Mt. Gox Beefs Up Security With One-Time Password Card, Now Offers No Fee Trade Untill Cyber Monday

Posted: Nov 29 2013, 3:26am CST | by , Updated: Nov 29 2013, 3:50am CST, in Technology News


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Mt. Gox Beefs up Security with One-Time Password Card
Image Credit: Mt. Gox

The Bitcoin exchange, Mt. Gox has beefed up its security with a one-time password card. The Japanese agency has updated several features including MtGox OTP card, modified trading interface and increased SEPA withdrawal limits. It is also fee free trade from Bitcoin Black Friday through Cyber Monday.

Mt. Gox happens to be the one of the largest Bitcoin exchange agencies. It has finally decided to address safety concerns. It is now offering its users a no fee trade from Bitcoin Black Friday through Cyber Monday. Among the steps that have been taken for the sake of protection is the introduction of a new OTP card. The battery-containing password creator easily hooks up with a customer’s account. It may even be employed for further security purposes such as keeping a password in its memory bank.

"With Bitcoin prices at record highs you can never be too careful with maintaining account security. Malicious parties can compromise your login information if you aren’t careful, but by using a one-time password (OTP) you can prevent anyone from being able to use that information to access your account," Tokyo-based exchange states in a press release.

Besides this it may be used to create a novel password each time the user employs it for his daily transactions. It has a cost price of almost $40 and is currently undergoing shipments for delivery. Meanwhile, Mt. Gox has also increased limits for SEPA withdrawls from Poland.

A transformed trading interface has been issued by Mt. Gox too. At the beginning of 2013, Mt. Gox announced that it was teaming up with Akamai to make its functions a faster phenomenon. Meanwhile, the new revamping that has taken place is more superficial in nature. Indicators of different hues signify purchases made and items sold. Furthermore, cash nexus fees that occur at the time of a transaction are recorded too. Additionally, all BTC transfers will be liable to pay 0.001 network charges.

This was a necessary step for the quicker relay of transaction times. On the other hand, it is common knowledge that Mt. Gox has its share of serious issues. From DDoS forays to banking procrastinations, it is facing a time of troubles. Even the US government grabbed some if its funds. This has caused Mt. Gox to back down from its #1 spot. That position now goes to BTC China.

Source: Mt. Gox via Coindesk

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<a href="/latest_stories/all/all/20" rel="author">Sumayah Aamir</a>
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