Bitcoin ruled as a commodity? What does it mean?

Last Thursday the United States Commodities Futures Trading Commission (CFTC) settled charges against a small and now-defunct operation in San Francisco called Coinflip, which marketed bitcoin derivatives. In the process, the CFTC asserted for the first time that bitcoin is a “commodity”.

What does that determination mean for the bitcoin ecosystem and what does this new kind of enforcement action mean for the future?

Read more over at Coindesk…

 

New York Stock Exchange #NYSE adds Bitcoin ticker!

This is big news! The NYSE is now tracking Bitcoin as an index! One more good reason to stop by our ATM, and buy some Bitcoins today!

 

From Coinbase:

“The New York Stock Exchange (NYSE) has today announced the launch of a bitcoin price index (NYXBT).

NYXBT will represent the daily US dollar value of one bitcoin at 4pm (BST) and will be published on the NYSE Global Index Feed (GIF).

For a limited period it will also be viewable on the NYSE’s website.

Thomas Farley, NYSE group president, said in a statement:

“Bitcoin values are quickly becoming a data point that our customers want to follow as they consider transacting, trading or investing with this emerging asset class.”

Payment processor #Stripe adds #Bitcoin support!

This is big news… Payment processor “Stripe” one of the first processors to enable merchants to process credit cards with their  Ipad/iphone/android plus tiny plugin card reader, has added Bitcoin support to the payment apps:

  • Anyone can sign up to accept bitcoin — there’s no waiting period (which is still the case with other products)
  • If you’re already a Stripe Checkout user, adding bitcoin is just one line of code
  • Bitcoin transactions will appear side-by-side with fiat currencies in the Stripe dashboard, making it simple to manage
  • Bitcoin transactions will have clear, public pricing (0.5% per transaction)

 

Cruise on over to Stripe’s page on Bitcoin for more information and signup!

 

#Bitcoin is for money, as email was for letters…

Great quote, and it puts the potential of bitcoin into simpler terms…Electronic money for an internet age. Email used to be the “new” thing.. back up not very far, and your grandparents had no idea what email was.. Today the internet is used by millions of all ages.

Bitcoin allows you to send money instantly, electronically, across all corners of the planet.

I was reading a great article last night on Business Insider, by Wences Casares, in which he postulates that Bitcoin may end up being a bigger deal than the Internet was!

Bigger than the internet

That’s why I think bitcoin is important: It’s relevant, and I think it will take time, just like the internet took time. But it may have more impact than the internet. If you go to Africa or Latin America, parts of Asia, and you sit down with not even a poor person, just an average person, and you ask, “Look, what would you prefer — free access to information [which they’re getting now with their phones] or a secure place to store the fruits of your labor and to receive and make payment?”

If they didn’t have either, which was true until recently, they would choose the second because it is more relevant to them. Right? So for 5 billion people, I think that bitcoin will be more relevant than the internet.

Great article, you can read the rest here:  http://www.businessinsider.com/how-bitcoin-may-have-more-impact-than-the-internet-2015-2

 

 

#Coinbase becomes a #Bitcoin #Exchange

Coinbase has long been a way for U.S. users to buy/sell bitcoin, but they weren’t a “stand-alone” exchange, rather being tied to Bitstamp. Buys/Sells could, in some cases, take a week to 10 days to complete.. (Find a local Bitcoin ATM, much faster!)  Now that more than 82,000 businesses accept bitcoin, double last year, larger companies, including Wall Street seem to see the value in bitcoin. Earlier this month, Coinbase closed a $75 Million dollar financing round, for a grand total of $105 million, the largest ever for any virtual-currency startup. The New York Stock exchange, USAA and others were participants in the funding rounds.

On Monday, 01/26/15, Coinbase opens up the first regulated Exchange in the United States, which should have an interesting impact on the market, badly in need of a US-based exchange with good backing, better security, and decent volume! (Nifty Coming Soon Animation Here!)

 

History of Money (What is Bitcoin?)

Outstanding article on the history of money, and how Bitcoin is the obvious organic evolution of payment systems.. Well worth your time to read.

 

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A long time ago on the island of Yap in Micronesia people used stones as money. Back then some African communities used sea shells as money, people in Asia used salt as money, and people in North America used beads as money, but on the island of Yap, you used stones as a way of saving, making payments and keeping track of prices. A lot of small stones would get you a really big stone; some were the size of an elephant and weighed more than 8,000 pounds. Obviously, you didn’t take the big stones home – you left them where they lay – but everyone knew the big stone was yours.

The people of Yap knew that stones did not need to be valuable to be useful. The stones became valuable precisely because they served as an effective way to save, pay, and price things.

……

Read the rest of the article @Wences LinkedIn Page