Monthly Archives: September 2013

Coming Soon to America: Bitcoin ATMs

"At least two firms have plans to ship out Bitcoin ATMs to American cities in the coming months. Robocoin, the Las Vegas-based firm rolling out the world’s first Bitcoin ATMs in Canada this fall, plans to ship 12 to 15 of the units by the end of the year. So what, you may wonder, is the point of an ATM for a digital currency? Think of it more like a vending machine or currency exchange counter: Rather than just offering withdrawals or deposits, the Bitcoin ATM allows a user to buy Bitcoins in exchange for cash. The machines also offer some real-world convenience—like traditional ATMs, you can take dollars from the ATM by trading in your Bitcoins." Continue reading →

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Michigan Small-Town Mayor Accepts Bitcoins For Re-Election Campaign

"We welcome Bitcoin donations. We support currency freedom! However, in order to promote the use of Bitcoins for these purposes, our campaign must comply with federal and state election/campaign finance laws. In the spirit of transparency and legality, we require the following information from all donors, whether BTC or USD. We really appreciate your support! For contributions of more than $100 USD (cumulatively) we also need your employer, city of employment, and job title. No one person can donate over $500 USD (cumulatively)." Continue reading →

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Argentina arrests teen hacker who netted $50,000 a month

"Police in Argentina have arrested a 19-year-old man accused of heading a gang of hackers who targeted international money transfer and gambling websites. Dubbed 'the superhacker', the teenager was making $50,000 (£31,500) a month, working from his bedroom in Buenos Aires, police say. The arrest operation shut down the power to the entire neighbourhood to prevent the deletion of sensitive data. Police say it took them a year to close in on the teenager. The young man lived with his father, a computer expert, in Buenos Aires. In the teenager's room, officials found high-capacity computers." Continue reading →

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Most Secure Bitcoin Wallet Armory Raises $600k Led by Trace Mayer

"Insecure Bitcoin wallets and unscrupulous providers have previously resulted in the losses of significant funds for Bitcoin users. In the two full years Armory has been in use, Armory has had no reports of any lost or stolen Bitcoins among users who have used Armory’s printed paper backup feature. New features will include support for hardware wallets and multi-signature transactions. This will open the door for enterprise level Bitcoin security by requiring that at least two or more people or devices (depending on corporate policies) approve every transaction. The next version will include functionality to create fragmented backups that can be stored in multiple locations for increased physical security." Continue reading →

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World’s Largest Bitcoin Exchange Out $10 Million

"Mt. Gox, the Japanese-run online trading floor that had $5 million seized by federal agents earlier this year, says that it’s out another $5.3 million. At the end of February, Mt. Gox chose CoinLab as its North American agent. The idea was that customers in the U.S. and Canada would be able to use CoinLab as a gateway to the Mt. Gox exchange. But the relationship didn’t last long. By April, it had devolved into a messy $75 million lawsuit. According to Mt. Gox, its customers deposited about $12,800,000 into CoinLab bank accounts, and while CoinLab has handed over most of that money, it’s still sitting on $5.3 million." Continue reading →

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Bitcoin payment processor Bitpay says it now has 10,000 clients

"According to Atlanta-based Bitpay, more than 10,000 merchants around the world are now using its processing services to accept payment in the virtual currency, with Bitcoin proving especially popular with companies that sell consumer electronics, IT services and precious metals. Bitpay, which is backed by venture capitalists tied to PayPal, touts Bitcoin as a way for merchants to accept online payment at lower cost and risk than credit cards. The company, which has so far processed $34 million in Bitcoin payments in 2013, charges the merchants a 1 percent service fee to handle the transactions." Continue reading →

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Aussies start paying for beers in Bitcoin

"The Old Fitzroy will become the first pub in Australia that will allow customers to buy their beers in Bitcoin. The pub in Woolloomooloo, Sydney, will start accepting Bitcoin as a form of payment on September 29, with Bitcoin Sydney on hand to help new-timers to the crypto-currency. The pub, which has been around since at least 1907, will use QR codes to handle transactions. With Bitcoin wallets able to be accessed via smartphones, customers simply scan the QR code and authorise the transaction in order to pay. Beers should cost customers around 0.05 Bitcoins, around the equivalent of AU$7 at the current value of the currency." Continue reading →

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Mining for digital gold in Thailand

"Bitcoin can be compared with voice-over-IP or internet telephone in the last decade. The technologies were first deemed illegal since there was no law supporting them. Surangkana Wayuparb, director of the Electronic Transactions Development Agency (ETDA) under the Information and Communication Technology Ministry, said the agency will study the business model of Bitcoin, as well as possible regulations and public awareness of this digital currency since the central bank said the issue was not within its authority. Don Sambandaraksa said the decision by the central bank to ban trading of Bitcoins in and out of the country while still allows Bitcoin mining doesn't make any sense." Continue reading →

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Winklevoss twins say Bitcoin could become a country’s currency

"Cameron and Tyler Winklevoss, currently making headlines with plans to launch a Bitcoin fund, said on Tuesday that they could see the digital currency becoming a country's official money. 'The next step for Bitcoin is potentially becoming the currency of a country,' Tyler Winklevoss said. The twin brothers, famous for their history with Facebook Inc, were speaking at the 9th annual Value Investing Congress in New York. Speaking after filing plans to launch the Winklevoss Bitcoin Trust, an exchange traded fund that would allow investors to trade the digital currency like stocks, the brothers laid out a primer on Bitcoin and spoke about what might be next for the currency." Continue reading →

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Winklevoss twins: Bitcoins better than gold

"'It's gold 2.0,' he said in a presentation at the Value Investing Conference in New York Tuesday. Tyler and his brother Cameron, who shared the stage, outlined the bull case for bitcoins. They have been investors and are aspiring Bitcoin entrepreneurs. The twins recently filed paperwork with the SEC for a Bitcoin exchanged traded fund. Like gold, the virtual currency retains its value regardless of what central bankers do to the money supply. But unlike gold, bitcoins are easier and cheaper to store. Cameron Winklevoss said that another sovereign debt crisis could be a catalyst for a sharp move higher." Continue reading →

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