WordPress begins accepting Bitcoin for service upgrades
The popular blogging platform will accept the controversial peer-to-peer currency without the traditional "confirmations" for establishing a trustworthy reputation
Steven Musil
2012-11-15
http://news.cnet.com/8301-1023_3-57550845-93/wordpress-begins-accepting-bitcoin-for-service-upgrades...
As such, Automattic has decided to accept the online currency through Bitpay.com, although it has opted to forgo the "confirmations" process. This traditional manner of establishing a reputation for trustworthiness among other Bitcoin users relies on other users recording transactions and sharing the news with other users.
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In June 2011, the currency attracted the attention of Sens. Charles Schumer of New York and Joe Manchin of West Virginia, who wrote a letter to Attorney General Eric Holder, highlighting the role Bitcoin plays in an online marketplace known as "Silk Road," which allows customers to buy illegal drugs.
The platform has also been the target of frequent thefts, hacks, and scams, with more than 290,000 BTC lost in 10 heists since June 2011, according to tallies on the BitcoinTalk forum. Users of Bitcoin exchange Bitcoinica filed a complaint in August against the trading platform in a San Francisco court, alleging the loss of $460,000 due to poor security and deceitful practices.
