Thursday, 4 April 2013

Bitcoin in the FT Front Page!

Bitcoin in the news - FT front page today

Saturday, 16 March 2013

Is Bitcoin Money?

Since Bitcoin is now a $400 million market, with its price hitting new all-time highs, now might be good time to ask - Is Bitcoin Money? 
Max Keiser-by Max Keiser - Host, The Keiser Report -RT | follow @maxkeiser

Thursday, 14 March 2013

Bitcoin – The top performing currency in the world?!

"While other currencies are going up and down about 3% – 15% a year, I’m very excited to introduce you to my new investment, which in the past year has gained over 400%....The U.S. dollar value of a bitcoin is about $45 today compared to just $5 a year ago. In the last three months bitcoins gained over 200% since at the end of 2012 (when) the quoted price was $13.48."

Bitcoin Rises - Al Jazeera News

"Although there is still the possibility of a volatile market, the Bitcoin ecosystem looks more promising than ever."

Timely informative article on the rise in value of bitcoin, written by Nicolas Mendoza, a Colombian scholar, artist and researcher in global media from the University of Melbourne, currently at City University of Hong Kong. Also P2P Foundation collaborator, Editorial board Bitcoin Magazine
Follow him on Twitter: @nicolasmendo

"About a year ago I (the author) wrote an article, published on the Al Jazeera site, titled "Understanding Bitcoin". It was an attempt at introducing Bitcoin technology and analysing its social implications. Now Bitcoin markets are trading at record prices of over US$40. This increase, along with a series of recent developments, marks a new overall state of affairs for this project. To make better sense - beyond the mere market numbers - of the current state of the Bitcoin economy, it is worth it to make a brief recount of the way Bitcoin has evolved in recent months."
"...Bitcoin 2013 is certainly a much more robust animal than its 2011 version, and its future looks more promising now than ever before. Step by step, Bitcoin rises."
Read the full article here

Friday, 8 March 2013

Bitcoin is the Economic Singularity

As background to my tweet below, it is worth publishing this article about Bitcoin from 2011 by @ryandickherber
Bitcoin is the Economic Singularity
By Ryan Dickherber
Saturday, June 4, 2011
"Three weeks ago I discovered bitcoin. It sounded interesting enough that I decided to devote an entire Saturday to it—that was my “day of bitcoin.” My day of bitcoin evolved into my three weeks of bitcoin. In that time, I have been obsessively reading about it, writing about it, buying it, and creating businesses for it. As far as I can recall, I have never been so obsessed about anything. But the reason I am obsessed with bitcoin is simple: it is the most incredible thing to ever happen in the world. I am not exaggerating. We are presently witnessing the most disruptive change to ever happen to collective human behavior. Although there have been other disruptive changes to human behavior in the past, bitcoin is happening much faster than those. 
>Read full article here

Saturday, 5 January 2013

Bitcoin Made Simple

Bitcoin is a decentralised P2P electronic cash system without a central server or trusted parties.

Bitcoin has four key properties:
• Money without Borders
• Payments without Regulation
• Currency without Government
• Transfers without Banks

Anyone with either a smartphone (eg. iPhone) or computer and an internet connection can pay or receive bitcoins. No bank account is required.

Bitcoin in layman's terms:
As a new open-source p2p payment system – Bitcoin is a revolutionary technology which enables virtually instant payments between any two people, or entities, anywhere in the world, securely, privately, and with far lower fees. Bitcoin is making global e-commerce safer, more efficient, and more profitable.

The Bitcoin protocol is a new and unique value transfer system and 'bitcoins' can be thought of as a pure digital (and digitised) 'currency.'
Bitcoins are traded and can be purchased on open, international markets against other fiat (ie. government controlled and issued) currencies like US Dollars, Sterling Pounds and Euros. However, unlike other currencies, bitcoins are not controlled by any Government, Bank or other organization – bitcoins are issued and regulated by mathematical principles instead of a Central Bank or bank corporation.

Hundreds of thousands of people are now using Bitcoin around the world, and the number of Bitcoin users is growing every day as new merchants and customers discover its unique advantages:

• Transactions are irreversible with zero chargebacks.
• Risk-free payments from anyone, globally, in any country.
• Lower fees than credit cards and Paypal.
• Greater security and privacy for both merchants and their customers.

Benefits of Bitcoin for Customers:
- Send money with virtually zero fees
- Send money to anyone, anywhere in the world
- No frozen accounts or blocked payments
- Always open, no holidays
- Hedge against the inflation of fiat currencies
- Transfer any amount - from fractions of a penny to millions of dollars, easily
- Completely avoid all counter-party risk whatsoever
- Maintain financial privacy
- Prevent identity theft, through non-exposure of personal details

What is publically available from a Merchant and Consumer perspective to use Bitcoins

For Merchants:
Of primary importance is merchant processing, which is the ability for merchants to accept Bitcoins on a website. and both offer this service. Using these systems, the merchants can have the Bitcoin payments auto-converted to USD (or other currencies) and deposited into their bank accounts. The main benefits here are zero-chargeback risks and far lower fees than with credit cards.

Benefits of Bitcoin

For Consumers;
- E-wallets like and
- Mobile apps like BitcoinSpinner
- Exchanges for trading/investing/speculating on BTC such as MtGox and BitStamp
- Directories of merchants who accept Bitcoins, such as
- "Middlemen" services which allow consumers to spend bitcoins with various merchants (such as
- Cashout options such as the upcoming BitInstant Paycard (USD denominated Mastercard, reloadable using Bitcoin)

Benefits of Bitcoin for Merchants:
- Accept online payments with fees far lower than credit card or Paypal (0.5% vs up to 2.9%)
- Accept online payments from any country, with no risk of fraud whatsoever
- Have immediate access to "good funds"
- Zero chargeback risk
- No need to store sensitive customer billing details (reduce liability, security costs)

More Bitcoin info?

Bitcoin Non-Technical FAQ here:

Sunday, 30 September 2012

Bitcoin - The First Five Questions

Erik Voorhees recently received five questions from a radio host, and he thought his five questions were very apt – these are emblematic of the questions most people ask.
It seemed appropriate and useful to make these answers public. Every journalist and curious observer should perhaps read this before pursuing Bitcoin further. Read the five Bitcoin questions here.

Sunday, 2 September 2012

Bitcoin Prepaid Debit Card proposed by BitInstant

Last August, BitInstant CEO Charlie Shrem announced that his company would be releasing a new product: a Bitcoin prepaid Debit Card. The product is scheduled to come out in six to eight weeks, and would cost $10, although Shrem announced that the first thousand cards would be given out for free. The concept of a Bitcoin card is nothing new; they have existed in some form for months.
Read the full article about the proposed Bitcoin prepaid debit card here in Bitcoin Magazine.

Friday, 6 July 2012

A Business Primer on the Bitcoin Ecosystem

This article is an excellent primer on the new financial technology known as “Bitcoin.” 
It describes the utility of the system, the types of companies and individuals who use it, and some of the risks and opportunities presented. 
"Bitcoin" is a growing financial software tool comprised of both a payment network (written as "Bitcoin") and a currency used within that network (written as "bitcoins"). Bitcoin is both free-to-use and open-source, with no central controlling party. Bitcoin is not a company nor organization. It is best thought of as a technology protocol, like VoIP or HTTP. Read the full article here:
A Business Primer on the Bitcoin Ecosystem   Written By Erik Voorhees, 29 June 2012
Bitcoin Useful Links

Monday, 2 July 2012

Bitcoin Wallet Options

"The question of 'How to store your Bitcoins' is one of the most important decisions for a Bitcoin user to make.
While Bitcoin allows you a great amount of freedom and control over your money, with that control comes responsibility, and the possibility of catastrophic losses if you are not careful. If you choose to maintain full control of your bitcoins yourself, there is no one to stop you from doing something stupid, and there is no one to cover for your mistakes. There is no Bitcoin corporation to call and try to convince that you are the legitimate owner of your address so they can give you your keys back."
Online Wallets ** Desktop Clients ** Mobile Wallets

Sunday, 10 June 2012

Understanding Bitcoin | Opinion - Al Jazeera

"Bitcoin is at the forefront of 'hacktivism', giving its users a free alternative to contemporary financial mechanisms."
Read this excellent and informative article here, written by Nicolás Mendoza, a scholar, artist and researcher in global media from The University of Melbourne and a member of the P2P Foundation.
Understanding Bitcoin - Opinion - Al Jazeera English

Thursday, 10 May 2012

Bitcoin: How it works | Report from the FBI

Bitcoin has now grown so popular that it warranted its own FBI reoprt. The report titled “Bitcoin Virtual Currency: Unique Features Present Distinct Challenges for Deterring Illicit Activity,” (.pdf) was published on April 24 2012  and is marked 'For Official Use Only' (not actually classified), but was leaked to the internet this week. The report is also an excellent primer on, and explanation of, Bitcoin - How it Works!
The FBI sees the anonymous Bitcoin payment network/protocol as an alarming haven for money laundering and other criminal activity — including as a tool for hackers to rip off fellow Bitcoin users. But is it? Bitcoin is the first digital crypto-currency issued and managed by a peer-to-peer transaction network, ie, us.
Read the full article from here.

Saturday, 14 April 2012

Bitcoin - The Libertarian Introduction

Written by Erik Voorhees - April 11, 2012

Full article here:
Originally published in Freedom's Phoenix Magazine - April 13, 2012
Republish, copy, and distribute at will.