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It's All About the Bitcoins

It's All About the Bitcoins

Bitcoin-Central Becomes First Bitcoin Exchange to Operate as a Bank

Mr. Francois (Photo: Paymium)

Big news for Bitcoin today: in a post on Bitcoin Talk, Paymium CTO David Francois announced that Bitcoin-Central, an exchange operated by Paymium, has scored a partnership with Aqoba and Credit Mutuel that will allow it to operate as a bank. The move will provide Bitcoin-Central with protections afforded to payment service providers in Europe, including insurance on Bitcoin accounts worth up to 100,000 Euros.

The insurance on deposits is only for euro-denominated deposits, and funds in euros are stored at the bank. Bitcoin balances are not stored at the bank, and are not insured. 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

Reddit Considering Accepting Bitcoin as Payment for Subscriptions

Mr. Wong (Photo: Quora)

With 3.8 billion pageviews in October alone, Reddit is still far from profitable, so it’s betting on a subscription model to keep the site free of traditional advertising. Last week, the site began ramping up its efforts to convince users to invest in Reddit Gold. For $3.99/month or $29.99/year, users can buy a Reddit Gold account that affords them extra features like the ability to turn off ads and view more comments and subreddits per page. Read More

It's All About the Bitcoins

Gavin Andresen Launches Nonprofit Bitcoin Foundation to ‘Standardize, Protect and Promote’ Bitcoin

Mr. Andresen, approaching baller status. (Photo: Facebook)

Bitcoin may have just gotten an upgrade.

Bitcoin Gavin Andresen announced today on the Bitcoin Talk forums that he has launched a non-profit, modeled on the Linux Foundation, that will seek to “help people exchange resources and ideas [about Bitcoin] more freely.”

If you’re unfamiliar with the Linux Foundation, it’s a non-profit aimed at promoting the growth and advancement of Linux, an open-source operating system. David Perry, author of Coding in My Sleep, describes the foundation as: 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

It's All About the Bitcoins

Vending Machine Art Project Converts Euros Into Bitcoins

(Photo: Max F. Albrecht)

For his summer exhibition at Bauhaus University, German art student Max F. Albrecht turned an old vending machine into a Bitcoin vending machine. You feed Euro coins into the machine and it prints out a box with an easywallet.org link in it. Navigate to that link and you’ll see your bitcoin, which you can then send to whoever you want. Mr. Albrecht helpfully offers the case of Wikileaks as a worthy Bitcoin recipient. Read More