Monthly Archives: August 2014

NYDFS extends comment period on proposed BitLicense regulations

Posted on 21st August, 2014

The New York Department of Financial Services (NYDFS) has extended the public comment period around their proposed “BitLicense” regulation for digital currency-related businesses operating in the state’s jurisdiction. In an update published today to the NYDFS website, the regulatory agency said that the extension came in response to a “significant amount of public interest in […]

With 40% of customer payments in BTC, online bullion seller Amagi Metals to go bitcoin-only on 2016

Posted on 21st August, 2014

Last week, online precious metals retailer Amagi Metals announced that it will no longer be directly accepting U.S. dollars for purchases of bullion and coins. The move will not take effect immediately, with dollar-backed purchases enabled through the end of 2016. Amagi is often cited among the first generation of bitcoin-accepting merchants, adopting a bitcoin-purchasing […]

Overstock confirms Sept. 1 launch of international bitcoin buying option

Posted on 20th August, 2014

After months of speculation, Overstock.com CEO Patrick Byrne confirmed yesterday that his company will be enabling buy-with-bitcoin options on their international site, O.co, starting Sept. 1. Although the move was known to be the works since July, the date of the bitcoin-buying service expansion wasn’t known beyond a general “within a few months” estimate. The […]

Judge says bitcoin “clearly qualifies as money” in case against accused money launderer Robert Faiella

Posted on 20th August, 2014

In January, Federal prosecutors charged Robert Faiella and Charlie Shrem with a scheme to launder more than $1 million in drug money through now-shuttered online black marketplace Silk Road. A significant portion of case hinges on the idea that Faiella and Shrem were operating an unlicensed money-transmitting business, even though that transmission largely took place […]

Chain raises $9.5 million for block chain API development

Posted on 20th August, 2014

San Fransisco-based bitcoin development house Chain is already well ahead of the curve when it comes to raising venture capital. In January, the startup raised $4.2 million to further develop its API for bitcoin’s block chain, enabling a new suite of mobile apps to quickly and easily interact with the cryptocurrency network’s data. Clearly, investors […]

IRS-compliant bitcoin accounting program LibraTax nearing beta launch

Posted on 19th August, 2014

If there is a single issue slowing mainstream business adoption of bitcoin, it’s the still-tricky problem of accounting. Although the IRS has offered some guidance on how bitcoin should be treated, and Intuit Labs has made some headway in bitcoin invoicing, there is still no one-stop solution for fully integrating bitcoin payments into their tax […]

Electronic Transactions Association CEO says payments industry thawing icy attitude towards bitcoin

Posted on 19th August, 2014

In an interview published today by CoinDesk, Electronic Transactions Association (ETA) CEO Jason Oxman said that the global payments industry may be warming its icy attitude towards bitcoin. Oxman cited the recent partnership agreement between Global Payments and BitPay as a good indicator that the tone of the conversation towards bitcoin is changing for traditional […]

Singapore’s BitX secures $800k in venture capital funding for emerging market expansion plans

Posted on 19th August, 2014

Venture capitalists and angel investors are betting big on bitcoin’s appeal in emerging-market economies, a trend only reinforced by BitX’s latest fundraising announcement. The Singapore-based bitcoin services provider revealed today that it has raised $824,000 in a seed-funding round. Investors include London-based Ariadne Capital and Palo Alto-based investor Carol Realini, as well seemingly ubiquitous bitcoin-backer […]

Bitcoin hashrate crosses 200 PH/s … and still climbing

Posted on 19th August, 2014

Strange things are afoot in the bitcoin mining world. The overall hashrate of the network made a gigantic leap today, climbing from an already impressive 171 petahashes per second to an incredible 206 petahashes per second in a matter of hours. For perspective, bitcoin only crossed the 1 PH/s threshold in September of 2013. Put […]