Due to the uncertainty regarding federal and state rules and regulations, precious metal dealers are cautious about accepting bitcoin as a method of payment. Industry insiders tell the International Business Times that questions over anti-money laundering legislation is a major … [Read more...]
Bitcoin desperately needs a transparent US exchange – could government regulation help
This week, bitcoin (BTC) has dominated the headlines after numerous digital currency exchanges have shut down their services after experiencing denial of service (DOS) attacks. This has caused the value of bitcoin to drop to less than $650 – there was also a flash crash that saw … [Read more...]
2014 Canadian federal budget addresses ’emerging risks’ like bitcoin
Canadian Finance Minister Jim Flaherty unveiled the federal budget for 2014 on Tuesday. Although it isn't believed to be a revolutionary or game changing federal budget, the Conservatives revealed plans to tighten rules and regulations in order to combat money laundering and terrorism … [Read more...]
Banksters (JPMorgan) continue their assault to undermine Bitcoin to no avail
It's understandable: bitcoin could very well be competition to Visa, PayPal and traditional fiat currency. That’s why those on Wall Street and central banking officials have been on the defensive in the past few months when it comes to cryptocurrencies. From Jamie Dimon to Alan … [Read more...]
New York hedge fund generates $5 million in bitcoin deposits in three days, “expect to multiply tenfold”
Financial institutions across the globe are beginning to adopt bitcoin (BTC) and incorporate the digital currency into its business model. This is evident after NYSO HEDGE, a hedge fund located in New York City, announced that it has accepted approximately $5.4 million in bitcoin … [Read more...]
Is Bitcoin the technology of the future? “Over the next 5 years I think digital money will catch on”, Bill Gates
After the weekend’s 20 percent plunge and Monday’s flash crash, columnists and pundits discussed the idea that this is the end of bitcoin (BTC) and the cryptocurrency market. Bitcoiners scoffed at the notion because it’s a four-year-old currency and electronic payment system and there … [Read more...]
Bitcoin used to pay for illegal drug trades in Sweden
Here we go again? The Swedish Daily News (via the International Business Times) reported Monday that bitcoin (BTC) was used by drug dealers in at least six transactions throughout last year. Sources say that most of the drug trades were performed on the Internet, a piece of news … [Read more...]
“The Bitcoaster We’ve Grown to Love and Hate”, A Bitcoin Story
Is Bitcoin's (BTC) nosedive a case of ‘been there, done that’? The Bitcoaster we've grown to love and hate. 2013 was a bit of a rollercoaster for bitcoin. It started off the year worth only a few bucks before skyrocketing to more than $1,000 towards the end of the year. Over the … [Read more...]
Don’t plan on withdrawing Bitcoin from Mt Gox any time soon
So much for Bitcoin's (BTC) month of perpetual stability. After a month of steady prices – bitcoin averaged somewhere between $800 and $900 throughout January – the digital currency dropped 20 percent to as low as $680.50 Thursday evening. The virtual currency has since gone back … [Read more...]
25 million Bitcoin addresses in use and 95% of them hold 0.001 BTC
It’s no secret that those who adopted Bitcoin (BTC) its infancy stage have made an obscene amount of money. Starting from just a few cents, the digital currency has skyrocketed to as high as $1,200 before climbing back down to a modest $800. When it comes to the cryptocurrency … [Read more...]
Bitcoin developer Gavin Andresenm says government consumer protection legislation could be useful
A lot of libertarians and technology enthusiasts upset over the government have turned to Bitcoin (BTC) over the past couple of years. The virtual currency was seen as a way to use money without the Federal Reserve and other central banks and financial institutions. Essentially, it … [Read more...]
Poll: 76% of Americans never heard of bitcoin, 79% would never own one
With the mainstream media covering Bitcoin (BTC) on a regular basis and more and more merchants, both in-store and online, accepting the digital currency, it’s a surprise that a strong majority of Americans are still unaware of the cryptocurrency. Even if they did, though, they … [Read more...]
Bitcoin, “first thing like the Internet since the Internet”
Technology experts and cryptocurrency enthusiasts say the digital currency industry is the “first thing like the Internet since the Internet.” The growing popularity of Bitcoin (BTC) and the widespread adoption of the virtual currency will create specialized parallel processors in … [Read more...]
Brick and mortar retailers installing real-time bitcoin price tags (BitTag)
Bitcoins aren't just for online retailers. The digital currency is making its way to bricks and mortar locations across the globe. Merchants are implementing Bitcoin (BTC) payment systems in order to avoid the excessive fees charged for debit and credit card usage. One of the primary … [Read more...]
Estonia Central Bank Warns Bitcoin Could Act as a Ponzi Scheme
The central bank of Estonia stated this week that it believes Bitcoin (BTC) could act more like a Ponzi scheme than a virtual currency or an electronic payment system. This has led the Estonian central bank to urge consumers to completely avoid the digital currency altogether because … [Read more...]
Visa CEO Dismisses Bitcoin, Supports Traditional Payment Systems
To professional bitcoiners, the digital currency can be utilized as both a currency and an electronic payment system. Although finance experts and technology entrepreneurs in Silicon Valley aren't very interested in virtual currency, they do see it as a fierce payment technology … [Read more...]
Jamie Dimon doesn’t understand bitcoin: Patrick Murck, Bitcoin Foundation Lawyer
Last week, Jamie Dimon, CEO of JPMorgan, spoke with CNBC and made a statement that would anger thousands of bitcoiners around the world: bitcoin (BTC) is “a terrible store of value” and that its classification as a currency will eventually come to an end. One of the most powerful … [Read more...]
Vera&John Becomes the First Licensed and Regulated Internet Casino to Accept Bitcoin
One of the largest online casinos in the world, Vera&John, has become the first licensed and regulated Internet casino to accept bitcoin (BTC) deposits. The initiative was part of a two-month bitcoin project. The website made the announcement Wednesday and deposits would … [Read more...]
Bank of Russia Says Bitcoin Users Could be Unintentionally Breaking the Law
It appears the Bank of Russia has followed the same line of thinking on bitcoin (BTC) as other Asian and European governments and central banks. It issued a statement on the popular digital currency Monday in which it listed its concerns and urged users to move ahead with caution to … [Read more...]
Taxpayer Advocate Service on Bitcoin, “IRS is aware of the potential tax-compliance risks”
If you’re one of the many who made a large sum of money this past year by investing in bitcoins (BTC) and litecoins then that profit could very well be subjected to tax. Many countries in the past few months have classified bitcoin and other digital currencies as commodities and will … [Read more...]
