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The currency itself?
https://litecoinlocal.org
As for me, I'm waiting for new companies to emerge, and I'm on the hunt for them as well. Some good ones are available, as seen recently. It's just the beginning for the investment market. Anything new with bitcoin or Litecoin, and other types of these currencies are evolving and is wealth. I will post some nice educational links which puts the topic to prospective. Allot of people walking around with no DD on hand, in regards of how this stuff works. But to learn, you have read upon it's birth and creation, and the reason for it's existence. I don't trust anything, to me, the banking institution is behind this thing too, that's how I roll. I have no trust into society nor its puppeteers. Think about that one. But I will tap into the veins of wealth and suck as much gold as I can.......Believe that!
How do I find the litecoin?
Pk, this is great that bitcoin open the door to Pandora's box buddy. Let it be the poster boy, tap into the other currencies within the same field. Bitcoins has a rate which is to excessive to some. It's hard to explain without taking to much time. I study this damn thin for quite sometime. In other words bitcoin will get too expensive in the long run, other currencies will come to play. You have lite-coin which has been around longer and it's easier to mine to some. The rate is cheaper, it's hard to find them, everyone is holding. Look into bitcoin history and that will be your holy grail to see the future and tap into it. Your link open a whole access bank for me. Thanks a mill!!
I wish I was there.
I remember when it was trading at 60 dollars, and everyone was holding. Look at it now, lol
I couldn't thank you enough for that link, I've been braking my head trying to find such a link. Thanks bro!
Everything Bitcoin...http://www.venturescanner.com/scans/bitcoin
The only and Original Bitcoin Exchange, https://www.mtgox.com/
2014 Year of the Bitcoin! http://www.cnbc.com/id/101304916
Compliance Policy
Bitcoin Tax Rules Needed for Clarity, Taxpayer Advocate Says
The U.S. Internal Revenue Service should give taxpayers clear rules on how it will handle transactions involving Bitcoin and other digital currencies, Nina Olson, the National Taxpayer Advocate, said Jan. 10.
Spending Bitcoins to purchase goods may trigger capital gains and losses or ordinary income and losses, which have different tax rates, Olson said in her annual report to Congress.
“It is the government’s responsibility to inform the public about the rules they are required to follow,” she wrote. “The lack of clear answers to basic questions such as when and how taxpayers should report gains and losses on digital currency transactions probably encourages tax avoidance.”
Olson, who runs an independent office within the IRS, listed digital currency as one of the 25 most serious issues encountered by taxpayers.
Atop Olson’s list was the absence of a clear set of taxpayer rights and the decline in IRS service and enforcement stemming from budget cuts, issues on which she has repeatedly urged change.
Introduced in 2008 by a programmer or group of programmers under the name Satoshi Nakamoto, Bitcoin is the most prominent of a group of virtual currencies -- money that exists mainly as a string of code -- that have no central issuing authority.
IDK if it's worth the risk... jmo though
I know a few people that are all-in on it already. Maybe they will be right and make a KILLING.
I'll just enjoy my popcorn and watch. I'm okay with my strategy for now.
BITC Could be interesting when the new name will take place (BITCoin Capital Corp.)will be connected exactly to bitcoin,and the 1.5B Chinese could surge BITC. Bitcoin Exchange(http://coinqx.com/) could add much more value as well(fees).
http://investorshub.advfn.com/boards/read_msg.aspx?message_id=95853883
Knew it was a sketchy ass play ;)
Had to get in a little lol when I read that they denounced the rumors about a massive stack of coins .
The company denounces the rumors spreading about its executives owning over 500,000 bitcoins and wishes to make it clear that there is no association between BITC and the Winklevoss twins.
this ah canadian concern. i checked llast night at amerit and they were accepting orders.
the person running with halt was very inaccurate this wkend.
this news is at amerit.
Today's News, January 13, 2014
8:01a Grand Pacaraima Gold Corp to Change Name and Ticker Symbol (Market Wire)
mick,
in reality need to open this news item.
did you get this news?
Ut Roh! Someone is going to be in Trouble.
1st read this====> http://ireport.cnn.com/docs/DOC-1074434?ref=feeds/latest
BITC executives have amassed a sizable fortune of Bitcoins, an estimated 550,000 BTC to be exact. With this kind of stockpile it is no wonder they are creating this exchange for they have ample supply to meet any demands. However it has not been reported who they have teamed up with to create this exchange.
Cameron Winklevoss and Tyler Winklevoss have reportedly bankrolled and partnered to create an exchange that will yield the greatest number of Bitcoin transactions ever. With the constant threat and hassle of other multiple denomination exchanges it all makes sense. Winklevoss twins have stated they are waiting approval to open an ETF (which you must have min. $50k investment to belong to this Ivy League fund) but wanted to create more liquidity and lessen the volatility.
now read this>>>>>>>>>>>>>>>> :-O
The company denounces the rumors spreading about its executives owning over 500,000 bitcoins and wishes to make it clear that there is no association between BITC and the Winklevoss twins.
http://ih.advfn.com/p.php?pid=nmona&article=60640849
Send me the link to the Bitcoin image.
elra could be huge gainer. Sizzling Hot FIX FIX FIX ON FIRE/\SUPER MOVER!
znga could be huge gainer. Sizzling Hot FIX FIX FIX ON FIRE/\SUPER MOVER!
more coming, lot of togatherness here.
canada atm exchanger. lots more reads here for bitcoins to be accepted or being accepted.
http://finance.search.yahoo.com/search/;_ylt=A2KJ3CUX7NJSLysAkGCTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=181
Canada Gets First Bitcoin ATMs - Ananova
www.ananova.com/canada-gets-first-bitcoin-atms Cached
Vancouver is getting the world's first Bitcoin ATM. The machine will be set up outside of a Vancouver coffee house, and it will exchange Canadian dollars for Bitcoins
http://finance.search.yahoo.com/search/;_ylt=A2KJ3CY07dJSdjgAny.TmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=191
9flats, The European Airbnb Competitor, Now Accepting Bitcoin ...
techcrunch.com/2013/04/04/9flats-bitcoin Cached
When Bitcoin made headlines last month for reaching the billion-dollar mark, it became a lot harder to scoff at the crypto-currency. What may have started ...
The Bitcoin Industry Takes Root in Austin - SiliconHills
www.siliconhillsnews.com/2013/12/26/the-bitcoin-industry... Cached
A new industry is brewing in Austin in a back room at Scholz Garten where dozens of people meet regularly to talk about Bitcoins. They are pioneers in the crypto ...
http://finance.search.yahoo.com/search/;_ylt=A2KLOzFb69JS9F8APSWTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=171
Bitcoin Blog | The Bitcoin Trader: Spend your Bitcoins at 16 ...
www.thebitcointrader.com/2012/02/spend-your-bitcoins-at... Cached
GrubGo Restaurant Delivery Service announced today that they will be accepting Bitcoins as an alternative payment method. Their mission is to bring together two of ...
startup Archives - On Bitcoin | On Bitcoin
onbitcoin.com/tag/startup Cached
“We’re as excited about Bitcoin and digital currency as we were when we first discovered the Internet in 1990.” — Circle launch announcement
Bitcoin Buys Burgers to Beer as Shoppers Go Virtual - Bloomberg
www.bloomberg.com/news/2013-12-30/bitcoin-buys-burgers... Cached
CheapAir CEO Says `Pretty Easy' to Accept Bitcoins Despite a Ban, China Is Largest Bitcoin Market Woo Says Bitcoin Can Be Major Tool for E-Commerce What do ...
Coming soon: Pay your rent in Bitcoin | Inman News
www.inman.com/.../08/30/now-you-can-pay-your-rent-in-bitcoin Cached
Rentalutions to begin accepting digital currency in October ... “If it can get you dates, it should pay your rent.” That was the thinking behind ...
Great find.
this is here? for us?
http://finance.search.yahoo.com/search/;_ylt=AwrTWfxC6tJSA1oACfOTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=161
in depth/
Bitcoin/USD (BTC:USD): as more companies accept bitcoin it ...
investorshub.advfn.com/boards/read_msg.aspx?message_id=... Cached
Bitcoin/USD Message Board: as more companies accept bitcoin it will continue
Cyprus University world first to accept bitcoins for tuition
www.prisonplanet.com/...to-accept-bitcoins-for-tuition.html Cached
The University of Nicosia also proposes a policy framework for developing Cyprus into a hub for Bitcoin trading, processing and banking. Dr. Christos ...
All-Terrain Vehicle Startup Tomcar Australia Starts Accepting ...
techcrunch.com/2013/11/...australia-starts-accepting-bitcoin Cached
Tomcar Australia, a Melbourne-based startup that sells original off-road vehicles and equipment online, is now accepting Bitcoin payments in a move that it ...
http://finance.search.yahoo.com/search/;_ylt=AwrTWfxC6tJSA1oACfOTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=161
Why Our Business Will Begin Accepting Bitcoin - BitCoin-Tech ...
bitcoin-tech.com/blogs/entry/...will-begin-accepting-bitcoin Cached
Free BitCoinsEarn Free BitCoins; Buy & Sell BitcoinTrade Bitcoin on a Marketplace; DirectoryWho accepting Bitcoin
Mayor, police chief in struggling Kentucky coal town to ...
www.foxnews.com/us/2013/12/05/...to-bitcoin-to-spur-economy Cached
Officials in a small Appalachian town that has seen its coal industry dry up over the past two years are hopeful that Bitcoins, the Internet currency, can ...
http://finance.search.yahoo.com/search/;_ylt=AwrSyCPy6dJStjMAvZqTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=151
Why Our Business Will Begin Accepting Bitcoin | All-in-one ...
bitcoin.allinoneinternetsearch.com/2013/12/13/why-our... Cached
Related Search Results: That moment when you appreciate how useful Bitcoin really… Yesterday I went to the bank to make a international wire transfer to Bitstamp.
Blizz Should Accept Bitcoins as Payment! - Forums - World of ...
us.battle.net/wow/en/forum/topic/10787538694?page=9 Cached
List those places please and the state they are in the few that accept bt here as money are bkghs shell companies. also,if something goes wrong with my bitcoin what ...
http://finance.search.yahoo.com/search/;_ylt=AwrSyCPy6dJStjMAvZqTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=151
Digital festival Dig South in Charleston is accepting ...
www.charlestoncitypaper.com/TheBattery/archives/2013/12/... Cached
Dig South, an interactive digital media conference set for April in Charleston, is accepting Bitcoins for registration. The world's first decentralized ...
Bitcoin: More Regulation, More Opportunity? | Inc.com
www.inc.com/eric-markowitz/as-bitcoin-grows-regulators... Cached
Bitcoin may be a $1.2 billion marketplace, but the virtual currency still operates in a legal gray area: Companies that accept Bitcoin as payment ...
The First Online Jewellery Store To Accept Bitcoin As a ...
inpublic.globenewswire.com/2013/11/29/The+First+Online... Cached
The First Online Jewellery Store To Accept Bitcoin As a Payment Method - SallyMetHarry.com
http://finance.search.yahoo.com/search/;_ylt=AwrSyCUG5tJS.0IAmZCTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=111
3 Up Golf Becomes First Golf Company to Accept Bitcoins ...
chicagoduffer.com/3-up-golf-bitcoins-2013-12-05 Cached
Upstart golf ball company 3 Up Golf has officially become the first golf company to accept the virtual currency Bitcoins as payment.
8 Top Innovative U.S. Companies - Elisabeth Meinecke
townhall.com/.../2012/02/15/8_top_innovative_us_companies Cached
These innovative U.S. companies are prospering despite the president’s mixed policy messages and D.C.’s economic blunde.01/10/2014 17:15:58PM EST.
Gyft Opens Bitcoin Acceptance to 50,000 Merchant Locations ...
www.paymentssource.com/...opens-bitcoin-acceptance...1.html
The Bitcoin currency is designed to be a digital alternative to cash. A few high-profile companies, including WordPress and Reddit, accept bitcoins directly, but most ...
http://finance.search.yahoo.com/search/;_ylt=AwrSyCUG5tJS.0IAmZCTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=111
Why China Is Frantically Buying These U.S. Companies | Street ...
www.streetauthority.com/international-investing/why... Cached
More than two decades ago, Japan sported the most dynamic economy in the developed world. The country's Nikkei stock market index was soaring to new heights, and real ...
Twitter / playouya: We accept Bitcoin. REJOICE! ...
twitter.com/playouya/status/408386022947307520 Cached
@juhrman @playouya Not as cool as accepting Paypal for purchasing games. You know, like you promised was “coming soon”.
http://finance.search.yahoo.com/search/;_ylt=AwrSyCUG5tJS.0IAmZCTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=111
Why Our Business Will Begin Accepting Bitcoin
bitcoinviews.com/why-our-business-will-begin-accepting... Cached
13 December 2013 | By Jon Southurst | Coindesk.com My company is a US based manufacturing operation, which ships directly from the our U.S. factory throughout the world.
operated by Tibanne Co., Ltd
Bitcoins.com
www.bitcoins.com Cached
This website belongs to and is operated by Tibanne Co., Ltd, the parent company of MtGox Co., Ltd. MtGox Co., Ltd. operates one of the world's largest Bitcoin ...
http://www.bitcoins.com
Strategic Development is the first consulting company in ...
bitcoinexaminer.org/...consulting-company...accept-bitcoins Cached
The leadership development firm Strategic Development, Inc., located in the Research Triangle, is the first company of this field in North Carolina (USA) to accept ...
http://finance.search.yahoo.com/search/;_ylt=AwrSyCUG5tJS.0IAmZCTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=111
OrangeWebsite, a Green Web Hosting Company Accepting Bitcoin ...
www.forexminute.com/bitcoin/...company-accepting-bitcoin... Cached
OrangeWebsite, a green web hosting company, formed in Reykjavik, Iceland in 2009 by Henri K. Johannes, accepts Bitcoin for its services. In announcement the company ...
http://finance.search.yahoo.com/search/;_ylt=AwrSyCUG5tJS.0IAmZCTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=111
Bitcoin - Individual Pubs Limited
www.individualpubs.co.uk/bitcoin.html Cached
All of our pubs accept Bitcoin over the counter. How it works — customer facing. Order your drinks and food. Ask to pay by Bitcoin. The till will display a QR code ...
El Passion is the first company to accept Bitcoin in Warsaw ...
www.thebitcoinchannel.com/archives/16870 Cached
all content on 'the bitcoin channel' as well as the 'bitcoinchannel' youtube channel is provided for informational purposes only. 'the bitcoin channel' assumes all ...
http://finance.search.yahoo.com/search/;_ylt=AwrTWfyZ5dJSQ0QAbpmTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=101
SouthAfrica.TO now accepting Bitcoins - Bandwidth Blog
www.bandwidthblog.com/2013/04/...to-now-accepting-bitcoins Cached
South African companies are also getting on the Bitcoin wagon. SouthAfrica.TO (South Africa Travel Online) take a lot of orders from international travellers, with a ...
ATILUS IS FIRST AD AGENCY IN UNITED STATES TO ACCEPT BITCOIN ...
www.atilus.com/...ad-agency-united-states-accept-bitcoin Cached
December 14th, 2013 ATILUS IS FIRST AD AGENCY IN UNITED STATES TO ACCEPT BITCOIN. FOR IMMEDIATE RELEASE: Bonita Springs, FL, Atilus, a full-service web development ...
China’s Google’ begins accepting Bitcoin — RT News
rt.com/news/china-baidu-accept-bitcoin-276 Cached
China’s largest search engine Baidu - also known as the “Google of China” – has become the first service of its kind to accept the crypto-currency ...
American Bullion Becomes First Nationally Listed U.S. Mint ...
finance.yahoo.com/news/american-bullion-becomes-first... Cached
American Bullion Becomes First Nationally Listed U.S. Mint Dealer To Accept Bitcoin For Physical Gold And Silver Purchases
http://finance.search.yahoo.com/search/;_ylt=AwrSyCQk49JS1xAAF6iTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=81
Phonic Storm» london companies accepting bitcoin | Phonic Storm
www.phonicstorm.com/tag/...companies-accepting-bitcoin/feed
Phonic Storm» london companies accepting bitcoin ... Phonic Storm is proud to announce we now accept Bitcoin as payment for our services in addition to traditional ...
CheapAir.com & other travel companies accepting bitcoin ...
stuckattheairport.com/2013/11/...companies-accepting-bitcoin Cached
The company has been accepting bitcoin payments since January “because it is cheap, quick, and virtually risk free,” said accounts manager Aaron Williams, ...
Startup Debut to Accept Bitcoins & Showcase Digital Currency ...
www.marketwired.com/press-release/startup-debut-accept... Cached
June 28, 2013 02:59 ET. Startup Debut to Accept Bitcoins & Showcase Digital Currency Companies During CES and South by Southwest . BitAngels Co-Founder Michael Terpin
10 Gay Friendly U.S. Companies - TakePart
www.takepart.com/photos/10-pro-gay-companies Cached
10 Gay-Friendly U.S. Companies: Shop and Work the LGBT Way. Defying boycotts and bigots, these American businesses are mixing profits with principles.
Denver Web Hosting Company to Accept Bitcoins for Payment ...
www.thebitcoinchannel.com/archives/11913 Cached
Denver Web Hosting Company to Accept Bitcoins for Payment. prweb.com / June 07, 2013. Beanstalk Solar Hosting, a division of Denver-based Unleaded Software Inc., ...
Sarasota Business is First Company In Southwest Florida To ...
www.ramog.com/...first-company-in-southwest...accept-bitcoin Cached
A group that provides space and resources for business start-ups in Sarasota has become the first company in Southwest Florida to accept “bitcoin” as a form of ...
International News - KBTV-TV FOX 4
www.fox4beaumont.com/template/inews_wire/wires... Cached
Embattled 'Duck Dynasty' Family's Company Launches ... Selfie is in the Dictionary along with Twerk and Bitcoin; ... Justin Bieber Booed While Accepting ...
http://finance.search.yahoo.com/search/;_ylt=AwrTWfyZ5dJSQ0QAbpmTmYlQ?p=u.s.a+companies+accepting+bitcoins&type=2button&fr=uh3_finance_web_gs&xargs=0&pstart=1&b=101
It is the Big Boys who are going to change the way we buy and sell in the near future.
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Integral to Bitcoin is a public transaction log, the blockchain, that records bitcoin ownership currently as well as in the past. By keeping a record of all transactions, the blockchain prevents double-spending.[19] Cryptography is used to protect the integrity of the blockchain.[19]
This master list of all transactions is maintained by a distributed network of computers that does the payment processing work of Bitcoin.[19] Users who devote computing power to maintaining the blockchain in this way are called "miners" and are rewarded with newly created bitcoins as well as fees. Payment processing work done by miners verifies each transaction as valid and adds it to the blockchain.[20] As more bitcoins come into circulation the reward for doing payment processing decreases and will stop altogether when the Bitcoin upper limit of 21 million bitcoins has been reached.[19] As Bitcoin achieves wider recognition and more people compete to mine the coins, competition for the limited number of bitcoins awarded for payment processing work becomes steeper and more powerful computers are needed in order to compete—a fact which has spawned a technology boom in sales of Bitcoin mining technology.[20] In addition, Bitcoin is designed to increase the difficulty of payment processing as more miners connect to the network.
Payment processing[edit]Through various exchanges, bitcoins are bought and sold at a variable price against the value of other currencies.[21] While there may be a seemingly large number, exchanges regularly fail, taking client bitcoins with them.[22] A published research study showed that of 40 Bitcoin exchange markets studied, 18 ended up closing over a period of 3 years.[23] Bitcoin prices are fragmented and vary widely across exchanges.[24]
In order to make a payment, a user requests an update to the master transaction list, the blockchain, and the transaction is validated by the network.[25] Although transactions can be validated instantly, it takes bitcoin miners approximately 10 minutes to record the payment within the blockchain and confirm it was not spent twice.[25] In addition, transactions that pay a fee may be processed more quickly.[citation needed]
Bitcoin payment processing fees are optional and generally substantially lower than those of credit cards or money transfers.[26] Currently, doing the work of payment processing is rewarded with newly created bitcoins. But this reward is halved every few years,[27] eventually phasing out all together when the total number of bitcoins have been released. Once the Bitcoin ceiling of 21 million units is reached, payment processing will only be incentivized with transaction fees.
Wallets allow a user to make and accept payments using Bitcoin. At the most basic, a wallet stores a public key, which some refer to as a Bitcoin address, and its associated private key. They come in a variety of forms: apps for mobile devices and computers, hardware devices, and paper tokens. When making a purchase with a mobile device, the use of QR codes to simplify transactions is ubiquitous.
Bitcoin functions using public-key cryptography, in which a pair of cryptographic keys, one public and one private, are generated.[28] In the case of Bitcoin, the public key functions as an address to which payments can be sent, and the private key acts as a safeguard; it must be presented when making a payment from an address. Because anyone with a private key can spend all of the bitcoins associated with its corresponding public key, securing and protecting is important to prevent theft, which has occurred on numerous occasions.[23] The practical day-to-day security of Bitcoin wallets remains an on-going concern.[29]
The main ways to acquire bitcoins are: exchanges (where bitcoins can be bought and sold for cash), mining, and selling items for bitcoins.[30]
First mentioned in a 2008 paper published under the pseudonym "Satoshi Nakamoto" (a Japanese name that roughly translates as "Thinking clearly inside the foundation"),[31] Bitcoin became operational in early 2009, with the release of the firstopen source Bitcoin client and the issuance of the first bitcoins.[32][33][34] The currency had early technical problems such as a 2009 exploit that allowed the creation of unlimited bitcoins.[35][36]
On average, bitcoins have appreciated rapidly in relation to other currencies including the US dollar, euro, and British pound.[21] In 2011 the value of one bitcoin rapidly rose from about $0.30 to $32, before falling back down to $2.[37] Bitcoin began attracting media attention in late 2012, and numerous news articles have been written about it. In 2013, some mainstream services such as OkCupid, Baidu, Reddit, Humble Bundle and Foodler began accepting it.[38] That year also saw the first interventions by law enforcement. Assets belonging to the Mt.Gox exchange were seized, and the Silk Road drugs market was shut down.[39]
During November 2013, the China-based Bitcoin exchange BTC China overtook Japan-based Mt.Gox and Europe-based Bitstamp to become the largest Bitcoin trading exchange by trade volume.[40] On 19 November 2013, the value a bitcoin on the Mt.Gox exchange soared to a peak of US$900 following a United States Senate committee hearing, at which the committee was informed that virtual currencies were a legitimate financial service.[41] On the same day, one bitcoin traded for over RMB¥6780 (US$1100) in China.[42] With roughly 12 million bitcoins in existence as of November 2013,[43] the new price increased the market cap for Bitcoin to at least US$7.2 billion.[44]
On 5 December 2013, the People's Bank of China announced it was prohibiting Chinese financial institutions from using bitcoins.[11] Following the introduction of these new rules, the value of bitcoin dropped[45] and Chinese internet giant Baidu reversed its policy of accepting bitcoins for certain services.[46] Starting in October 2013, Baidu had been allowing clients of website security services to pay with bitcoins.[47] Buying real-world goods with any virtual currency has been illegal in China since at least 2009.[48]
Certain non-profit or advocacy groups accept bitcoins including WordPress,[49] Tor Project,[50] and the Electronic Frontier Foundation.[51]
The highly volatile value of Bitcoin has led to some questions about its ability to function as a currency.[53] Few are willing to use a currency with a highly variable value.[54] Its deflationary bias, which incentivizes hoarding and removes money from circulation, is also cited as a stumbling block to Bitcoin becoming a functional currency.[55]
Even if Bitcoin fails to make it as a currency, it may continue to prove useful as a payment processing system. Volatility has little effect on its utility in this regard since money would need to be converted to bitcoins only for the short time it takes to make a payment or transfer.[56] Processing fees are substantially lower than those of credit cards or money transfers.[26] Some feel that Bitcoin may be especially well suited to facilitating cheap cross-border money transfers.[56]
Currently Bitcoin does see limited use as a currency.[57] By November 2013 there were about 1,000 brick and mortar businesses willing to accept payment in bitcoins,[58] and more than twenty thousand merchants online.[59]
Some have suggested that Bitcoin is gaining popularity in countries with problem-plagued national currencies, as it can be used to circumvent inflation, capital controls, and international sanctions. Bitcoins are used by some Argentinians as an alternative to the official currency,[60] which is stymied by inflation and strict capital controls.[61] In addition, some Iranians use bitcoins to evade currency sanctions.[62]
Financial journalists and analysts have suggested that there was a link between higher Bitcoin usage in Spain and the 2012-2013 Cypriot financial crisis.[63]
Many have mentioned speculative bubbles in connection with Bitcoin, and Reuters journalist Felix Salmon correctly predicted the bursting of one such Bitcoin bubble in April 2013.[64]
Noted individuals who have named Bitcoin a bubble include Former Federal Reserve Chairman Alan Greenspan; a core developer of the Bitcoin protocol, Mike Hearn; and Economist John Quiggin.[65]
Nick Colas, a market strategist for ConvergEx Group, is among those who see Bitcoin's quick rise in price as nothing more than normal economic forces at work.[66]
Bitcoins are often traded as an investment[67] by speculators who expect the currency to increase in value as its popularity widens.[68] The European Banking Authority has warned that the risks of engaging in such speculation go beyond the possibility that the value of Bitcoin drops.[69]
Bitcoins have been described as lacking intrinsic value because their value depends only on the willingness of users to accept them.[70] Their vulnerability to hacking and theft also makes their use as an investment more questionable.[54]
Derivatives of bitcoins are thinly available. One organization offers futures contracts against multiple currencies.[71]
Bitcoins have attracted the attention of some Wall Street types with Peter Thiel's Founders Fund investing US$3 million and the Winklevoss twins making a US$1.5 million personal investment[72] as well as making an attempt to launch a Bitcoin ETF.
Economists have had a mixed reaction to Bitcoin. Some have responded positively to Bitcoin, including François R. Velde, senior economist of the Federal Reserve in Chicago who described it as "an elegant solution to the problem of creating a digital currency."[73][74]
Other economists commenting on Bitcoin have been critical. Nobel laureate Paul Krugman has suggested that the structure of the currency incentivizes hoarding and that its value derives only from the expectation that others will accept it as payment.[75][76]
Former U.S. Treasury Secretary Larry Summers has expressed a "wait and see" attitude when it comes to Bitcoin.[77]
In November 2013 Richard Branson announced that Virgin Galactic would accept Bitcoin as payment, saying that he had invested in Bitcoin and found it "fascinating how a whole new global currency has been created", encouraging others to also invest in Bitcoin.[17][78] PayPal President David A. Marcus has said he thinks that Bitcoin is a "great place to put assets" but that it won't be a currency until its price volatility reduces.[79]
The blockchain is a public ledger of every bitcoin transaction. Bitcoin does provide anonymity in that a bitcoin address does not directly identify its owner. However, tracking the flow of bitcoins through the address can give clues as to who the owner is.[86] Bitcoin uses cryptography but does not do so to protect the identities of its users. Bitcoin is anonymous in that it is difficult to associate Bitcoin transactions with real-life identities.[87] In addition, Bitcoin intermediaries such as exchanges are required by law in many jurisdictions to collect personal customer data.[Bitcoin have been criticized by the free software movement activists including Richard Stallman for not being an 'anonymous cryptocurrency' and calls for reformed development.[80] Zerocoin was a proposed add-on to Bitcoin, which employs cryptographic accumulators and digital commitments with zero-knowledge proofs to eliminate trackable linkage in the Bitcoin blockchain, which would make Bitcoin anonymous and untraceable, however it has been suggested by Zerocoin developers that instead of building on top of the Bitcoin protocol, Zerocoin may decide to launch as an alternative cryptocurrency instead.[81][82][83][84][85]
Bitcoin's association with criminal activities has historically hindered the currency from attaining widespread, mainstream use and has attracted the attention of financial regulators, legislative bodies, and law enforcement.[88] The Washington Post has labeled it "the currency of choice for seedy online activities,"[89] and CNN has called Bitcoin a "shady online currency [that is] starting to gain legitimacy in certain parts of the world."[90] Its links to criminal activities have prompted scrutiny from the FBI, US Senate, and the State of New York. The FBI stated in a 2012 report that "bitcoins will likely continue to attract cyber-criminals who view it as a means to move or steal funds".[91]
In March 2013 the US Financial Crimes Enforcement Network (FinCEN) established regulatory guidelines for "decentralized virtual currencies" such as Bitcoin, classifying American "Bitcoin miners" who sell their generated bitcoins as money services businesses (or MSBs), that may be subject to registration and other legal obligations.[92][93][94] In August 2013 the German Finance Ministry characterized Bitcoin as a unit of account,[95][96] usable in multilateral clearing circles and subject to capital gains tax if held less than one year.[96] The New York State Department of Financial Services, citing its authority to regulate money transmissions and its concern with criminal activity (Silk Road in particular), announced an inquiry in late 2013 into possible regulations and guidelines for Bitcoin (a "BitLicense") and the holding of public hearings in New York City.[97]The US Internal Revenue Service has also stated that it is actively working on its own rules for Bitcoin.[54]
At the same time, the European Banking Authority (EBA) gave a nuanced nod of approval to Bitcoin usage. Issuing what was formally a "warning" to consumers its about dangers inasmuch as Bitcoin businesses are not regulated or licensed as banks in EU and EFTA areas, they further admitted that these businesses are not currently required to operate under such regulations, thus acknowledging the status quo.[98]
Some have suggested that due to its close association with illegal purchases, governments could outlaw Bitcoin. This assertion has been made by Steven Strauss, a Harvard public policy professor, and was also mentioned in 2013 SEC filing made by a Bitcoin investment vehicle.[99]Bitcoins are not currently illegal in the US, however. FBI Special Agent Christopher Tarbell has stated that "Bitcoins are not illegal in and of themselves and have known legitimate uses".[100]
Several news outlets assert that the popularity of Bitcoin hinges on the ability to use them to purchase illegal substances.[101] In 2013 The Guardian reported that the currency was primarily used to purchase illegal drugs and for online gambling,[102] and The Huffington Post stated that "online gambling accounts for a huge portion of Bitcoin activity."[103] Legitimate transactions are thought to be far less than the number involved in the purchase of drugs,[104] and roughly one half of all transactions made using Bitcoin are bets placed at a single online gaming website.[105] In 2012, an academic from the Carnegie Mellon CyLab and the Information Networking Institute estimated that 4.5 to 9% of all bitcoins spent were for purchases of drugs at a single online market, Silk Road.[106] As the majority of the Bitcoin transactions were at this time speculative in nature, this academic asserts that drugs constituted a much larger percentage of the products and services bought using the currency, however.[106] The Huffington Post stated in 2013 that online gun dealers use Bitcoin to sell arms without background checks.[107]
Some regulatory and law enforecment authorities, including the European Banking Authority, feel Bitcoin may be used for money laundering.[108] A 2012 report by the FBI acknowledged such fears but stated that there were no known instances of this occurring.[91] Some say one obstacle to bitcoins becoming widely used to launder money is the fact that its transaction history is public.[109] During the US Senate hearing in 2013, Jennifer Shasky Calvery, director of the Treasury Department's Financial Crimes Enforcement Network said that despite the possibility for using Bitcoin that "Cash is probably still the best medium for money laundering."[110]
In June 2011, Symantec warned about the possibility of botnets engaging in covert mining of bitcoins,[111][112] consuming computing cycles, using extra electricity and increasing computer temperatures. Some malware used the parallel processing capabilities of the GPUs built into many modern video cards.[113] In mid-August 2011, bitcoin miner botnets were detected again,[114] and less than three months later Bitcoin-mining trojans infecting Mac OS X were also discovered.[115] In April 2013 electronic sports organization E-Sports Entertainment were accused of hijacking 14,000 computers to mine bitcoins; the case was settled in November with the organization fined US$1 million if it breaks the law within the following ten years, or $325,000 if it does not.[116]
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