Items tagged with virtual currency

Bitcoin is quickly overcoming its sketchy past, one that was linked with illicit drug markets and other illegal activities. It's still a highly volatile currency, but it's also one that more and more online and offline vendors are willing to gamble on. That includes online auction site eBay, which is reportedly in talks with various bitcoin payment processing companies, including Coinbase, to integrate bitcoin processing into its Braintree payments subsidiary, which is a part of PayPal. According to a report in The Wall Street Journal, no agreement has yet been reached. Should a deal eventually... Read more...
California fancies itself a fairly progressive state, so it wouldn't be all that shocking if Bitcoin ATMs littered the length of the location of the west coast within the next few years. For now, however, there are just two and they exist in the Los Angeles area. They're managed by ExpressCoin, a Bitcoin payment processor based out of Santa Monica. You can find one of them at 5825 Franklin Avenue in Hollywood and the other at 701 Lincoln Blvd. in Venice. Both ATMs are worth $15,000 and were built by Robocoin out of Las Vegas. Image Source: US Finance Post Bitcoin ATMs are a rare breed at this early... Read more...
The bumpy Silk Road saga is finally coming to an end after the U.S. Marshals Service auctioned away some 30,000 Bitcoins that were confiscated from the site. It was a 12-hour auction consisting of nine blocks of 3,000 Bitcoins and a single block of 2,657 Bitcoins. All combined, the confiscated cryptocurrency was worth just shy of $18 million. Silk Road was once a popular site for purchasing illegal drugs and other shady miscellaneous items. Bitcoin quickly became a preferred method of payment due to its anonymous nature, which had obvious appeal for buyers trying to keep their activities on the... Read more...
Depending on where you live and shop, you can buy a taco with Bitcoin, a form of virtual currency. You can also buy computer systems and even a Lamborghini with Bitcoin. Despite various shady activities and scandals associated with untraceable crypto-currencies like Bitcoin, the list of things you can buy with it keeps it growing. Heck, you can even make donations to political committees. The U.S. Federal Election Committee (FEC) is allowing Bitcoin to be used to make donations to political action committees under certain conditions, Reuters reports. Following a unanimous vote, the FEC approved... Read more...
It's not as though crytocurrencies like Bitcoin are in need of any more bad publicity, though that being the case, it didn't stop MtGox from giving it to them. MtGox, formerly a popular Bitcoin exchange based in Tokyo, Japan, has filed for bankruptcy protection after admitting to having lost 850,000 Bitcoins worth approximately $477 million. Most, if not all of the virtual currency was stolen by hackers who took advantage of what MtGox called "weaknesses in the system." Some 750,000 of those Bitcoins belonged to customers, while the remaining 100,000 units were MtGox's prior to the theft. Image... Read more...
The wild and wonderful state of West Virginia isn't so wild about Bitcoin, Litecoin, and every other type of virtual currency that's hotter than a southern summer day. More specifically, West Virginia Senator Joe Manchin (Democrat) takes issue with crytpocurrencies and asked the U.S. to ban Bitcoin and any other virtual currency like it. Manchin made his disdain known for Bitcoin and other currencies like it in an open letter to U.S. regulators. In the letter, he points out that virtual currency is unregulated and has already allowed users to engage in illicit activity. Image Source: Flickr (btckeychain)... Read more...
The Bitcoin craze is about to get a whole lot crazier once Robocoin starts installing ATMs in the U.S. that support the virtual currency. Robocoin said it's planning to install Bitcoin ATMs in Seattle, Washington and Austin, Texas. These kiosks will function like ordinary ATMs except they'll have scanners than can read driver's licenses, passports, and other government-issued IDs to confirm a user's identity. Bitcoin ATMs will allow users to turn Bitcoin currency into cold, hard cash. Users will also be able to deposit cash to buy Bitcoins by transferring funds to or from a virtual wallet on their... Read more...
As more and more online retailers warm up to the idea of accepting Bitcoin currency, widespread acceptance is still a long way off. This is especially true of Russia, which just dropped the ban hammer on Bitcoins on the basis that it runs afoul of existing laws. Russia actually went one step further and called the digital currency "suspicious." The announcement was made by the General Prosecutor of the Russian Federation. Serving as justification for the ban is the fact that the Central Bank of Russia views Bitcoin as a money substitute, which is restricted under Russian law. Image Source: Flickr... Read more...