Bitcoin has its most explosive commerce day in history last Friday. One of the leading companies, BitPay, has released their traffic statistics and they are astonishing.
The article goes on to say:
During the Bitcoin Black Friday event on November 29, BitPay processed 6,296 bitcoin transactions in a single day, making it the most popular day in the history of bitcoin commerce. On November 29, more than 6% of all transactions on the bitcoin network were spent on goods and services through BitPay’s platform.
Rest of the article here.
The case for bitcoin continues to be made by very smart minds, as well as some minds still being overly skeptical of the technology and currency.
Today a letter was sent by Erik Voorhees to Peter Schiff following up on the earlier debate they had.
It’s a great read, here is a snippet:
[…] While we had some valuable discussion today, I felt a follow-up was appropriate to better articulate my points. You’re right to be highly skeptical of such a new technology and monetary system, but please take the time to ensure your skepticism doesn’t blind you from what I humbly suggest is one of the most important tools for human freedom ever conceived. Continue reading
Mike Hearn discusses “The future of Bitcoin: new applications and rebuilding the banking system” at the London Bitcoin Conference 2012.
Stefan Molyneux, MA, host of Freedomain Radio, brings over 15 years of software and business entrepreneurial experience to the question: What is the true value of Bitcoin?
Over on BitcoinBlackFriday.com and Shopify.com there are tons of ways to spend your bitcoin this holiday season. Small Companies like HaloRig.com Video Camera Stabilizers are also offering deep discounts along with a further 10% off for those that use bitcoin. Merchants are jumping on the ability to accept payments via a faster and cheaper means, not to mention the likely potential for their bitcoin to appreciate before they have to spend it.
Support the local bitcoin community and buy at least one item with bitcoin this holiday season.
This year is the 1st year the bitcoin black friday concept has taken off in the mainstream media. Imagine what next year will look like. Hopefully we will see a litecoin black friday website in time for next holiday season as well.
If you have spent any of your BTC this weekend share it with the rest of us!
It’s official, and it’s getting picked up everywhere.
BBC, CNN and other mainstream media sites have covered this epic milestone of bitcoin hitting $1000.
Even though they try to put spin on bitcoin’s recent developments by calling it “virtual” and “linked to illegal activity online”, that hasn’t stopped the growing interest in this crypto currency (and others like litecoin) for legitimate uses.
Coindesk article goes on to state: Continue reading
Hundreds of merchants will be joining “Bitcoin Friday” on Nov. 29, selling everything from Christmas trees to clothes, to web domains.
Bitcoin Friday deals include unlocked phones from GSM Nation and discounted plane tickets from Cheapair.com. OKCupid, which has been accepting bitcoins since April, will be participating as well.
Media outlets are jumping into the Bitcoin deals bandwagon too: GOOD Magazine is giving away $5 discounts for subscriptions and the Free Press is slashing shipping costs. Reddit is also offering a deal on “Reddit Gold.”
Gyft is also selling gift cards to Amazon (AMZN, Fortune 500), Target (TGT,Fortune 500) and Marriott (MAR, Fortune 500) hotels. And people can also make charity donations with bitcoins.
“Good companies that really get technology and the potential of Bitcoin are joining,” said Holmes Wilson of Fight for the Future, an organization backing Bitcoin Friday. Wilson noted that the participating companies so far are offering “high quality special gifts.”
Full Article Here: http://money.cnn.com/2013/11/26/technology/bitcoin-black-friday/index.html
Bitcoin investors in China might have passed the most restless two nights of their lives as the virtual currency price rose from a little over 3,000 yuan (US$492.3) to nearly 7,000 yuan (US$1,148.8) and dropped back to 3,500 yuan (US$574.4) from Tuesday to Wednesday on the country’s biggest trading platform.
High investment risks have begun to concern investors, despite the huge returns involved.
Bitcoin, a form of digital e-money stored in a virtual wallet, bypasses banks, allows users to remain anonymous. It came to the eye of the Chinese public in April this year, when movie star Jet Li’s One Foundation received a donation of several hundred bitcoin to help quake-stricken Sichuan.
The currency has been heating up ever since, especially after the state-run China Central Television reported on the evening news Oct. 28 that Canada had set up the first bitcoin ATM machine. Investors went even crazier when the country’s largest bitcoin trading platform, BTC China, received an investment of US$5 million Monday.
The platform’s daily volume of business has exceeded 10,000 bitcoin, which is just over 200 million yuan (US$32.83 million) as of the current exchange rate.
Read the rest of the article here.
…and hopefully the moon one day!
I never want to hear the phrase, “well you can’t buy anything with bitcoin” – again.
With all the recent references that bitcoin is a “rocket” or it will go “to the moon”, this article couldn’t have come at a better time. It reads, “Billionaire entrepreneur Sir Richard Branson announced on CNBC’s “Squawk Box” Friday that his commercial space flight venture will accept bitcoin as payment.”
He goes on to say his company is a bold technological company driving a revolution and bitcoin is doing the same.
Not only that, he already has a customer. BAM. Yeah I said it.
Bitcoin, a digital currency circulated on the internet and functioning without the intermediation of a central authority, has drawn controversy over its status as an emerging currency or as a potential bubble economy since 2009.
The former chief technology officer of the Chinese-language online social reading platform Docin, Xu Mingxing, believes bitcoin “is a social experiment.” He is willing to risk losses by investing in the currency, he said. Continue reading
Popular exchange BTC-e is down.
This may be another ddos attack which would not be the first time this exchange has suffered from one. This comes at at a time when BTC is hitting all times high well over $500 each. LTC and other altcoins are also frozen in charts from other websites that source BTC-e’s market prices, pretty irie.
So, at this moment it looks like BTC is tipping over into sell off on markets like Mt Gox and Bitstamp, which would usually equal dipping LTC prices – not so far.
Ah – I can hear the trollbox now… Sell Sell Sell!
Those bitcoins that made you gasp at $300 just a couple of weeks ago? They were a bargain — the value of 1 BTC has now passed $500.
Prices hit this record and landmark figure at 11.50am GMT on 17 November, and at the time of writing were trading at $503.10 on Mt. Gox.
That means: if you bought a stash of bitcoins at their absolute highest peak price of $266* in April 2013 and then felt nauseous as the price plunged to $65 the same week, you have now almost doubled your investment. Provided you didn’t cut your losses and sell prematurely, that is.
The bitcoin value began rising again almost immediately after that, breaking through the $100 mark again before May and hovering around that region throughout the northern hemisphere summer. It broke through $200 in late October and since then the price charts have been close to vertical, hitting $300 on 6 November and $400 on all exchanges by 15 November.
Rest of the article here: http://www.coindesk.com/bitcoin-price-hits-500-50x-increase-12-months/
The quantity of money is important for most economic calculations, but the velocity of money is what’s important to the common user. See, without
money currency being exchanged from hand to hand, less and less come in contact with it. If less come in contact with it there is money scarcity in which everyone feels poor.
Now in a free market, this would be corrected by the cost of goods and services coming down to the amount that people can actually pay for. But, in todays age, far too often the price of goods and services increases (usually due to inflation) when the money velocity slows.
If only there was a currency where velocity was greatly improved by technology. Alas, there is! Bitcoin. Continue reading
Coinbase has become notorious lately for taking close to a week to receive bitcoins after making payment. Not anymore! Up to
1 0.1 bitcoin can be purchased instantly and will deposited into your account in less than 10 minutes. This would have been laughable when coinbase opened and bitcoins were only $10. But today that could be close to a $500 $120 investment, pretty significant.
Part of our goal at Coinbase is to make acquiring Bitcoin as easy as possible. Since August, we’ve had an instant-buy feature available to users who have made a purchase and been with us for 30 days.
Starting today, all new Coinbase users can acquire a small amount of bitcoin (just 1) without the 30-day wait period provided they meet the rest of the required verifications (verifying their ID and adding a backup credit card).
Get started today: Up to 0.1 Bitcoin Instantly after purchase with Coinbase
Edit: Updated Coinbase’s new policy of .1 bitcoin per week instantly.
Riding those waves on a daily basis making you sick? A new website from BitcoinAverage.com is out to calm the seas. With many more exchanges now in existence, averaging them all together can give us a clearer price point for USD/BTC and other exchange pairs.
I know I personally use to have many windows with different exchanges open all the time, not anymore. As more and more exchanges open all over the world, knowing the average cost of a bitcoin will provide more stability in the market, most likely in ways we have yet to see.
One of my favorite features of the website is the ability to take infamous Mt. Gox out of the equation. This is huge for anyone that has issues getting their currency out of the exchanges like USD as it no longer has to be factored into the price in your currency.
More exchanges will open over time, and thats a win win for websites like BitcoinAverage.
CNBC covers recent volatility concerns about Bitcoin with the Winklevoss twins this morning.
The twins commented:
The small bull case scenario is a $400 billion market cap. So the market cap is around $4 billion right now
As for what regulators in Washington think about bitcoin, I think everyone recognizes the innovation and doesn’t want to stifle it. They just want to make sure there’s healthy regulations so it’s used in a safe and productive manner.
Video and Full Article: http://www.cnbc.com/id/101190181