Earlier today in a conversation on the #bitcoin-otc IRC channel the operator of the exchange (IRC Nick: MagicalTux) shared some interesting information.
T: Is there a way to see how much money has gone into MtGox?
MagicalTux: you may know how much went this year in may 2012, when we publish our company accountings
T: Some stuff I’ve been thinking about: One way to gauge spikes in interest before they show up on markets is the count of users here, and the ratio of prices between BitCoinMarket and MtGox…
MagicalTux: you could use the count of users on mtgox (went over 30k recently)
Accounts at the exchange are used not only by traders but also by miners who use the exchange as their preferred method for “cashing out” their mining proceeds and by merchants who’ve sold goods and services for bitcoins.
Once bitcoins are traded for USDs on the exchange there are several methods for withdrawing funds including one of the least expensive methods — to withdraw to Dwolla which incurs only a fixed fee of $0.25 per-transaction.
Additionally, frequent traders may be thrilled to learn that the exchange might be providing a subscription option at some point in the future. Currently, the exchange charges a 0.65% fee to both sides of each trade however at some point (“soonish”) the exchange plans to offer a fixed per-month fee:
C: MagicalTux: @_@ thinking of a per month $ deal instead of 0.65 per tx for the “day” traders?
MagicalTux: C: will be available soonish
Yet one more revelation occurred during this online conversion as well:
MagicalTux: for now we are working on debit card payouts (issuing debit cards with the bitcoin logo on it)
***C rubs hands togetther
MagicalTux: can’t promise anything yet, but we are in talks with various card issuers
These innovations would likely follow the release of a major update to the exchange’s backend software that supports the service. Previously, information about what is planned at the exchange was shared and included mention that the exchange would be offering trading options and margin trading in the coming months.
Daily volume at the exchange has been rising quickly and record levels, in dollar terms, seem to last only a few days before an even higher level is reached. Though Mt. Gox is the leading exchange, other exchanges have seen increasing volume as well, including bitomat.pl whose volume growth rate far exceeds that of Mt. Gox even.
It is starting to look like this global decentralized digital currency project called Bitcoin is moving from being an interesting little technological experiment to becoming a growing financial innovation. This is innovation that not only has no need for the incumbent financial institutions but instead gives them a run for their money (pun intentional).
GoWest (@GoWestBTC), blogging on TheBitcoinTrader.com, shows some metrics describing where Bitcoin shined in 2012. Excerpts:
“The current market cap is actually at a peak for 2012, exceeding the spike in August. This can be attributed to the fact that tens of thousands of Bitcoins have been introduced into the economy since August.”
“These have shown steady growth over the past year: The number of items listed at Bitmit (an auction site that operates in Bitcoin), the number of users at Ogrr (an MMORPG marketplace), and the number of views of the ‘What is Bitcoin’ YouTube video.”
“Bitcoin’s top poker site, SealswithClubs, is gaining new users on a daily basis, with attendance at the tables on the rise.”
“The Bitcoin discussion on the TwoPlusTwo forums, the most popular poker discussion forum on the ‘net, has 3,000 posts and 165,000 views!”
“All-in-all, a very impressive year for Bitcoin. Here’s to an even stronger performance in 2013!”