Bitcoin May be Exempted from VAT, says Dutch Minister

If you are making a purchase using bitcoin in the Netherlands, you may soon be exempt from VAT. Dutch Bitcoin news website Coincourant.nl reported that Jacob Kamminga, the Dutch Minister of Finance. Speaking at the Free University of Amsterdam, or Vrije Universiteit Amsterdam during a debate, he indicated that the government may exempt bitcoin from […]

The post Bitcoin May be Exempted from VAT, says Dutch Minister appeared first on CryptoCoinsNews.

CryptoCoinsNews » Bitcoin News

    Bitcoin Passive Income Tools

  • Bitcoin Buzz Learn how to become an authority in the Bitcoin niche.


Posted in Bitcoin | Tagged , , , , , | Leave a comment

Blockchain Factory

 

Blockchain Factory

Blockchain Factory Is Creating The Tools For Today And Governance Services For Tomorrow

by Ian DeMartino @ 2014-11-24 06:51 PM

Facebook86
Twitter93
G+8
Pinterest1

inShare16

Art by: Jing Jin

Last month we brought you an interview with Nathan Wosnack, David Mondrus and Matt McKibbin, who had left the crowdfunded Bitnation days before the launch of its crowdsale due to concerns over transparency, customer/investor protection and potential regulatory issues. Last week, we caught up with two of the former Bitnation members, Nathan Wosnack and David Mondrus, to talk about what they are doing now.

While they never came out and said it, their current projects seem to have been born directly from their experiences at Bitnation. Wosnack has started a company, uBitquity, that focuses on “PR/Media, Advisory/Development, and Compliance Services (AML/KYC manual dev and consulting).” Which shouldn’t be surprising considering his concerns over the potential legal issues he fears Bitcoin 2.0 projects may be running headlong into.

Of more interest to Bitcoin users is what he is working with Mondrus on, Blockchain Factory. Blockchain Factory is a company that, along with various tools designed to make navigating and using the Blockchain more accessible, also is building some projects that are very much in line with what Bitnation is offering.

But, it is also no mere imitation. Blockchain Factory isn’t trying to be the “other” Bitnation, and their short term goals with government services are less lofty and more lighthearted. Blockchain Factory doesn’t so much plant to replace your current government as much as it gives people the tools to add supplementary services using the Blockchain. That is essentially the same goal of Bitnation, but the feeling isn’t that they are coming to create “Governance 2.0” or at least not right away. They are both borderless, decentralized and voluntary services, but the difference is in tone and Blockchain Factory seems willing to take it one step at a time.

The feeling I got speaking with them was that the Blockchain Factory’s governance services, at least in the early stages, aren’t designed to make Bitcoin-citizens, but simply offer up alternatives for services that may or may not be offered by their current government. Citizens in the U.K. are used to supplementary health insurance. Why not supplement marriage or pass ports or notaries with the verifiable security of the blockchain?

A particular point of pride with them is how Blockchain Factory is being funded. As of now, there is no Blockchain Factory coin (although a coin is coming, it isn’t a share or pay any kind of dividend and details are scarce at this point), no IPO or ITO or ICO or whatever people want to call it today. Instead, they are going to traditional route, self-funding the project and bringing in select outside investors. They don’t hate the idea of crowdfunding or even crowdinvesting, but they do have concerns about the legal ramifications and how distributing a company, regardless of what you call it and the reaction of U.S. regulatory bodies.

We spoke about their upcoming projects, their concerns about crowdfunding and the future of governance services on the blockchain.

Why don’t you start with telling our readers about what you offer.

Nathan Wosnack: We offer Blockchain Development, Crypto Consulting, Crypto Project Management, Identity Management. Our main products are: Mining Slicer, BTC2MySQL, BitzME. And in the near future; BitMarriage, BitDeeds, [and] BitNotary.

Our unofficial slogan is “Let the Crypto Revolution Begin…” I do believe we are in the midst of a crypto revolution, and I’m happy to be part of it with Blockchain Factory, and with my partnership via uBITquity (my company out of Vancouver BC, Canada)

David Mondrus: Except, we’re not calling them BitMarriage, we are still working on the branding. But the idea is a cohesive set of governance services on top of an extensible framework. But, this is a long term goal and will depend of course on financing.

Nathan Wosnack: And with real proof of concept code to go along with it and no crowdfunding.

Perhaps we should go through each of the features one at a time. I’d like to start with BTC2MySQL.

Nathan Wosnack: As you know traditional tracking of a transaction on the blockchain requires digging through a plethora of addresses, keys and identifiers (i.e. transaction id, sender/receiver, change addresses) which can be arduous and very time consuming for people.

BTC2MySQL takes blockchain transactions and arranges them in an easy to query relational table. Now you no longer need to map out an entire transaction in your mind as it is all done for you on screen on our web-site with simply using SQL commands.

Who do you see as the target market for it? It seems like journalists and criminal investigators (private and public) would have a huge use for it, but are there other markets you hope to tap?

David Mondrus: There are two I guess. Forensic research is one, so that’s investigators both professional and amateur. The second is hobbyists and researchers. At the moment, we have a 100 row limit, but when we develop the premium version of the site we’ll do larger downloads, exports, etc. to make it easy to get the data out in a format more people are comfortable with.

Yeah, I can see how that could make my job easier when I’m trying to look into things.

David Mondrus: I was talking about it on FB one day and people expressed an interest, so we wrote it.

Nathan Wosnack: Definitely. And to be clear, we’re neutral about who uses our service. So long as they’re lawful in their activities.

Any other major features for BTC2MySQL [other than following a transaction]?

David Mondrus: Select * from join on … etc. That’s it for now, we’re moving on to BitzMe next and we’ll circle back to premium features when there is demand/funds.

Nathan Wosnack: For anyone who comes to our site and is confused about what to do, if they check the FAQ there is a link to SQL command help.

Speaking of BitzMe, that is really interesting too. It forwards all your cryptopayments to one address. The first question I have is: What are the “major” cryptos that will be supported? Do you have any that you can confirm at this time?

David Mondrus: so this isn’t a “crypto” specific product. So, we’ll support as many crypto currencies as we can, likely the Cryptsy set. But we’ll also support Paypal, FB Credits, Visa, Checking account. BUT, this is not integrated with a wallet, so don’t get excited. It’s a dir service, a payment page to rule them all (although the wallet integration is a good idea).

Nathan Wosnack: With traditional addresses people find them hard to remember, they expire very often, and they’re impossible to change once the address is posted. BitzME are easy to remember, it never expires, and you can change the payment methods as often as you need to.

So, let’s say someone sends me an obscure coin, when I want to collect that, how would I do it?

David Mondrus: well, when you set it uip, you have to tell us your wallet address, so at that point you’ve [already] got the wallet.

Nathan Wosnack: BitzME is an address shortcut for Bitcoin and crypto currencies (think bit.ly). When your wallet address changes, it is recommended as a good rule of thumb that you change your address on every single transaction – resulting in a link that is no longer valid. By simply using Bitzme you can leave your tip information on the Internet and not worry about it becoming obsolete and then losing payments. Since crypto currencies are irrevocable you can count on those payments being lost forever. So instead of “3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy,” you will be bitzme.com/satoshi

Can you use an exchange wallet addresses?

David Mondrus: Sure, we don’t care.

Nathan Wosnack: In fact we welcome it!

Awesome, so someone could use that to open up donations to pretty much everything, without having to download or find a web wallet?

David Mondrus: Well, it does rely on the wallet actually being there, but you can certainly populate from all your Cryptsy wallets and manage it all from one panel.

It’s launching November 28nd, will that be a full release to a private or public beta or something along those lines?

David Mondrus: Hopefully, the 29th. But it’ll be a public beta.

Nathan Wosnack: It was the 22nd and we postponed it until the 29th due to being busy with paying clients for the Mining Slicer and other contracts, and also we want to make sure that Bitzme is working in the way we want by that date. Hence the slight delay.

Will most of the features be available?

David Mondrus: The first subset will. Cryptsy integration won’t be there and no wallets either, it’s an MVP.

Nathan Wosnack: Early beta release, but we’ll have many updates as we progress. We’re a small team, and we do have some volunteers for beta testing, and outsourced staff available to help with our development, along with contractors for design. Under promise, over deliver. That will be our motto.

What about the Mining Slicer?

David Mondrus: The mining slicer is a fork of the CGMiner code that allows you to break up a large ASIC into smaller components. So, say you ahve a 2T (Th/s) machine. You can point that entire 2T to the BTC blockchain and make some money, or you can point it to something like Mazacoin and run a 51% attack; not a lot of good choices. But mining slicer allows you to take that 2T and turn it into 2000G (Gh/s), and you can point each of those 2000G’s independently. So, 1 here, 50 there, 200 over there, etc … They will all work on their respective jobs, and they are all statistically independent.

Obviously, that has some great uses. I am wondering though if someone would be able to break up their 2T, but then still point it at one network and perform a 51% attack without people noticing that one party has most of the hashing power?

David Mondrus: Sure, but that’s not really something we can control. Hypothetically, you can take a little BFL mini and run a 51% on a very tiny coin.

Nathan Wosnack: We definitely condemn that behavior. 51% attacks are unethical and generally frowned upon in the community.

Nathan Wosnack: So our clients and interested clients for licensing have obviously been cloud mining companies.

David Mondrus: But, it also works well for large independent installs.

I noticed your site doesn’t list pricing. I assume there is a reason for that, but would you want to reveal a rough idea on what customers can expect? Would it significantly impact their ROI?

David Mondrus: No, we aim to always stay within the profitability window. For that reason our pricing is client specific

Nathan Wosnack: We do a call, and try to figure out the customer’s size and needs before giving a proposal based on our pricing. As David pointed out, it is client specific. We want to be flexible and fair so we scale with each mining operation.

You are planning some government services stuff. Obviously this is going to compete on some level with your former employer/company Bitnation. Do you think we will see several technologies offering governmental services and do you think that is a good thing or a bad thing?

David Mondrus: Yes, I do and I think it’s a great thing. The problem is monopoly and a monopoly leads to bad customer service. So, the more companies there are in this space the better. As a matter of fact, the idea is that we’re a platform offering basic “core” services and an API and allowing others to build on top of that.

Nathan Wosnack: I think it’s a good thing. So long as it’s consensual, someone can opt-out of it or in it at their leisure, and any use of “governance 2.0″ services are without the use of force or taxes being used to facilitate it.

David Mondrus: You know in the same way that you used to have just one job most of your life, you also used to have one government, but these days that’s not really true. Aside from all of the border changes people migrate more and more. If you could have the same data, in the same format, recognized world wide, that would be a plus and there are many use/cases where it becomes obvious how useful this is, from Nathan’s passport debacle to Joyce and mine deed ownership to our “official” marriage records. They would all benefit from an world wide available, immediate recognition veracity guaranteed storage.

Could it potentially help solve the problems that cause those aforementioned inconveniences? Like, if passports were done on the blockchain, it would be easier for security institutions to prevent terrorists from traveling.

David Mondrus: Well, it’s more like if they’re on the blockchain then if you lose your passport it’s easier to recreate one. Hypothetically it could be in your phone (although of course that’s a long ways away due to recognition issues).

Nathan Wosnack: I lost my business stamped Canadian passport at the hotel at Coins in the Kingdom, then the lovely staff found it. But in between then I was told I would have to fly to Miami and wait a minimum of 3 days in order to get this cleared up. With services like “BitPassport” (name pending) one could utilize the power of the blockchain to verify who I am, based on my WoT (Web of Trust). IDCoin by David Duccini (“The Little Duke”) has a great whitepaper on Web of Trust and reputation and ID systems. https://github.com/IDCoin/IDCoin.

David Mondrus: so we’re going to start by making fun, “gamefied’ experiences based around for example Bitmarriage to generate excitement and traction. Then over time we’ll try to influence existing law similar to how Uber and AirBnB are doing.

Nathan Wosnack: I could see institutions integrating PEP (Politically Exposed Persons) and Anti Terrorist databases to reference a bitpassport type system with existing software like WorldCheck. AML/KYC firms could definitely take advantage of this as part of their services. I know I would with uBITquity and my partners at BitComply would likely enjoy that extra functionality.

What different government functions do you think could be handled in this way? And could high level functions, like Healthcare, be done on the blockchain?

David Mondrus: So, the idea of medical records on the block chain is an obvious one. The trick is in integrating with existing laws, regulations and systems.

So, what turned you away from crowdfunding / crowdinvesting in general and do you think its something you may utilize in the future?

Nathan Wosnack: We are strong believers in traditional fund raising. Having a prospectus, a pitch deck, reasonable projections. And a solid foundation so we can give a good ROI for our investors and shareholders.

David Mondrus: Investors, esp early investors, bring more to the table than just money. Their connections, networks, experience, all play a key role, especially early. Also, many of the successful ICO’s this year were directed towards the industry (Bitnation being an exception). Since we’re trying to bridge that gap between the crypto and the RL world, an ICO would be less successful IMHO.

We want to avoid stepping on the toes of regulators, and following the letter of the law. Crowdfunding at this point is not the best direction to go.

David Mondrus: We won’t rule it out in the future, but we want to make sure its’ 100% legal, and that takes time, traction, and etc …

Do you think the legal problems will be an issue for IPO/ICO/ITOs in the future?

David Mondrus: Yes

Nathan Wosnack: Yes.

David Mondrus: In the past, the model has been to pretend, or act as if the regulations don’t matter. But, while “you can avoid reality, you can’t avoid the consequences of reality” (Ayn Rand), as I’m afraid many people in this space will find out in 2015. The arm of US law is very long and has a very old memory. I have no intention of being on the wrong side of that line

Nathan Wosnack: The song “No where to run” by Martha And The Vandellas comes to mind.

The FEDS love making examples of people. And they have unlimited funds backed by taxes the hard working men and women of the United States of America. The SEC definitely considers that a security. And if someone is selling unregistered securities to unsophisticated investors, they should expect to be held accountable for that behavior. Know the risks, uncertainties before investing. The same goes for anyone in the space looking to do an offering of this type. Get legal counsel and look before you leap.

That said, we’re not saying be overly conservative. The crypto space is about innovation and taking risks. Just know that the risks you take won’t have negative consequences that could land someone in prison or fined.

Final question: You are working on BitMarriage, what about BitDivorce? 

David Mondrus: I prefer not to handle “bitdivorce”. As I say, a marriage is a promise. A divorce is a contract. So, I can see divorce contracts happening when assets are on the blockchain, but that’s still a bit of ways away.

Nathan Wosnack: I’ll handle BitDivorce. I’m jaded about relationships right now anyway!

We want to thank Nathan and David for taking the time to talk to us. You can find more out about uBITquity and Blockchain Factory and their official sites.

Did you enjoy this article? You may also be interested in reading these ones:


Do you want your business to enjoy the support and exposure of the leading cryptocurrency media group? Talk to us about a free placement in our Business Catalog.

    Bitcoin Passive Income Tools

  • BitCoin Rush Learn how to exploit the BitCoin to profit like crazy


Posted in Blockchain Factory | Tagged | Leave a comment

Bitcoin Volatility: Are Alt Coins Taming the Beast?

bitmapLooking at charts showing the price of bitcoin over time is like looking at a child’s crude attempt to draw the world’s craziest roller-coaster. It has certainly been a wild ride for the brave few early adopters with the courage to hold a significant portion of their money in btc.

Since its earliest days, predicting the price of bitcoin next week, let alone next month or year, has largely been a fool’s game. Whilst 10% plus swings in a day would be exceptional events for any other currency or asset, it’s virtually the norm in the cryptocurrency world, and much larger fluctuations have not exactly been uncommon. This tendency for the price to change radically in a short space of time is known in financial circles as ‘volatility’. Something with a very stable price which doesn’t change much is said to have low volatility, whereas something like bitcoin is said to have high volatility.

Although day traders may revel in high volatility, as these price swings are where they make their money, it’s generally not seen as a good thing for everyone else. Personally, I have always thought that this high volatility is one of the main barriers to mass adoption of bitcoin by the general public. The average man or woman on the street simply isn’t going to want to convert any significant part of their wages into bitcoin if there is such a high risk that their value could so easily drop dramatically overnight. With rent and bills to pay, kids to feed and clothe, and so little extra cash, most people simply can’t take a risk like that with their money, even if they may want to. Of course there are services which aim to combat this by allowing people to ‘lock in’ a certain fiat value of bitcoin in their wallet, having a balance of say $ 400 worth of BTC instead of a balance of 1 BTC. But although these services may help more people to use bitcoin, they do little to increase the number of people who own bitcoin and in any case they take away some of the natural benefits of cryptocurrency as you have to trust your coins to a centralized financial service provider and, of course, they stop you benefiting from any increases in price over time, just the same as they ameliorate any risk from any sudden falls.

Volatility is also a problem for most businesses which may want to work with bitcoin. With fixed costs in fiat and a volatile bitcoin price most businesses must avoid holding any coins. As a result of this, retailers, for example, must sell their coins instantly as soon as their customers pay with them – which again reduces the number of people holding coins. Some commentators have even speculated that this sell-off by retailers has been partly responsible for this year’s price decline.

Fortunately, it does seem that volatility is decreasing over time. For example, this chart, which shows volatility calculated using a 30-day rolling window, appears to show a long term down trend since 2010:

There are some good reasons to think that this will continue. One reason may be that as more time passes people have a clearer idea of what they think each coin should be worth, and are more confident in their valuation. In other words, as we get more and more information about the use of bitcoin, uncertainty gradually decreases, taking volatility with it. But this can only take us so far. Ultimately it is unlikely that the price will be as stable as the fiat currencies of today, because there is nothing behind the price of bitcoin – as people have often said, there are no fundamentals ‘backing’ the price.

The answer to the question of what a bitcoin is worth is the same as the question of what a dollar is worth (if we consider it to be a currency, to be used for buying things). The answer is, simply, it is worth whatever you can buy with it. If you can buy a loaf of bread for a dollar then the value of a dollar = 1 loaf of bread. Of course dollars aren’t valued exclusively in bread – the value is equal to anything which can be bought for a dollar. This may sound like I’m pointlessly stating the obvious, but this is a major part of the inertia behind the value of any currency which can be freely traded. That’s because if the value of a dollar changes against other currencies, without there being a corresponding change in the fundamentals of the US econonomy and how it interacts with the global economy, then everything priced in dollars is effectively ‘the wrong price’. If the dollar is too cheap then, unless everyone re-prices everything they sell, American products are all too cheap, and the world buys dollars to buy the products, but if the dollar is too expensive then people stop paying for American products and services so demand for the dollar declines and the price must fall. What that means is that the value of the dollar should only fluctuate with the fundamentals of the US economy, and any additional volatility coming from traders should be dampened by underlying economic forces. This is an oversimplification of course, because politicians and bankers routinely engage in practices which distort the markets (google ‘petrodollar’ for the most infamous example), but the general principle is sound and this remains a significant part of the way foreign currency markets work.

These powerful forces, which dampen a currency’s volatility, can only operate if products or services are actually priced in that currency, otherwise nothing could ever end up being ‘the wrong price’. One big reason why bitcoin is so volatile compared to, say, the dollar, or the euro, is therefore the fact that very few things are actually priced in dollars. This is becomes a vicious circle: businesses can’t price their products in BTC because of the volatility, so they price them in dollars and simply use Bitcoin as a payment solution, which in turn contributes to that same volatility.

In many ways this is a real shame, because the use of national fiat currencies by internationalized internet businesses with customers all over the world often doesn’t make much sense. Our use of these national currencies is a very real drag on the growth of successful businesses and digital currency could well be the answer. One of the great advantages of Bitcoin is that it is fundamentally an international currency, independent of national government – the Esperanto of money. The use of Bitcoin for international pricing could, therefore, one day be one of its biggest growth drivers. But for that to happen, the vicious circle needs to be broken, and volatility needs to give way to steady price growth.

Although very few things are priced in bitcoin at the moment (even the Bitcoin Foundation prices its memberships in USD) there are some things. In particular other crypto currencies, or ‘alt coins’, and tokens issued as part of crowd-funding initiatives. In many cases these things can only be bought with BTC, and as a result an increase or decrease in price is measured in BTC.

Alt coins don’t always have the best reputation amongst Bitcoin purists. They may be seen as reducing Bitcoin’s network effect before it has even had a chance to hit the big time by competing unnecessarily. They harbour many scams and often fail, leaving their supporters out of pocket and perhaps disillusioned with the whole idea of cryptocurrency. But it may be that they are actually providing Bitcoin with the most valuable service possible: they may be the beginning of a newly emerging economy priced in BTC.

Despite a slow down in the number of new alt coins being launched, this is still a growth area, too. With projects springing up every day to introduce novel uses of the blockchain using tokens that are sold for bitcoin, there is an ever growing number of things whose price or value must change whenever the bitcoin price changes if they are to avoind being ‘the wrong price’. For example, Patrick Byrne’s Medici is seeking to build a legally compliant stock market on top of the Bitcoin protocol using the Counterparty protocol (which itself hasn’t always been popular with Bitcoiners). In the future it may not only be new coins and small software projects which are priced in BTC, but also large international businesses such as Overstock. And what could be more natural than a company doing business with Bitcoin, whose success is at least partially linked to the success of Bitcoin, being valued in bitcoin?

Alt coins, then, may just be the foundation and beginning of a new economy in which Bitcoin is not just a payment technology, but a transnational unit of value – the first truly international currency.


Bitcoin Magazine



Posted in New | Tagged , , , , | Leave a comment

Bitcoin Bargains Make Black Friday at Amazon Even Bigger

amazonAmazon is jumping the gun this year by already starting their “Black Friday” sales five days early. Although Amazon does not accept bitcoin, using bitcoin for these purchases can drop an additional 10 to 25% off of some of the best prices on the Internet. If there ever was a time and place to spend your bitcoin – this might be it. As Amazon is the biggest on-line retailer, using your bitcoin for purchases might send the message that bitcoin is here to stay. Perhaps proof of this fact may finally drag them kicking and screaming into the future.

New bitcoin broker and escrow services allow you to spend your bitcoin in an effort to gain significant discount over the Black Friday deals.  Simply using bitcoin in this unique transaction model might allow you the additional funds to purchase many more Holiday gifts this year.

Prerequisites, what you need to begin:

  • An account with Amazon.com. Preferably with Amazon Prime, which offers free shipping for all items marked as “prime”. This allows the transaction to complete much quicker for all parties.
  • Bitcoin to spend, preferably with a quick way to replenish the bitcoin you’ve just spent. If you are a US resident, an account with circle.com will allow you to transfer money from your regular bank account to circle.com and have it converted to bitcoin instantaneously for free. Other bitcoin exchanges such as Coinbase may charge a 1% fee for the purchase and it may take a few days depending on your account options.
  • An account on Purse.io or Brawker.com bitcoin escrow/broker service that will make the arrangements to sell your bitcoin at a profit for you that is exchanged for the purchase. Note: Brawker.com has the advantage of  using Multisig wallets.

How to get your discount: 

  1.       Go shopping on Amazon.com.  For each item you select for purchase, rather than “add to cart”, simply choose the option next to it: “add to wish list”.
  2.       Once you’re done – give your wish list a name using the Amazon’s Wish List function. Once you see how cool it is, you may decide to do this again and it might be helpful to keep them straight.
  3.       Copy the URL from Amazon’s website and paste it into the discount bitcoin broker of your choice.
  4.       Decide on how much of a discount you are going to ask for. 10% – 25% This will be the same amount of premium somebody will pay for your bitcoin over the spot price you paid to the bitcoin broker site. Generally the lower the discount you want, the faster you will see offers come in for it to be purchased. At around 10% you’ll be competitive with localized bitcoin ATM machines and it should go very quickly.
  5.       They will put the wish list ‘package’ up for sale for people with credit cards willing to pay for your purchases and receive your bitcoin in return. This money is held in escrow at the brokerage sites until both parties have agreed the transaction was successfully concluded.
  6.       You can choose to accept the offers to purchase your wish-list. Once the offer is accepted, the buyer has a short window of time to use the Amazon link you’ve provided to pay for you’re the items on your list.
  7.       Both the buyer and seller are encouraged to leave feedback for the other for a reputation system to develop. There is a messaging system inside these systems and it’s important to communicate to avoid misunderstandings and coordinate if there is a delay in shipping or other complications that happen in life from time to time.

Why a buyer would want your bitcoin for 10-25% over market price?

  • This method allows bitcoin purchases without having to have a bank account to send expensive wire transfers. Paying the 10-25% premium can be easier and quicker in parts of the world that discourage or forbid the purchase of bitcoin.
  • Some people without bank accounts do online work and can be paid in Amazon credits. This service allows them to expend those credits and transfer the value into bitcoin. If they wish, they can then take the bitcoin to their local exchange for their national currency.

Why would you want to spend your bitcoin?

  • Obviously a discount is money saved and speaks for itself.
  • This benefits Bitcoiners because it spreads the bitcoin out to more population. The more users of bitcoin the better and more valuable it becomes. This demonstrates to merchants that investment into bitcoin payment processing is a worthwhile investment.
  • The point some Bitcoiners miss when they consider actually spending their precious bitcoins is they aren’t out anything. If they spend $ 100 worth of bitcoin, then buy more right after they’ve spent it, their net difference is nothing. Bitcoin just became the conduit for the payment.

What could go wrong? Why it’s probably not for everyone.

  • This is still a relatively new concept. Reputations are still being created; it’s possible that a buyer or seller may be slow finishing their part of the process.
  • It’s important to use the reputation system that develops as the market matures. Perhaps consider allowing smaller purchases for less established bitcoin buyers.
  • Amazon’s wish-list includes the name and city of the shopper, although there are re-mailing services that can be used to keep your location private.
  • The bitcoin buyer will see all the items on your list; ask yourself if you are okay with that.

It’s possibly a win-win-win-win-win situation.

  • Amazon sales increase
  • You get a significant discount on already heavily discounted items
  • The buyer gets the bitcoin they want
  • The bitcoin broker establishes a new business model
  • The entire Bitcoin community benefits from increased exposure and possible price increase

Author’s note: Neither the author nor Bitcoin Magazine is advocating the use of any of these services; this should be considered an information piece for a new bitcoin business model only. Brawker also allows use with other retailers; see their website for details.


Bitcoin Magazine

    Bitcoin Passive Income Tools

  • BitCoin Millionaire Membership Bitcoin Revolution The Ultimate Guide. Wether you are an online or offline marketer or the ordinary guy in the street you dont know whats coming.The Bitcoin revolution is going on under our very noses and it is going to affect everyones financial well bei


Posted in New | Tagged , , , , , , | Leave a comment

Kraken Selected for MtGox Investigation

Bitcoin exchange Kraken has been selected to aid in the investigation of missing Bitcoin following the heist at the Mt Gox exchange. Kraken will also be involved in the distribution of remaining assets to the creditors. This decision was arrived at after an extensive evaluation process where multiple companies were considered and vetted. Kraken stood […]

The post Kraken Selected for MtGox Investigation appeared first on CryptoCoinsNews.

CryptoCoinsNews » Bitcoin News

    Bitcoin Passive Income Tools

  • LJVW- BEB Upgrade - Bitcoin Inner Circle The is membership to the membership training site at BitcoinExchangeBot.com, and The Bitcoin Exchange Bot Software. This course will show you how to use the bitcoin exchange bot to generate revenue on autopilot.


Posted in Bitcoin | Tagged , , , | Leave a comment

US Senate Committee Grills Wall Street Bankers Over Commodity Manipulation

A senate sub-committee investigation that has been ongoing for the last two years has found that Wall Street banks may have become heavily involved with physical commodities markets, increasing risks to financial stability, industry, consumers and markets. The sub-committee that was chaired by Senator Carl Levin, from Michigan noted that the massive involvement by Wall […]

The post US Senate Committee Grills Wall Street Bankers Over Commodity Manipulation appeared first on CryptoCoinsNews.

CryptoCoinsNews » Bitcoin News

    Bitcoin Passive Income Tools

  • Bitcoin Buzz By Sir Timan Bitcoin Buzz By Sir Timan - SEIZE YOUR OPPORTUNITY TO LEARN TO EARN WITH BITCOINS TODAY


Posted in Bitcoin | Tagged , , , , , , , , | Leave a comment

[Live Video Stream] The Future of Money and Technology Summit

Future of Money and Technology Summit 2014The Future of Money & Technology Summit on December 2, 2014 at the Hotel Kabuki in San Francisco will bring together the best and brightest thinkers around money, including: visionaries, entrepreneurial business people, developers, press, investors, authors, solution providers, service providers, and organizations who work with them at the convergence of cash and commerce. They meet to discuss the evolving money ecosystem in a proactive, conducive to deal-making environment.

Live videos will be embedded below the schedule prior to each event and simultaneously available on the Bitcoin Magazine YouTube Channel.  The on-demand replay of each broadcast will be available subsequently.

Those who decide to attend the Summit in person can save money by registering for the Summit and paying with Bitcoin: http://www.futureofmoney.com/bitcoin and use code “bitcoinmagazine” for 20% off your ticket.

Tentative Live Stream Schedule (PST):
1-hour sessions with 20-min breaks

9:20am Fueling the Decentralization Movement

MODERATOR: Dan Robles, The Ingenesist Project / Coengineers, PLLC
Paige Peterson, MaidSafe
Sam Yilmaz, Decentralized Applications Fund
Joel Dietz, Swarm
Christian Peel, Ethereum

10:40am Bitcoin

MODERATOR: Mark Rogowsky, Forbes
Jackson Palmer, Dogecoin
Sonny Singh, BitPay Inc
Adam Draper, Boost VC
Sean Percival, 500 Startups

1:00pm Leveraging the Blockchain

John Pettitt, Cloudview LLC
Andrew Barisser, Assembly
Gregory Maxwell, Blockstream

2:30pm Stellar: Building a Common Financial Platform

Joyce Kim, Stellar
Greg Brockman, Stripe
Jed McCaleb, Stellar

4:00pm Realtime Payments

Chris Larsen, Ripple
Suresh Ramamurthi, CBW Bank
Steve Kirsch, Cointrust



Bitcoin Magazine



Posted in New | Tagged , , , , , , | Leave a comment