JP Morgan Takes a Stand against Bitcoins

Bitcoins are the digital cryptocurrency that are gaining in popularity by the day. They are decentralized and unregulated. Bitcoins are created through a process called mining. Basically, computers race to solve cryptographic problems, and the winner gets blocks of bitcoin. Bitcoins came onto the general market in 2013 and quickly rose in value. CEO of J.P. Morgan Chase & Company,…

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Casascious Bitcoin Mint Offers New Product

Casascius coins is a Utah-based company was making and selling fully funded physical coins; essentially physical bitcoin wallets. Mike Caldwell, founder of Casascius, was forced to stop making his aluminum coins in December 2013 by the Financial Crimes Enforcement Network (FinCEN). The agency asserted that Caldwell’s business fell under the classification of “money transmitting.” Although Caldwell disagreed with their classification,…

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Will Amazon Start Accepting Bitcoins? Overstock CEO Thinks So…

In a recent interview with CNN International, Patrick Byrne, the CEO of Overstock.com, discussed the company’s decision to start accepting bitcoins as a payment option. Byrne explained that currently, Overstock is selling all the bitcoins they receive as payment because they are unable to use them to pay their suppliers. However, Byrne firmly believes bitcoins are just starting to gain…

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Despite Some Predictions, Bitcoins are Unlikely to Take over E-Commerce

Recently, Patrick Byrne, the CEO of Overstock.com announced that Overstock would not accept bitcoins as a form of currency. Although this may appear to be a step towards mainstreaming the crypto-currency, Byrne has a reputation for being overtly libertarian. He sees bitcoins as an opportunity to get away from government one more area of government regulations. There are other web…

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PayPal Believes in Bitcoin

Last week, a user on Reddit reposted a customer service message he received from PayPal asserting that it was against company policy to use PayPal for the sale of bitcoin miners, bitcoin and litecoin. This Reddit post created somewhat of firestorm among bitcoin users. Many were unhappy along with the Reddit user posting the original complaint, and voiced their feelings…

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New York City May Soon Have Its First Bitcoin ATM

William Ling of Brooklyn has invested in a new high-tech Bitcoin ATM, which he plans to have installed in a bubble tea shop in Manhattan’s East Village. This ATM will allow users to view their financial information, as well as withdraw funds. However, unlike traditional ATMs, this one doesn’t actually dispense anything. Instead, it allows users to add and subtract…

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Alibaba Bans Bitcoin Sales via Taobao

Taobao is China’s largest consumer-to-consumers online shopping platform. Similarly to Ebay in the US, consumers are given a great deal of leeway, however, there are strict guidelines in place regarding what can and can not be sold. As of January 14, the sale of bitcoins will be banned on Taobao. Taobao will no longer allow users to post sales for…

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