Bitcoin Exchange Company Answers Questions

Bitcoin Exchange Company Answers Questions

One of the leading bitcoin exchange companies, Mt. Gox, posted a notice on their website on March 2nd to let consumers know about their brand new call center. The new feature from Mt. Gox is meant to answer consumer questions about the recent announcement of their bankruptcy filing.

About Mt. Gox

Based in Japan, Mt. Gox is one of the leading bitcoin exchange companies in the world. Consumers across the globe have purchased and stored the digital currency with the website since bitcoin started to take off in 2013.

However, the exchange company has recently announced a debt of $63.6 million, and has filed for bankruptcy. The company incurred massive debt from a loss of bitcoins to hackers. 10,000 of the company’s own bitcoins were stolen, along with 750,000 consumer bitcoins. The call center is the first step in redirecting Mt. Gox.

Beware of Bitcoin Exchange

Mt. Gox was hit by hackers, who subsequently siphoned thousands of bitcoins from the company’s database. In a growing trend, anyone from around the world can enter a company’s digital database and expose valuable merchant and consumer data.

With bitcoin becoming increasingly popular, consumers must be aware of bitcoin exchange services. When buying and selling bitcoin, always make sure your transactions are secure. When storing bitcoins, avoid online services that seem unreliable. Some bitcoin eWallet providers simply look to make a quick profit, and will do little to protect your imformation.

How Will This Affect Bitcoin’s Future?

The current bitcoin value is estimated to be $563.10 for each bitcoin. Though this may seem high for something that was merely a hobby for people two years ago, bitcoin value has actually dropped in recent months. With once-reliable companies like Mt. Gox failing its expectations, it’s likely that the value will keep dropping. The news certainly doesn’t encourage investors—the only factors that drive bitcoin value.

About Instabill

Instabill is a global merchant services provider. For more than a decade, we have helped e-commerce merchants worldwide find fast and reliable online merchant accounts for their businesses. As a strong supporter of bitcoin and bitcoin merchants, we encourage safe use of the digital currency, and seek to inform merchants and consumers alike on the latest bitcoin news and tips on how to keep their data safe. To learn more about Instabill, or to apply for one of our merchant accounts, contact us today. You can also speak with a live representative directly by calling 1-800-318-2713.

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