At BTC World News, we’re following up on our recent story, Serious Price Differences Between Exchanges and today we see that both Bitstamp and Coinbase appear to be well within a reasonable sync of Bitcoin prices where Mt. Gox maintains roughly a 7-11% higher price difference.
We’ve reached out to Mt. Gox for comment on the higher prices listed and have only received to date, an acknowledgment from a Mt. Gox representative. We’ve additionally provided a 2nd request for comment which has not been returned.
Looking around for a better explanation of where Bitcoin prices spawn from, we’ve seen comments ranging from, “it’s what people want to pay for Bitcoin” to “it’s a formula”, which without comment from Mt. Gox, we’re left with only a guess of what determines Bitcoin price.
We’d also like to clarify that our intention is not to criticize Mt Gox for having higher prices as we’ve taken the steps and gone through the standard channels of finding out how this came to be. We’ve come to learn that everything has an explanation and it’s our hope at BTC World News that this insight will be provided. In hind sight, with all the scrutiny surrounding Mt. Gox on a regular basis, you would be lead to believe by all the stories flourishing on the web, Mt.Gox would be making the greatest effort to ensure and maintain fair and competitive market prices.
Fortunately, John Q. Public has other alternative’s to Mt. Gox if you’re a thrifty and price minded trader or first time Bitcoin buyer. Services like Coinbase.com and Bitstamp.net these day’s are offering the exact same Bitcoin for upwards of 10% less than Mt.Gox and are both full featured services. So unless you have money to throw out a window, then take a few minutes to visit these innovative Bitcoin services.
It’s not without mentioning the importance of establishing and maintaining public trust with the steady rise of Bitcoin. With Bitcoin being managed by the public sector, it’s important that standards are created and maintained. The public appreciates consistency and in one part, for Bitcoin to succeed, these Exchanges should be maintaining consistency. If we didn’t care about consistency, we would all be ok with how the Government’s have been running the show. Without doubt, there are many unanswered questions and many to be asked as to the future of Bitcoin and it’s more important than ever that everyone play by the rules, otherwise it will lead to more set-backs and unneeded scrutiny of virtual currency.
It’s important to keep in mind that it only takes one, to affect many. It’s happened time and time again in so many different area’s, and with this said, if you’re engaged in Bitcoin, take a moment to ensure that you’re in check, meeting the best standards possible and overall, representing the future and the future of Bitcoin.
The bottom line is, we at BTC World News want to point out that there are alternative options in buying and selling Bitcoin and it’s worth taking a few moments to consider the options available. We appreciate the attentiveness some of these Exchanges are offering in adhering to a world wide standard on price maintenance. We’re hopeful that Mt. Gox provides feedback and/or clarification as to the higher prices where, BTC World News will be first to let you first.
We hope you’ve enjoyed Part 2 of this article on Bitcoin Trade Price Difference and hope you would consider donating some BTC to us here at BTC World News. Simply click the Donate link to donate any amount of BTC. Your contribution is great appreciated. Be sure to follow us on Twitter @BTCWorldNews and like us onFacebook.com/BTCWorldNews for all the latest Bitcoin News, Information and Trends.