More Money More Problems

50 Cent’s New Album Available for Bitcoin Puchase

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As politicians and businessmen are getting on board with digital currencies, 50 Cent has hopped on the bitcoin bandwagon. The rapper’s new album Animal Ambition, along with his other merch, is now purchasable through BitPay, allowing consumers to use cryptocurrency to get 50′s latest.

“The bitcoin community represents his target demographic — young men between the ages of 18 and 30,” Stephanie Wargo, VP of Marketing at BitPay, told Betabeat, “The bitcoin community is also an untapped market ready to spend their money. Accepting bitcoin is a great business decision for a popular and independent hip-hop artist such as 50 Cent.” Read More

Bitcoin Nation

NY Congressional Candidate Jeff Kurzon is Now Taking Donations in Bitcoin

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Ever since the FEC decided that it was legit for congressional campaigns to take donations in Bitcoin, a few future-forward politicians have made digital currency donations part of their platform. Now that trend is making its East Coast debut in New York City’s 7th district.

Congressional candidate Jeff Kurzon will start accepting donations to his campaign in Bitcoin this week as part of his effort to unseat Congresswoman Nydia Velázquez. Jeff Kurzon is the first New York politician to accept digital currencies for a campaign, following in the footsteps of Colorado’s Jared Polis and Texas’s Steve Stockman. Read More

It's All About the Bitcoins

WordPress.com Is Now Accepting Bitcoin Payments

(Photo: Wordpress)

WordPress.com, which hosts close to 58 million blogs across the world, announced last night that it will now accept payments for upgrades via Bitcoin, the peer-to-peer digital currency. The blog hosting platform says its mission is to “make publishing democratic,” and because PayPal and other payment companies block access in a fair amount of countries, the company has decided to accept Bitcoin, enabling users without access to PayPal to still purchase WordPress upgrades. Read More

It's All About the Bitcoins

Virtual Heist Paralyzes BitFloor, the U.S.’s #1 USD Bitcoin Exchange

Mr. Shtylman (Photo: Twitter)

The problem with virtual currency is that it doesn’t take an Italian Job-style heist to make off with hundreds of thousands of dollars worth of Bitcoins. There’s no need for expert safe crackers, gun-wielding maniacs or limber laser dippers; despite the currency’s hardcore encryption, all you need is an Internet connection, a hacker and probably some Mountain Dew.

The relative ease and inexpensiveness of robbing a Bitcoin repository has most likely contributed to the rash of heists the virtual currency has endured since June 2011. Bitcoin has certainly seen its share of bad publicity. Over the last 15 months, more than 290,000 BTC have been stolen, according to CNET and Bitcoin talk forum.

A big heist on Monday night signaled the 10th since June, and was so damaging that it has shut down BTC exchange BitFloor, which–according to BitFloor founder Roman Shtylman–is the number one USD exchange in the U.S. (Mr. Shtylman says it also ranks number four worldwide.) The hacker successfully stole 24,000 BTC, which amounts to over $250,000 as of this writing. Read More