10 Sep '13, 10am
How eBay Could Rescue Bitcoin From the Feds
Bitcoin, the world’s most popular digital currency, has a big problem. Just ask David Spitzer. On August 20, Spitzer sold a Bitcoin on Mt. Gox, the world’s best-known Bitcoin exchange, and immediately tried to move the money to his U.S. bank account. Twenty-one days later, he’s still waiting for the cash to appear. “It’s taking an extraordinary amount of time,” he says. Earlier this year, after the feds seized its U.S. bank accounts — and $5 million in cash — Mt. Gox temporarily suspended transfers to the U.S. At the time, the company said, it was halting transfers in order to pull off a technology upgrade, but as far as U.S. customers like Spitzer are concerned, it hasn’t been much of an upgrade. It’s seriously hampering their ability to use the Bitcoin system. Like other Bitcoin exchanges , Mt. Gox is having a hard time with U.S. banks because there are big questions abo...