Steam May Soon Accept Bitcoins

When it comes to PC gaming, everyone knows the feeling that happens when the Steam sales come on. Your bank account starts to hate you and you wish you didn’t save your card details as you click and drain your funds for games you won’t get to play for a few months if you are lucky. Now it looks like Steam may soon be accepting Bitcoins, draining both your physical and digital money with each sale.

Posted on a Reddit feed, the post appears to come from the Steamworks Development group, a private group for the platforms developers. The post teases that the company is looking to use an external payment provider to help accept bitcoins.

The post makes clear that the calculations will be done all via the external processor, with you still being charged the same amount and the processor acting as the middle man who takes your bitcoins and pays Valve the appropriate amount of traditional currency. Given the unstable nature of digital currency, this means that at no time does Valve hold the bitcoins, making sure they avoid any sudden drops or spikes in prices for the currency.

This process would make sense, but with concerns about the legality of people’s bitcoins and their stability, what happens if people make large purchases with “bad bitcoins”? With no effort on the side of developers or anyone who makes a purchase using the new system, I’m sure many will accept and enjoy the new option for buying all those games you want.

Tourists Will Be Able to Use Fingerprints as Currency in Japan

It’s not always a good idea to carry a lot of cash on you when you’re going on trips, which is why credit cards are usually much more appealing. However, Japan is looking to take things to a whole new level thanks to an innovative system that uses fingerprints as currency. In order to implement this project successfully, though, tourists will have to register their fingerprints and credit card information at airports or at other public locations. Those who will choose to give up these details will be able to buy products from certain stores by placing two fingers on small fingerprint-reading devices.

The system will enter a testing phase soon, which will involve about 300 souvenir shops, hotels and restaurants located in popular areas such as the Kamakura coastal town or the hot springs resort named Hakone. Japan’s officials are hoping that the system will be implemented in various large cities across the country such as Tokyo by 2020, which definitely sounds doable. Obviously, the government will benefit from this new system as well, as it will be able to improve its tourism management policies by analyzing the spending habits of foreign tourists. Apparently, these habits will be analyzed via anonymous data by a government-led consultative body. The main issue with this fingerprint-based system is that it involves giving up very personal data, and I can definitely understand why some tourists would be reluctant to provide this information.

Could Bitcoin Become Currency in Australia?

Australia has begun a government enquiry which could lead to Bitcoin becoming a legitimate currency within the country. The Senate Economics References Committee is considering making the cryptocurrency a regular tender, with the same standing as regular money, for the purpose of Goods and Services Tax (GST).

The review contradicts the position of the Australian Taxation Office (ATO), which only last year determined Bitcoin to be a commodity, rather than legal tender or legitimate currency, and as such was liable for taxation under GST laws. That decision caused a number of Australian startups to threaten migration to another country.

The Senate Economics References Committee, though, has now criticised the ATO’s position, warning that it had placed “an additional burden on Australian digital currency businesses.”

“Without a doubt, the main benefit will be the confidence and certainty that removing a GST will provide to our own digital entrepreneurs, and the foreign businesses who want to set up here,” Labor Senator Sam Dastyari, chair of the committee, said. “Most importantly, it will send the message to local tech entrepreneurs that their government is listening to them, and that in itself is a major step forward.”

The committee’s review has been hailed as a positive step toward supporting new and existing tech businesses in Australia. “Sam Dastyari is recognising the growth potential of innovative technology, and I take it as a sane step towards the only sensible interpretation of the GST legislation,” said Chris Mountford, a developer at Atlassian, one of many companies that lobbied the committee to support Bitcoin. “[The ATO’s ruling] was going to be a barrier for startups, not for Bitcoin. Bitcoin was going to succeed despite Australia.”

Thank you Mashable for providing us with this information.

A New Digital Currency In Development

Digital currencies have been gaining popularity in recent years due to the notion of a stateless payment method which is not influenced by any bank or country. This is perhaps why the big sharks are now starting to circulate around this notion of an online payment, as it’s been announced that Citibank has built its own digital currency based on Bitcoin and the blockchain.

According to Kenneth Moore, who is the head of Citigroup Innovations Lab, has stated that “we have up and running three separate systems within Citi now that actually deploy blockchain distributed ledger technologies. They are all within the labs just now so there is no real money passing through these systems yet, they are at a pre-production level.”

On paper this seems like a fantastic idea for funding and expertise to enter the Bitcoin field, the problem is however that if Citibank develop and release a currency, they will own it, and if they own it then the government will notice it, and if they notice it then this will fall under regulations which govern banks. If this happens, the currency will not be so free and more influenced. Only time will tell as to what will be the makeup of digital currencies in the next ten years or so. Just on a side note, it makes me wonder if the whole notion of “Online” is a dream for institutions seeking control. After all, people moved from real money to online money as a preference, if online money is influenced, where will people move to?

Thank You to IBT for providing us with this information

Image courtesy of Miles Worker

Failed Bitcoin Loan Must Be Paid Ruled Judge

Bitcoin is a digital currency, this means that we can get into some problems that paper currency can’t. The other problem with digital currency is that its price is extremely volatile, being able to skyrocket one day and then plummet the next.

A man in Breathitt County, Kentucky has found this problem after being ordered by a judge to repay a loan of bitcoins that he received in December 2013 (including interest). With the initial loan of 11.95 bitcoins the cost to repay would now come in at $67,800 (£42,680 approximately), the price to repay is quite a large one. At the time of the loan, the bitcoins came in at around $10,000, with the promise of a 20% return within a year to his lender, a man from Brazil.

The initial plan was to buy Bitcoin miners unfortunately that didn’t work out. After failing to repay the loan within 90 days of the initial deadline, legal action was taken and was awarded a total of 67.74 bitcoins.

This didn’t get paid and resulted in a US lawyer based in Kentucky who then filed a lawsuit in March 2015.  While legally being ordered to repay the bitcoins, there is very little that can be done given the digital currency and laws in Kentucky that protect homeowners with deceased spouses who owe money.

While digital currency can help solve some problems paper currency has, without borders and proper legal oversight problems like this will come around more and more in the future.

Thank you Ars Technica for the information.

Image courtesy of CanBike.

The Elder Scrolls Online: Tamriel Unlimited Launched

Bethesda has launched an online MMO of its Elder Scrolls title last year, but it did not receive the attention it had hoped. While it took strong criticism for its derivative and boring nature, it also came with a monthly £8.99 subscription. This made the title go into a slow downspiral.

The poor sales made Bethesda rethink its strategy and came up with the only solution. The company dropped the monthly subscription and players now can buy a copy of The Elder Scrolls Online: Tamriel Unlimited and play as much as they want, while users who already had a subscription can just log into the game and play as usual. The console port is said to have been delayed until June.

However, Bethesda still needs to make it work and pay for the MMO infrastructure. This is why the company is adding its own in-game shop that will allow players to pay real-world cash for virtual items. It is said that there is still an optional ESO Plus subscription, where users can pay monthly and receive in-game cash, downloadable content and character bonuses.

Thank you Bitgamer for providing us with this information

Bitcoin Value Nosedives, Forcing Mining Decline

On a steady decline for over six months, the value of Bitcoin has plummeted to $190.13, marking a 50% drop in the past month, and 25% in just the last few days.

While Bitcoin is used to boom-and-bust fluctuations – the cryptocurrency reached the heady highs of $1,150 during the last quarter of 2013 – this latest decline has economists worried, to the point that Bitcoin miners have thrown in the towel, with some of the world’s largest operations forced to sell its mining hardware, currency reserves, or both, just to cover overheads and loans.

Despite the downturn, though, Bitcoin is as popular as ever, and that’s part of the problem: the more Bitcoins flood the market, the more their price will drop. Once the coins in circulation hit critical mass, they need to be spent for the currency to recover value. This valley could be seen as part of the natural evolution of Bitcoin from niche digital currency to legitimate tender.

Source: Techspot

Russian Apple Online Store Reopens

Bloomberg says that Apple has reopened its online store in Russia after those insane fluctuation in the country’s currency. The store now lists products at prices 35% higher.

“An iPhone 6 with 16 gigabytes of memory now costs 53,990 rubles ($956), Apple said today on its Russia website. The previous official price was 39,990 rubles,”

A certain number of economic sanctions have been placed on Russia in the past year following its decision to annex Crimea. This has of course led to a number of issues with the Russian economy, such as the recent and “extreme” fluctuations in the country’s currency. As a result, Apple effectively closed its online store in the country on December 16th.

The company took the decision following what it described in a statement to Bloomberg as “extremely sharp” fluctuations in the currency.

Source: Bloomberg

Russian Apple Online Store Closed Over Ruble Fluctuations

A certain number of economic sanctions have been placed on Russia in the past year following its decision to annex Crimea. This has of course led to a number of issues with the Russian economy, such as the recent and “extreme” fluctuations in the country’s currency. As a result, Apple has effectively closed its online store in the country. The company took the decision yesterday following what it described in a statement to Bloomberg as “extremely sharp” fluctuations in the currency.

“Our online store in Russia is currently unavailable while we review pricing,” Alan Hely, a spokesman for the Cupertino, California-based company, said today in an e-mailed statement. “We apologize to customers for any inconvenience.”

Just before the site was shuttered, Russians could buy and iPhone 6 for 39990 rubles, equivalent to $558. This shows just how extreme the fluctuations have been, with the same device available for $876 in the United States. At time of writing, Apple has not yet re-opened its store, with no indication of when products will again be available for sale.

Source: MacRumors

Bitcoin ATM’s Pop Up Around Melbourne, Australia

A few months ago, there was one currency on everyone’s lips – Bitcoin. People were scrambling to make their own Bitcoin mining machines, Reddit users developed their own currency called Dogecoin and our parents and grandparents become more technology-confused than  ever before.

Since the hype has died down, I’ve just received reports from a friend of mine that Bitcoin ATM’s have just started popping up in the Central CBD of Melbourne, Victoria, Australia. The image you’re looking at above is taken from the famous “Melbourne Central” shopping center and train station, allowing users to exchange, buy and sell Bitcoin all from a handy kiosk located in the middle of the hustle-and-bustle. Unfortunately a higher resolution image became impossible when Facebook Messenger was utilized as the method of communication.

We’ve seen more Bitcoin payment options pop up around the globe, with SpendBitcoins.com being developed solely to support new-age business’ supporting this advancement in technology. Some of the companies notable from this list include that of NewEgg and Expedia.

Will we see this type of currency make it into the ‘mainstream’ market? It’s really hard to say. But it’s certainly nice to see a ‘global currency’ give it a red hot go. Exchange rates are the bane of any well-traveled business person or backpacker.

Have you seen a Bitcoin ATM around your area? Let us know, we’d love to start tracking them!

Source: TweakTown.

Dell Announces Bitcoin Payment Trial For US Customers

As more and more small businesses start to accept cryptocurrencies as a recognised form of payment, many large companies are now looking towards the world of digital currencies to draw customers towards them as the world moves forward in its digital ways.

Dell are the latest name to jump on the Bitcoin bandwagon as they announce the start of a pilot scheme in the US for both consumer and business users in partnership with Coinbase. During the checkout stages users will be able to select Bitcoin as a payment method after which they will be taken through to a special payment area where you can transfer funds from your Bitcoin Wallet through to Coinbase after which Dell receives payment in Dollars.

As an incentive for users to adopt Bitcoin as their method of payment, a special offer on Alienware systems has been setup, with 10% savings on a number of systems to be made (up to a value of $150) , simply by paying in digital.

Availability of Bitcoin payment in other regions has not been announced as of yet, although we can imagine the services will be rolled out to other regions following a successful pilot scheme in the US.

Source: Dell.com

 

Overclockers UK Now Accepting Bitcoins

Whilst cyptocurrencies are not as widely spoken about today as they were only a few months back, the biggest currency of them all, Bitcoin, is still making its mark on the modern world, with more businesses recognising its value and how they can in turn make a profit by offering to accept Bitcoins in exchange for products or services.

The latest name in the tech industry to jump on the Bitcoin bandwagon is Overclockers UK, with full support now rolled out across their site for users to buy the latest and greatest hardware (as well as anything else that they chose) and pay with Bitcoins instead of money out of the bank.

The shopping  experience with OcUK has not changed one bit and users will not need to access any special hidden areas of the site in order to use Bitcoins, instead all they need to do is chuck everything in their basket as normal and at the checkout select Bitcoin as the desired payment method. A cryptokey for the payment provider BitPay is then provided and after users have sent the equivalent value of Bitcoins to BitPay, OcUK then receive proper money in exchange so that they can ship your goddie (and Haribo) out to you as normal.

[youtube width=”800″ height=”450″]https://www.youtube.com/watch?v=hdcDjNv6fGs[/youtube]

There are one or two terms that need to be taken into account however. If paying by Bitcoin and you need to send an item back for refund, you will get your funds back in Bitcoins, but at the exchange rate that was present at the point of refund – any variances in exchange rates are not covered by OcUK and there is no option to have any reimbursement make in GBP to a bank account as the refund process is taken care of by BitPay.

If you need any more information on the Bitcoin payment system at Overclockers, or you’ve not got a clue why Bitcoin is, head over to OcUK’s information page, where all the information that you need is ready and waiting.

Source: Press Release

30,000 Seized Silk Road Bitcoins to be Auctioned

When the illegal online market place Silk Road was taken down by the United States government, nearly 30,000 Bitcoins were seized. It was long suspected the the Government would simply cash them in and well… they are.

The huge haul of crypto-currency is set to be auctioned off by the U.S. Marshals Service, bidders will need to register by June 23rd and make a refundable $200,000 wire transfer to a government bank. Which is another way of saying “no time wasters”.

The auction will be set to sell nine blocks of 3000 coins, followed by one more block of 2657 coins, and with a current market value of $650 each, the U.S. government could be set to haul in around $20 million in profits.

“All the bitcoins that were held in an FBI wallet have been transferred to two U.S. Marshals wallets. One wallet is being used for this auction, and the other wallet is being used to hold the remaining approximate 144,342 bitcoins that are part of the civil forfeiture and criminal action brought against Ross Ulbricht and the assets of Silk Road.” said the U.S. Marshal’s Service in a recent press release.

With Ulbricht now in prison and awaiting trial for attempted murder and no doubt a string of other charges, it looks like the Silk Road story is far from over.

Thank you Gigaom for providing us with this information.

Expedia Accepts Bitcoins, as Some Retailers Remain Unsure

Popular travel site Expedia recently confirmed it will begin accepting bitcoins, giving customers the opportunity to book their next hotel visit with the digital currency.

Expedia customers booking accommodations will see bitcoin as a new payment option, and will be ushered to a unique payment site.  Transactions authorized directly from each customer’s bitcoin wallet, and Expedia will provide confirmation.

There is growing interest from companies willing to test bitcoins as long-term payment options, and are opening up communication to learn more from one another.

A growing number of restaurants and pubs also are dabbling with bitcoin, so it’s worth taking a look at your favourite eateries.  Popular online restaurant ordering service Takeaway.com now accepts bitcoins from customers, if you are hungry and want to place orders over the Internet. U.S. satellite TV company Dish Network said it would accept bitcoin payment from subscribers, indicating a major change.

However Ink Factory, which first embraced bitcoins in November 2013, recently noted that bitcoin might not be the payment method of the future – but confirmed that the cryptocurrency is still only in its infancy.  The company isn’t throwing in the towel on bitcoin, and is giving away 1/10th of a bitcoin, currently valued around £41, so its customers can become more familiar with bitcoin and how to use it.

The D Las Vegas Casino Hotel accepts bitcoins at the front desk, restaurants, gift shop, and on the casino floor.  A bitcoin ATM machine was also rolled out, so casino visitors will be able to access their online wallets.

Retailers and other companies might accept bitcoin, but expect the turbulent cryptocurrency to also endure a long infancy from consumers.  If you’re a bitcoin supporter, then it’s willing to send an email, tweet, or message to your favourite retailers to learn more about any bitcoin plans they might have in the future.

Dogecoin, Such Sponsorship, So NASCAR, WOW!

NASCAR is an expensive sport to take part in, although I guess the same can be true of any sport that requires a high-powered racing car and support team, those things just don’t come for free. Josh Wise, the driver of the No. 98 car in the Sprint Cup Series has been competing without a sponsor and racing without funding is no easy task.

Of course this is the internet and we can’t just sit back and let such an injustice happen! So there has been a bit of a whip around for spare Doge coins and so for the folks over at Reddit have raised a staggering 76,611.16648323 Dogecoins, which is unfortunately not as much as it sounds, it’s not even $70.

Reddit are going to have to raise $55,000 to be able to sponsor the car, but to add to the fun we’ve now heard that Josh Wise now knows about the campaign and is promoting it to get a Doge sponsored car.

Wow thanks for the support! Let’s make it happen RT @Denis_Pavel: @Josh_Wise The Dogecoin Community and I are fundraising to sponsor you! — Josh Wise (@Josh_Wise)

On top of that there is a paint job contest for what the car will look like should the succeed, I guess the design could be anything, but we all know it’s going to be covered in a giant Doge saying “such racing, much laps, wow!” or something to that effect.

Thank you SBNation for providing us with this information.

Image courtesy of SBNation.

Kanye West To Sue ‘Coinye’ Digital Currency Creators

The lifetime of Coinye West Bitcoins is about to get cut drastically short as the US rapper Kanye West files a lawsuit against its creators, stating that they have unjustly used his fame to cash in. If passed, the lawsuit will stop companies and unidentified people from exchanging the Coinye digital currency. Kanye is also seeking damages for hurting his reputation.

However, the makers of Coinye did blatantly make it known that they named the coin after the rapper in the hope he would get on board and support them, clearly that backfired and the company has backed down from a court case, leaving a response on their twitter page;

“#BLAMEKANYE Coinye devs have dispersed. New ownership, better things coming,” the @CoinyeCoins tweet said.”

While the following was also posted on one of their Coinye official websites “Coinye is dead. You win, Kanye”. So if you’ve been mining the coins, it might be time to switch to Doge, World Coin, Bitcoin or any of the other alternatives.

Thank you BBC for providing us with this information.

Image courtesy of Eurweb.

New Cryptocurrency Dubbed “Coinye” Set To Launch On The 11th Of January

If you thought Bitcoin was the next big thing, take a look at the Coinye! Coinye West virtual coins are stamped with the face of rapper Kanye West, complete with ridiculous shutter shades . The currency’s creators hope Kanye himself will eventually get behind the project.

This special virtual currency also wants to simplify the complicated Bitcoin mining process by offering specific programs that make Bitcoin mining much easier. Bitcoin mining usually requires a high-end computer built specifically to solve complex mathematical problems.

“Our goal with Coinye West is to make it easier for people to use cryptocurrency. We plan on releasing a front end to the ‘mining’ programs called CoinyeMiner,” the creators added. “It will make things a lot more simple and people will be able to make their own coins. We’re working round-the-clock to get everything going as smoothly as possible,” explained the Coinye’s creators.

Coinye’s creators want the currency to be used to buy concert tickets and other more mainstream products. Other Bitcoin spoofs like Dogecoin, have also popped up over the last few months. While this all still seems like an elaborate hoax, Coinye West Bitcoins are reportedly set to launch on Jan. 11.

Thank you Canada.com for providing us with this information
Image courtesy of Washington Post

Bitcoin Currency To Be Accepted By Overstock.com In 2014

The CEO stated for The Financial Times that Overstock.com is thinking of accepting Bitcoin as payment in 2014. Apparently the retailer has the ambition to become the first major online retailer to accept the digital currency. No other major retailer has announced a similar plan yet. However, the retailer doesn’t expect to start accepting Bitcoin until the second half of 2014.

This announcement comes just days after a major shakeup in the Bitcoin ecosystem as China’s largest BTC exchange stopped accepting deposits in Chinese yuan, causing Bitcoin’s monetary value to drop 50% in a few hours. Overstock had over $1 billion in revenue last year and the company trades on NASDAQ and its stock price is up 109.29% on the year. The news about accepting Bitcoin caused the shares to rise 7.77% on the day it was announced.

Overstock CEO Patrick Byrne stated that a healthy monetary system isn’t based off of an upside pyramid or government official, therefore Bitcoin fits that bill. Byrne stated that when Overstock starts accepting Bitcoin, the retailer would bank the digital currency in the event derivatives are increasing in popularity. If offshoots fail to gain steam, Overstock would transfer the Bitcoins into dollars on a daily basis, essentially day trading the Bitcoin income.

Early 2013 saw a number of retailers have moved to accept Bitcoin as payment with OkCupid, Namecheap and Humble Bundle among the list. Charities are also latching onto the digital currency since it lacks fees usually associated with monetary donations. If Overstock follows through with its plan, it would be come the largest U.S.-based retailer to accept Bitcoins.

Thank you TechCruch for providing us with this information
Image courtesy of businessinsider.com

Bitcoin Offers Accepted By A Vegas Developer Selling His $7.85 Million Mansion

A developer and casino owner based in Los Vegas is reportedly attempting to sell his 25,000 feet mansion at a $7.85 million and is willing to accept Bitcoin currency as well. The idea apparently comes from his two sons who currently are digital “miners” and deal with the aforementioned currency.

“The advantage is that we’re expanding our market and adding some notoriety,” said Jack Sommer, the developer and casino owner. However, Julian Tosh, a consultant and owner of the marketplace website bitcoinsinvegas.com stated in the “Las Vegas Review-Journal” that using the currency can streamline international business deals: “There are a bunch of people who have bitcoins, and they’re dying for a place to spend it”.

Craig Tann, Sommer’s sales agent, said that Sommer’s mansion would be the first home in southern Nevada tp be marketed formally around bitcoins. But there are also other businesses which accept the currency. For example, a California Lamborhini dealership sold a $103,000 Tesla for 91.4 bitcoins. Also, a Canadian citizen listed his Alberta home for an estimated 480 bitcoins ($405,000 in US dollars).

But there is also a downside to all of this. As Tosh points out, one bitcoin was valued at $10 in January and rose up to over $1,000 in the October-November timeline. However, Friday it was valued at $870, but Bank of America Merrill Lynch speculates the bitcoint to rise again to $1,300, therefore a transaction in bitcoins is very risky. You can win big or you can lose heavily.

Thank you TheStar for providing us with this information
Image courtesy of TheStar

JPMorgan Files Patent For What Sounds Like Bitcoin, Only It Isn’t Bitcoin!

Earlier today we spotted a very interesting post on Slashdot that mentioned JPMorgan, the world renowned banking giant. It looks as though they have filed a patent application for something that sounds so familiar, it can only be one thing, a BitCoin rip off, or at least a partial rip off. That isn’t to say that many people haven’t already copied BitCoin and other crypto currencies but this is the first one by a known banking firm that we are aware of.

The patent is an application for an electronic commerce system that describes “a method and system for processing Internet payments using the electronic funds transfer network.” Just like BitCoin. This would allow people to pay bills or make payments online anonymously over the internet, as well as micro payments without processing fees, again just like BitCoin. It could kill of wire transfers through companies like Western union, guess what that sounds like? BitCoin.

The application was made available online at the end of November, although the application was filed in early August. It’s 18,126 words long and goes on to describe an online digital currency format that we know sounds very familiar, but there isn’t a single mention of something like BitCoin in it. Are JPMorgan trying to muscle into the cryptocurreny world? It certainly seems like it.

Thank you Slashdot for providing us with this information.

Image courtesy of Fox.

Bitcoin Soars Past $1,000 At Mt.Gox Exchange

Bitcoin has been going crazy this last few weeks, with prices soaring and crashing, but for the most part rising on average. Now the digital currency sets a new record as the coins reach an all time high, passing the $1,000 mark.

Mt.Gox is one of the largest exchanges for Bitcoin, and at time of writing the coins were worth a tidy $1,073, not bad given that they were worth a few hundred dollars this time last month!

The last few days have been great, those with saving in Bitcoins will no doubt be celebrating, or cashing in then celebrating. Perhaps the guy who forgot he had 5000 Bitcoins is happy that his forgotten fortune just keeps on growing.

Mining coins is a hard job these days, but that doesn’t mean one cannot simply invest in the coins by simply buying some. I know I’m kicking myself for not having bought more a few months ago! However, be warned, a big rise is often followed by a crash and we expect the value is a little too high at the moment as people buy into the trend.

Thank you TechCrunch for providing us with this information.

BitCoin Value Is Crazy As A Rollercoaster This Week

BitCoin has been going absolutely insane again this week, it doesn’t not if it’s crashing or setting new records as it sets a new record then sheds half of its value, struggling to settle afterwards.

After a steady climb over the course of a day to $900 it crashed to $450, most likely as people began to sell! sell! sell! as it hit the high value, but the crash was followed by another rise back up to $735 where it settled for a little, sit an impressive high value for the crptocurrency.

It’s an interesting time for BitCoin, the digital currency is even changing in value and it is almost frightening to see how rapidly it can swing around the market like this. There are people out there with millions of dollars worth who doubled, then halved their net worth in just a few hours… crazy.

What the future holds for the value of BitCoin is unknown, but interest may be fading for it after the coin mining frenzy starts to taper off.

Thank you Get Pocket for providing us with this information.

Image courtesy of Get Pocket.

Online Wallet Service Has £650,000 Worth Of BitCoins Stolen

An online “wallet service” for storing Bitcoins has claimed that hackers took a load of virtual currency from their service to the value of £650,000 ($1.04 Million US), but that he will not be taking the matter up with the police!

Things are seriously suspicious on this one, not only should you never really keep your Bitcoins in an online service for fear of something like this happening, but the man who operates as TradeFortress is only giving his word that he is sorry to users of the site.

Since Bitcoins are virtually impossible to trace, let alone recover, the man will not involve police as he feels it would be a waste of time. The man who is only known as TradeFortress has a radio interview with ABC News where he said “I know this doesn’t mean much, but I’m sorry, and saying that I’m very sad that this has happened is an understatement.” he continued “Please don’t store Bitcoins on an internet-connected device, regardless if it is your own or a service’s.”

It is already suspected to be an inside job because of his lack of action to investigate the matter. When 4,100 BitCoins go missing from your business you should act immediately and I’m sure the users and owners of these funds will not be letting the matter rest any time soon.

Thank you BBC for providing us with this information.

Bitcoiners Need More Coders As Popularity Increases

 

Bitcoin has gone from strength to strength this last couple of years and while it may have seen a few setbacks recently we can’t ignore the system because put simply, it’s not going to go away, and it’s incredible that it’s progressed as far as it has, a lot of people clearly want and need this service.

“Our bottleneck is not new code, it’s code review and testing,” said Gavin Andresen , chief scientist at the Bitcoin Foundation, but with just two full time members the foundation needs more help on coding the back end software that keeps everything running, not to mention keep up with security and future applications.

“If you want to make developers happy, start reviewing their requests [on GitHub]. Start testing. Say, ‘I tried this,'” Andresen said. When talking about how they need a new lead programmer but also need new testers at a lower level to make sure everything is running smoothly, especially in light of the DDOS attacks that struck the service back in April.

The peer-to-peer nature of Bitcoin makes it decentralized from major banks and other financial networks, a truly digital currency and one that is rapidly emerging from the shadows in to the real world and gaining massive popularity in the process too.

It’s unknown how many people use the service, but it is said to be many millions and hundreds of thousands more are expect to join over the next few month via both mining services and buy cash transaction.

“Little tasks like writing test scripts, test plans … Those sorts of things are not super brainy, algorithmic heavy research, but we desperately need that sort of stuff,” said Jeff Garzik of BitPay, the leading Bitcoin payment processor.

Bitcoin has been around 18 million transactions since it started 4 years ago and more and more places are starting to accept the currency as a form of payment, so even with all it’s issues, the future of Bitcoin is looking pretty promising, but lets not forget that the service is still truly in its infancy.

Source

Re-imagined $100 U.S. Bill Brings Enhanced Security Features

 

I am sure that many of you are aware of what a U.S. 100 Dollar bill looks like. Today the U.S. Federal Reserve announced that they will be updating the look of the $100 bill, to give this currency a great new look. You wont start to see these new bill in circulation until October 8th.

I find it interesting how the Federal Reserve does announcements every time they plan to release a new currency note and this time they seem to be making it look even more like funny money.

Over the years the Federal Reserve has updated bills, more and moor giving U.S. Currency new looks. But now, they “enhance the security” measures to prevent counterfeiting. Claiming that it will only take a second to check a bill, though it only took a second before for anyone who dealt with money on a daily basis, it will be easier for the noobs to figure it out.

Two new ways to tell that you have a new $100 bill would be to see that they have introduced a “3-D Security Ribbon” as well as a “Bell in the Inkwell” though this new bill looks entirely different, you can tell it is still the same $100 that Americans are still using today. Still featuring Benjamin Franklin on the face, and Independence Hall on the back.

There have been so many changes to the new bill, it is surprising that they didn’t add RFID chips to track each and every individual bill.

New Changes include

  • Blue 3-D Security Ribbon
  • Bell in the Inkwell
  • Color-Shifting 100
  • Raised Printing
  • Gold 100
  • Microprinting
  • FW indicator

I feel this new bill has been beautifully redesigned, bringing the famous “Benjamin” a new life.

To find out more about the new bill, check out NewMoney.gov. You will be able to see some of the awesome new features, and how they were able to implement new technologies into making this new $100 Bill. You could also check out the new “Interactive Note” which allows you to see the new features and how to check a new bill to make sure that it is legit! Also, if you handle U.S. currency on a daily basis, you might want to check out this Link.