Bitcoin used to be a currency you could use almost anonymously, and that has been one of its greatest assets.  Unfortunately, with the Department of Justice’s take down of Liberty Reserve, MT.Gox, the most used Bitcoin exchange market, changed its policy and will now require valid identification for transactions.

The government is concerned that exchange markets are being used by cybercriminals or for Black Market transactions, since it’s pretty hard to trace where the money comes from.  By installing verification methods, MT.Gox is making it known that they do not condone money laundering, and it’s willing to go out of its way just to prove it.  Mt.Gox-Dwolla transactions were recently suspended by the Department of Homeland Security because it was suspected of money laundering.

But how will this move affect MT.Gox and its users?

Trustworthy and Stable

Asking for verification may make Bitcoin a more acceptable form of currency as people may now see it in a new light.  Those who were previously wary of using or investing in Bitcoin may now see the benefits.

Right now, Bitcoin is pretty unstable. Its value fluctuates at any given time, and all this talk of BTC exchange markets being hacked is not doing the market any good.  By verifying BTC users, this could lead to the currency’s stability.

Joining Kristin Feledy in this morning’s NewsDesk is SiliconANGLE Founding Editor Mark “Rizzn” Hopkins for his Breaking Analysis.

“Increased professionalism,” is what Hopkins stated when asked what Mt.Gox stands to gain with this new verification process.  “It will hopefully decrease the amount of scrutiny they’re under by federal regulators and apparently anti-terrorist units – the Department of Homeland and Security…  I think, mostly, this is going to be a move that increases the public perception of legitimacy more than anything else, and hopefully in so doing  the public that’s got the increased perception include people that are federal regulators, that’s the Mt.Gox hope here.”

See Hopkins’ entire segment below.