When representatives from alternative, Internet-based currencies like NobleCoin began pitching the Water Project last year, they met plenty of skepticism. Peter Chasse, founder and president of the nonprofit, knew little about how such currencies functioned.
Galaxia Communications is one of the top three online payment companies in South Korea. This company has more than 10,000 customers both inside and outside of South Korea. It also is the top seller for mobile gift card and coupon in South Korea. The cooperated Bitcoin payment processor is Coinplug, which provides technology support for Bitcoin transaction.
You can donate to a PAC, buy a Tesla or order a Domino's pizza using bitcoin. California just repealed a ban on such cryptocurrencies, so the question is not only "Now what?" but "What?," period. Any currency that's not tied to something like gold is essentially faith-based, but faith may be harder to come by for something like bitcoin, which took a PR hit in the Mt. Gox failure in February and has no physical existence anyway. You may want to try it out just because it's neat, says John Villasenor, a UCLA professor of electrical engineering and public policy and a Brookings Institution fellow, but it's the "decentralized trust" that underpins bitcoin transactions that is the real innovation.
There are, theoretically, almost 13 million bitcoins in existence. Of this figure, I am going to assume that at least 2 million bitcoins have been lost. I believe this is a conservative figure, many more may be buried in long forgotten hard drives and Mt. Gox has accounted for a few, if Mark Karpeles is to believed. So that leaves us with 11 millions. Now, we don’t need all of those 11 millions to function successfully, as a matter of fact Bitcoin could function successfully as the World’s number one currency if we only had 1 Bitcoin. This would, of course, mean that that Bitcoin would be subdivided into tiny fractions that would account for all purchases and payments. The lower the number of bitcoins in existence the greater the value of an individual Bitcoin; If there were more bitcoins, there would be a lower individual value on each one. Now, every day, the world destroys bitcoins; we lose keys and codes, the computer get’s lost, formatted or stolen, or we hit the wrong key and send a payment to a wrong address. So the amount of bitcoins is never what it should be. This leads us to Bitcoin’s Conundrum.
Europe’s banking union, constituting a supranational pooling of most instruments of banking policy, was established over two years ago, in the early hours of June 29, 2012. To a greater extent than was initially realized by most observers, this step marked a watershed in the European crisis by making it possible for the European Central Bank (ECB) to stabilize sovereign debt markets. The banking union will also profoundly reshape and realign Europe’s financial system and institutions, with consequences that will unfold gradually.
World Bitcoin Network has just released a new Bitcoin Value Model. Let me begin by stating that this is a model, and no model can accurately state how much any currency is going to be worth at a point in the future. What the model can do, however, is show us how price is determined and the factors that determine it and the model can also allow us to factor in variables and view their effect. In February of this year, the Financial Times received an eMail predicting a $50,000 Bitcoin value. Their response was to remind people that Wall Street traders use models:
The European Banking Authority, which has previously warned consumers that they're unprotected if they get themselves into the crypto-currency game, has followed up with a don't-touch warning to banks.
KTLA Bitcoin ATM builder takes aim at traditional financial services Los Angeles Times With the underlying infrastructure now mostly in place, investors and analysts say bitcoin ATM expansion is imminent — 600 or more machines are projected to be...
There has been a lot of buzz about Bitcoin this year. First, there were questions about the volatile nature of a cryptocurrency followed by whirling prices and the eventually collapse of Mt. Gox, the once bitcoin exchange giant. No matter what side of the news story Bitcoin has been on, retailers have been watching closely.
Today’s warning by the European Banking Authority for banks not to sell, hold or trade Bitcoin was reported as negative for Bitcoin in mainstream media. I (Marc van der Chijs: "Bitcoin Close To A Tipping Point?
[NOTE: For those who will react to this article by commenting on alternative currencies like Bit Coin, please read my News With Views article on that topic here. Almost everything I predicted about how Bit Coin could be brought down or controlled by the federal government has occurred since the article was written.]