Policies and standards of this nature may be exactly the sort of solution that mainstream investors need in order to commit to Bitcoin. There are still a number of people who associate Bitcoin with its former dark past as the primary currency used to trade on Silk Road. But since Silk Road fell apart, Bitcoin has been able to break free from its stigma as the currency for making illegal transactions. In much the same vein, Bitcoin needs to be dissociated from shifty exchanges like Mt. Gox who didn’t take security seriously and disgraced the entire industry with their malpractice. What most people don’t know is that Mt. Gox initially started out as a site to trade fantasy games cards. The infrastructure was then adapted to trade Bitcoins. Mt. Gox stands for Magic the Gathering Online Exchange. With roots like these it’s unbelievable that the company was able to grow to the size that it did.
Since its inception, Bitcoin has now developed a support system of startups backed by millions of dollars in venture capital, the endorsement of federal regulators and lawmakers, and an ever-growing user base. As the currency continues to change and evolve, shedding its old skin, we can expect tighter security measures as an industry standard and more accountability from BTC exchanges ultimately resulting in a more stabilized resource.
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