Covered by CNN earlier today, 27-year-old Matt Thompson of Wisconsin is selling off his vacation home for approximately 100 million Dogecoins. Valued at about $135,000 according to the exchange rate at the publication time of the article, that sizable amount of Dogecoins will purchase a three-bedroom, two-bath home in the woods around Hayward, Wisconsin. The lodge-style home comes with knotty pine wood on the walls and ceiling, a massive stone fireplace, an enclosed porch and a scenic view overlooking a nearby lake.When asked about his acceptance of Dogecoins over dollars, Thompson said “I don’t mind holding on to (Dogecoins) for a multitude of reasons, including that I believe I can use them to further my business.” Thompson works as an electronics reseller and mentioned that Chinese companies will accept the recently created cryptocurrency as a form of payment for goods. Of course, there’s also the potential … [Read more...] about You can buy this vacation home for a mere 100 million Dogecoins
Can you exchange bitcoins for cash
Anthony Gallippi, CEO of BitPay, has started paying his gardener -- in BitCoins.His gardener carries a card with a QR code with the needed information for Gallippi to transfer BitCoins to his account once he's finished tending the lawn. The gardener has chosen to get 90 percent of the money in cash, delivered by bank transfer by BitPay the next day, and keep 10 percent in BitCoins."Every time I pay him, he gets BitCoins in his wallet right away, and next day he gets a direct deposit in his bank account," Gallippi said.BitPay, a Florida-based company, is seeing rising interest in BitCoin, the fledgling digital currency that is a small, yet interesting wild card challenger to traditional payment systems.BitPay is one of a handful of companies trying to make it easier for merchants to accept BitCoins and people to use them. BitCoins are essentially encrypted numbers that have fluctuating value according to open-market trading. It has been referred to as a crypto-currency for the complex … [Read more...] about Interest in Bitcoin, Fledgling Electronic Currency, Grows
If you have been following the Bitcoin landscape these past few weeks, you may have noticed the incredible spike of interest in this virtual currency. For those not in the know, Bitcoin is a virtual currency system that is not controlled by any government or central authority. Instead, it relies on algorithmic models to control the flow of new currencies coming in the market; it is completely public and as such, transactions can be verified, yet it relies on anonymous addresses in order to exchange funds, which makes it very appealing for underground movements, crime gangs, and others who want to avoid government oversight. While its use as a tax evasion tool is undeniable, it also has a lot of advantages that everyday people could be greatly interested in, such as the lack of artificial inflation, the fact that it does not rely on the performance of one nation, and the advantage of keeping your own money in a wallet instead of trusting a bank.But while interest in Bitcoin peaked since … [Read more...] about Securing Bitcoins: Barrage of attacks undermines value
BitCoin is the virtual currency world’s standard bearer, but it’s not for the faint of heart. From the cryptographic underpinnings of the financial system to building your own Bitcoin mining rig, there’s a lot going on with BitCoin. Like any financial system, much of it is based on trust, and ‘cashing in or out’ of BitCoin requires a trading platform that you believe in. Which is where London-based Pixie Labs comes in with BitFriends, a social trading platform for BitCoin. Get In Stock Alerts on Twitter for SNES Classic, Switch and More Using Facebook’s Social Graph, BitFriends can connect you to your friends (or the friends of your friends if you want to go for an extra degree of separation) who are trading BitCoins. Let the site know if you are looking to buy or sell BitCoin (or are just curious, a nice touch) and you’ll be presented with a list of appropriate matches.It’s worth stressing that BitFriends is not an actual BitCoin … [Read more...] about Trade BitCoins Through Your Social Graph… With A Little Bit Of Help From Your BitFriends
Overstock raised eyebrows earlier this month when the retailer announced it would accept Bitcoin as payment. While Bitcoin has slowly been making inroads into the U.S. economy, Overstock is by far the largest, most mainstream company to tout the currency as a legitimate means of payment. And it definitely paid off, with Patrick M. Byrne, the company’s CEO, tweeting: Get In Stock Alerts on Twitter for SNES Classic, Switch and More Byrne launched Overstock.com in 1999. The company went public a few years later, in 2002, and now reports over a billion dollars in annual sales. It’s no Amazon.com – yet – but Byrne thinks that the decision to accept Bitcoin might make the company more desirable. In fact, he thinks the move could sway other retailers like Amazon to start accepting Bitcoin or lose customers, telling CNN:Yes, I actually think that this forces the hand of Amazon and some other big players. They have to follow suit. You will see them follow suit, … [Read more...] about Will Overstock Force IRS To Make Up Its Mind About Bitcoin?
To get to Patrick Byrne’s house in Utah, one will drive by snow-covered trailers and the rusted-out trucks from which they’ve been unhitched. Overstock’s CEO does not live in a glamorous neighborhood. So when he opens his own garage to reveal two Teslas “gassing up” on their electric pumps, the contrast is jarring. The newer black one is the Model S and the older silver one is the Roadster, Tesla’s first $109,000 offering which Byrne bought as soon as it came out five years ago. His tall frame doesn’t fit in the small car unless he has the roof off. “I can only drive it three months of the year,” says Byrne, 51. Get In Stock Alerts on Twitter for SNES Classic, Switch and More Such is the pain of being an early adopter of technologies still working out their kinks. The latest to catch the libertarian-at-heart’s eye, and wallet, is Bitcoin. Overstock famously started accepting Bitcoin in January. The Bitcoin community was … [Read more...] about For Overstock CEO, Bitcoin Isn’t Just A Publicity Stunt
The controversy roiling the Bitcoin community continues with the outing and then cloaking of the man fingered by Newsweek as Bitcoin’s Louis Pasteur. But the unassuming Dorian S. Nakamoto, a Japanese-American man in California, denied having anything to do with the digital currency in an interview with the Associated Press! Get the Free Tracker App to find a Nintendo Switch in Stock So who is Bitcoin’s Keyser Söze, or if you prefer, its Walter White? As the search for the inventor, er founder, er messiah continues, I’d say the IRS and FinCEN, the Financial Crimes Enforcement Network. Well, neither may have founded Bitcoin, but either or both could turn out to be its Keyser Söze. It’s not Warren Buffett, though he did say Bitcoin is “not a currency.”FinCEN is on to Bitcoin, requiring some to register as Money Service Businesses. FinCEN is part of the Treasury Department with a mission of safeguarding the financial system, combating … [Read more...] about Bitcoin’s Keyser Söze Revealed?
Bitcoin technology was unleashed on the World Wide Web about five years ago, but 2013 marked a time of unprecedented growth for the digital currency. As the price of a bitcoin increased over 6000 percent in 2013, more developers, entrepreneurs, and investors flocked to the virtual currency market than ever before. However, Bitcoin is not a household name or widely used service. The majority of Americans don’t even know what Bitcoin is. Additionally, its reputation for facilitating illicit activities, price volatility, and security questions are all issues the Bitcoin community must explain before it can go mainstream. But those invested in the technology, like the people I met at the North American Bitcoin Conference, believe this is a disruptive technology that is just taking off with no end in sight. Bitcoin Is Nascent Technology In The US Get the Free Tracker App to find a Nintendo Switch in Stock Despite Bitcoin’s record growth, not very many people know how to … [Read more...] about Bitcoin Basics For Dummies
We used to assume that crime happened in predictable places: dark alleys and dicey street corners. Get the Free Tracker App to find a Luvabella in Stock In reality, some of the biggest crimes in the world are occurring in home offices and in family basements: some of the most sophisticated and damaging financial crimes just need an internet connection. A recent study by the Center for Strategic and International Studies and McAfee (a subsidiary of Intel) put the cost of cyberespionage and cybercrime in the U.S. at $100 billion each year. That represents about 1% of the country’s gross domestic product.It’s not just hackers and identity thieves riding the virtual crime wave. These days, the internet has also become a vehicle for money launderers, drug dealers and the black market.Criminals like the internet because they think it’s anonymous. But anonymous is a relative concept. Most any time that goods and services change hands for compensation – even over … [Read more...] about The End Of The (Silk) Road For Bitcoin Millionaire As IRS, Fed Agencies Make Arrests
Bitcoin, the first and most popular form of cryptocurrency, recently hit record highs, surpassing $4,000 per coin. Bitcoin relies on peer-to-peer (P2P) technology, and as such, it is completely decentralized – in other words, no central bank or government regulates or backs it. Buyers transfer funds directly to sellers, without a third-party middleman to process payments between the parties' financial institutions.Though primarily used in online stores, bitcoin is quickly gaining wide popularity amongst brick-and-mortar shops, food establishments, service-based businesses and even car dealerships. Big-name companies that currently accept bitcoin include Overstock and Virgin Galactic."Cryptocurrencies cut out the middleman in a transaction," said Chris Poelma, president and GM of NCR Silver. "Rather than store your money somewhere where you're dependent on an organization to safeguard it, you hold on to it through an encryption only you have a key to. As we hear more stories of … [Read more...] about Should Your Small Business Accept Bitcoin?