DEFINITION of 'Mt. Gox'
One of the world's leading Bitcoin exchanges, launched in July of 2010. Mt. Gox allows users to buy, sell and trade Bitcoins on its exchange while offering support for U.S. dollars, euros and Canadian dollars. Members of the Mt. Gox exchange consider their Bitcoin holdings to be housed in a sort of e-wallet, allowing for quick trading of the digital currency with other traders on the exchange. Mt. Gox charges a commission for all trades executed through the exchange
BREAKING DOWN 'Mt. Gox'
Bitcoins are a digital currency created in 2009, which allow users of Bitcoin exchanges to make payments and trades at a very low cost. Bitcoin circulation and expansion is governed by Bitcoin software and is programmed to expand as a geometric series, thus limiting the effects of monetary inflation on the virtual currency. Bitcoins are one of many virtual currencies that can be traded online by users.