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How did Mt. Gox start, and when could strangers trade bitcoin for cash?
Research question: How did the early Mt. Gox exchange start, and when did it first let strangers trade bitcoin for money?
The records show Mt. Gox began in late 2006 as programmer Jed McCaleb's idea for a website where Magic: The Gathering Online users could trade game cards like stocks 38. After reading about bitcoin on Slashdot in July 2010, McCaleb decided the bitcoin community needed an exchange and reused the mtgox.com domain for one 412. The records give 18 July 2010 as the date the bitcoin exchange launched and first let people trade bitcoin for regular currency 5. Some sources instead date the first matched trade, 20 bitcoin for just under a dollar, to July 17, 2010, one day before that launch date 618.
Checked 2026-10-22. Only documented and supported facts are used.
Dig deeper on this questionSources
[1] supported
Jed McCaleb, who founded the file-sharing services Overnet and eDonkey2000, is also described as the founder of Mt. Gox, a bitcoin exchange. The document gives no date for the exchange's founding and does not say when it first allowed trading for money.
"マケーレブはファイル共有サービス Overnet 、 eDonkey2000 （ 英語版 ） の創始者であり、ビットコインの取引所 マウントゴックス (Mt. Gox) の設立者でもある。"サトシ・ナカモト
[2] supported
Mt. Gox was a bitcoin exchange based in Shibuya, Tokyo, and its owner was listed as Tibanne Ltd. (Tibanne).
""owner":{"wt":"ティバン Ltd.（Tibanne）"}"マウントゴックス
[3] supported
Mt. Gox began in late 2006 as an idea by programmer Jed McCaleb for a website where users of Magic: The Gathering Online could trade game cards like stocks.
"In late 2006, programmer Jed McCaleb thought of building a website for users of the Magic: The Gathering Online tradable card game service, to let them trade "Magic: The Gathering Online" cards like stocks."Mt. Gox
[4] supported
After reading about bitcoin on Slashdot, McCaleb decided the bitcoin community needed an exchange for trading bitcoin and regular currencies.
"decided that the bitcoin community needed an exchange for trading bitcoin and regular currencies."Mt. Gox
[5] supported
Mt. Gox launched its bitcoin exchange and price quoting service on 18 July 2010, deployed on the spare mtgox.com domain name, which is when it first let people trade bitcoin for regular currency.
"On 18 July, Mt. Gox launched its exchange and price quoting service deploying it on the spare mtgox.com domain name."Mt. Gox
[6] supported
Mt. Gox's first matched trade happened on July 17, 2010, when two trading parties traded 20 bitcoin for just under a dollar.
"On July 17, 2010, two trading parties matched for the first time on the Mt. Gox Bitcoin exchange when 20 bitcoin changed hands for just under a dollar."Ten Years of Bitcoin Market Data
[7] supported
Mt. Gox went online on July 18, 2010.
"The exchange went online on July 18, 2010."Mt. Gox - Bitcoin Wiki
[8] supported
Mt. Gox was created in 2006 by programmer Jed McCaleb as a platform for trading Magic: The Gathering Online cards, not Bitcoin.
"In 2006, a programmer, Jed McCaleb, created Mt. Gox as a platform for trading "Magic: The Gathering Online" cards."The Story of Mt. Gox: Explained
[9] supported
Mt. Gox began as a Magic: The Gathering Online card market that its founder, Jed McCaleb, had planned before he learned about Bitcoin.
"McCaleb registered the domain mtgox.com for a proposed market in cards used by the game Magic: The Gathering Online"View source for Mt. Gox - BitcoinWiki
[10] supported
Each Mt. Gox account had a fiat sub-account and a bitcoin sub-account, and users bought bitcoins with money from their fiat account, with sale proceeds deposited back into that same account.
"A registrant on Mt. Gox had at least two sub-accounts: one for bitcoins (BTC), and one for fiat currency. Bitcoins were bought using funds from the trader's fiat account, and the proceeds from the sale of bitcoins were deposited into the same account."Mt. Gox - Bitcoin Wiki
[11] supported
The Mt. Gox site was repurposed in 2010 to launch a Bitcoin exchange, riding growing interest in cryptocurrency.
"The Mt. Gox site was repurposed in 2010 to launch a Bitcoin exchange, capitalizing on the growing interest in cryptocurrency."The Story of Mt. Gox: Explained
[12] supported
After learning about Bitcoin, McCaleb reused the mtgox.com domain for a Bitcoin exchange that opened on 18 July 2010.
"After learning about Bitcoin, McCaleb reused the domain for an exchange that opened on 18 July 2010."View source for Mt. Gox - BitcoinWiki
[13] supported
On its first day as a Bitcoin exchange, Mt. Gox enabled trading of just 20 Bitcoins, each selling for about 5 cents.
"On its first day of operation, Mt. Gox enabled the trading of just 20 Bitcoins, each selling for a mere 5 cents."The Story of Mt. Gox: Explained
[14] supported
Programmer Jed McCaleb launched Mt. Gox as a Bitcoin market in July 2010 and handed control to Mark Karpelès in 2011.
"Programmer Jed McCaleb launched it as a Bitcoin market in July 2010 and transferred control to Mark Karpelès in 2011."View source for Mt. Gox - BitcoinWiki
[15] supported
On October 10, 2010, Mt. Gox switched its main funding option from PayPal to Liberty Reserve because of chargeback fraud.
"On October 10, 2010 the exchange switched from PayPal to Liberty Reserve as the main funding option as a result of chargeback fraud."Mt. Gox - Bitcoin Wiki
[16] supported
In 2011, McCaleb sold Mt. Gox to French developer Mark Karpelès, who was living in Japan at the time.
"In 2011, McCaleb sold Mt. Gox to French developer, Mark Karpelès, who was living in Japan at the time."The Story of Mt. Gox: Explained
[17] supported
Mt. Gox executed its first Bitcoin trade on July 17, 2010, a 20 BTC order between two parties.
"Exactly ten years back on July 17, 2010, the exchange executed its first Bitcoin trade with a 20 BTC order between two parties."10 Years Ago: First Bitcoin Trade on MT.Gox For $0.05 Per BTC
[18] supported
The first Mt. Gox trade was worth only about $0.99 in total, with Bitcoin priced around $0.04951.
"The total value of the transaction was just $0.99. Bitcoin’s price was trading at $0.04951 back then."10 Years Ago: First Bitcoin Trade on MT.Gox For $0.05 Per BTC
[19] supported
Mt. Gox was the predominant Bitcoin exchange in its early years and controlled a huge percentage of the market.
"Back in the years, Mt. Gox was the predominant Bitcoin exchange, and as such, it controlled a huge percentage of the market."10 Years Ago: First Bitcoin Trade on MT.Gox For $0.05 Per BTC
[20] supported
Mt. Gox was later hacked, and billions of USD worth of BTC was stolen.
"Soon after, it was hacked, and billions of USD worth of BTC was stolen – the case goes on until today."10 Years Ago: First Bitcoin Trade on MT.Gox For $0.05 Per BTC