Bitcoin

Bitcoin and China: More than Meets the Eye?

"If the Chinese government intends to steer the country toward being an effective post-industrial economy, then offering increased economic freedom and a pro-innovation environment is the way to go. Perhaps there is indeed an 'avant garde' in the Chinese government, which sees Bitcoin as a place to make one of its first moves. Or, perhaps, China’s Bitcoin-friendliness is still simply the result of government blindness, and a crackdown is due to come in two or four months. But with every passing week the alternative hypothesis is becoming increasingly likely; perhaps China’s Bitcoin acceptance has more behind it than meets the eye." Continue reading →

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Feds seized $2.9M in Bitcoin funds from Mt. Gox, court docs show

"The federal government sent a strong signal to Bitcoin traders earlier this year when the U.S. Department of Homeland Security seized an account belonging to Mt. Gox, the most popular exchange for people to buy and sell the crypto-currency. It was unclear at the time just how much currency the government confiscated. But a new filing in Baltimore federal court shows the feds seized $2,915,507.40 held in an account controlled by Dwolla, a third-party payment platform similar to PayPal. The funds belonged to Mutum Sigillum LLC, a U.S. subsidiary of Tokyo-based Mt. Gox. It’s unclear what will become of the funds." Continue reading →

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Bitcoin Mining’s Inevitable Cloud Future

"In early 2013 bitcoin mining saw the start of the application specific integrated circuit (ASIC) revolution. As design efficiency approaches Moore’s Law production capacity and operating efficiency will drive profit margins. The natural evolution of this will be large data centers that can take advantage of economies of scale. There are three potential options for optimizing the location of the cloud mining data center: establish a facility near the production site, near cheap power, or near talented personnel. The best decision depends on the businesses’ unique advantages over the competition and all models could provide a competitive edge." Continue reading →

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Bitcoin: A Primer for Policymakers

"A new Mercatus Center at George Mason University study addresses many of the common misconceptions about Bitcoin and describes how the digital currency works. The study also analyzes current laws and regulations that may already cover digital currencies and warns against preemptively placing regulatory restrictions on Bitcoin that could stifle this new technology before it has a chance to grow. In addition, the paper gives policymakers several recommendations on how to treat Bitcoin going forward in a way that helps the free market and provides clarity for law enforcement." Continue reading →

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Germany recognizes Bitcoin as a “private money,” subject to capital gains tax

"In response to a query by a member of parliament, the German Finance Ministry has declared that it accepts bitcoins as a 'unit of account.' The Ministry added that bitcoins are a sort of 'private money' and that mining bitcoins constitutes 'private money creation.' The Ministry also clarified that if a German taxpayer holds bitcoins for more than a year, then she is exempt from paying the 25 percent capital gains tax. Such a tax would ordinarily be paid after profiting from the sale of a stock, bond, or other security. A taxpayer would be expected to declare them as part of her assets and income as part of her annual tax return." Continue reading →

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Bitcoin Bites: Germany recognizes digital currency as ‘private money’

"Bitcoin is slowly joining the big league of currencies. Germany has become the first country to accept the digital money - recognized in law and for tax purposes. Katie Pilbeam from RT's Venture Capital program explains." Continue reading →

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Living on Bitcoin is a real challenge for newlywed couple

"Groceries at home have not been too much of a problem, since one of the first merchants they convinced to accept bitcoins was a local community-supported agriculture operation,La Nay Ferme. They’ve even ordered fertilized chicken eggs using bitcoins, in the hopes of producing some of their own food. And they just announced a special trial run of bitcoin payment with a large grocery store. But on the road, they may have to resort to brown-bagging it between bitcoin-friendly restaurants. Buying gas will probably be the biggest challenge on the road, since it has been tough at home." Continue reading →

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Bitcoin ATM Machines Receive Full Funding Hours After Campaign Launches

"Startup Lamassu Bitcoin Ventures has managed to fund its initial production run of 15 Bitcoin ATM units just hours after pre-orders were announced. The company’s new Bitcoin ATMs promise to take your cold hard cash and instantly added your money to a bitcoin wallet. The new ATM machines were paid for mostly with the use of Bitcoins. Based on the cost of each machine the company has raised $60,000-$75,000 in sales revenue after only a few short hours. While Bitcoin value has drastically increased over the last year the company is hoping to introduce the digital currency to “non-geeks” who may find entry into the payment a bit confusing." Continue reading →

Continue ReadingBitcoin ATM Machines Receive Full Funding Hours After Campaign Launches