The CoinFront: July 2014

Gold hoarders and bitcoiners have a lot in common, though they might not like to admit it.

Both are useful ways to store value, both have a strictly limited supply, and both are popular with those who harbor concern about the fiat currency system. But it seems like the two worlds may collide sooner than we think.

Independence Coin

Anthem Vault Inc, a leading tech innovator in commodity markets, was at FreedomFest, a libertarian-minded festival in Las Vegas. And it was there that they unveiled their creation: Independence Coin.

Appropriately launched on the 4th of July, Independence Coin is designed to be backed by a 100-gram cache of gold held by Anthem Vault. 10 million Independence Coins will be mined between now and next July. That means each Independence Coin will be worth 0.001 mg of gold.

According to Athem Vault CEO Anthem Hayek Blanchard:

This coin stands for currency independence and demonstrates the use of cryptocurrencies as micro-gold weighted instruments in commerce

But It’s Not Backed By Anything!!!

This is one of the common arguments made against Bitcoin. The fact that fiat currency is also backed by nothing notwithstanding, this concept could ease the nervousness some have with investing in cryptocurrency.

To discover more about Independence Coin and Anthem Vault, visit their website.

Can gold and cryptocurrency exist in the same ecosystem together? Can gold hoarders and bitcoiners put aside their differences and get along? Leave us a comment below!

The First Cryptocurrency Backed By Gold Is Here

What's Overstock CEO Patrick Byrne Up To Now? - From The CoinFront

While other big companies like Expedia, Dell, and Dish have adopted Bitcoin, only Overstock CEO Patrick Byrne has become a household name in the Bitcoin world.

He last made news by proclaiming they would donate 3% of their Bitcoin revenue (estimated at between $20,000-$30,000 monthly) to Bitcoin advocacy organizations. But now he’s got something else up his sleeve.

Enter the “cryptosecurity”

Cryptosecurity

The stock market is currently controlled by centralized organizations like NASDAQ. These centralized organizations served a purpose before the days of crypto, but as technology improves they’re becoming more and more antiquated.

A cryptosecurity, on the other hand, would be a publicly traded stock which would behave in a manner similar to cryptocurrency. And rather than having to rely on NASDAQ to process transactions, cryptosecurities would be processed through a decentralized network and recorded on a public ledger, just like Bitcoin transactions.

Byrne’s idea is still in its conceptual phase, and is far from being implemented. However, he has posted a page on o.info, Overstock’s “free information service” wiki-style page, which outlines the idea further.

He proposes that the idea could be built upon a range of different crypto-related services, including Ethereum, Mastercoin, Bitshares, Counterparty, Qora, and NXT.

Do you think this idea holds water? Will we be seeing a stock market running on cryptocurrency in the future? Tell us your thoughts in the comments below.

What's Overstock CEO Patrick Byrne Up To Now?

Tokyo Police Begin Formal Investigation Of Mt. Gox - From The CoinFront

The Tokyo Metropolitan Police has officially launched an investigation into Mt. Gox, and what happened to the hundreds of thousands of bitcoins that went missing.

As the circumstances behind what happened to Mt. Gox are as unclear now as they were when the exchange first started having troubles, it’s impossible to rule out criminal actions.

Some claim the exchange was hacked, while others believe it was CEO Mark Karpeles himself, or another Mt. Gox insider, who stole the coins. Whether the truth lies in one of these theories or somewhere in the middle, though, criminal acts are likely.

So What Did Happened?

The details of Mt. Gox’s collapse and the disappearance of their bitcoins is unclear, but Mt. Gox’s creditors are suspicious.

People from all over the Bitcoin space have been speculating about what may have happened.

Cameron Winklevoss, founder of Winklevoss Capital with his twin brother Tyler, believes in five different possibilities.

Either Mt. Gox was a victim of “transaction malleability”, they were hacked, they lost the keys to their cold storage wallets, a combination of the above, or it was an inside job.

At this point, though, any speculation is just that. It will be some time before the police discover the true nature of Mt. Gox’s woes, but until then the Bitcoin world will be waiting with bated breath.

Tokyo Police Begin Formal Investigation Of Mt. Gox

Wednesday, 30 July 2014

Wikipedia Finally Embraces Bitcoin! - From The CoinFront

Within the Bitcoin community, there are a few large entities which are always being pushed to take a foray into the cryptocurrency world.

Amazon.com is one of them, though they announced last April that they have no plans to integrate Bitcoin into their system.

One of the others is Wikipedia. And while Wikipedia founder Jimmy Wales was experimenting with Bitcoin back in March, they hadn’t yet embraced it entirely.

This has now changed, as Coinbase has enabled Wikipedia to accept donations in Bitcoin.

Wikipedia will not, however, be holding any Bitcoin, and instead will be conerting the funds to fiat currency in order to support their platform.

Wikipedia is perhaps the largest decentralized organization outside of the Bitcoin space. And they’re a welcome addition to the Bitcoin world, as just about every Bitcoiner has used Wikipedia at some point in their life.

So how long until they start accepting Dogecoin?

Wikipedia Finally Embraces Bitcoin!

Armory Updates To Version 0.92 - From The CoinFront

Armory, one of the more popular Bitcoin wallet programs, has announced an update.

This puts it at version 0.92, and includes some new features.

Multi-Signature Wallets

One of the more innovative features is their multi-signature lockbox. This allows users to attach multiple keys to a single wallet, requiring multiple signatures in order to remove funds.

An Armory wallet may have up to seven keys attached to it, and require any number of signatures in order to spend the funds within the wallet. So a business of five people, for example, could require at least three signatures in order to access the company Bitcoin funds.

Solutions like this already exist in many different fields, but this is the first time a decentralized solution has been created. Armory itself has no knowledge of the way you use your lockbox, and even if the company disappears you’ll still be able to use your lockbox as before.

Simulfunding

Simultaneous funding is a form of a Bitcoin “contract” where all parties involved specify how much money they’re contributing. Then, they combine these into a single transaction, all parties sign it, and the contract is executed.

The benefit of this feature is it makes backing out of the contract during execution impossible. If one party doesn’t contribute what they agreed to in the contract, the entire thing freezes.

These innovative new ideas will help Armory continue to provide the highest level of security to Bitcoin users.

Armory Updates To Version 0.92

BitPay Announces Updates To Its Payment Structure: Basic Plan Is "Free Forever" - From The CoinFront

BitPay has announced a new pricing plan for their Bitcoin payment processing services.

Their basic plan, through which merchants can process an unlimited amount of Bitcoin transactions, convert them into fiat currency instantly, receive a daily bank deposit, and more, are now entirely free, forever.

“When we started BitPay in 2011,” CEO Tony Gallippi said in a press release, “we saw an opportunity to…give merchants…relief from interchange fees. By offering a basic plan that is free, we give merchants yet another reason to be excited about Bitcoin.”

A Competitive Market

The Bitcoin payment processing market is becoming flooded with new players who want to help businesses accept Bitcoin simply and easily.

More payment processors are beginning to look at models for offering free payment processing for merchants, but BitPay is one of the first to publicly announce such a plan.

To contact BitPay about accepting Bitcoin in your business, visit their official website.

BitPay Announces Updates To Its Payment Structure: Basic Plan Is "Free Forever"

Isle of Man Gets Its First Bitcoin ATMs - From The CoinFront

A shipment of Bitcoin ATMs has reached the Isle of Man, and are due to be deployed soon.

The machines, built by Lamassu, will be operated by Qwikbit, whose expressed goal is “to bring you Bitcoin ATMs throughout the UK. ”

The company is currently in communications with the Financial Supervision Commission on their launch. Once they’ve ironed out all the issues, Qwikbit will launch a number of their Bitcoin ATMs in the Isle of Man, and several other places throughout the UK.

Bitcoin Island

The Isle of Man has been positioning itself as a Bitcoin haven for some time.

The self-governing British crown dependency recently clarified its position on how its financial regulations would apply to cryptocurrency. Essentially, they won’t be introduing restrictive protections or regulations until the market develops, implementing only the proper protection against fraud under their Financial Services Act.

Their idea is to court Bitcoin businesses and professionals to do business in the Isle of Man. And with an increasing number of jurisdictions becoming hostile to Bitcoin or outright banning it, the Isle of Man may position itself to benefit from the inevitable cryptocurrency explosion.

Isle of Man Gets Its First Bitcoin ATMs

CAVirtEx Announces New Branded ATMs - From The CoinFront

CAVirtEx, Canada’s largest Bitcoin exchange, plans to deploy a series of its own branded ATMs across Canada.

Or at least, that’s what it looks like.

The company posted images on its official Twitter account yesterday promoting their new fleet of ATMs, with a tag phrase “Coming to a Canadian city near you.”

The machines look like the ones developed by BitAccess, an Ottawa-based Bitcoin ATM manufacturer. CAVirtEx shouted BitAccess out in the tweet as well.

Not much else is known about them. It isn’t even clear if eight is the final number of machines being made, or if more are on the way.

A Strong Bitcoin Ecosystem

These machines are the latest in a large series of Bitcoin ATMs in Canada.

Bitcoin exchange QuadrigaCX recently launched a program to place 30 Bitcoin ATMs across Canada. Bumblebee Exchange and Bitsent have both placed ATMs in the Toronto area and across Canada. There’s even an ATM in North Bay.

With more ATMs popping up every day, getting your hands on Bitcoin is becoming easier than ever.

Does the Canadian Bitcoin sphere need more ATMs, or are there more pressing matters we should be worrying about? Tell us in the comments below!

CAVirtEx Announces New Branded ATMs

What Are The Ramifications Of A Cashless Society? - From The CoinFront

The idea of a cashless society is becoming more and more popular.

It seems simpler, more convenient, and with less risk of loss. But what effect will doing away with cash have?

Norway Wants It

According to an article in Icenews, a Scandinavian news source, Norway is well on its way to becoming a cashless society.

Finans Norge, a Norwegian confederation of over 200 financial institutions, is on board with it. They believe that doing away with cash could help prevent white-collar crime and black market activities, and make robberies more difficult.

The Norwegian people seem to be on board too. Icenews claimed that just 5% of financial transactions are done with cash, though it’s debatable how accurate these numbers are.

Sweden Wants It

Meanwhile in Sweden, even fewer transactions are done with cash, with only 3%.

In Sweden, cash is almost useless; many banks don’t process cash, most public buses don’t accept cash, and businesses who don’t accept cash are growing in number. Even churches are beginning to accept cards for tithing.

Ramifications

A cashless society does have its benefits.

It makes robbery more difficult since there is nothing physical to take. The number of bank robberies in Sweden dropped from 110 in 2008 to only 16 in 2011, largely as a result of phasing out cash.

However, cyber crimes have become more than six times more prevalent from 2000 to 2011. So it seems a cashless society will do little to deter actual crime. It will only force it to change form.

Many complain that cash is an important element in maintaining personal privacy. Essentially, people have a right to make purchases which aren’t tracked.

How can we balance the right to privacy with a transition away from the antiquated system of using coins and bills as currency?

Cryptocurrency Is The Solution

If Sweden, Norway, or any other country for that matter were to embrace cryptocurrency, the transition to a cashless society would be much quicker and less painful.

While there is still a learning curve involved in cryptocurrency, new technological improvements will make it easier. There was also a learning curve involved in the acceptance of debit technology, but today it has become the dominant form of payment in the western world.

Currently fiat currency is the undisputed king of the financial world, but could a cryptocurrency/fiat system exist where both currencies could live comfortably side by side, without one trying to supplant the other?

What Are The Ramifications Of A Cashless Society?

Tuesday, 29 July 2014

Kanye Kills Coinye In Court - From The CoinFront

Can Kanye create a compelling court case crushing Coinye’s core creative cabal?

Clearly, Kanye can.

The altcoin “Coinye”, based on rapper Kanye West, has been effectively killed in court. A legal team representing Kanye took legal action against 10 defendants, including the coin’s developers, among others.

The defendants lost by default, not having bothered to respond to the case. Three of the defendants, however, did settle with Kanye and his representatives. In exchange for dropping the lawsuit against them, they agreed to several conditions, including an agreement not to be involved with anything involving “any colorable imitation of the marks Kanye West”.

So that’s that.

I Ain’t Sayin She’s A Coin Digger

With artists increasingly embracing Bitcoin and cryptocurrency, why has Kanye had such an adverse reaction to it?

Prince made a similar move when he sued operators of his fan sites in the earlier days of the internet. He continues to sue his fans for bootlegging his recordings, doing so as recently as January of this year.

While other artists may be excited at the idea of their own cryptocurrency, Kanye has decided to respond to it defensively. Should Kanye have reacted differently? Let us know in the comments below!

Kanye Kills Coinye In Court

Arizona's Only Bitcoin ATM Struck By Lightning - From The CoinFront

Apparently nature isn’t a big fan of Bitcoin.

The first and only Bitcoin ATM in Tucson, Arizona, was recently hit by lightning, damaging the machine and leaving Arizonans without a simple source of Bitcoin.

The building in which the ATM, a Skyhook model, was housed, experienced a power surge after lightning struck it, knocking out some of its core components.

The ATM was located in Bookmans Entertainment Exchange, and was operated by Javelin Investments LLC.

“It’s kind of like getting punched in the face. I’m trying to pick up the pieces and trying to figure out where we are at”, Brian Williams, founder of Javelin Investments, told a local newspaper.

Williams is currently assessing the damage done to his machine. He has confirmed, though, that no funds were lost, either in Bitcoin or fiat, by the strike.

Arizona's Only Bitcoin ATM Struck By Lightning

Moolah Acquires MintPal - From The CoinFront

Moolah, the Dogecoin-related company, will be merging with MintPal.

Moolah CEO and founder Alex Green made the announcement yesterday afternoon via their official blog.

In my opinion they were (and still are) one of the better exchanges out there. They have a great UI, a number of diverse markets and a highly active user base. The exchange has a number of great points, and the entire moolah.io team felt as if we could take it to the next level.

The Nature Of The Merger

Moolah will be starting with an audit of MintPal to get an idea of what needs to be done, and adding additional security features, since “security is something we are very good at.”

They will also be removing dead coins from the exchange, and will add and remove new coins if they meet their criteria.

Green reports that though his company will be taking over operation of MintPal, they will maintain it as a separate service from Moolah. MintPal’s focus will be on altcoin markets, while Moolah will be geared toward fiat markets.

The full takeover won’t occur until August.

Moolah and MintPal: A Likely Pair?

Both Moolah and MintPal have been centres of controversy lately.

Green was one part of a public confrontation with Dogecoin co-founder Jackson Palmer which resulted in Palmer stepping away from the Dogecoin community altogether. And though the company has promised to develop Dogecoin ATMs, it has repeatedly missed its own self-imposed deadlines.

They have, however, done significant good within the Dogecoin community as well. It was largely Green’s “accidental” donation of 20 million DOGE to the Doge4Nascar campaign that allowed Josh Wise to race the Dogecar at Talladega. They have been involved in some of Dogecoin’s other charitable actions as well.

MintPal, meanwhile, was the victim of a hack in which 30% of the world’s supply of VeriCoin was stolen, leading to VeriCoin hardforking in order to reverse the theft. This controversial move was met by resistance from many members of the community, while others saw it as a necessary evil to save VeriCoin.

Will the two companies together be able to repair the damage done to their reputations?

Will you trust MintPal under new ownership? Do you trust Moolah to take care of MintPal’s security? Let us know in a comment below!

Moolah Acquires MintPal

Monday, 28 July 2014

BlackCoin Replaces Litecoin As Secondary Market On BitTrex - From The CoinFront

Litecoin has been struggling lately, but it received another blow as BlackCoin has become more common as a secondary market.

BitTrex, one of the larger and more influential altcoin trading platforms, has decided to replace its Litecoin secondary markets with BlackCoin.

The reasoning they gave is because the Litecoin network isn’t fast enough to handle the large numbers of transactions, but there might be more to it as well.

Litecoin’s fortunes have been dwindling lately, struggling as a result of a dramatic drop in value and decrease in trading.

Why BlackCoin?

BlackCoin is one of a number of altcoins which have emerged in 2014 as contenders for the top spot in the altcoin world.

The BlackCoin team is made up of 60 different developers across the globe, and continues to innovate and bring new ideas to the cryptocurrency space, including the BlackHalo protocol. On top of that, the BlackCoin network is known to be one of the fastest, with transactions often confirmed in under 10 seconds.

Editor’s note: BlackCoin Foundation director Adam Kryskow recently wrote an article for The CoinFront on why altcoins are important for the cryptocurrency world. Check it out!

Why is a Secondary Market Necessary?

As Bitcoin becomes more popular and more valuable, people will become reluctant to trade it. And with such an enormous price value placed on Bitcoin compared to other cryptocurrencies, it’s beneficial to have a secondary market of a less valuable altcoin to trade.

When exchanges offer only Bitcoin trades to other currencies, it becomes more difficult for a new altcoin to enter the market and build its value. After all, if Bitcoin explodes in price like so many of us are hoping it will, many altcoins will be worth less than one satoshi each, making it inconvenient to trade.

What Does This Mean For Litecoin?

It’s no secret that Litecoin has been struggling lately.

Litecoin founder Charlie Lee once again reached out to the Dogecoin community about merged mining, but it’s unlikely this will solve their problems.

While Litecoin has always had a solid community backing it, this may be the most challenging test they have ever faced.

Is BlackCoin a better choice than Litecoin for a secondary market? Leave a comment below!

BlackCoin Replaces Litecoin As Secondary Market On BitTrex

Blockchain's App Is Back In The App Store - From The CoinFront

The Blockchain app, which includes a Bitcoin wallet, has returned to Apple’s App Store.

Apple made headlines back in January when it decided to ban all Bitcoin wallets, as well as many other cryptocurrency-related apps, but last June they re-opened the door in a quiet modification of their terms of service.

Blockchain CEO Nic Cary was skeptical of Apple’s intentions at the time, saying they’d be “resubmitting our app and awaiting approval but we’re not going to hold our breath.”

This announcement is good news to the Bitcoin community, since it opens the market up to iPhone users, who are often interested in tech but until now were unable to hold Bitcoin on their wallet without hacking it.

Apple’s original announcement led to anger and frustration from the Bitcoin community. Some took it a step further, drilling holes in their iPhones or even shooting them.

Blockchain’s Improvements

Blockchain’s new app includes options to allow users to make purchases directly from Bitcoin-accepting merchants, both through online and physical locations.

Blockchain wanted an opportunity to improve their app, so it was rebuilt from scratch. They have more features coming as well, including the merchant map from their Android wallet.

Not The First

Blockchain’s app isn’t the first Bitcoin wallet app to return to the App Store. That honour belongs to CoinJar, who submitted their app almost immediately after the ban was lifted.

Blockchain was in no rush, however, to get back into the App Store. Since Apple’s ban, most Bitcoin companies have focused their attentions elsewhere. On top of this, the Bitcoin world has largely moved away from Apple in favour of more open source, decentralized solutions.

Blockchain’s new app is available as of today on the App Store.

Blockchain's App Is Back In The App Store

Is This The Rarest Item Ever Purchased With Bitcoin? - From The CoinFront

A small investment group, The Leo Group, has purchased what might be the rarest, most precious object ever bought with Bitcoin.

The group, which was interested in acquiring some illiquid assets, decided the best option was to acquire rare musical instruments.

Specifically violins, which often end up increasing in value. So the Leo Group went on the hunt, and discovered one of the greatest prizes available to a musical instrument collector: a Stradivarius.

The Stradivarius violins are famed for their sound quality and superior craftsmanship. And since only about 650 Stradivarius instruments exist today, it isn’t often that one comes available on the market.

The Leo Group acquired the Stradivarius violin on behalf of one of their clients, who held a large number of bitcoins. The amount for which they purchased the instrument is undisclosed, though Stradivarius violins usually fetch well over a million dollars.

The Stradivarius’ Fate

With such an exquisite instrument, it seems a shame to leave it sitting in a climate-controlled glass case somewhere. And The Leo Group agrees.

The violin will be stored with the group from whom The Leo Group purchased the violin. These people will use it in their non-profit chamber orchestra in New York, called Salomé.

If you’ve never heard a Stradivarius played before, Salomé is a good chance to do so.

Is This The Rarest Item Ever Purchased With Bitcoin?

Saturday, 26 July 2014

Now Alienware Will Take Your Bitcoins Too - From The CoinFront

Alienware, the high-end gaming computer manufacturer, has begun accepting Bitcoin as payment for its machines.

The company announced as much via Twitter Thursday afternoon:

Alienware now accepts Bitcoin! For a limited time, get up to $150 off when using this payment method! http://t.co/seXdeeC0wC

— Alienware (@Alienware) July 24, 2014

This isn’t necessarily a surprising move. The company is a subsidiary of Dell, who announced earlier last week they would be accepting Bitcoin payments as well. However, the decision was not forced upon them, since Alienware operates as a separate entity.

Alienware is also offering a sale to promote their acceptance. Customers who pay in Bitcoin can receive up to $150 off their order.

Alienware computers are known to be high-performance machines often used for gaming. However, those who wish to mine cryptocurrency using their GPU will have an easier time than with the average desktop, though likely not enough to offset the cost of their machine in the first place.

Now Alienware Will Take Your Bitcoins Too

Friday, 25 July 2014

Ecuadorian Government Bans Cryptocurrency - From The CoinFront

The Ecuadorian government has announced a ban on “electronic money”, including Bitcoin.

Instead, they’re planning on releasing their own state-sponsored digital currency.

Their new laws, which are currently going to president Rafael Correa for final signature, gives permission to pay for goods using “electronic money”, but bans decentralized currencies like Bitcoin.

The First Government-Backed Digital Currency?

Ecuador’s proposed digital currency will be managed by Ecuador’s central bank, the Banco Central del Ecuador, and will be backed by its assets. It will also run alongside Ecuador’s national currency, the US dollar.

What About Ecuador’s Bitcoin Community?

This is obviously bad news for anyone in Ecuador who is involved in Bitcoin or cryptocurrency.

Any business operating in Ecuador will have to either close up or move to a more tolerant jursdiction. Businesses that operate outside of Ecuador but offer service in Ecuador will face issues as well.

And anyone who violates this ban may have their bitcoins confiscated, face prosecution, or both.

A Growing Trend of Hostility in South America?

Ecuador isn’t the first nation in South America to ban Bitcoin.

Bolivia made a similar move last month by banning any currency not issued by a state, which includes cryptocurrency.

The biggest issue for these states, though, is how they plan on banning cryptocurrency.After all, no mechanism exists by which states can halt the free flow of information online without removing the internet altogether. And if Ecuadorian citizens take the proper precautions, like using a VPN service, Tor, and a private browser, it will be difficult for the Ecuadorian governemnt to discover who’s actually using Bitcoin.

Is there a glimmer of hope here? Could a state-sponsored digital currency be an interesting new development in the cryptocurrency world? Share your thoughts with us below!

Ecuadorian Government Bans Cryptocurrency

Will Bitcoin Have Its Own Nascar Now? - From The CoinFront

Bitcar. Doesn’t quite have the same ring to it Dogecar does, but it’s not bad.

Nascar driver Alex Bowman announced a new crowdfunding campaign to bring a Bitcoin-branded car to the upcoming Sprint Cup Series Nascar event.

The campaign, which they’ve named Bitcoin23 after Bowman’s racing #23, is looking to raise $100,000 in order to get into the event, held at the Atlanta Motor Speedway on Labour Day weekend.

This, of course, isn’t the first time Nascar has been used to promote cryptocurrency. Dogecoin made headlines earlier this year when they sponsored Josh Wise‘s underfunded #98 car, which has since been dubbed the Dogecar. That event led to far greater exposure for the Dogecoin community, and an influx of ew users and attention.

The price tag for sponsoring Wise, however, was just over half the price, with the Dogecoin community raising $55,000 to sponsor his car.

Will we see a showdown between the Bitcar and the Dogecar? Who do you think would win? Tell us in the comments below!

Will Bitcoin Have Its Own Nascar Now?

Bitcoins.com Auction Halted By Court Order - From The CoinFront

The auction of the domain bitcoins.com, being sold by Mt. Gox CEO Mark Karpeles‘ company Tibanne, has been canceled as a result of a restraining order issued by a US court.

The court action came about as a result of a move by CoinLab, who recently attempted to block Sunlot Holdings’ bid to revive Mt. Gox.

As a result, Mt. Gox has been ordered to preserve all its holdings as-is, which includes the domain Bitcoins.com.

While Coinlab, one of Mt. Gox’s larger creditors, eventually came around to Mt. Gox’s attempted revival, the sale of Mt. Gox’s assets was enough to arouse their concern and suspicion.

Mark Karpeles will have to retain ownership of Mt. Gox’s assets for now.

Bitcoins.com Auction Halted By Court Order

Thursday, 24 July 2014

Stephen Silver Jewelry Integrates Cryptocurrency Payments - From The CoinFront

One of the largest jewellers in Silicon Valley, Stephen Silver Fine Jewelry, has begun accepting cryptocurrency.

The company has partnered with GoCoin , which allows them to accept Bitcoin, as well as Litecoin and Dogecoin.

“We’ve operated in the Bay Area for more than three decades and most of our clients are VCs and in the technology industry,” Stephen Silver, CEO of Stephen Silver Fine Jewelry, said in a press release, “so we’ve naturally become early adopters.

the company also has an ecommerce presence, though cryptocurrency payments haven’t been integrated yet.

Accepting Multiple Cryptocurrencies

Stephen Silver also explained the reason why they decided to choose GoCoin as a payment provider above the others.

GoCoin really appealed to us because they had the foresight to process multiple cryptocurrencies from the outset, which allows us to capture a much broader customer base.

This echoes the sentiments of several other businesses lately as well. RingPlus, an American cell phone service provider, is accepting Bitcoin, Litecoin, and Dogecoin, as does eGifter, among several others.

From a business perspective, it makes perfect sense. If a payment gateway can enable Dogecoin transactions as easily as they can Bitcoin, and the company doesn’t need to worry about holding any of the currencies, there’s simply no good reason not to accept as many currencies as possible.

Stephen Silver Jewelry Integrates Cryptocurrency Payments

India's ClearTax Tests The Market With A Bitcoin Giveaway - From The CoinFront

ClearTax, an online income tax filing service based in Delhi, India, is offering 60 rupees worth of Bitcoin (0.001673 BTC at the time of this writing) as an incentive to refer new customers.

They are also offering a “mobile recharge” worth 20 rupees. Archit Gupta, the company CEO, wanted to see how many people would value bitcoins over the recharge one third its value.

Though the company has not yet begun accepting Bitcoin as payment, the result of this experiment may push the company toward adoption.

The Bitcoin referral program began on the 21st of July, and lasts until the 31st.

India's ClearTax Tests The Market With A Bitcoin Giveaway

Want To Get In On Ethereum? Now's Your Chance! - From The CoinFront

After months of hype, speculation, and constant chatter & updates from the crew, Ethereum has finally launched its presale.

The new platform will have its own platform specific coin, which it’s called Ether. It’s Ether that was sold in the presale, at a rate of 2000 Ether for 1 Bitcoin.

Ethereum’s platform has been hailed as a “cryptocurrency 2.0″. It will allow new decentralized, trustless programs to be built on top of their blockchain. And Ether is the fuel which developers will need to run the applications on the Ethereum network.

The presale Ether will be sold at a set price, even though the Ether itself won’t become available until this coming winter when Ethereum’s genesis block is mined. The sale will last 42 days in total, during which time the price will gradually increase until it reaches 1 BTC for 1337 ETH on the final day.

Who’s Promoting This?

But despite excitement regarding the new technology for the past few months, the presale popped up with no warming and little promotion.

Many in the cryptocurrency world were caught off guard by the sale, unaware it was happening until it actually happened.

The history of technology is full of examples of excellent products or services which were beaten by inferior competitors with a stronger marketing and promotional presence. Will this happen with Ethereum?

Unlikely. Ethereum co-founder Vitalik Buterin is media savvy, having co-founded Bitcoin Magazine and serving as one of its head writers. The Ethereum crew have been taking their time in developing the project meticulously, ensuring that no details are unlooked, so it’s hard to imagine a detail as important as marketing would have been overlooked.

Ethereum plans on launching at the end of 2014.

Want To Get In On Ethereum? Now's Your Chance!

Thursday, 31 July 2014