BitPay Launches Bitcoin Merchant Directory
November 25, 2013 — BitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers looking for everyday goods and services or unique gifts will find a wide variety of places to spend their bitcoins in the bitcoin directory.
“We are often asked where to spend bitcoins and this global directory allows bitcoin merchants around the world to get discovered,” says Tony Gallippi, BitPay Co-founder and CEO. “With this service we will be linking over 5 million bitcoin users with merchants and we will continue adding more merchants.”
The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin. Some of the most popular categories include Web and IT Services, Electronics and Precious Metals. BitPay has also included a Travel and Tourism section for bitcoiners looking to plan their next vacation and a search feature that shows them where to spend bitcoins with local merchants.
About BitPay
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit
https://bitpay.com.
Contact
Jan Jahosky
407-331-4699
[email protected]
BitPay Launches Bitcoin Merchant Directory
November 25, 2013 — BitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers looking for everyday goods and services or unique gifts will find a wide variety of places to spend their bitcoins in the bitcoin directory.
“We are often asked where to spend bitcoins and this global directory allows bitcoin merchants around the world to get discovered,” says Tony Gallippi, BitPay Co-founder and CEO. “With this service we will be linking over 5 million bitcoin users with merchants and we will continue adding more merchants.”
The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin. Some of the most popular categories include Web and IT Services, Electronics and Precious Metals. BitPay has also included a Travel and Tourism section for bitcoiners looking to plan their next vacation and a search feature that shows them where to spend bitcoins with local merchants.
About BitPay
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit
https://bitpay.com.
Contact
Jan Jahosky
407-331-4699
[email protected]
China’s Announcement The People’s Bank of China (PBOC) recently announced they will stop stockpiling US dollars, described as a time bomb without a timer. This dollar departure was also a recommendation from Nobel laureate Joseph Stiglitz posted on the Wall Street Journal 3 years before this announcement. Yi Gang, a deputy governor at the PBOC, stated that it isn’t in China’s favor to stockpile foreign exchange reserves which is reported to total just over 3 trillion dollars. As Renminbi (RMB) SWIFT payments have grown 17 fold over the past 2 years and anyone not native to China has the freedom to open bank accounts that handle RMB, this move may not be a direct attack on the dollar. But it […]
The post China Drops The U.S. Dollar appeared first on Bitcoin Magazine.
China’s Announcement
The People’s Bank of China (PBOC) recently announced they will stop stockpiling US dollars, described as a time bomb without a timer. This dollar departure was also a recommendation from Nobel laureate Joseph Stiglitz posted on the Wall Street Journal 3 years before this announcement.
Yi Gang, a deputy governor at the PBOC, stated that it isn’t in China’s favor to stockpile foreign exchange reserves which is reported to total just over 3 trillion dollars.
As Renminbi (RMB) SWIFT payments have grown 17 fold over the past 2 years and anyone not native to China has the freedom to open bank accounts that handle RMB, this move may not be a direct attack on the dollar. But it is more likely a part of China’s strategy to make the RMB the world reserve currency.
China’s General USD Economic Coverage Leading Up To This Announcement
At this point, an announcement of this magnitude should be taken in context with previous economic stories leading up to this decision.
November
– South China Morning Post, “PBOC Announcement to stop stockpiling the US dollar”
– Economist, “Economic Success Has Given China Greater Weight…”
October
– Forbes posts: “4 Reasons why China Will Keep Buying Treasuries”
– RT posts: “Renminbi Rising: Is China’s ‘De-Americanized World” Taking Shape?”
– Tapei Times posts: “Asian Currencies On the Rise…”
– Slate (Matthew Yglesias) posts: “Stop Being Wrong About Chinese Bond Purchases”
– Daily Caller posts: “Yglesias is Wrong About China’s US bond Purchases”
In “Yglesias is Wrong About China’s US bond Purchases” Robert Murphy argues that China’s US bond purchases give them significant leverage over the US government. He continues in his post, written on October 24th, by saying, “Chinese constitute some 23 percent of the entire foreign holdings of U.S. Treasuries. Furthermore, the CRS report also indicates that between 2003 and 2012, the Chinese covered at least $40 billion of the U.S. budget deficit in a given year, with the exception of 2011 when China’s holdings of Treasuries slightly declined. In this light, it’s understandable why so many analysts are alarmed. If for some reason the Chinese government should decide to halt its purchases — let alone dump its accumulated holdings — of Treasuries, surely this would have serious ramifications.”
The ramifications could include the further devaluing of the dollar so interest rates rise and more money is required to purchase fuel, food, and other goods.
An interest rate increase already has US banks threatening to charge for holding bank deposits.
Other Countries View of the US Dollar
Disenchantment towards the dollar expands beyond China’s borders and shows up in Russia as Mikhail Degtyaryov, member of Russia’s controversial nationalist LDPR party, is actively trying to get a bill passed to ban the US dollar from Russia and predicts a dollar collapse could in 3 to 4 years or around 2017.
The US government’s list of the countries holding it’s Treasury Securities provides a different perspective on China’s announcement revealing all the countries and groups around the world who have purchased US securities. This table’s data is from September 2012-2013.
from treasury.gov
This Economist’s debt clock is a reminder that all governments in the world have some level of debt and near the bottom of the debt clock tool, is a paragraph that says:
“Does it matter? After all, world governments owe the money to their own citizens, not to the Martians. But the rising total is important… when debt rises faster than economic output (as it has been doing in recent years), higher government debt implies more state interference in the economy and higher taxes in the future…”
Coverage From Major American Media
What is equally troubling is the lack of coverage from major media outlets discussing China’s announcement. This news seems to be absent from all major news publications as discussed in the Wall St Sector Selector.
Connection to Bitcoin
Within China, the high savings rate seen among its citizens has been attributed to the peer pressure of other citizens saving, and the long term consequences of the security measures taken while living under one child rule. Anyone who doesn’t want all their securities denominated in RMB has diversified assets in several ways. Most likely China’s budding interest in Bitcoin is testing new waters to see how their savings fare with a virtual currency. While the exchange rate is expected to fluctuate with Bitcoin’s current small market size, Bitcoins attributes of being a fixed quantity, and impossible to steal without private keys, make it an attractive way to store savings.
For the US, this story shows there are several factors continuing to eat away at the value of the dollar including the perception of endless quantitative easing. Since there is nothing preventing the other countries from removing or reducing their holdings in US securities, Bitcoin can be used to store wealth as a hedge against a future where holding the dollar may cost more than it’s worth.
The post China Drops The U.S. Dollar appeared first on Bitcoin Magazine.
BitPay, Inc. located in Atlanta, GA and currently the lead Bitcoin payment processing company rolled out a series of several exciting announcements this morning. BitPay now works with over 12,000 merchants opening the door to multiple avenues to purchase goods with Bitcoin. Announcing its global bitcoin directory, BitPay features many of the world’s bitcoin-accepting merchants. Individuals can quickly search for ways to purchase everyday goods and services with Bitcoin. With all the traditional excitement surrounding Black Friday, BitPay is also a lead sponsor of Bitcoin Black Friday, where individuals around the world can put their Bitcoins to good use. In conjunction with Bitcoin Black Friday, PC Game Supply, one of BitPay’s merchants, will be offering a 10% discount on all […]
The post BitPay Shakes Up the Bitcoin Ecosystem appeared first on Bitcoin Magazine.
BitPay, Inc. located in Atlanta, GA and currently the lead Bitcoin payment processing company rolled out a series of several exciting announcements this morning. BitPay now works with over 12,000 merchants opening the door to multiple avenues to purchase goods with Bitcoin. Announcing its global bitcoin directory, BitPay features many of the world’s bitcoin-accepting merchants. Individuals can quickly search for ways to purchase everyday goods and services with Bitcoin.
With all the traditional excitement surrounding Black Friday, BitPay is also a lead sponsor of Bitcoin Black Friday, where individuals around the world can put their Bitcoins to good use. In conjunction with Bitcoin Black Friday, PC Game Supply, one of BitPay’s merchants, will be offering a 10% discount on all purchases on November 29, 2013. Are you a business owner and interested in accepting Bitcoin? Feel free to check out BitPay and other payment processing companies that simply make it easy to accept Bitcoin for payment.
BitPay sent out the following press release this morning:
BitPay Launches Bitcoin Merchant Directory
Includes New Merchants such as PC Game Supply and Takeaway.com
ATLANTA — November 25, 2013 — BitPay, in keeping with its mission to build a better e-payments world, has launched a new global bitcoin directory which features many of the world’s greatest bitcoin-accepting merchants. Shoppers looking for everyday goods and services or unique gifts will find a wide variety of places to spend their bitcoins in the bitcoin directory.
As lead sponsor of Bitcoin Black Friday, BitPay will be promoting its merchants and their one day sale on November 29. One of the merchants is PC Game Supply, the largest source for digital distribution of pre-paid products, virtual currencies and PC games.
Takeaway.com, the largest food delivery service in Europe, also accepts bitcoin for ordering through its more than 30,000 restaurants in England, Germany, France, Belgium, the Netherlands, Austria and Switzerland.
“We are often asked where to spend bitcoins and this global directory allows bitcoin merchants around the world to get discovered,” says Tony Gallippi, BitPay co-founder and CEO. “With this service we will be linking over 5 million bitcoin users with merchants and we will continue adding more merchants.”
The directory gives bitcoin users access to thousands of businesses and charities that now accept bitcoin. Some of the most popular categories include Web and IT Services, Electronics and Precious Metals. BitPay has also included a Travel and Tourism section for bitcoiners looking to plan their next vacation and a search feature that shows them where to spend bitcoins with local merchants.
PC Game Supply and Takeaway.com, like many other merchants, see bitcoin as a compelling alternative to credit cards for online transactions. Bitcoins give merchants a way to decrease the amount of online fraud and subsequent chargebacks that come with accepting traditional credit cards. As part of Bitcoin Black Friday, PC Game Supply will be offering a 10% discount on all purchases on November 29, 2013.
About Bitcoin Black Friday
Jon Holmquist founded “Bitcoin Friday”, a celebration of Bitcoin with special deals for Bitcoin users. Visitbitcoinblackfriday.com
Contact
[email protected]
About BitPay
BitPay is a Payment Service Provider (PSP) specializing in eCommerce, B2B, and enterprise solutions for virtual currencies. Visit https://bitpay.com.
Contact
Jan Jahosky
407-331-4699
[email protected]
The post BitPay Shakes Up the Bitcoin Ecosystem appeared first on Bitcoin Magazine.
250,000 US Dollars or 297 Bitcoins (at 840$/BTC). This is what a space travel costs with Virgin Galactic, Virgin Group’s company that is specialized in space tourism. The price is visible on Virgin Calactic’s website and also mentioned by Virgin’s founder, billionaire businessman Richard Branson, in an interview for CNBC, stating he invested in Bitcoin in the past.. This news coincides with the creation of BTCTrip and an announcement by CheapAir, another travel agency that is already long in business, both now accept Bitcoin for flight and hotel bookings. So, currently one can travel around the world by air and space and pay with Bitcoin. And one day, who knows, also land; if another of Branson’s companies, like Virgin Trains, […]
The post Travel to space with Bitcoin and Virgin Galactic appeared first on Bitcoin Magazine.
250,000 US Dollars or 297 Bitcoins (at 840$/BTC). This is what a space travel costs with Virgin Galactic, Virgin Group’s company that is specialized in space tourism.
The price is visible on Virgin Calactic’s website and also mentioned by Virgin’s founder, billionaire businessman Richard Branson, in an interview for CNBC, stating he invested in Bitcoin in the past..
This news coincides with the creation of BTCTrip and an announcement by CheapAir, another travel agency that is already long in business, both now accept Bitcoin for flight and hotel bookings. So, currently one can travel around the world by air and space and pay with Bitcoin. And one day, who knows, also land; if another of Branson’s companies, like Virgin Trains, will accept it as a currency.
Branson doesn’t hide his enthusiasm for Bitcoin and other payment systems like Clinkle. According to him, they “will become serious challengers to traditional banks, which will spur more competition and give customers even more options” and, like the market sector that Bitcoin overtook, he adds, become more open to technological innovations and to the future in general.
Branson says he is aware of Bitcoin’s volatility: two years ago, the currency was trading just at US $10, but he doesn’t worry because he trusts on its upward trajectory. This trajectory opened (and opens) new doors for people who have relied early on Bitcoin, for they may now be able to access this service for initial figures considerably lower than the US$ 250,000 current tour price.
“Virgin Galactic is the future of travel. It’s time we let future astronauts pay with a futuristic currency.” – Richard Branson
According to Virgin, they have a first customer: A flight attendant from Hawaii who acquired her ticket with Bitcoins. The company has exchanged those for dollars immediately to have no risk to comply with their refund policy.
An enterprise like Virgin accepting Bitcoin for one of its branches is a big push in the process of monetization of Bitcoin. In this particular case – if it were adopted among the Virgin Group holding – it could also be the entering of this currency into daily life businesses like groceries, telecommunications, energy, hospitality, music or transport.
Branson envisions Virgin Galactic entering the international flights market, which could lead to Bitcoin’s entry in another brand new market. A flight from New York to Singapur, normally taking sixteen hours, would only last one hour.
The post Travel to space with Bitcoin and Virgin Galactic appeared first on Bitcoin Magazine.
By Jon Matonis
CoinDesk
Saturday, November 16, 2013
http://www.coindesk.com/us-already-ceded-dominance-bitcoin-trading/
Expertise and dominance in a particular industry sector doesn’t come about by decree. It is achieved over years through repeated practice and creative experimentation.
During the first three-and-a-half years of bitcoin’s development from 2009 to 2012, a large portion of that technological experimentation had been occurring in the US with multiple bitcoin trading exchanges and bitcoin-related businesses.
Now, there exists only one functioning exchange in the US with diminishing volume compared to its competitors. The Atlanta-based exchange, Camp BX, had reached such a low point of average daily trading volume that it was removed from the CoinDesk BPI earlier this month.
Although the future may not look bright for the US jurisdiction, it does not appear to be a conscious decision on the part of legislators and regulators. The evolving body of law known broadly as “digital currency law” applies at both the federal level and the state level creating overlapping licensing regimes and a considerable compliance investment for new startups.
Senate hearings
A pair of Senate hearings will take place next week in Washington, DC, with the first hearing being held by the Committee on Homeland Security and Government Affairs and the second hearing being held jointly by the Banking Subcommittee on National Security and International Trade and Finance and the Banking Subcommittee on Economic Policy.
These government hearings will be largely educational briefings focusing on law enforcement, regulatory environment, national security, and the possible opportunities for bitcoin in payments and global transactions. Several bitcoin-related companies will be testifying along with the Bitcoin Foundation.
Of course, there isn’t a ban on bitcoin in the US. But there doesn’t have to be an outright ban when there is a chilling effect on banking that translates into an unwillingness for banks and credit unions to engage with bitcoin-related companies.
Given the labyrinth and ambiguity of state-by-state compliance issues, financial institutions conclude that it’s far safer and easier to ignore bitcoin-related opportunities. This is the largest single barrier to payments innovation in the US.
Adversely, the unintended consequence is that viable and innovative companies seek more hospitable locales in non-US jurisdictions. So, where is the bitcoin trading volume going? How does important price discovery occur for bitcoin?
Top exchanges
Currently, the top four bitcoin exchanges by volume are located outside of the US, with the world’s leading exchange based in China.
Less than 2% of worldwide bitcoin trading and real-time market making occurs within the US jurisdiction. (Coinbase provides only fixed-rate conversion with the US dollar and they do not hold any customer funds in US dollars.)
All four of the world’s leading exchanges have demonstrated a capacity for serious, engaged banking relationships that would have been unobtainable in the United States.
As of 14th November, here is the list in sequential order based on 30-day cumulative bitcoin trading volume (for single trading pair):
(1) BTC China traded $298.4m in XBT/CNY (based in China)
(2) Mt. Gox traded $232.8m in XBT/USD (based in Japan)
(3) BitStamp traded $200m in XBT/USD (based in Slovenia)
(4) btc-e traded $119.8m in XBT/USD (based in Bulgaria)
Separately, in terms of active bitcoin nodes on the network, the US ranks first, followed by Germany, China, the UK, and Russia. Representing 25.7% of all active nodes, the US can probably claim the largest number of worldwide bitcoin users as well.
However, this measure is severely disproportionate to its slice of worldwide trading volume. Trading volume and liquidity is “sticky” and the jurisdictions adopting the bitcoin exchanges will exert the most influence over the new bitcoin economy. They will become entrenched.
Strategic evaluation
We have arrived at the point where the US jurisdiction must strategically evaluate a path going forward. Either they enable a climate that appeals to bitcoin exchanges and businesses or they maintain barriers that silently drive innovation in the space overseas.
Delaying that moment serves only to increase the clout and power of the other jurisdictions competing for this lucrative business. A free and robust bitcoin economy drives growth and jobs, provides relief for the unbanked, and facilitates global financial inclusion.
Another interesting metric is the ranking of the Narrow Bitcoin Money Stock (M1) compared to the money stock of all separate nations (and the European Union). At approximately $5bn, bitcoin money stock currently ranks at 100 out of 191, recently surpassing Iceland and Lebanon.
In some ways, government hearings on the Bitcoin protocol are like studying gravity. It’s useful information if you didn’t already understand the properties, but it does not allow much latitude for alteration. A futuristic potential Govcoin would be merely one of many cryptographic monetary units.
At the end of the day, all this attention on anti-money laundering laws and financial crime may be misplaced, because the real show with bitcoin will be at the Federal Reserve and the potential impacts on administering monetary policy.
By Jon Matonis
CoinDesk
Saturday, November 16, 2013
http://www.coindesk.com/us-already-ceded-dominance-bitcoin-trading/
Expertise and dominance in a particular industry sector doesn’t come about by decree. It is achieved over years through repeated practice and creative experimentation.
During the first three-and-a-half years of bitcoin’s development from 2009 to 2012, a large portion of that technological experimentation had been occurring in the US with multiple bitcoin trading exchanges and bitcoin-related businesses.
Now, there exists only one functioning exchange in the US with diminishing volume compared to its competitors. The Atlanta-based exchange, Camp BX, had reached such a low point of average daily trading volume that it was removed from the CoinDesk BPI earlier this month.
Although the future may not look bright for the US jurisdiction, it does not appear to be a conscious decision on the part of legislators and regulators. The evolving body of law known broadly as “digital currency law” applies at both the federal level and the state level creating overlapping licensing regimes and a considerable compliance investment for new startups.
Senate hearings
A pair of Senate hearings will take place next week in Washington, DC, with the first hearing being held by the Committee on Homeland Security and Government Affairs and the second hearing being held jointly by the Banking Subcommittee on National Security and International Trade and Finance and the Banking Subcommittee on Economic Policy.
These government hearings will be largely educational briefings focusing on law enforcement, regulatory environment, national security, and the possible opportunities for bitcoin in payments and global transactions. Several bitcoin-related companies will be testifying along with the Bitcoin Foundation.
Of course, there isn’t a ban on bitcoin in the US. But there doesn’t have to be an outright ban when there is a chilling effect on banking that translates into an unwillingness for banks and credit unions to engage with bitcoin-related companies.
Given the labyrinth and ambiguity of state-by-state compliance issues, financial institutions conclude that it’s far safer and easier to ignore bitcoin-related opportunities. This is the largest single barrier to payments innovation in the US.
Adversely, the unintended consequence is that viable and innovative companies seek more hospitable locales in non-US jurisdictions. So, where is the bitcoin trading volume going? How does important price discovery occur for bitcoin?
Top exchanges
Currently, the top four bitcoin exchanges by volume are located outside of the US, with the world’s leading exchange based in China.
Less than 2% of worldwide bitcoin trading and real-time market making occurs within the US jurisdiction. (Coinbase provides only fixed-rate conversion with the US dollar and they do not hold any customer funds in US dollars.)
All four of the world’s leading exchanges have demonstrated a capacity for serious, engaged banking relationships that would have been unobtainable in the United States.
As of 14th November, here is the list in sequential order based on 30-day cumulative bitcoin trading volume (for single trading pair):
(1) BTC China traded $298.4m in XBT/CNY (based in China)
(2) Mt. Gox traded $232.8m in XBT/USD (based in Japan)
(3) BitStamp traded $200m in XBT/USD (based in Slovenia)
(4) btc-e traded $119.8m in XBT/USD (based in Bulgaria)
Separately, in terms of active bitcoin nodes on the network, the US ranks first, followed by Germany, China, the UK, and Russia. Representing 25.7% of all active nodes, the US can probably claim the largest number of worldwide bitcoin users as well.
However, this measure is severely disproportionate to its slice of worldwide trading volume. Trading volume and liquidity is “sticky” and the jurisdictions adopting the bitcoin exchanges will exert the most influence over the new bitcoin economy. They will become entrenched.
Strategic evaluation
We have arrived at the point where the US jurisdiction must strategically evaluate a path going forward. Either they enable a climate that appeals to bitcoin exchanges and businesses or they maintain barriers that silently drive innovation in the space overseas.
Delaying that moment serves only to increase the clout and power of the other jurisdictions competing for this lucrative business. A free and robust bitcoin economy drives growth and jobs, provides relief for the unbanked, and facilitates global financial inclusion.
Another interesting metric is the ranking of the Narrow Bitcoin Money Stock (M1) compared to the money stock of all separate nations (and the European Union). At approximately $5bn, bitcoin money stock currently ranks at 100 out of 191, recently surpassing Iceland and Lebanon.
In some ways, government hearings on the Bitcoin protocol are like studying gravity. It’s useful information if you didn’t already understand the properties, but it does not allow much latitude for alteration. A futuristic potential Govcoin would be merely one of many cryptographic monetary units.
At the end of the day, all this attention on anti-money laundering laws and financial crime may be misplaced, because the real show with bitcoin will be at the Federal Reserve and the potential impacts on administering monetary policy.
