Bitcoin Basics Quiz 4
- What is the maximum number of bitcoins that can be created?
- Q 4
The exchange originally opened in 2006 when it was a marketplace for the popular card game “Magic: The Gathering Online”. This is where it gets its name from (Magic The Gathering Online eXchange). The exchange then pivoted to trading Bitcoin in 2010 when its founder Jed McCaleb first discovered the cryptocurrency and decided there was a gap in the market for a Bitcoin exchange.
In March 2011, Jed McCaleb sold the exchange to a French software developer, named Mark Karpelès. McCaleb said “to make MtGox what it has the potential to be would require more time than I have right now. So I’ve decided to pass the torch to someone better able to take the site to the next level”.
Several months later, MtGox had its first major security breach, a hacker was able to transfer large amounts of Bitcoin to himself.
On 7th February 2014, MtGox paused all Bitcoin Withdrawals, citing the company wanted to “obtain a clear technical view of the currency processes”. This was only the start of what was to come. 3 days later, the company announced it was working with several Bitcoin Core developers to mitigate an issue where it was “possible for someone to use the Bitcoin network to alter transaction details to make it seem like a sending of bitcoins did not occur even when it did”.