Will retailers continue to accept Bitcoin payments?

Last year, two online retailers began accepting digital currency Bitcoin as one of their acceptable forms of payment. The historic move is expected to encourage other online retailers and some bricks-and-mortar stores to follow suit.

In April 2013, Foodler announced on its website that customers can now use Bitcoin in all 12,087 restaurants for their food deliveries and online orders. The popular site is an online ordering service that connects hungry consumers with a variety of restaurants for their takeout needs.

It became the first merchant in the food industry to accept Bitcoins. To use the virtual cash, the company outlined an innovative process for electronic payments:

• Customer’s deposit will be converted to USD “Foodler credits”


• Current USD exchange rate per Mt. Gox will be used


• User’s account will be credited immediately upon receipt


• Customer will receive an email notification when this occurs.

The company’s decision will likely induce copycat payment systems from ecommerce shops around the world. Since Bitcoin is a decentralized instrument not sanctioned or regulated by any government or central bank, it’s not currently clear what the tax implications of the new usage are. It’s widely believed that shops already using the currency are able to skip paying taxes due to the lack of record-keeping infrastructure in place for virtual instruments.

Last year, dating site OkCupid announced that it too will accept Bitcoin payments. It’s not currently clear how both online retailers plan to fight possible hacking and/or verify against counterfeit digital cash. Since Bitcoin is composed of data bits sent electronically through computer networks, risk management professionals and security firms may not be able to distinguish between real and fake/counterfeit Bitcoins.

However, both sites are expected to significantly lower costs for its electronic payments. As an anonymous programmer’s invention, Bitcoin is not beholden to large banks and credit card companies who charge expensive merchant fees (and interest payments when consumer debt is involved) for each transaction. It’s regarded as a digital peer-to-peer currency based on cryptography.

It was created in 2009 by a programmer supposedly named Satoshi Nakamoto. Is Nakamoto a state-sponsored programmer? No one knows for sure.

There appears to be immense uncertainty regarding its widespread use in the marketplace. Conservative investors, such as Tom Dyson, have remained skeptical of late arriving speculators and traders looking to Bitcoin as a tradable commodity instead of a global, liquid instrument.

The currency’s viral popularity have encouraged financiers, traders, and speculators to trade in Bitcoin, and the mass infusion of investment capital has led to an extreme volatility in its value. Last week, some investors suffered tremendous losses after Bitcoin’s value dropped by nearly 80 percent in 24 hours.

It reached an all-time high of $266 to a U.S. dollar before crashing to $55 in just a few hours. Less than a year ago, Bitcoin was worth less than $30 per U.S. dollar.

Recently, the U.S. Treasury Department has sent signals that it wants to regulate the virtual cash. The government’s motivation seems to be its ability to fence in taxable revenue as well as prevent illegal activities such as money laundering and the drug trade. Some blogs have even speculated that Bitcoin is a conspiracy by the Central Intelligence Agency (CIA) for electronic spying purposes.

How will Foodler and OkCupid affect consumer purchase behavior as well as retail adoption of the technology? The market - and speculators - are observing.

July 04, 2014 at 08:33PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

The European Commission has made it clear it would try to impose rules on virtual currencies like Bitcoin when the banking regulator ordered lenders to avoid them.

A spokeswoman for Financial Services Commissioner Michel Barnier, Chantal Hughes said by e-mail: “It’s imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore.”

The EU executive arm, the Commission, moved after the European Banking Authority said banks should not acquire, hold or sell virtual currency while regulators did not develop safeguards to defend their integrity. The regulator discovered more than 70 risks associated with currencies from identity theft by hackers with the ability to be focused on trading platform.

Regulatory agencies and prosecutors worldwide with even greater attention monitoring the virtual currencies.

Mt Gox, once the world’s largest exchange of Bitcoin, filed for bankruptcy in Japan previously this year against the backdrop of the claims it lost 850 000 Bitcoins. Central bank of China banned the company from financial transactions virtual currency last year.

A research fellow for finance and regulation at the University of Dundee, Scotland, Richard Reid said by e- mail: “Regulators have become alert to the potential for fraud and disruption. Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

According to the EBA it called on the EU to develop regulations for trading platforms and start groups to monitor every online currency so that no individual can manipulate currency. The EU should consider increasing the scope of the law on combating money laundering in order to better capture virtual currency.

The regulator warned: “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation.”

EBA noted that the widespread use of the currencies could also make it more difficult for central banks to steer the economy by making the effects of monetary policy more difficult to predict.

Bitcoin currency gained prestige after law and securities agency said in Senate of U.S. hearing that it may be a legal means of exchange. Bitcoins price exceeded $ 1,000, as speculators expected widespread use of electronic money.

Since then the price has slumped to about $ 631 on Bitstamp, online exchange based in Slovenia. According to Bitstamp it will cost about $ 8.4 billion to buy all Bitcoins in existence.

According to Simon Dixon, director of British Digital Currency Association, a group representing the country’s virtual currency industry, the EBA’s statement is “not very helpful ” and may keep only individual users of specific virtual currencies.

He said in e-mail: “Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking. The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

July 04, 2014 at 04:53PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin faces EU rules as regulator tells banks to stay away

Read More

Tim Draper: the Bitcoin auction winner who wants to split California in six

Read More

Bitcoin Stuck at $625, More Losses Likely

Want to Trade Bitcoin? ForexNews Recommmends Click Here To Learn More.

Bitcoin is still under pressure from yesterday’s EBA warning. On BTC-E, we opened at $626.29, from here, bitcoin fell to $621 then proceeded to rally back to $625. As you can see on the chart below, BTC prices are stuck at the $625 figure. We expect more losses going forward and a move below $625. The next minor level of support is at $610 but the $600 round figure should provide strong support for BTC/USD.

The EBA opinion has been a hot topic in the past 24 hours. In it, the regulatory body outlines no less then 70 possible risks surrounding virtual currencies. The risks are ranked into low, medium and high ‘‘in the interests of pursuing efficient and effective regulatory or supervisory intervention.” Here are just a couple of what the EBA says are high risks:

- User suffers loss when an exchnage is fraudelent

- User experiences drop in value of VC (virtual currency) due to significant and unexpected exchange rate fluctuation

- User losses VC from hacks

- Criminals are able to launder proceeds of crime because they can deposit/transfer VCs anonymously

- Market participants are controlled by criminals, terrorists or related organisations

- Restorative justice of victims of crime is hindered by criminal using VCs to avoid seizure of assets

- Criminals can use VCs for anonymous extortion

- Tax evaders are able to obtain income in VCs, outside monitored FC payment system (medium risk)

On the ”plus side” the EBA thinks that ”many of the potential benefits are likely to materialise outside the EU, in regions where the payment infrastructure may be less developed or less trustworthy.” Overall, this coupled with the EBA request for the creation of a central ”Scheme Governance Authority” is negative for bitcoin in the Eurozone. It remains to be seen how the EBA warning to Europe’s financial system with affect the two major bitcoin exchanges based in the EU, BitStamp and BTC-E.

Get our free guide to bitcoin trading here.

July 05, 2014 at 08:46AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Online Art Gallery Experiments with Bitcoin Payments

Read More

Bitcoin for Business – Discovering Your Options

Are you considering integrating bitcoin into your business practices but don’t quite know where to start? Intrigued by the potential of crypto-currencies and wondering whether there is a marketing opportunity waiting to be seized? Thanks to the growing number of bitcoin startups, there are now more tools than ever for business owners contemplating a crypto-currency integration. Check out the following selection of bitcoin startups to see which ones would be applicable for your business.

eCash.io

eCash.io lets businesses accept bitcoin payments for products and services. Sell goods in your currency of choice and let your customers pay in bitcoin.

Related Resources from B2C

» Free Webcast: How To Leverage Social Channels For Lead Generation

BTC.sx

If you’ve ever considered trading bitcoin derivatives, BTC.sx might be an intriguing option to investigate. Offering multiple trading ratios, you can trade your acquired bitcoins according to your risk management style.

QuickCoin

QuickCoin offers a handy way to send bitcoin via Facebook. Currently working on a new release and building out their team, QuickCoin could very well be the viral social marketing tool your business needs.

Identity Mind Global

If you’re uncertain about integrating bitcoin into your business practices, Identity Mind Global might be just what you need. Offering everything from e-commerce solutions to risk management and anti-fraud tools, Identity Mind Global is definitely worth a deep dive as a potential bitcoin solution for business owners.

Bitnet

If you’re looking for an enterprise-scale bitcoin solution, you’ll definitely want to keep Bitnet on your radar. Currently working in verticals like finance and air travel, Bitnet offers solutions for large organizations that are tired of paying cross-border fees and want a guaranteed, global payment solution.

Whether you’re looking for bitcoin resources to help you better understand crypto-currencies, are interested in bitcoin employment opportunities, or need to access tools that can help you discover whether bitcoin is a viable option for your business, investigating the ever-increasing number of bitcoin startups is a great option to consider. From brick-and-mortar businesses to e-commerce online-only stores and services, integrating bitcoin into your payment processing options just might be a savvy marketing step that sets you apart from your competition. What are you waiting for? Isn’t it time you at least investigated your bitcoin options?

July 05, 2014 at 06:14AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Will retailers continue to accept Bitcoin payments?

Last year, two online retailers began accepting digital currency Bitcoin as one of their acceptable forms of payment. The historic move is expected to encourage other online retailers and some bricks-and-mortar stores to follow suit.

In April 2013, Foodler announced on its website that customers can now use Bitcoin in all 12,087 restaurants for their food deliveries and online orders. The popular site is an online ordering service that connects hungry consumers with a variety of restaurants for their takeout needs.

It became the first merchant in the food industry to accept Bitcoins. To use the virtual cash, the company outlined an innovative process for electronic payments:

• Customer’s deposit will be converted to USD “Foodler credits”


• Current USD exchange rate per Mt. Gox will be used


• User’s account will be credited immediately upon receipt


• Customer will receive an email notification when this occurs.

The company’s decision will likely induce copycat payment systems from ecommerce shops around the world. Since Bitcoin is a decentralized instrument not sanctioned or regulated by any government or central bank, it’s not currently clear what the tax implications of the new usage are. It’s widely believed that shops already using the currency are able to skip paying taxes due to the lack of record-keeping infrastructure in place for virtual instruments.

Last year, dating site OkCupid announced that it too will accept Bitcoin payments. It’s not currently clear how both online retailers plan to fight possible hacking and/or verify against counterfeit digital cash. Since Bitcoin is composed of data bits sent electronically through computer networks, risk management professionals and security firms may not be able to distinguish between real and fake/counterfeit Bitcoins.

However, both sites are expected to significantly lower costs for its electronic payments. As an anonymous programmer’s invention, Bitcoin is not beholden to large banks and credit card companies who charge expensive merchant fees (and interest payments when consumer debt is involved) for each transaction. It’s regarded as a digital peer-to-peer currency based on cryptography.

It was created in 2009 by a programmer supposedly named Satoshi Nakamoto. Is Nakamoto a state-sponsored programmer? No one knows for sure.

There appears to be immense uncertainty regarding its widespread use in the marketplace. Conservative investors, such as Tom Dyson, have remained skeptical of late arriving speculators and traders looking to Bitcoin as a tradable commodity instead of a global, liquid instrument.

The currency’s viral popularity have encouraged financiers, traders, and speculators to trade in Bitcoin, and the mass infusion of investment capital has led to an extreme volatility in its value. Last week, some investors suffered tremendous losses after Bitcoin’s value dropped by nearly 80 percent in 24 hours.

It reached an all-time high of $266 to a U.S. dollar before crashing to $55 in just a few hours. Less than a year ago, Bitcoin was worth less than $30 per U.S. dollar.

Recently, the U.S. Treasury Department has sent signals that it wants to regulate the virtual cash. The government’s motivation seems to be its ability to fence in taxable revenue as well as prevent illegal activities such as money laundering and the drug trade. Some blogs have even speculated that Bitcoin is a conspiracy by the Central Intelligence Agency (CIA) for electronic spying purposes.

How will Foodler and OkCupid affect consumer purchase behavior as well as retail adoption of the technology? The market - and speculators - are observing.

July 04, 2014 at 08:33PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

The European Commission has made it clear it would try to impose rules on virtual currencies like Bitcoin when the banking regulator ordered lenders to avoid them.

A spokeswoman for Financial Services Commissioner Michel Barnier, Chantal Hughes said by e-mail: “It’s imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore.”

The EU executive arm, the Commission, moved after the European Banking Authority said banks should not acquire, hold or sell virtual currency while regulators did not develop safeguards to defend their integrity. The regulator discovered more than 70 risks associated with currencies from identity theft by hackers with the ability to be focused on trading platform.

Regulatory agencies and prosecutors worldwide with even greater attention monitoring the virtual currencies.

Mt Gox, once the world’s largest exchange of Bitcoin, filed for bankruptcy in Japan previously this year against the backdrop of the claims it lost 850 000 Bitcoins. Central bank of China banned the company from financial transactions virtual currency last year.

A research fellow for finance and regulation at the University of Dundee, Scotland, Richard Reid said by e- mail: “Regulators have become alert to the potential for fraud and disruption. Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

According to the EBA it called on the EU to develop regulations for trading platforms and start groups to monitor every online currency so that no individual can manipulate currency. The EU should consider increasing the scope of the law on combating money laundering in order to better capture virtual currency.

The regulator warned: “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation.”

EBA noted that the widespread use of the currencies could also make it more difficult for central banks to steer the economy by making the effects of monetary policy more difficult to predict.

Bitcoin currency gained prestige after law and securities agency said in Senate of U.S. hearing that it may be a legal means of exchange. Bitcoins price exceeded $ 1,000, as speculators expected widespread use of electronic money.

Since then the price has slumped to about $ 631 on Bitstamp, online exchange based in Slovenia. According to Bitstamp it will cost about $ 8.4 billion to buy all Bitcoins in existence.

According to Simon Dixon, director of British Digital Currency Association, a group representing the country’s virtual currency industry, the EBA’s statement is “not very helpful ” and may keep only individual users of specific virtual currencies.

He said in e-mail: “Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking. The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

July 04, 2014 at 04:53PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin faces EU rules as regulator tells banks to stay away

Read More

Tim Draper: the Bitcoin auction winner who wants to split California in six

Read More

Don’t use Bitcoin: European Banking Authority

Europe’s top banking regulator called on the region’s banks not to deal in virtual currencies such as Bitcoin until rules are developed to stop them being abused.

The European Banking Authority (EBA) said it had identified more than 70 risks related to trading in virtual currencies, including their vulnerability to crime and money laundering.

The London-based body in a statement advised European financial institutions against “buying, holding or selling virtual currencies while no regulatory regime is in place”.

“A regulatory approach to address these risks would require a substantial body of regulation, some components of which would need to be developed in more detail,” it added.

Virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown.

Launched in 2009 by a mysterious computer guru, Bitcoin is a form of cryptography-based e-money that offers a largely anonymous payment system and can can be stored either virtually or on a user’s hard drive.

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.

But regulators argue the lack of legal framework governing the currency, the opaque way it is traded, and its volatility make it dangerous.

Mt. Gox, once the world’s biggest Bitcoin exchange, filed for bankruptcy in Japan this year and at least 11 banks in its key market of China have stopped handling the currency.

Bitcoin’s reputation was also damaged when US authorities seized tens of thousands as part of an investigation into dark Web bazaar Silk Road.

“We want investors to understand fully the magnitude of the risks attached to this currency,” said Olivier Vigna, chief economist of France’s market watchdog AMF.

Bitcoin prices surged to $1,240 in November last year before they crashed following moves by exchanges, financial institutions, and the government to rein in the virtual currency.

They currently trade at more than $600 a Bitcoin.

The EBA said that the risks of virtual currencies “outweigh the benefits,” such as faster and cheaper transactions, “which in the European Union remain less pronounced”.

The authority said it was also concerned that “anyone with a sufficient share of computational power” could exploit flaws in a virtual currency.

More Bitcoin news

Bitcoin must be made mainstream

Dish Network to accept bitcoins

Bitcoin Foundation hit by resignations over new director

July 04, 2014 at 01:01PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Online Art Gallery Experiments with Bitcoin Payments

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Two artists want to take on art world hierarchy with a website selling art with prices quoted in bitcoin. The artists, Andy Boot and Valentin Rurhy, both based in Vienna, have started a website selling work by international contemporary artists. The twist ... July 05, 2014 at 07:25AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin for Business – Discovering Your Options

Are you considering integrating bitcoin into your business practices but don’t quite know where to start? Intrigued by the potential of crypto-currencies and wondering whether there is a marketing opportunity waiting to be seized? Thanks to the growing number of bitcoin startups, there are now more tools than ever for business owners contemplating a crypto-currency integration. Check out the following selection of bitcoin startups to see which ones would be applicable for your business.

eCash.io

eCash.io lets businesses accept bitcoin payments for products and services. Sell goods in your currency of choice and let your customers pay in bitcoin.

Related Resources from B2C

» Free Webcast: How To Leverage Social Channels For Lead Generation

BTC.sx

If you’ve ever considered trading bitcoin derivatives, BTC.sx might be an intriguing option to investigate. Offering multiple trading ratios, you can trade your acquired bitcoins according to your risk management style.

QuickCoin

QuickCoin offers a handy way to send bitcoin via Facebook. Currently working on a new release and building out their team, QuickCoin could very well be the viral social marketing tool your business needs.

Identity Mind Global

If you’re uncertain about integrating bitcoin into your business practices, Identity Mind Global might be just what you need. Offering everything from e-commerce solutions to risk management and anti-fraud tools, Identity Mind Global is definitely worth a deep dive as a potential bitcoin solution for business owners.

Bitnet

If you’re looking for an enterprise-scale bitcoin solution, you’ll definitely want to keep Bitnet on your radar. Currently working in verticals like finance and air travel, Bitnet offers solutions for large organizations that are tired of paying cross-border fees and want a guaranteed, global payment solution.

Whether you’re looking for bitcoin resources to help you better understand crypto-currencies, are interested in bitcoin employment opportunities, or need to access tools that can help you discover whether bitcoin is a viable option for your business, investigating the ever-increasing number of bitcoin startups is a great option to consider. From brick-and-mortar businesses to e-commerce online-only stores and services, integrating bitcoin into your payment processing options just might be a savvy marketing step that sets you apart from your competition. What are you waiting for? Isn’t it time you at least investigated your bitcoin options?

July 05, 2014 at 06:14AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Will retailers continue to accept Bitcoin payments?

Last year, two online retailers began accepting digital currency Bitcoin as one of their acceptable forms of payment. The historic move is expected to encourage other online retailers and some bricks-and-mortar stores to follow suit.

In April 2013, Foodler announced on its website that customers can now use Bitcoin in all 12,087 restaurants for their food deliveries and online orders. The popular site is an online ordering service that connects hungry consumers with a variety of restaurants for their takeout needs.

It became the first merchant in the food industry to accept Bitcoins. To use the virtual cash, the company outlined an innovative process for electronic payments:

• Customer’s deposit will be converted to USD “Foodler credits”


• Current USD exchange rate per Mt. Gox will be used


• User’s account will be credited immediately upon receipt


• Customer will receive an email notification when this occurs.

The company’s decision will likely induce copycat payment systems from ecommerce shops around the world. Since Bitcoin is a decentralized instrument not sanctioned or regulated by any government or central bank, it’s not currently clear what the tax implications of the new usage are. It’s widely believed that shops already using the currency are able to skip paying taxes due to the lack of record-keeping infrastructure in place for virtual instruments.

Last year, dating site OkCupid announced that it too will accept Bitcoin payments. It’s not currently clear how both online retailers plan to fight possible hacking and/or verify against counterfeit digital cash. Since Bitcoin is composed of data bits sent electronically through computer networks, risk management professionals and security firms may not be able to distinguish between real and fake/counterfeit Bitcoins.

However, both sites are expected to significantly lower costs for its electronic payments. As an anonymous programmer’s invention, Bitcoin is not beholden to large banks and credit card companies who charge expensive merchant fees (and interest payments when consumer debt is involved) for each transaction. It’s regarded as a digital peer-to-peer currency based on cryptography.

It was created in 2009 by a programmer supposedly named Satoshi Nakamoto. Is Nakamoto a state-sponsored programmer? No one knows for sure.

There appears to be immense uncertainty regarding its widespread use in the marketplace. Conservative investors, such as Tom Dyson, have remained skeptical of late arriving speculators and traders looking to Bitcoin as a tradable commodity instead of a global, liquid instrument.

The currency’s viral popularity have encouraged financiers, traders, and speculators to trade in Bitcoin, and the mass infusion of investment capital has led to an extreme volatility in its value. Last week, some investors suffered tremendous losses after Bitcoin’s value dropped by nearly 80 percent in 24 hours.

It reached an all-time high of $266 to a U.S. dollar before crashing to $55 in just a few hours. Less than a year ago, Bitcoin was worth less than $30 per U.S. dollar.

Recently, the U.S. Treasury Department has sent signals that it wants to regulate the virtual cash. The government’s motivation seems to be its ability to fence in taxable revenue as well as prevent illegal activities such as money laundering and the drug trade. Some blogs have even speculated that Bitcoin is a conspiracy by the Central Intelligence Agency (CIA) for electronic spying purposes.

How will Foodler and OkCupid affect consumer purchase behavior as well as retail adoption of the technology? The market - and speculators - are observing.

July 04, 2014 at 08:33PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

The European Commission has made it clear it would try to impose rules on virtual currencies like Bitcoin when the banking regulator ordered lenders to avoid them.

A spokeswoman for Financial Services Commissioner Michel Barnier, Chantal Hughes said by e-mail: “It’s imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore.”

The EU executive arm, the Commission, moved after the European Banking Authority said banks should not acquire, hold or sell virtual currency while regulators did not develop safeguards to defend their integrity. The regulator discovered more than 70 risks associated with currencies from identity theft by hackers with the ability to be focused on trading platform.

Regulatory agencies and prosecutors worldwide with even greater attention monitoring the virtual currencies.

Mt Gox, once the world’s largest exchange of Bitcoin, filed for bankruptcy in Japan previously this year against the backdrop of the claims it lost 850 000 Bitcoins. Central bank of China banned the company from financial transactions virtual currency last year.

A research fellow for finance and regulation at the University of Dundee, Scotland, Richard Reid said by e- mail: “Regulators have become alert to the potential for fraud and disruption. Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

According to the EBA it called on the EU to develop regulations for trading platforms and start groups to monitor every online currency so that no individual can manipulate currency. The EU should consider increasing the scope of the law on combating money laundering in order to better capture virtual currency.

The regulator warned: “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation.”

EBA noted that the widespread use of the currencies could also make it more difficult for central banks to steer the economy by making the effects of monetary policy more difficult to predict.

Bitcoin currency gained prestige after law and securities agency said in Senate of U.S. hearing that it may be a legal means of exchange. Bitcoins price exceeded $ 1,000, as speculators expected widespread use of electronic money.

Since then the price has slumped to about $ 631 on Bitstamp, online exchange based in Slovenia. According to Bitstamp it will cost about $ 8.4 billion to buy all Bitcoins in existence.

According to Simon Dixon, director of British Digital Currency Association, a group representing the country’s virtual currency industry, the EBA’s statement is “not very helpful ” and may keep only individual users of specific virtual currencies.

He said in e-mail: “Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking. The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

July 04, 2014 at 04:53PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin faces EU rules as regulator tells banks to stay away

Read More

Tim Draper: the Bitcoin auction winner who wants to split California in six

Read More

Don’t use Bitcoin: European Banking Authority

Europe’s top banking regulator called on the region’s banks not to deal in virtual currencies such as Bitcoin until rules are developed to stop them being abused.

The European Banking Authority (EBA) said it had identified more than 70 risks related to trading in virtual currencies, including their vulnerability to crime and money laundering.

The London-based body in a statement advised European financial institutions against “buying, holding or selling virtual currencies while no regulatory regime is in place”.

“A regulatory approach to address these risks would require a substantial body of regulation, some components of which would need to be developed in more detail,” it added.

Virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown.

Launched in 2009 by a mysterious computer guru, Bitcoin is a form of cryptography-based e-money that offers a largely anonymous payment system and can can be stored either virtually or on a user’s hard drive.

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.

But regulators argue the lack of legal framework governing the currency, the opaque way it is traded, and its volatility make it dangerous.

Mt. Gox, once the world’s biggest Bitcoin exchange, filed for bankruptcy in Japan this year and at least 11 banks in its key market of China have stopped handling the currency.

Bitcoin’s reputation was also damaged when US authorities seized tens of thousands as part of an investigation into dark Web bazaar Silk Road.

“We want investors to understand fully the magnitude of the risks attached to this currency,” said Olivier Vigna, chief economist of France’s market watchdog AMF.

Bitcoin prices surged to $1,240 in November last year before they crashed following moves by exchanges, financial institutions, and the government to rein in the virtual currency.

They currently trade at more than $600 a Bitcoin.

The EBA said that the risks of virtual currencies “outweigh the benefits,” such as faster and cheaper transactions, “which in the European Union remain less pronounced”.

The authority said it was also concerned that “anyone with a sufficient share of computational power” could exploit flaws in a virtual currency.

More Bitcoin news

Bitcoin must be made mainstream

Dish Network to accept bitcoins

Bitcoin Foundation hit by resignations over new director

July 04, 2014 at 01:01PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Online Art Gallery Experiments with Bitcoin Payments

Read More

Bitcoin for Business – Discovering Your Options

Are you considering integrating bitcoin into your business practices but don’t quite know where to start? Intrigued by the potential of crypto-currencies and wondering whether there is a marketing opportunity waiting to be seized? Thanks to the growing number of bitcoin startups, there are now more tools than ever for business owners contemplating a crypto-currency integration. Check out the following selection of bitcoin startups to see which ones would be applicable for your business.

eCash.io

eCash.io lets businesses accept bitcoin payments for products and services. Sell goods in your currency of choice and let your customers pay in bitcoin.

Related Resources from B2C

» Free Webcast: How To Leverage Social Channels For Lead Generation

BTC.sx

If you’ve ever considered trading bitcoin derivatives, BTC.sx might be an intriguing option to investigate. Offering multiple trading ratios, you can trade your acquired bitcoins according to your risk management style.

QuickCoin

QuickCoin offers a handy way to send bitcoin via Facebook. Currently working on a new release and building out their team, QuickCoin could very well be the viral social marketing tool your business needs.

Identity Mind Global

If you’re uncertain about integrating bitcoin into your business practices, Identity Mind Global might be just what you need. Offering everything from e-commerce solutions to risk management and anti-fraud tools, Identity Mind Global is definitely worth a deep dive as a potential bitcoin solution for business owners.

Bitnet

If you’re looking for an enterprise-scale bitcoin solution, you’ll definitely want to keep Bitnet on your radar. Currently working in verticals like finance and air travel, Bitnet offers solutions for large organizations that are tired of paying cross-border fees and want a guaranteed, global payment solution.

Whether you’re looking for bitcoin resources to help you better understand crypto-currencies, are interested in bitcoin employment opportunities, or need to access tools that can help you discover whether bitcoin is a viable option for your business, investigating the ever-increasing number of bitcoin startups is a great option to consider. From brick-and-mortar businesses to e-commerce online-only stores and services, integrating bitcoin into your payment processing options just might be a savvy marketing step that sets you apart from your competition. What are you waiting for? Isn’t it time you at least investigated your bitcoin options?

July 05, 2014 at 06:14AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Will retailers continue to accept Bitcoin payments?

Last year, two online retailers began accepting digital currency Bitcoin as one of their acceptable forms of payment. The historic move is expected to encourage other online retailers and some bricks-and-mortar stores to follow suit.

In April 2013, Foodler announced on its website that customers can now use Bitcoin in all 12,087 restaurants for their food deliveries and online orders. The popular site is an online ordering service that connects hungry consumers with a variety of restaurants for their takeout needs.

It became the first merchant in the food industry to accept Bitcoins. To use the virtual cash, the company outlined an innovative process for electronic payments:

• Customer’s deposit will be converted to USD “Foodler credits”


• Current USD exchange rate per Mt. Gox will be used


• User’s account will be credited immediately upon receipt


• Customer will receive an email notification when this occurs.

The company’s decision will likely induce copycat payment systems from ecommerce shops around the world. Since Bitcoin is a decentralized instrument not sanctioned or regulated by any government or central bank, it’s not currently clear what the tax implications of the new usage are. It’s widely believed that shops already using the currency are able to skip paying taxes due to the lack of record-keeping infrastructure in place for virtual instruments.

Last year, dating site OkCupid announced that it too will accept Bitcoin payments. It’s not currently clear how both online retailers plan to fight possible hacking and/or verify against counterfeit digital cash. Since Bitcoin is composed of data bits sent electronically through computer networks, risk management professionals and security firms may not be able to distinguish between real and fake/counterfeit Bitcoins.

However, both sites are expected to significantly lower costs for its electronic payments. As an anonymous programmer’s invention, Bitcoin is not beholden to large banks and credit card companies who charge expensive merchant fees (and interest payments when consumer debt is involved) for each transaction. It’s regarded as a digital peer-to-peer currency based on cryptography.

It was created in 2009 by a programmer supposedly named Satoshi Nakamoto. Is Nakamoto a state-sponsored programmer? No one knows for sure.

There appears to be immense uncertainty regarding its widespread use in the marketplace. Conservative investors, such as Tom Dyson, have remained skeptical of late arriving speculators and traders looking to Bitcoin as a tradable commodity instead of a global, liquid instrument.

The currency’s viral popularity have encouraged financiers, traders, and speculators to trade in Bitcoin, and the mass infusion of investment capital has led to an extreme volatility in its value. Last week, some investors suffered tremendous losses after Bitcoin’s value dropped by nearly 80 percent in 24 hours.

It reached an all-time high of $266 to a U.S. dollar before crashing to $55 in just a few hours. Less than a year ago, Bitcoin was worth less than $30 per U.S. dollar.

Recently, the U.S. Treasury Department has sent signals that it wants to regulate the virtual cash. The government’s motivation seems to be its ability to fence in taxable revenue as well as prevent illegal activities such as money laundering and the drug trade. Some blogs have even speculated that Bitcoin is a conspiracy by the Central Intelligence Agency (CIA) for electronic spying purposes.

How will Foodler and OkCupid affect consumer purchase behavior as well as retail adoption of the technology? The market - and speculators - are observing.

July 04, 2014 at 08:33PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

The European Commission has made it clear it would try to impose rules on virtual currencies like Bitcoin when the banking regulator ordered lenders to avoid them.

A spokeswoman for Financial Services Commissioner Michel Barnier, Chantal Hughes said by e-mail: “It’s imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore.”

The EU executive arm, the Commission, moved after the European Banking Authority said banks should not acquire, hold or sell virtual currency while regulators did not develop safeguards to defend their integrity. The regulator discovered more than 70 risks associated with currencies from identity theft by hackers with the ability to be focused on trading platform.

Regulatory agencies and prosecutors worldwide with even greater attention monitoring the virtual currencies.

Mt Gox, once the world’s largest exchange of Bitcoin, filed for bankruptcy in Japan previously this year against the backdrop of the claims it lost 850 000 Bitcoins. Central bank of China banned the company from financial transactions virtual currency last year.

A research fellow for finance and regulation at the University of Dundee, Scotland, Richard Reid said by e- mail: “Regulators have become alert to the potential for fraud and disruption. Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

According to the EBA it called on the EU to develop regulations for trading platforms and start groups to monitor every online currency so that no individual can manipulate currency. The EU should consider increasing the scope of the law on combating money laundering in order to better capture virtual currency.

The regulator warned: “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation.”

EBA noted that the widespread use of the currencies could also make it more difficult for central banks to steer the economy by making the effects of monetary policy more difficult to predict.

Bitcoin currency gained prestige after law and securities agency said in Senate of U.S. hearing that it may be a legal means of exchange. Bitcoins price exceeded $ 1,000, as speculators expected widespread use of electronic money.

Since then the price has slumped to about $ 631 on Bitstamp, online exchange based in Slovenia. According to Bitstamp it will cost about $ 8.4 billion to buy all Bitcoins in existence.

According to Simon Dixon, director of British Digital Currency Association, a group representing the country’s virtual currency industry, the EBA’s statement is “not very helpful ” and may keep only individual users of specific virtual currencies.

He said in e-mail: “Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking. The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

July 04, 2014 at 04:53PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

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Bitcoin faces EU rules as regulator tells banks to stay away

Read More

Don’t use Bitcoin: European Banking Authority

Europe’s top banking regulator called on the region’s banks not to deal in virtual currencies such as Bitcoin until rules are developed to stop them being abused.

The European Banking Authority (EBA) said it had identified more than 70 risks related to trading in virtual currencies, including their vulnerability to crime and money laundering.

The London-based body in a statement advised European financial institutions against “buying, holding or selling virtual currencies while no regulatory regime is in place”.

“A regulatory approach to address these risks would require a substantial body of regulation, some components of which would need to be developed in more detail,” it added.

Virtual currencies, most famously Bitcoin, have come under increasing scrutiny by financial regulators as their popularity has grown.

Launched in 2009 by a mysterious computer guru, Bitcoin is a form of cryptography-based e-money that offers a largely anonymous payment system and can can be stored either virtually or on a user’s hard drive.

Backers say virtual currencies allow for an efficient and anonymous way to store and transfer funds online.

But regulators argue the lack of legal framework governing the currency, the opaque way it is traded, and its volatility make it dangerous.

Mt. Gox, once the world’s biggest Bitcoin exchange, filed for bankruptcy in Japan this year and at least 11 banks in its key market of China have stopped handling the currency.

Bitcoin’s reputation was also damaged when US authorities seized tens of thousands as part of an investigation into dark Web bazaar Silk Road.

“We want investors to understand fully the magnitude of the risks attached to this currency,” said Olivier Vigna, chief economist of France’s market watchdog AMF.

Bitcoin prices surged to $1,240 in November last year before they crashed following moves by exchanges, financial institutions, and the government to rein in the virtual currency.

They currently trade at more than $600 a Bitcoin.

The EBA said that the risks of virtual currencies “outweigh the benefits,” such as faster and cheaper transactions, “which in the European Union remain less pronounced”.

The authority said it was also concerned that “anyone with a sufficient share of computational power” could exploit flaws in a virtual currency.

More Bitcoin news

Bitcoin must be made mainstream

Dish Network to accept bitcoins

Bitcoin Foundation hit by resignations over new director

July 04, 2014 at 01:01PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Online Art Gallery Experiments with Bitcoin Payments

Read More

Hackers Target Silk Road Auction Participants In Scam

The folks at Coindesk are reporting a fascinating phishing attack on leaked list of auction participants for the Silk Road bitcoins. The list, which appeared after a member of the US Marshals failed to use BCC, identified all the parties attempting to bid on the bitcoin seized during a raid on the Silk Road marketplace.

It has been a useful tool for scammers.

In this case the thieves sent a set of interview questions to the participants while masquerading as Bitfilm Productions. When participants opened the message, it forwarded them to a bogus email login page which captured logins and passwords.

One company, Bitcoin Reserve was hardest hit. After logging in to read the document, the hackers used CTO Jim Chen’s email login to forward requests to members of the staff to send bitcoin to a certain wallet. The team sent 100 bitcoin to the wallet before the scam was uncovered. The WSJ has more details.

Given the irreversible nature of bitcoin transactions I’d expect these scams to happen more and more often, which could be an interesting problem for a startup to solve. Also always check your URLs, folks.

July 05, 2014 at 07:08AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin for Business – Discovering Your Options

Are you considering integrating bitcoin into your business practices but don’t quite know where to start? Intrigued by the potential of crypto-currencies and wondering whether there is a marketing opportunity waiting to be seized? Thanks to the growing number of bitcoin startups, there are now more tools than ever for business owners contemplating a crypto-currency integration. Check out the following selection of bitcoin startups to see which ones would be applicable for your business.

eCash.io

eCash.io lets businesses accept bitcoin payments for products and services. Sell goods in your currency of choice and let your customers pay in bitcoin.

Related Resources from B2C

» Free Webcast: How To Leverage Social Channels For Lead Generation

BTC.sx

If you’ve ever considered trading bitcoin derivatives, BTC.sx might be an intriguing option to investigate. Offering multiple trading ratios, you can trade your acquired bitcoins according to your risk management style.

QuickCoin

QuickCoin offers a handy way to send bitcoin via Facebook. Currently working on a new release and building out their team, QuickCoin could very well be the viral social marketing tool your business needs.

Identity Mind Global

If you’re uncertain about integrating bitcoin into your business practices, Identity Mind Global might be just what you need. Offering everything from e-commerce solutions to risk management and anti-fraud tools, Identity Mind Global is definitely worth a deep dive as a potential bitcoin solution for business owners.

Bitnet

If you’re looking for an enterprise-scale bitcoin solution, you’ll definitely want to keep Bitnet on your radar. Currently working in verticals like finance and air travel, Bitnet offers solutions for large organizations that are tired of paying cross-border fees and want a guaranteed, global payment solution.

Whether you’re looking for bitcoin resources to help you better understand crypto-currencies, are interested in bitcoin employment opportunities, or need to access tools that can help you discover whether bitcoin is a viable option for your business, investigating the ever-increasing number of bitcoin startups is a great option to consider. From brick-and-mortar businesses to e-commerce online-only stores and services, integrating bitcoin into your payment processing options just might be a savvy marketing step that sets you apart from your competition. What are you waiting for? Isn’t it time you at least investigated your bitcoin options?

July 05, 2014 at 06:14AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Will retailers continue to accept Bitcoin payments?

Last year, two online retailers began accepting digital currency Bitcoin as one of their acceptable forms of payment. The historic move is expected to encourage other online retailers and some bricks-and-mortar stores to follow suit.

In April 2013, Foodler announced on its website that customers can now use Bitcoin in all 12,087 restaurants for their food deliveries and online orders. The popular site is an online ordering service that connects hungry consumers with a variety of restaurants for their takeout needs.

It became the first merchant in the food industry to accept Bitcoins. To use the virtual cash, the company outlined an innovative process for electronic payments:

• Customer’s deposit will be converted to USD “Foodler credits”


• Current USD exchange rate per Mt. Gox will be used


• User’s account will be credited immediately upon receipt


• Customer will receive an email notification when this occurs.

The company’s decision will likely induce copycat payment systems from ecommerce shops around the world. Since Bitcoin is a decentralized instrument not sanctioned or regulated by any government or central bank, it’s not currently clear what the tax implications of the new usage are. It’s widely believed that shops already using the currency are able to skip paying taxes due to the lack of record-keeping infrastructure in place for virtual instruments.

Last year, dating site OkCupid announced that it too will accept Bitcoin payments. It’s not currently clear how both online retailers plan to fight possible hacking and/or verify against counterfeit digital cash. Since Bitcoin is composed of data bits sent electronically through computer networks, risk management professionals and security firms may not be able to distinguish between real and fake/counterfeit Bitcoins.

However, both sites are expected to significantly lower costs for its electronic payments. As an anonymous programmer’s invention, Bitcoin is not beholden to large banks and credit card companies who charge expensive merchant fees (and interest payments when consumer debt is involved) for each transaction. It’s regarded as a digital peer-to-peer currency based on cryptography.

It was created in 2009 by a programmer supposedly named Satoshi Nakamoto. Is Nakamoto a state-sponsored programmer? No one knows for sure.

There appears to be immense uncertainty regarding its widespread use in the marketplace. Conservative investors, such as Tom Dyson, have remained skeptical of late arriving speculators and traders looking to Bitcoin as a tradable commodity instead of a global, liquid instrument.

The currency’s viral popularity have encouraged financiers, traders, and speculators to trade in Bitcoin, and the mass infusion of investment capital has led to an extreme volatility in its value. Last week, some investors suffered tremendous losses after Bitcoin’s value dropped by nearly 80 percent in 24 hours.

It reached an all-time high of $266 to a U.S. dollar before crashing to $55 in just a few hours. Less than a year ago, Bitcoin was worth less than $30 per U.S. dollar.

Recently, the U.S. Treasury Department has sent signals that it wants to regulate the virtual cash. The government’s motivation seems to be its ability to fence in taxable revenue as well as prevent illegal activities such as money laundering and the drug trade. Some blogs have even speculated that Bitcoin is a conspiracy by the Central Intelligence Agency (CIA) for electronic spying purposes.

How will Foodler and OkCupid affect consumer purchase behavior as well as retail adoption of the technology? The market - and speculators - are observing.

July 04, 2014 at 08:33PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

The European Commission has made it clear it would try to impose rules on virtual currencies like Bitcoin when the banking regulator ordered lenders to avoid them.

A spokeswoman for Financial Services Commissioner Michel Barnier, Chantal Hughes said by e-mail: “It’s imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore.”

The EU executive arm, the Commission, moved after the European Banking Authority said banks should not acquire, hold or sell virtual currency while regulators did not develop safeguards to defend their integrity. The regulator discovered more than 70 risks associated with currencies from identity theft by hackers with the ability to be focused on trading platform.

Regulatory agencies and prosecutors worldwide with even greater attention monitoring the virtual currencies.

Mt Gox, once the world’s largest exchange of Bitcoin, filed for bankruptcy in Japan previously this year against the backdrop of the claims it lost 850 000 Bitcoins. Central bank of China banned the company from financial transactions virtual currency last year.

A research fellow for finance and regulation at the University of Dundee, Scotland, Richard Reid said by e- mail: “Regulators have become alert to the potential for fraud and disruption. Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

According to the EBA it called on the EU to develop regulations for trading platforms and start groups to monitor every online currency so that no individual can manipulate currency. The EU should consider increasing the scope of the law on combating money laundering in order to better capture virtual currency.

The regulator warned: “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation.”

EBA noted that the widespread use of the currencies could also make it more difficult for central banks to steer the economy by making the effects of monetary policy more difficult to predict.

Bitcoin currency gained prestige after law and securities agency said in Senate of U.S. hearing that it may be a legal means of exchange. Bitcoins price exceeded $ 1,000, as speculators expected widespread use of electronic money.

Since then the price has slumped to about $ 631 on Bitstamp, online exchange based in Slovenia. According to Bitstamp it will cost about $ 8.4 billion to buy all Bitcoins in existence.

According to Simon Dixon, director of British Digital Currency Association, a group representing the country’s virtual currency industry, the EBA’s statement is “not very helpful ” and may keep only individual users of specific virtual currencies.

He said in e-mail: “Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking. The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

July 04, 2014 at 04:53PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Tim Draper: the Bitcoin auction winner who wants to split California in six

Read More

Hackers Target Silk Road Auction Participants In Scam

The folks at Coindesk are reporting a fascinating phishing attack on leaked list of auction participants for the Silk Road bitcoins. The list, which appeared after a member of the US Marshals failed to use BCC, identified all the parties attempting to bid on the bitcoin seized during a raid on the Silk Road marketplace.

It has been a useful tool for scammers.

In this case the thieves sent a set of interview questions to the participants while masquerading as Bitfilm Productions. When participants opened the message, it forwarded them to a bogus email login page which captured logins and passwords.

One company, Bitcoin Reserve was hardest hit. After logging in to read the document, the hackers used CTO Jim Chen’s email login to forward requests to members of the staff to send bitcoin to a certain wallet. The team sent 100 bitcoin to the wallet before the scam was uncovered. The WSJ has more details.

Given the irreversible nature of bitcoin transactions I’d expect these scams to happen more and more often, which could be an interesting problem for a startup to solve. Also always check your URLs, folks.

July 05, 2014 at 07:08AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin for Business – Discovering Your Options

Are you considering integrating bitcoin into your business practices but don’t quite know where to start? Intrigued by the potential of crypto-currencies and wondering whether there is a marketing opportunity waiting to be seized? Thanks to the growing number of bitcoin startups, there are now more tools than ever for business owners contemplating a crypto-currency integration. Check out the following selection of bitcoin startups to see which ones would be applicable for your business.

eCash.io

eCash.io lets businesses accept bitcoin payments for products and services. Sell goods in your currency of choice and let your customers pay in bitcoin.

Related Resources from B2C

» Free Webcast: How To Leverage Social Channels For Lead Generation

BTC.sx

If you’ve ever considered trading bitcoin derivatives, BTC.sx might be an intriguing option to investigate. Offering multiple trading ratios, you can trade your acquired bitcoins according to your risk management style.

QuickCoin

QuickCoin offers a handy way to send bitcoin via Facebook. Currently working on a new release and building out their team, QuickCoin could very well be the viral social marketing tool your business needs.

Identity Mind Global

If you’re uncertain about integrating bitcoin into your business practices, Identity Mind Global might be just what you need. Offering everything from e-commerce solutions to risk management and anti-fraud tools, Identity Mind Global is definitely worth a deep dive as a potential bitcoin solution for business owners.

Bitnet

If you’re looking for an enterprise-scale bitcoin solution, you’ll definitely want to keep Bitnet on your radar. Currently working in verticals like finance and air travel, Bitnet offers solutions for large organizations that are tired of paying cross-border fees and want a guaranteed, global payment solution.

Whether you’re looking for bitcoin resources to help you better understand crypto-currencies, are interested in bitcoin employment opportunities, or need to access tools that can help you discover whether bitcoin is a viable option for your business, investigating the ever-increasing number of bitcoin startups is a great option to consider. From brick-and-mortar businesses to e-commerce online-only stores and services, integrating bitcoin into your payment processing options just might be a savvy marketing step that sets you apart from your competition. What are you waiting for? Isn’t it time you at least investigated your bitcoin options?

July 05, 2014 at 06:14AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Will retailers continue to accept Bitcoin payments?

Last year, two online retailers began accepting digital currency Bitcoin as one of their acceptable forms of payment. The historic move is expected to encourage other online retailers and some bricks-and-mortar stores to follow suit.

In April 2013, Foodler announced on its website that customers can now use Bitcoin in all 12,087 restaurants for their food deliveries and online orders. The popular site is an online ordering service that connects hungry consumers with a variety of restaurants for their takeout needs.

It became the first merchant in the food industry to accept Bitcoins. To use the virtual cash, the company outlined an innovative process for electronic payments:

• Customer’s deposit will be converted to USD “Foodler credits”


• Current USD exchange rate per Mt. Gox will be used


• User’s account will be credited immediately upon receipt


• Customer will receive an email notification when this occurs.

The company’s decision will likely induce copycat payment systems from ecommerce shops around the world. Since Bitcoin is a decentralized instrument not sanctioned or regulated by any government or central bank, it’s not currently clear what the tax implications of the new usage are. It’s widely believed that shops already using the currency are able to skip paying taxes due to the lack of record-keeping infrastructure in place for virtual instruments.

Last year, dating site OkCupid announced that it too will accept Bitcoin payments. It’s not currently clear how both online retailers plan to fight possible hacking and/or verify against counterfeit digital cash. Since Bitcoin is composed of data bits sent electronically through computer networks, risk management professionals and security firms may not be able to distinguish between real and fake/counterfeit Bitcoins.

However, both sites are expected to significantly lower costs for its electronic payments. As an anonymous programmer’s invention, Bitcoin is not beholden to large banks and credit card companies who charge expensive merchant fees (and interest payments when consumer debt is involved) for each transaction. It’s regarded as a digital peer-to-peer currency based on cryptography.

It was created in 2009 by a programmer supposedly named Satoshi Nakamoto. Is Nakamoto a state-sponsored programmer? No one knows for sure.

There appears to be immense uncertainty regarding its widespread use in the marketplace. Conservative investors, such as Tom Dyson, have remained skeptical of late arriving speculators and traders looking to Bitcoin as a tradable commodity instead of a global, liquid instrument.

The currency’s viral popularity have encouraged financiers, traders, and speculators to trade in Bitcoin, and the mass infusion of investment capital has led to an extreme volatility in its value. Last week, some investors suffered tremendous losses after Bitcoin’s value dropped by nearly 80 percent in 24 hours.

It reached an all-time high of $266 to a U.S. dollar before crashing to $55 in just a few hours. Less than a year ago, Bitcoin was worth less than $30 per U.S. dollar.

Recently, the U.S. Treasury Department has sent signals that it wants to regulate the virtual cash. The government’s motivation seems to be its ability to fence in taxable revenue as well as prevent illegal activities such as money laundering and the drug trade. Some blogs have even speculated that Bitcoin is a conspiracy by the Central Intelligence Agency (CIA) for electronic spying purposes.

How will Foodler and OkCupid affect consumer purchase behavior as well as retail adoption of the technology? The market - and speculators - are observing.

July 04, 2014 at 08:33PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

Bitcoin Faces Regulatory Criticism: EU Ordered Lenders to Shun Virtual Currencies

The European Commission has made it clear it would try to impose rules on virtual currencies like Bitcoin when the banking regulator ordered lenders to avoid them.

A spokeswoman for Financial Services Commissioner Michel Barnier, Chantal Hughes said by e-mail: “It’s imperative to move quickly on this issue. The potential for money laundering and terrorist financing is too serious to ignore.”

The EU executive arm, the Commission, moved after the European Banking Authority said banks should not acquire, hold or sell virtual currency while regulators did not develop safeguards to defend their integrity. The regulator discovered more than 70 risks associated with currencies from identity theft by hackers with the ability to be focused on trading platform.

Regulatory agencies and prosecutors worldwide with even greater attention monitoring the virtual currencies.

Mt Gox, once the world’s largest exchange of Bitcoin, filed for bankruptcy in Japan previously this year against the backdrop of the claims it lost 850 000 Bitcoins. Central bank of China banned the company from financial transactions virtual currency last year.

A research fellow for finance and regulation at the University of Dundee, Scotland, Richard Reid said by e- mail: “Regulators have become alert to the potential for fraud and disruption. Such attention from regulators is bound to curb the growth of markets such as Bitcoin.”

According to the EBA it called on the EU to develop regulations for trading platforms and start groups to monitor every online currency so that no individual can manipulate currency. The EU should consider increasing the scope of the law on combating money laundering in order to better capture virtual currency.

The regulator warned: “The EBA is of the view that a regulatory approach to addressing the risks it has identified would require a substantial body of regulation.”

EBA noted that the widespread use of the currencies could also make it more difficult for central banks to steer the economy by making the effects of monetary policy more difficult to predict.

Bitcoin currency gained prestige after law and securities agency said in Senate of U.S. hearing that it may be a legal means of exchange. Bitcoins price exceeded $ 1,000, as speculators expected widespread use of electronic money.

Since then the price has slumped to about $ 631 on Bitstamp, online exchange based in Slovenia. According to Bitstamp it will cost about $ 8.4 billion to buy all Bitcoins in existence.

According to Simon Dixon, director of British Digital Currency Association, a group representing the country’s virtual currency industry, the EBA’s statement is “not very helpful ” and may keep only individual users of specific virtual currencies.

He said in e-mail: “Banks are not engaging with digital currencies yet as it is a person-to-person network that operates outside of banking. The more likely result of the announcement is to scare people from using digital currencies rather than banks.”

July 04, 2014 at 04:53PM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More

Bitcoin faces EU rules as regulator tells banks to stay away

Read More

Tim Draper: the Bitcoin auction winner who wants to split California in six

Read More

Hackers Target Silk Road Auction Participants In Scam

The folks at Coindesk are reporting a fascinating phishing attack on leaked list of auction participants for the Silk Road bitcoins. The list, which appeared after a member of the US Marshals failed to use BCC, identified all the parties attempting to bid on the bitcoin seized during a raid on the Silk Road marketplace.

It has been a useful tool for scammers.

In this case the thieves sent a set of interview questions to the participants while masquerading as Bitfilm Productions. When participants opened the message, it forwarded them to a bogus email login page which captured logins and passwords.

One company, Bitcoin Reserve was hardest hit. After logging in to read the document, the hackers used CTO Jim Chen’s email login to forward requests to members of the staff to send bitcoin to a certain wallet. The team sent 100 bitcoin to the wallet before the scam was uncovered. The WSJ has more details.

Given the irreversible nature of bitcoin transactions I’d expect these scams to happen more and more often, which could be an interesting problem for a startup to solve. Also always check your URLs, folks.

July 05, 2014 at 06:27AM



Latest Bitcoin News | BTC/LTC Robot | Mining ASICS | BTC Debit Card

Read More