Reluctant Users: We Reveal the Reasons for MtGox’s Ethereum Acceptance
In recent years, Bitcoin has become one of the most widely accepted and used cryptocurrencies in the world. Despite its widespread adoption, several factors contribute to its relatively low level of usage among mainstream users. One such factor is the decision of cryptocurrency exchanges such as Coinbase to list Ethereum (ETH) alongside Bitcoin (BTC), which has many wondering why anyone would use MtGox, which has long been one of the largest and most reputable players in the market.
Arguments for Using MtGox
For those who choose not to use Coinbase or another major exchange, MtGox is still a viable option. Here are a few reasons:
- Price Competitiveness: While MtGox is indeed often associated with Bitcoin, its prices can be more competitive compared to Coinbase and other exchanges. This makes it an attractive option for those looking to buy or sell ETH without significant fees.
- Outdated Infrastructure: MtGox has a long history as one of the largest players in the market, and as such, it has developed a solid infrastructure that includes a large network of users and traders. This old infrastructure can be an advantage for those already established in the ecosystem.
- Community Support: Despite its reputation as a less reputable exchange compared to Coinbase, MtGox still maintains a dedicated user community that appreciates its unique features and user-friendly interface.
Why should you buy or sell on MtGox?
While some may wonder why anyone would use MtGox at all, there are several reasons why it is still an attractive option for many users:
- Lack of Centralized Control: Unlike Coinbase, which is owned by a public company (Intercontinental Exchange, Inc.), MtGox operates independently. This means that MtGox has more flexibility to make decisions without outside influence.
- High Trading Volumes: Despite its reputation as a less reputable exchange, MtGox still has high trading volumes, which can be an attractive feature for those looking to profit from market fluctuations.
- Specialty Services: MtGox offers several specialized services that cater to the needs of certain types of users. For example, its “Private Exchange” service allows users to store large amounts of ETH without revealing their identity.
MtGox Reputation in More Detail
Despite its reputation as a less reputable exchange compared to Coinbase, MtGox still maintains a loyal user community that appreciates its unique features and user-friendly interface. However, it is worth noting that this reputation is largely based on the experiences of early adopters and enthusiasts.
While some may consider MtGox a relic of the past, there are still many reasons why it is still an attractive option for those looking to use Ethereum. By understanding the pros and cons of using MtGox, users can make informed decisions about which exchange is best for their needs.