Is Bitcoin a money substitute?

IntroThis post is a third reaction to Patrik Korda’s article about Bitcoin. There have been three main topics in our debate:regression theoremcompetition under network effectmoney substitutesWith respect to the regression theorem, tomorrow, K…

A Critique of Patrik Korda’s ‘Bitcoin Bubble 2.0’

By Peter Šurda Economics of Bitcoin Wednesday, March 6, 2013http://www.economicsofbitcoin.com/2013/03/re-bitcoin-bubble-20-by-patrik-korda.html Patrik Korda recently published a critique of Bitcoin: http://seekingalpha.com/instablog/7761841-patrik-korda/1616371-bitcoin-bubble-2-0. I get agitated when I disagree with others, so I wrote a rebuttal. Competition under the network effect Korda’s first argument is that because it is easy to create a new cryptocurency, they will compete each […]

Applying Late Transactions to Guaranteed Rate Invoices

Typically a BitPay invoice is only active for a time period of 15 minutes.  We chose this number as a compromise between convenience and risk, meaning the time window should be long enough for a customer to launch their wallet application and send…

How FinCEN guidelines affect BitPay

We have received numerous industry and press inquiries as to how the March 18 Guidance from FinCEN regarding virtual currencies would affect BitPay.FinCEN’s guidance that “virtual currency” is a type of money and should be treated like “real currency” is a step in the right direction.  We have always worked under the impression that virtual […]

Cyprus Crisis Boosting Unique Currency, the Bitcoin – ABC News

ABC NewsCyprus Crisis Boosting Unique Currency, the BitcoinABC NewsThe Bitcoin reportedly was invented by a man who called himself Satoshi Nakamoto, and who may — or may not — have been a 23-year-old graduate student in cryptography at Trinity Colleg…

Man Tries to Sell House for Bitcoins – Mashable

Man Tries to Sell House for BitcoinsMashableBitcoins are a peer-to-peer decentralized digital currency system that began surfacing over the last few years. Essentially, they’re virtual coins you can send through the Internet. Unlike government-backed currencies, Bitcoins have no central user, …

As Cyprus Implodes, Bitcoin Interest Explodes – Fox Business

Fox BusinessAs Cyprus Implodes, Bitcoin Interest ExplodesFox BusinessAs policymakers in Europe threaten the sanctity of bank deposits in crumbling Cyprus, the faceless operators of decentralized electronic currency Bitcoin must be smiling somewhere. Th…

Man Lists Bungalow for Bitcoins – ABC News (blog)

ABC News (blog)Man Lists Bungalow for BitcoinsABC News (blog)Taylor More is selling his family’s bungalow with an asking price of $405,000 (that’s Canadian dollars) or 5,521 Bitcoins. He would rather have the Bitcoins. The two bedroom room and one bath bungalow in Alberta, Canada, sits on 2.9 acres of land along …As Cyprus Implodes, Bitcoin […]

Bitcoin: the fastest growing currency in the world – video – The Guardian

The GuardianBitcoin: the fastest growing currency in the world – videoThe GuardianBitcoin is an unregulated, uncontrolled online currency – worth more than £500m, it’s the world’s fastest growing. It can be used to buy drugs, move money across the world, or get rich quick. The people behind Bitcoin speak to the Guardian’s James Ball …

Spain turns to Bitcoin, prompting incoherent discussion on Today – New Statesman

Spain turns to Bitcoin, prompting incoherent discussion on TodayNew StatesmanThree iOS apps – Bitcoin Gold, Bitcoin Ticker and Bitcoin App – each jumped up the App Store charts in Spain, all on the same day, as the news broke from Cyprus. Compare their download histories to those from a country like the UK and it’s […]

A libertarian nightmare: Bitcoin meets Big Government – Salon

SalonA libertarian nightmare: Bitcoin meets Big GovernmentSalonFor starters, Bitcoins are as cyberpunk as William Gibson’s wildest dream: a form of monetary exchange invented in 2009 by a mysterious character who called himself “Satoshi Nakamoto” but then disappeared from view after unleashing his virtual currency …

How Cryptocurrencies Could Upend Banks’ Monetary Role

By Jon Matonis American Banker Friday, March 15, 2013http://www.americanbanker.com/bankthink/how-cryptocurrencies-could-upend-banks-monetary-role-1057597-1.html Peter Šurda I recently had a fascinating chat with the economist Peter Šurda to discuss how nonpolitical cryptocurrencies like bitcoin could alter the future of fractional reserve banking. Peter is also a software developer experienced in the online payments industry and will present at the Bitcoin […]