Beware of Mt Gox

This piece is less about some new factoid regarding Bitcoin, about the fact that Bitcoin is now over $500 or once again how Bitcoin is a great example of capitalism at work.

No, this piece is actually just a brief mention of my experience with Bitcoin services.  I was first introduced to Bitcoin by Roger Ver, aka “Bitcoin Jesus”.  He is an investor in Blockchain.info and owner of BitcoinStore.com.  Let me just say that in the time that I have been dealing with Bitcoin, I have been extremely happy with my Blockchain wallet.  I have also been very impressed with what can be found for sale at Bitcoinstore.com.

In fact, my overall journey into Bitcoin was great until about 6 weeks ago when I attempted to “cash out” some Bitcoin through the trading giant Mt. Gox.  Big mistake.  After setting up my account and selling some Bitcoin, I found the process to withdraw my US dollars was actually lengthier than I had expected.  The statement on Mt. Gox’s website states that “some withdraws can take up to 2 weeks.”  That was ok, I wasn’t in a huge hurry.