Withdrawals from Mt. Gox: growing pains or banking bottleneck?
On July 4th, bitcoin investors let out a collective sigh of relief when Mt. Gox finally resumed USD withdrawals. The reason for the hiatus on withdrawals was so Mt. Gox could test out its new transaction system in the face of increased volume. Yet there was a level of exasperation for those looking to cash out of BTC because of the fact that bitcoin at the time was experiencing a low not seen since April. Despite resuming withdrawals, a number of people have expressed discomfort at the fact that they cannot get their money from Mt. Gox, despite issuing withdrawal requests. I'm also dealing....
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Since June 2013, the bitcoin exchange Mt. Gox has been struck by severe problems with fiat currency withdrawals. According to their press release of June 20th, cash withdrawals would be suspended for 2 weeks. On July 4th, a press release stated that withdrawals had fully resumed. Despite this positive tone, it was shortly noted by the user community that few withdrawals seemed to be occurring in a timely manner. Queries to Mt. Gox support since that time have normally been answered with a statement that it is taking several weeks for withdrawals and to please be patient. Unfortunately, as....