teams and backed by credible investors, will continue to thrive, and to fulfil the promise that Bitcoin offers as the future of payment in the internet age,” they added.” They added.

Will MtGox shutdown spells the end o Bitcoin and kill the drive to make it a global currency alternative? State your opinion below.

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