Saturday, August 24, 2013

CoinTap cards promise to make buying Bitcoins easy

22 August 2013 Now there's a simple, easy way to buy Bitcoins -- the hot, new cyber currency that's fast changing how people shop, trade and even pay their bills.
CoinTap is the creation of Bitcoin Ventures, Inc., a local virtual currency software development company that offers smart solutions for Bitcoin e-commerce.

The product is a gift card which streamlines an otherwise tricky and time-consuming process of trading your money on a market for Bitcoins, says the company's representative and Bitcoin consultant Ashley Fulks.

"Buying Bitcoins are now as uncomplicated as buying a loaf of bread," says Fulks.

"Simply go to the store and buy a CoinTap card. Then go online, redeem your card on our website and, presto, you've got Bitcoins."

A $50 gift card is redeemable for 50 dollars in credit, which can then be used to purchase Bitcoins at a competitive rate through the company's website.

The current value of 1 Bitcoin is $121 US on exchange or $97 CDN on - Read more here:

Does Bitcoin Promote Illicit Ecommerce?

Kenneth Corbin (CIO (US))21 August, 2013 19:41 As the tech industry grapples with the potential benefits and risks of the digital currency Bitcoin, policymakers should take care not to impose heavy-handed restrictions on an innovative platform that could transform global commerce, a pair of researchers at George Mason University's Mercatus Center argue in a new policy paper.

As a starting point, the researchers suggest that the proper way to evaluate Bitcoin is "not necessarily as a replacement for traditional currencies, but rather as a new payments system," and acknowledge that it "exists in something of a legal gray area."

"This is largely the case because Bitcoin does not exactly fit existing statutory definitions of currency or other financial instruments or institutions, making it difficult to know which laws apply and how," write Mercatus Center researchers Jerry Brito and Andrea Castillo.

The researchers credit Bitcoin for achieving, at a large scale, what no other payments system has been able to do: provide direct, trusted exchanges of currency over a distributed peer-to-peer network that keeps track of debits and credits. - Read more here:

Let's Talk Bitcoin! E34 - Bitcoin and the Butters

Coming up on Today's Show:

  • Stephanie interviews Jeff Bussgang of Flybridge Capital Partners for the Venture perspective
  • Andreas interviews Cedric Dahl, CEO of Buttercoin on their White Label Exchange service and Viral Liquidity
  • Ryan Charleston of Bitcorati tells Stephanie why we don't need a yellowpages any more.
  • Andre DeCastro of eCoinCashier explains his App that will buy your Bitcoins, but won't sell you any!
  • Stephanie has a good talk with Josh Zerlan, CEO of Butterfly Labs.

E34 - Bitcoin and the Butters - Let's Talk Bitcoin!

Live from New York! - Let's Talk Bitcoin Episode 33

Live from New York! - Let's Talk Bitcoin Episode 33

Bitcoin Frenzy in China as Regulation Light on Currency

Bitcoin Frenzy in China as Regulation Light on Currency.jpg
August 21, 2013 By Floating Path. A recent startup in China shows just how popular Bitcoins have become in a nation where financial regulations are strict and punishments are doled out swiftly. 796 XChange Ltd. is a Hong Kong-based company that offers an online stock market for Bitcoin companies, as well as futures, financing and IPO services, all priced in Bitcoins, of course. 
Currently there are about 11.5 million bitcoins that have been “unlocked” with the total number available standing near 21 million once computers can crack the complex mathematical problems needed to find the rest. China now stands in second place, behind the U.S., for total bitcoin downloads after briefly taking the top spot in May. For now it seems as though the Chinese government has not addressed the fledgling currency, and that is exactly why citizens there like it so much. 
“The advantage for Chinese users to use Bitcoin is freedom, people can do something without any official authority,” said Patrick Lin, system administrator of and owner of about 1,500 Bitcoins. Lin said he’s sticking to the currency itself, rather than IPOs, in part because of weak regulation. “The Bitcoin world is just like the Wild West — no law, but opportunity and risk,” he said. - Read more here:

Chinese Investors Flock to Bitcoins

Chinese Investors Flock to Bitcoins.jpg
By Marcelina Hardy Thursday, August 22nd, 2013. If you’re bored with bonds, stocks, and other common investments, you may want to consider an alternative – Bitcoin. The virtual currency gained traction around the world following the Cyprus bailout, when many U.S. investors set their sights on it. Now, it’s the latest investment rage in China.

Bitcoin is anonymous, so no one knows how much you have or spend. You can use the digital currency just like cash to buy goods and services, as long as the seller accepts it.
bitcoinsBitcoin's main draw has been its complete lack of regulation. There’s no central bank or Federal Reserve. It’s not backed by anyone or anything.

There is, however, regulation to the way Bitcoins are produced. New Bitcoins can only be obtained through a “mining” process on a computer. The “miner” must use special equipment to solve algorithms that will unlock Bitcoins in the virtual world.

And it's not easy. It requires time, massive amounts of electricity, and special computers. And there are only 21 million Bitcoins available to be mined. - Read more here:

Wednesday, August 21, 2013

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

by Cyrus Farivar - Aug 18 2013, 8:25pm FLEDT

In response to a query by a member of parliament, the German Finance Ministry has declared (Google Translate) 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, 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. However, taxpayers are now required to pay taxes on any profits made from Bitcoin transactions that happen within a year.

How would the Finance Ministry even know if a taxpayer holds bitcoins? The taxpayer would be expected to declare them as part of her assets and income as part of her annual tax return.

The German lawmaker, Frank Schäffler—a member of the Free Democratic Party (FDP), a pro-business, center-right party—wrote on Twitter that famed Austrian economist Friedrich Hayek would be happy with this decision. Hayek was an early 20th century scholar who argued forcefully for mostly laissez-faire economics. That view was in contrast to another economic giant of the era, John Maynard Keynes, who believed government spending could help steer a national economy in the right direction. (Their debate is best summed up in this rap.) - Read more here:

5 ways Bitcoin needs to improve before it can enable emerging markets

5 ways Bitcoin needs to improve before it can enable emerging markets
by Nina Curley, August 18, 2013. Emerging markets are the future of Bitcoin, leading entrepreneurs and policymakers at the Bitcoin London conference concluded last month (while Wamda couldn't attend, we wanted to highlight their trove of videos).

This isn’t what you’ll hear if you read the recent news on the controversial cryptocurrency, which has revolved around its struggles with regulation in the U.S. and quiet hand-wringing over the U.S. Senate Committee on Homeland Security’s decision to ask various three-letter government agencies to investigate Bitcoin.

Then there’s the recent scandal in which a bug in Android’s code allowed hackers to steal a grand sum of $5,700 from a few Bitcoin wallets.

But one Bitcoin announcement today tells a bigger story. As the U.S. government gnashes its teeth, Bitcoin is swiftly become more decentralized and more accessible to the masses, especially with today’s new at Lamassu, a startup based in Portugal.

Starting this September, Lamassu, which pitched at Bitcoin London, is rolling out an ATM-style device that will accept cash in exchange for Bitcoin. “If you’ve never bought Bitcoins, this is the fastest, easiest way to do it,” CEO Zach Harvey told GigaOM. The Bitcoins must be extracted to a Bitcoin wallet, but the machine will bypass the difficulties of buying Bitcoin online in markets where major payment gateways aren’t supported. - Read more here:

9 Things About The Powerful Online Money, Bitcoin

By SiliconIndia | Monday, 19 August 2013, 08:45 IST.

#8 The advantages

9 Things About The Powerful Online Money, Bitcoin
Bitcoins are basically digital currency, so you can have any amount of currency you want in your phone or other electronic storage device. You need not worry about the taxability of your purchases since any transactions you do using Bitcoins are untraceable.

Unlike physical currency, Bitcoins cannot be easily stolen because it requires an authorized physical device to transfer them.

Once the Bitcoin transaction is done, it cannot be reversed because the ownership changes immediately.

There is no restriction on age or country for a person to use Bitcoins because it is not liable to any governing body or country.

#7 Using Bitcoins

9 Things About The Powerful Online Money, Bitcoin | bitcoin miner ASIC
You can use the digital currency at varied places. You can use it to donate to popular sites like Wordpress, Reddit, 4Chan, The Pirate Bay, EZTV and Internet Archive.

If you are fan of cloud storage, you can get 50GB free storage that Kim Dotcom's offers with Bitcoins. And if you are big on gambling, you can try your luck at places like and www.bc-casino. com.

The shopping websites like accepts Bitcoin payments.