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Mt Gox releases new one-time password card for Bitcoin security

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November 29
11:05 AM 2013

Today, popular Bitcoin trading exchange Mt Gox announced its new one-time password card system in order to provide an extra level of security in Bitcoin trading. Mt Gox said physical cards will be shipped out immediately.

Mt Gox explained that users would need to link the card to their accounts and set preferences on how to use the card. Users, for example, could opt to press the OTP button on the card to generate a unique password each time they log in.

The trading exchange said the additional security was in light with the recent developments of the virtual currency. Yesterday, the Bitcoin hit its USD1,000 trading value mark for the first time, and that an increased adoption of the currency has been observed all over the world, said Mt Gox.

The trading exchange added, "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."

Aside from the physical card, Mt Gox also rolled out other changes, which include a modified trading interface, making trading more easier and adding a confirmation step to ensure users are aware of their purchases and a display of applicable fees associated with the Bitcoin trading.

Such changes, The Next Web said in a report, had Mt Gox insisting a standard 0.001 Bitcoin network fee on all virtual currency transfers to fund costs associated in improving the services of the trading exchange. Users of Mt Gox will reportedly get an increased Single Euro Payment Area (SEPA) withdrawal limit from Poland.

Mt Gox had been creating measures to uphold a reputation of being a stable and secured platform, The Next Web said. In the middle of this year, Mt Gix had to suspend trading activity for the months of June and July to improve its service after suffering a series of distributed denial-of-service attack (DDoS attack). Mt Gox addressed the security issues first by running on Internet content delivery network Akamai, of which the company announced in August.

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