Bitcoin

Bitcoin wallet service to issue refunds after users’ funds stolen

"A widely used Bitcoin wallet service plans to issue refunds to people who saw their bitcoins stolen as a result of a weakness in its application. Blockchain.info, which has a Web-based service called My Wallet, has also upgraded its application after finding a vulnerability similar to one discovered earlier this month in some Bitcoin wallet programs running on the Android mobile OS. Interest in Bitcoin has surged since its debut just four years ago. The system offers a low-cost way to transmit virtual currency over the Internet, and many companies and entrepreneurs are working to solve concerns around how to safeguard bitcoins from hackers." Continue reading →

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Buttercoin Uses Bitcoin To Attack The $500B-A-Year Remittances Economy

"The World Bank estimates that migrants will send about $515 billion to relatives in developing countries by 2015, which is about 10 times the size of the U.S.’s budget for foreign aid. The old stand-bys like Western Union can charge around 10 percent for transactions in the market, an amount that Buttercoin co-founders Cedric Dahl and Bennett Hoffman find obscene. Buttercoin plans to open in India within the next three months and then to operate in six countries in nine months’ time. When they enter a market, they pair with local money transfer businesses to have legal compliance in the country." Continue reading →

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Five surprising facts about Bitcoin

"This has been a big year for Bitcoin. At the start of the year, interest in the virtual currency was largely limited to technology buffs. Then the price rose more than 10-fold, prompting regulators, investors and the general public to take a closer look. To help policymakers get up to speed, the Mercatus Center, a libertarian think tank, has published a new primer on the technical, economic and legal issues raised by the currency. Here are five of the most interesting observations that the authors, Jerry Brito and Andrea Castillo, make about Bitcoin." Continue reading →

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Bitcoin takes off — on the ground in Berlin

"Across the Spree River on Berlin’s north side, Aaron Koenig dons a bowler cap as he welcomes guests to an industrial co-working space for the second Berlin Bitcoin Exchange (BXB) — a monthly event he founded to allow buyers and sellers to meet face to face and exchange Bitcoins for euros, dollars or otherwise. Both June and July’s exchanges drew a fluid crowd of about 50 people, with plans to expand the event into a maker’s market where visitors can spend their Bitcoins right after purchasing them. Koenig said growing problems with the euro mean the benefits of Bitcoin are beginning to outweigh the risks." Continue reading →

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Bitcoin: Understated benefits and overstated risks

"Built within the Bitcoin protocol are capabilities to develop other financial innovations, like notary services, encrypted communications, and 'smart' collateral contracts. Developers and businesspeople are still learning the myriad applications for this innovative technology. Just as the public debate understates some of the benefits of Bitcoin, it also overstates some of the concerns. The hypothetical crimes that Bitcoin may enable are traditionally committed with cash, but policymakers would never dream of criminalizing cash. Instead, they regulate the use of cash. Regulations targeting Bitcoin could adopt this time-tested approach." Continue reading →

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Bitcoin is a Startup

"Bitcoin is far too difficult to safely buy, sell, spend, and store. We need to build easy to use, robust infrastructure before Bitcoin can be widely adopted. The best venture capitalists and angel investors leverage their experience and network to help their portfolio companies succeed. If you’re an accredited investor looking to invest in Bitcoin companies or an entrepreneur looking to start a Bitcoin company, AngelList and BitAngels are two ways to get connected to the right people. Numerous angels, VCs, and accelerator programs have also expressed interest in funding Bitcoin companies. Now go forth and build." Continue reading →

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Bitcoin could be a boon for porn and other high-risk merchants

"The adult industry is known for its technological innovation. It was among the first to stream video commercially, for example. 'I’m convinced that once the big players go in the underground world, the mainstream guys will follow,' said Spagaris, who used to work for adult entertainment giant Manwin, which owns several huge porn brands. 'They’ll see that people are making money off this.' But it hasn’t happened in significant numbers yet and one of the biggest reasons, other than the concern about regulatory issues and the general lack of awareness, has been bitcoin’s lack of support for recurring payments." Continue reading →

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This is the way they’ll ‘nationalize’ gold

"What they’re really trying to do is send a clear message– if you use Bitcoin, there will be consequences. This isn’t even really about Bitcoin. The big picture issue is that governments are scared to death of currency alternatives catching fire. With so much debt and monetary stress in the global economy, it’s becoming increasingly clear by the day that the current fiat experiment is in serious trouble. The only reason it still works is because (a) people continue to have confidence in the system, and (b) there really is no mainstream alternative to holding paper currency. This last fact is paramount." Continue reading →

Continue ReadingThis is the way they’ll ‘nationalize’ gold

This is the way they’ll ‘nationalize’ gold

"What they’re really trying to do is send a clear message– if you use Bitcoin, there will be consequences. This isn’t even really about Bitcoin. The big picture issue is that governments are scared to death of currency alternatives catching fire. With so much debt and monetary stress in the global economy, it’s becoming increasingly clear by the day that the current fiat experiment is in serious trouble. The only reason it still works is because (a) people continue to have confidence in the system, and (b) there really is no mainstream alternative to holding paper currency. This last fact is paramount." Continue reading →

Continue ReadingThis is the way they’ll ‘nationalize’ gold