Bitcoin

Bitcoin: how I made a virtual fortune

"I think I probably got the IPO price a bit wrong since the 20,000 shares I listed sold out in a matter of hours. We raised a total of 15,667 Litecoins in exchange for 20% of CipherMine's shares; about £27,700 at current prices. We are in the process of investing that money into more mining hardware, but in the meantime, our share price has continued to rise. As I write this, under a week later, the shares are being actively traded at about 1.6 Litecoins each; double the IPO value. CipherMine's market capitalisation currently stands at roughly 150,000 Litecoins, or about £250,000, of which 64% was mine at IPO." Continue reading →

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Winklevoss Twins File to Launch Bitcoin Exchange-Traded Product

"Here’s one of the more interesting S-1 filings of the year. In a filing with the SEC, the Winklevoss Bitcoin Trust, headed by Cameron and Tyler Winklevoss, said it will sell around $20 million worth of shares, which will each represent a fraction of a single bitcoin, the digital currency the twins have invested in. Bitcoin has become the best known virtual currencies since its release in 2009. The currency was created by a person or group known as Satoshi Nakamoto (whose true identity is unknown) and is primarily used by online merchants, though some mostly smaller brick-and-mortar retailers have recently begun to accept bitcoins for payment." Continue reading →

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International Bank Transfers: Banks’ Ugly Secret and Why Bitcoin Really Matters

"Working for the largest Bitcoin exchange with customers around the world gives us an insight that few, other than banks, may have on how international wire transfers work. The first misconception that many of us may have was that everyone could create a bank account in whatever currency he/she wanted in the country of their choosing and have control over it. Unfortunately, a currency does not really exist outside of its country, meaning that if you ever open a USD bank account in a European bank or Japanese one, any USD available in this account would, in fact, be held in the United States and not in your local/federal or national bank vault." Continue reading →

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How a total n00b mined $700 in bitcoins

"There is a whirring, whining presence in my dining room. I notice it every time I walk through. Every day, it sucks down about one full kilowatt-hour of electricity. In a year, it will consume almost $100 worth of juice—and that's on top of the $274 it costs to buy the box in the first place. Oh, and it's hot, too. If I moved it into my office and could stand the noise, I could keep a cup of coffee comfortably warm on top of the thing. Why on earth would anyone want such a disagreeable little machine in their home? The short answer: every day, that machine magically generates something like $20 in bitcoins." Continue reading →

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Bitcoin Exchange Makes Apparent Move to Play by U.S. Money-Laundering Rules

"FinCen in March started applying traditional money-laundering rules to 'virtual currencies' amid growing concern that new forms of digital cash are being used for illicit activities. Those rules mandate that exchanges register with FinCen, follow stricter bookkeeping requirements and report transactions of more than $10,000. About a month after the edict, the Department of Homeland Security seized an account tied to Mt. Gox, alleging the company and a subsidiary were conducting transactions 'as part of an unlicensed money service business.' According to FinCen's website, the agency received Mt. Gox's registration on Thursday." Continue reading →

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Gold in them bits: Inside the world’s most mysterious Bitcoin mining company

"This is the first in a two-part series exploring Butterfly Labs and its lineup of dedicated Bitcoin-mining hardware. In part one, we look at the company and the experiences customers have had with it. In part two, to be published on June 29, we share our experiences running a Bitcoin miner for a couple weeks. Spoiler alert: we made money." Continue reading →

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Elite Body Sculpture Becomes World’s First Cosmetic Surgery Center to Accept Bitcoin

"Bitcoin, the world’s first peer-to-peer digital currency is now being accepted by cosmetic surgeon to the stars, Dr. Aaron Rollins, at his Elite Body Sculpture centers in Beverly Hills and Sacramento. Elite Body Sculpture is excited to be the very first cosmetic surgery center to accept this form of cutting edge payment. Bitcoin is the newest frontier in currency—decentralized and unbound by any country. This purely electronic system allows anyone to send a payment, anywhere in the world, for little or no cost. Secure and internationally accepted, Bitcoin is being rapidly adopted by pioneering users and businesses around the world." Continue reading →

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Survey: Quarter Of US Consumers Has Heard Of Bitcoin — And Majority Of Them Trust It

"When it comes to trusting Bitcoin, U.S. consumers also lag their Argentinian and British counterparts, but trust levels are still apparently running high among U.S. Bitcoin-aware. The survey found 62% of U.S. consumers who are Bitcoin-aware said they trust the currency, vs 73% of Bitcoin-aware Argentinians and 69% of Bitcoin-aware Brits. Greater awareness of Bitcoin appears to help foster greater levels of trust, as you might expect. Trust in Bitcoin is still relatively low when compared to trust in national currencies. Unsurprisingly, Argentinians also come out on top as most likely to trust Bitcoin more than their national currency." Continue reading →

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India central bank red flags ‘virtual currency’

"The Reserve Bank of India has expressed concern over the rise of 'virtual currencies' which are the likes of bitcoin. Virtual currencies or crypto currencies have also come under the focus of the police. In its financial stability report, RBI has for the first time raised the issue of virtual currency in India. 'The unregulated link between virtual currency (if permitted), and traditional currency with a legal tender status poses challenges as the complete control over the differently denominated virtual currency is given to its issuer, who governs the scheme and manages the supply of money at will,' RBI said." Continue reading →

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American Bar Association: Some basic rules for using ‘bitcoin’ as virtual money

"Techies know that 'bitcoin' is a virtual currency generated by predetermined computers and recognized on traditional currency exchanges as BTCs. Of interest to investors and business owners, bitcoins have skyrocketed into mainstream popularity, as has their price. No government is involved in creating bitcoins, and they are insulated from Cyprus-style bank lockouts. But before joining the BTC revolution, here are seven fundamentals to consider." Continue reading →

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