The reluctant users: Discovering the reasons behind Ethereum’s adoption on MtGox
In recent years, Bitcoin has become one of the most widely accepted and used cryptocurrencies in the world. However, despite its widespread adoption, several factors contribute to its relatively low usage rate among mainstream users. One such factor is the decision by cryptocurrency exchanges like Coinbase to list Ethereum (ETH) alongside Bitcoin (BTC), leading many to wonder why anyone would use MtGox, which has long been one of the largest and most established players in the market.
The case for using MtGox
For those who have chosen not to use Coinbase or any other major exchange, MtGox remains a viable option. Here are a few reasons why:
- Price Competitiveness
: While it’s true that MtGox is often associated with Bitcoin, its prices can be more competitive than Coinbase and other exchanges. This makes it an attractive option for those looking to buy or sell ETH without incurring large fees.
- Legacy Infrastructure: MtGox has long been one of the largest players in the market and has therefore developed a robust infrastructure that includes a large network of users and merchants. This legacy infrastructure can be an advantage for those who are already established in the ecosystem.
- Community Support: Despite its reputation as a less reputable exchange than Coinbase, MtGox still maintains a community of dedicated users who appreciate its unique features and user-friendly interface.
Why Buy or Sell on MtGox?
While some may wonder why anyone would use MtGox in the first place, there are several reasons why it remains an attractive option for many users:
- Lack of Centralized Control: Unlike Coinbase, which is owned by a publicly traded 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 sees high trading volumes, which can be an attractive feature for those looking to take advantage of market fluctuations.
- Specialty Services
: MtGox offers a range of specialty services that cater to the needs of certain types of users. For example, its “Private Exchange” service allows users to hold large amounts of ETH without revealing their identity.
A Closer Look at MtGox’s Reputation
Despite its reputation as a less reputable exchange than Coinbase, MtGox still maintains a community of dedicated users who appreciate its unique features and user-friendly interface. However, it’s worth noting that this reputation is largely based on the experiences of early adopters and enthusiasts.
While some may view MtGox as a relic of the past, there are still many reasons why it remains 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 suited for their needs.