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AirBaltic Becomes First Airliner to Fly Away with Bitcoin

baltic crew

The Latvian flag carrier, airBaltic now accepts Bitcoin as payment for tickets on its website. Valid for tickets to 60 destinations across Europe, the Middle East, Russia and the CIS (Commonwealth of Independent States), the Bitcoin payment option is available when purchasing the cheapest tickets

NY Targets Bitcoin with BitLicence

bitcoin license

New York State has become one of the first jurisdictions in the world to propose explicit licenses for companies wanting to carry out business in bitcoin. The proposal, known as the “BitLicence” would require businesses to keep records of the identities and real-world addresses of

Dell Jumps on Bitcoin

dell

Dell has jumped on board the Bitcoin bandwagon, with the global technology powerhouse to start accepting the cryptocurrency as a payment option for anything purchased on its website. The move was first announced by Dell’s founder and chief executive Michael Dell, who exulted over Twitter

The A-Z of Bitcoin for Children

alphabet

Bitcoin and other cryptocurrencies are still a mystery to most adults, so teaching children how they work may seem a strange ambition. Nevertheless, that’s the aim of a new app, The Bitcoin Alphabet – for Kids and Everyone Else, released for Apple’s iPad tablet this

Mystery Price Movement Drives Bitcoin Upwards

bitcoin 5

Just a couple of minutes ago the Bitcoin price started to move upwards. As you can see from the Bitcoin price chart to the right, the price has taken a leap from around 595 USD per Bitcoin to reaching a high of 618 USD, and

Silk Road’s Bitcoin Snapped Up by Mystery Bidder

silk road

The US Marshals Service had one winner in its auction of nearly 30,000 bitcoin, a spokeswoman said on Tuesday, without revealing the name of the successful bidder. The US Marshals Service had earlier revealed that 45 bidders registered, each putting down a deposit of $200,000,

US Marhals Service Error Leads to Aussie Bitcoin Hack

hacked

A mistake by the US Marshals Service has led to Melbourne-based bitcoin arbitrage fund Bitcoins Reserve losing 100 bitcoins, valued at around $70,000, in a cyber-attack, according to co-founder Sam Lee. Lee’s contact details, along with the details of others interested in the auction of

Indicted Silk Road Bitcoin Entrepreneur Still In Demand

shrem

For a person under house arrest, Charlie Shrem gets around. Two months after the bitcoin entrepreneur was indicted on charges of money-laundering and other crimes tied to his virtual-currency business, Mr. Shrem speaks at industry events, has been helping New York hotels prepare to accept

California Removes Bitcoin Ban

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Technically, all transactions using digital or alternative currencies had been illegal in California until Monday California lawmakers approved a bill Monday that lifted an outdated ban on the use of bitcoin and other alternative currencies, as more states seek to clarify and revise virtual currency

Legal Issues Delay ATO Bitcoin Tax Ruling

bitcoin ruling

The Australian Tax Office (ATO) has delayed a keenly awaited ruling on the digital currency Bitcoin, leaving the tax status for businesses which accept Bitcoin in limbo. The ATO has been grappling with the question of whether to classify Bitcoin as money or property for

QLD Man Nabbed For Bitcoin Theft

qld napped

A 21 year-old Queensland man who was charged with hacking US games developer Riot Games earlier this year has been charged again for stealing around $110,000 worth of Bitcoin during the attack. The Kingaroy resident was arrested by the Queensland Police Service’s fraud and cyber

Australian Banks Risk Getting Left Behind On Bitcoin

bank

The Australian banking and financial sector need to take Bitcoin seriously if they don’t want to be left behind, according to Coinjar co-founder and chief executive officer Asher Tan. “In Australia especially, we’ve seen traditional publishing get shaken up by technology, similar to retail, by

Canada Moves Towards Bitcoin Legality

canada

The gloves are off for Bitcoin legality – Canada has implemented what is the first official national law on Bitcoin use. Its signing was quiet, notes Christine Duhaime, B.A., J.D., Financial Crime and Certified Anti-Money Laundering Specialist of Duhaime Law. Last Thursday, royal assent was

Bitcoin Australia Secures US Investment

igot

Australian digital currency platform igot.com has secured funding as it gets ready to spread its wings in the evolving virtual currency market. Launched in January this year, igot.com has managed to secure prominent US entrepreneur Jesse Chenard as both a major investor and company advisor.

Peter Diamandis’ Phases of Bitcoin

Peter Diamandis

Bitcoin is moving from its Deceptive phase to a very Disruptive phase. This Blog is going to explain why, and what you may want to do. I’ve been tracking Bitcoin since its inception, and my confidence has grown to the point where I’m now trading

Bitcoin Replacing the Pound?

pound

The UK should privatise the pound and replace it with a cryptocurrency like bitcoin, according to a paper published Wednesday by the free-market Institute of Economic Affairs. Kevin Dowd, a professor of finance and economics at Durham University, says that although bitcoin isn’t the first

AirBaltic Becomes First Airliner to Fly Away with Bitcoin

baltic crew

The Latvian flag carrier, airBaltic now accepts Bitcoin as payment for tickets on its website.

Valid for tickets to 60 destinations across Europe, the Middle East, Russia and the CIS (Commonwealth of Independent States), the Bitcoin payment option is available when purchasing the cheapest tickets – airBaltic Basic Class.

To make accepting the virtual currency possible, airBaltic partnered with Bitpay, a third-party payment processor to handle the conversion into Euros (at the current exchange rate).

The low-cost airline’s CEO, Martin Gauss, commented: “AirBaltic has been ranked among the top ten most innovative airlines globally.

“Introducing the Bitcoin payment option is part of our innovative approach to service with a central focus on our customer.”

Bitcoin is a software-based payment system that was introduced in 2009. The currency uses peer-to-peer technology to operate with no central authority or banks; managing of transactions and the issuing of Bitcoins is carried out collectively by the network.

Those behind Bitcoin state that it is open-source, its design is public, nobody owns or controls it and everyone can take part. However financial authorities have warned that Bitcoin lacks the consumer protections that exist for traditional forms of payment, such as credit cards.

Source: http://www.afm.aero/news/item/1757-airbaltic-becomes-first-airline-to-accept-bitcoin

NY Targets Bitcoin with BitLicence

bitcoin license

New York State has become one of the first jurisdictions in the world to propose explicit licenses for companies wanting to carry out business in bitcoin.

The proposal, known as the “BitLicence” would require businesses to keep records of the identities and real-world addresses of their customers, to actively keep an eye out for illegal activity, and to always have in its possession the amount of bitcoin that is owed to its customers.

For some members of the bitcoin community, the proposals – available online in draft form – are what they’ve been waiting for, the first step in turning the currency from an unregulated wild-west into a mature, respectable area of commerce.

“As a New York City-based company, the BitLicence is an important asset that will allow us to provide US banking and regulatory protection to our target customer group,” Jaron Lukasiewicz, CEO of bitcoin trading exchange Coinsetter, told Bitcoin news site Coindesk.

“I’m happy to see the New York Department of Financial Services making tangible progress towards offering the first achievable regulatory bitcoin licence in the country.”

But others argue that the requirements are too restrictive, the areas covered by the license are too broad, and that the new rules would even have prevented the creation of bitcoin in the first place.

Ryan Selkis, a bitcoin entrepreneur who gained fame as the source of the leaked documents revealing trouble at Mt Gox, argues that the license covers companies which have little to do with the financial industry.

“The department overreaches by including under its purview many services that never actually access user funds,” he writes.

“These include wallets like Blockchain.info, tipping apps like Changetip, and mixing services like CoinJoin. The inclusion of non-hosted wallets is especially troubling as it essentially outlaws the personal possession of bitcoins for these users.”

Since licence holders need to monitor their users for illegal activities, Selkis argues, companies selling bitcoin wallets which they don’t then host are in an impossible position: their product is illegal to sell without a license, but they have no way to monitor their users to fulfil the terms of the licence. The situation looks similar to a government requiring Diesel to comply with money-laundering legislation before they can sell purses.

But Selkis reserves much of his ire for the requirement that any party “controlling, administering or issuing a virtual currency” requires a licences.

“This provision would have outlawed Satoshi Nakamoto’s original bitcoin invention, and it certainly seems to ban any new alt-currencies and tokens that might be created in the future,” he writes.

The measures are currently only in draft form, and still liable to change – something Selkis hopes he can bring about by being “assertive and convincing in our arguments”. Interested parties have 45 days to comment on the proposal, with the consultation beginning on Wednesday 23 July.

Source: http://www.theguardian.com/technology/2014/jul/21/new-york-licence-bitcoin-trading

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