Mt Gox is dying. That's a good thing for Bitcoin.

Bitcoin can do better than an overwhelmed website formerly known as a hub for trading Magic the Gathering cards

Mt. Gox
(Image credit: (AP Photo/Kaori Hitomi))

Bitcoin just took a body blow. But even though the virtual currency is staggering, the punch Bitcoin just suffered will pay off in the long run.

Mt. Gox, originally known as Magic the Gathering Online Exchange, and now the industry leader in exchanging Bitcoins to normal currency, is offline — taking more than 700,000 Bitcoins, worth an estimated $409 million, with it.

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