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| Erik Finman |
16 Jun
0
Bitcoin will surpass PayPal in US Dollar transactions, according to BVI Hedge Fund
(SBWIRE) Laureate sees the current dip in price at US$522.57 as an opportunity to buy the alternative currency that could increase 50 per cent in price in the near-term as it threatens to overtake PayPal in transactional volume for the first time 2014.
According to bitcoinwatch.com the daily average of bitcoins trading in US dollar transactions is nearly US$300 million.
CEO Peter Tasca of Laureate Trust states, “Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized. The digital currency works, Bitcoin has greater volume transactions than Western Union and we anticipate it will overtake PayPal later this year.” “In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” stated SmartMetric CEO Chaya Hendrick.
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15 Jun
0
Bitcoin can stabilise volatile market in India
(TimesOfIndia) At a time when the country has suffered devaluation of rupee against
dollar, inflation and fuel price volatility in exchange market, two
students of Fellow Programme in Management (FPM) at Indian Institute of
Management, Indore (IIM-I) have rekindled hopes to address the problems
through introduction of ‘Bit Coin’ currency system.
Bitcoin is
a crypto currency which currently has market capitalisation of $8.1
billion. The recognition is mainly because of its introduction during
financial crisis, when trust on government and policy makers was low. It
is an alternative to card networks and money transfer system.
Khadija Vakeel and Nitya Saxena of IIM-I in their study found out that
at a time, when the country is struggling to achieve a respectable
position on matters of financial inclusion, Bit Coin can be a game
changer.
Bitcoin can also lead to a new industry and challenge
for IT youths and can address the problem of brain drain. While
Singapore is pro bit coin, China stands against it. India is yet to take
a side. Users having Bit Coin can enter into virtual goods and services
exchange. The study states that inflation is simply a rise in prices
over a period of time, which is generally the result of the devaluation
of currency.
This is a function of supply and demand. Given the
fact that the supply of bit coins is fixed at a certain amount, unlike
fiat money, the only way for inflation to get out of control is for
demand to disappear.
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14 Jun
0
Estonia bank to study benefits of integrating Bitcoin technology
![etukuva[1]](http://bitcoinexaminer.org/wp-content/uploads/2014/03/etukuva1.png)
(CoinDesk) Estonia-based bank LHV has announced a new project that will explore
the legal framework and potential uses of bitcoin’s block chain
technology in banking so it might develop bank services for bitcoin and
other digital currencies.
“We are interested in the technological
side of digital currencies as we hope it could make bank services more
simple and efficient,” Priit Rum, head of communications at LHV, told
CoinDesk.
The project manager will examine all digital currencies, not limiting itself to bitcoin.
For
now, the bank won’t engage in trading bitcoin, Rum said, but more
likely, could develop its payments system using block chain technology.
The company claims to be the first bank in the world to implement such a program, stating:
“We
have been aware of crypto currencies for some time now […] we decided
last month that establishing a side project to explore the block chain
technology and analyse possibilities of cryptocurrencies would be a good
opportunity to stay with the innovation.”
Regulatory uncertainty remains
While the news of this action by a major bank is perhaps encouraging, in Estonia, bitcoin is tangled in regulatory uncertainty.
Earlier this year, the country’s central bank issued a warning
against bitcoin and digital currencies calling it a Ponzi scheme,
saying “virtual currency schemes are an innovation that [deserve] some
caution”, but that it would continue to monitor their development.
Shortly after, local bitcoin trading site BTC.ee put a halt on trades, coming under pressure from Estonian authorities who challenged the site’s compliance with the Money Laundering and Terrorist Financing Prevention Act.
Said Rum:
“LHV
is a regulated bank and we take all the regulations and guidelines very
seriously […] For us, all the questions about ‘know your customer’ and
concerns of money laundering have to be dealt with before we can really
develop new bank services using new technology.”
Local enthusiasm grows
Estonians have been enthusiastic about bitcoin for some time, despite the regulatory difficulties the domestic ecosystem faces.
The
country’s capital Talinn had a successful week-long bitcoin showcase
last month, during which bitcoin advocates came together to educate
those new to the digital currency and boost its popularity.
For more on the latest developments in the eastern European economy, read our most recent report.
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11 Jun
0
How a 15-Year-old’s $1,000 Bitcoin investment led to startup success
(CoinDesk) A well-timed investment of $1,000 in bitcoin has earned a 15-year-old
Idaho entrepreneur more than $100,000 and allowed him to found his own
education startup.
Idaho entrepreneur more than $100,000 and allowed him to found his own
education startup.
Erik Finman took $1,000 he received as a gift
from his grandmother and invested it in bitcoin back in 2012, according
to a report by Mashable. After holding his BTC for one year, Finman sold his bitcoins for $100,000.
from his grandmother and invested it in bitcoin back in 2012, according
to a report by Mashable. After holding his BTC for one year, Finman sold his bitcoins for $100,000.
Finman ultimately decided to reinvest his earnings into Botangle.com,
an online video tutoring service that “allows students and tutors
access to a diverse array of resources that just do not exist in a
normal classroom setting”, according to its official website.
an online video tutoring service that “allows students and tutors
access to a diverse array of resources that just do not exist in a
normal classroom setting”, according to its official website.
Notably, Finman pays his employees in bitcoin. He told Mashable that he enjoys “sharing the wealth of bitcoin”, saying:
“I have no doubt it will be huger [sic] than anyone can imagine right now. Bitcoin is like the Internet in the ’90s.”
Early bitcoin supporter
During a question-and-answer session that he took part in last month on the Entrepreneur subreddit, Finman explained how he first came to learn about bitcoin, writing:
“I
owe a lot to my older brother. He told me about bitcoins and help[ed]
me get set up with 0.2 bitcoins that he gave me. And my grandmother just
out of the blue gave me a $1,000 check for Easter.”
He
continued by saying that he accrued more bitcoins “so I can trump my
brother in how many bitcoins he had”, adding that he first learned about
bitcoin in 2010.
continued by saying that he accrued more bitcoins “so I can trump my
brother in how many bitcoins he had”, adding that he first learned about
bitcoin in 2010.
Luckily for Finman, he sold his stash of bitcoins when the price hovered around $1,200 per bitcoin.
Though
entrepreneurs may not be able to replicate Finman’s success, they can
learn from those who have entered the industry through more conventional
in-roads. For more on how today’s bitcoin startups are making gains
despite the tribulations of an emerging market, read our most recent report.
entrepreneurs may not be able to replicate Finman’s success, they can
learn from those who have entered the industry through more conventional
in-roads. For more on how today’s bitcoin startups are making gains
despite the tribulations of an emerging market, read our most recent report.
Open your free digital wallet here to store your cryptocurrencies in a safe place.
11 Jun
0
Google joins Yahoo in offering Bitcoin prices
(CoinDesk) Google Finance has launched a bitcoin price tracker, offering market
information across several major fiat currencies as well as access to
breaking news in the digital currency world.
information across several major fiat currencies as well as access to
breaking news in the digital currency world.
Users can access prices in BTC/USD markets, as well as prices in pound sterling, yen, euro, renminbi, Australian dollar and Canadian dollar markets.
The tool also enables review of historical prices dating back to June 2013.
The
Google Finance bitcoin tool enables quick BTC-to-fiat conversions as
well, allowing for calculations across dozens of currencies such as the
Yemeni rial and the Bangladeshi taka.
Google Finance bitcoin tool enables quick BTC-to-fiat conversions as
well, allowing for calculations across dozens of currencies such as the
Yemeni rial and the Bangladeshi taka.
The move comes hot on the heels of the Yahoo! Finance bitcoin price listing. In addition, Bloomberg opted to add bitcoin prices to its terminals in late April.
CoinDesk reached out to Google for comment on the decision, but did not receive an immediate response.
Simple design
The layout in Google Finance is simple, allowing for easy navigation without many bells and whistles.
Users can list multiple fiat currencies against the price of bitcoin, and the tool’s news tracker pegs the timing of news releases with the fluctuations in the market.
The tool bears many similarities to Yahoo! Finance’s tool,
though it utilizes different layout schemes for graphs and news
tickers. However, Yahoo! Finance does not offer bitcoin price
conversions to other currencies.
though it utilizes different layout schemes for graphs and news
tickers. However, Yahoo! Finance does not offer bitcoin price
conversions to other currencies.
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11 Jun
0
Tel Aviv to get first Bitcoin ATM in Middle East
The new machine will allow users to buy and sell their bitcoin at all hours of the day and night without going through bureaucracy.
(Haaretz) The first Bitcoin automatic teller machine in the Middle East will be
launched in Tel Aviv on Wednesday. Bitcoin is a peer-to-peer virtual
currency that allows for transactions between users without any third
party or middle man.
launched in Tel Aviv on Wednesday. Bitcoin is a peer-to-peer virtual
currency that allows for transactions between users without any third
party or middle man.
The
“cash-out capable Bitcoin vending machine,” made by American company
Robocoin, has several security features built in to prevent theft and
fraud that are compliant with anti-money laundering regulations,
according to a press release.
“cash-out capable Bitcoin vending machine,” made by American company
Robocoin, has several security features built in to prevent theft and
fraud that are compliant with anti-money laundering regulations,
according to a press release.
“The
launch of the first Bitcoin ATM in the Middle East will allow any
person with no previous knowledge of bitcoin and how it works to easily
buy and sell bitcoin 24/7 bypassing the bureaucracy of the banks,”
Bitbox CEO Nimrod Gruber said. Bitbox the company bringing the first
Bitcoin ATM in Israel.
launch of the first Bitcoin ATM in the Middle East will allow any
person with no previous knowledge of bitcoin and how it works to easily
buy and sell bitcoin 24/7 bypassing the bureaucracy of the banks,”
Bitbox CEO Nimrod Gruber said. Bitbox the company bringing the first
Bitcoin ATM in Israel.
Until now, all transactions had to either go through a bank or through private trading, which lacked credibility.
According
to Gruber, many people are looking for an easy way to sell or buy their
bitcoin for local currency, and this ATM will allow them to do so.
to Gruber, many people are looking for an easy way to sell or buy their
bitcoin for local currency, and this ATM will allow them to do so.
Foreign
workers, for example, can buy bitcoins in shekels and have their
families withdraw cash in local currency at a bitcoin ATM in their
country.
workers, for example, can buy bitcoins in shekels and have their
families withdraw cash in local currency at a bitcoin ATM in their
country.
The launch takes place Wednesday night at the TOWN-HOUSE TLV hotel, 32 Yavne St. at the corner of Rothschild Blvd.
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10 Jun
0
Malaysian retail giant i-Pmart will hold 100% of its Bitcoin Payments
(CoinDesk) Another e-commerce giant has joined the bitcoin world, with major
Malaysian online mobile phone and electronic parts retailer i-Pmart
adding it to the list of accepted payment methods last week.
Malaysian online mobile phone and electronic parts retailer i-Pmart
adding it to the list of accepted payment methods last week.
CEO
and founder Mart Tang also said the company will hold onto the bitcoins
it earns and watch the price rise, rather than convert them into local
fiat currency.
and founder Mart Tang also said the company will hold onto the bitcoins
it earns and watch the price rise, rather than convert them into local
fiat currency.
Although based in Malaysia, the company ships
worldwide from outlets in its home country, plus China and the US. The
bitcoin option was introduced first to the Malaysian site only, though
international customers may still use that version.
worldwide from outlets in its home country, plus China and the US. The
bitcoin option was introduced first to the Malaysian site only, though
international customers may still use that version.
All other i-Pmart sites worldwide will start accepting about 20 days from now, as soon as the integration process is complete.
Low-key launch
What’s most surprising about i-Pmart’s
decision is the lack of fanfare with which bitcoin was added to the
list of options. Rather than publicizing it, or even celebrating the
announcement with its 730,000+ fans
on Facebook, the company added the bare-bones line “We accept bitcoin”
and an icon into its long list of existing payment options.
decision is the lack of fanfare with which bitcoin was added to the
list of options. Rather than publicizing it, or even celebrating the
announcement with its 730,000+ fans
on Facebook, the company added the bare-bones line “We accept bitcoin”
and an icon into its long list of existing payment options.
i-Pmart
is also a big seller of litecoin mining equipment, selling GPU-based
rigs both to advanced users to self-assemble with the ‘Savvy Pack’, and a ‘Newbie Pack’ for beginners that includes the option to have i-Pmart assemble, host and even operate the hardware for them.
is also a big seller of litecoin mining equipment, selling GPU-based
rigs both to advanced users to self-assemble with the ‘Savvy Pack’, and a ‘Newbie Pack’ for beginners that includes the option to have i-Pmart assemble, host and even operate the hardware for them.
Despite this, however, the company is not adding litecoin as a payment option yet.
Bitcoin fan
CEO
Tang said his interest in bitcoin came from being an IT entrepreneur
always searching the Internet for the latest tech information and
gadgets.
Tang said his interest in bitcoin came from being an IT entrepreneur
always searching the Internet for the latest tech information and
gadgets.
Shortly after absorbing everything he could about bitcoin
and other digital currencies, he began hearing about merchants in other
countries accepting bitcoin and studied how to become a digital
currency miner himself.
and other digital currencies, he began hearing about merchants in other
countries accepting bitcoin and studied how to become a digital
currency miner himself.
“This gives me more insight into bitcoins and others types of coin on how it works and benefits from it,” he said.
“That’s
how I have started to think if I have customers who want to use bitcoin
to purchase my products online which gives convenience of various types
of payment choice especially those who do not prefer to pay using their
credit card, cash or other mode of payment.”
He then
sat down with his web development team to discuss how to integrate
bitcoin as a mode of payment in the business portal www.ipmart.com
globally.
sat down with his web development team to discuss how to integrate
bitcoin as a mode of payment in the business portal www.ipmart.com
globally.
“[I’m] looking forward to the new world of
virtual payment choice, which I believe can be the future of global
virtual currency that people might embrace, especially the Gen Y.”
“I
am holding the bitcoin. Because having a very big confidence the price
of bitcoin is not the rates of today USD 650, should be higher than this
price very soon.”
Company background
The i-Pmart Group of Companies was founded in 2001, and has focused mainly on the international market since 2005. It has ‘MSC status’ in Malaysia, meaning it is part of the country’s ‘Multimedia Super Corridor’ initiative designed to promote Malaysia as a regional center for world-class technology businesses.
The
group now consists of domestic and internationally-focused retail
sites, plus arms specializing in management, development, and logistics.
group now consists of domestic and internationally-focused retail
sites, plus arms specializing in management, development, and logistics.
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3 Jun
0
NYC Bitcoin Center gives Bitcoin a touch of class
(CoinTelegraph) NYC Bitcoin Center is
fast becoming a mecca for hip Bitcoin-related events with the launch of a
contemporary art exhibition by Jenna Lash this week.
Further to its innovatively sponsored music
festival, the center is
branching out to an ever more diverse demographic of Bitcoin followers, and
continuing to attract some noteworthy names.
festival, the center is
branching out to an ever more diverse demographic of Bitcoin followers, and
continuing to attract some noteworthy names.
Contemporary
pointillist painter Lash has an international following for her work, and a
selection of those indexed under her Monetary Series collection will be
displayed in New York until September.
pointillist painter Lash has an international following for her work, and a
selection of those indexed under her Monetary Series collection will be
displayed in New York until September.
“The artwork in this exhibition is a visual
conversation about the exchange and aesthetic of money,” she said in a press release about the event, “The highly-charged images of currency and
how they represent personal values that become public values are the focus of
this exhibit.”
Mirroring opinion
“Highly-charged” indeed, as the Bitcoin community is making
ever more significant waves in modern opinion of traditional currency and the
structures surrounding it. “Money is an abstract concept based on
faith,” Lash continues, “…Will we continue to need vaults, gold, soldiers,
and insurers to protect that faith? Or will virtual currency be our
saving grace?”
The works themselves,
which “run the gamut of U.S. military
scrip, a U.S. silver certificate incorporating a Native American portrait, the Australian
Dollar, the Chinese Yuan, and two British Pound Notes, to highlight only a
few,” are hardly understated, some measuring up to 48 inches by 60 inches
(122 centimeters by 152 centimeters).
which “run the gamut of U.S. military
scrip, a U.S. silver certificate incorporating a Native American portrait, the Australian
Dollar, the Chinese Yuan, and two British Pound Notes, to highlight only a
few,” are hardly understated, some measuring up to 48 inches by 60 inches
(122 centimeters by 152 centimeters).
Center founder Nick
Spanos said he was excited about hosting the event, as Lash and her husband had
been regular visitors in the past. “We intend to give
the exhibition of these paintings the attention, care, and seriousness that the
works themselves demand,” he continued.
Spanos said he was excited about hosting the event, as Lash and her husband had
been regular visitors in the past. “We intend to give
the exhibition of these paintings the attention, care, and seriousness that the
works themselves demand,” he continued.
The exhibition will be marked by a
launch party tomorrow (May 29), and while not offering free energy drinks or
featuring sponsorship by the New York Museum of Sex as was the case with the
center’s music festival, it will provide a less business-oriented environment
for Bitcoin and cryptocurrency education to be spread.
launch party tomorrow (May 29), and while not offering free energy drinks or
featuring sponsorship by the New York Museum of Sex as was the case with the
center’s music festival, it will provide a less business-oriented environment
for Bitcoin and cryptocurrency education to be spread.
More information about
the exhibition can be found here.
the exhibition can be found here.
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