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Author Topic: [2014-06-01] Bitcoin Growing in Adoption  (Read 973 times)
roslinpl
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June 01, 2014, 09:24:49 PM
Last edit: June 02, 2014, 09:42:21 AM by roslinpl
 #1

An interesting article posted on virtualmining.com web page.

Quote
The cyber currency bitcoin is seeing increasing adoption, said a May 31 panel on “Bitcoin and the Jewelry Industry: What You Need to Know.”

“In terms of the world’s economic system, bitcoin is doing small numbers,” said the panel’s moderator Verichannel CEO Jacques Voorhees, whose son works for a bitcoin currency. “But the adoption rate is soaring.”

Some 50,000 merchants have signed up with bitcoin, Voorhees said, including jeweler Tivol and Overstock.com, which recently passed $1 million in bitcoin sales.

He said that bitcoins are created through a process of “mining,” which is governed by an algorithm.

“The value comes from the intrinsic nature of what you can do with bitcoin,” said panelist Julian Tosh, founder of CoinBus, a Las Vegas bitcoin merchant. “You can send it across borders, you can encrypt it.”

Voorhees said that bitcoin offers the advantage of no credit card transaction fees or charge-backs. “You can refund money to a consumer,” he said. “But you’re the one who decides. If you bring back an empty box, they don’t have to do the refunds.” Jewelers can also reach global markets where credit cards are problematic.

He said his most important advice for accepting bitcoin in your business is that you shouldn’t touch the bitcoins, and get them converted to dollars, which does involve a transaction fee.

Sara Yood, assistant general counsel of the Jewelers Vigilance Committee, said that the IRS has issued guidance for bitcoin ownership, noting that for tax purposes bitcoin is considered property, and owners who receive bitcoins must include their fair-market value as income.

“That is why we recommend using a third-party processor that converts it into dollars,” she said.

She noted that bitcoin is illegal in Iceland and Vietnam.

Yood said that “it is anonymous currency. That is one of the benefits, but it presents risks.” She said that its increasing adoption had put it on Congress’ radar.



Even if nothing new was told it is written very well and I enjoyed to read it so I am sharing it with you.

Regards.


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June 01, 2014, 11:39:11 PM
 #2

headline?

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June 02, 2014, 09:35:42 AM
 #3

this thread needs a title Roll Eyes
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June 02, 2014, 09:44:19 AM
 #4

So sorry I forgot to put a headline before :-) but more interesting is that article than a headline :-) anyway I add it and so sorry for missin'.


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June 02, 2014, 04:50:05 PM
 #5

She noted that bitcoin is illegal in Iceland and Vietnam.
I knew about Iceland, but is that true about Vietnam and is the news recent?

EDIT:
Not true about Vietnam, an exchange had issues, that was all I see. Also good news from March 2014:
International Effort Brings Boost for Bitcoin in Vietnam
http://www.coindesk.com/international-effort-boosts-bitcoin-vietnam

FYI: We are <snip>
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June 03, 2014, 08:28:46 AM
 #6

50,000 merchants? It is huge!

BTW... does anyone know about the number of Visa / Master clients? Might be in the millions, but overtaking them is not that impossible.


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June 03, 2014, 05:48:35 PM
 #7

I think its only logical that adoption will continue to grow for quite some time as well. I think were only just getting started to be honest.
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June 03, 2014, 10:04:04 PM
 #8

Well this is so obvious that it looks like they ran out of stories to cover.
I'm sure you can do better, journalism.
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June 04, 2014, 10:15:45 AM
 #9

lol. I guess it's been a slow for news in the bitcoin community recently. Apart from the price climbing up for no good reason this is all we have.
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June 04, 2014, 11:42:31 AM
 #10

lol. I guess it's been a slow for news in the bitcoin community recently. Apart from the price climbing up for no good reason this is all we have.

Slow down for the Bitcoin news??

Where have you seen that? Smiley Do you remember Jan-April 2014 ? We were attacked by a storm of a "Bad News". Now instead of those we have a good news every day!

I don't think there is any slow down I think there is a rise of a good news! Smiley


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June 05, 2014, 03:52:59 PM
 #11

lol. I guess it's been a slow for news in the bitcoin community recently. Apart from the price climbing up for no good reason this is all we have.

Slow down for the Bitcoin news??

Where have you seen that? Smiley Do you remember Jan-April 2014 ? We were attacked by a storm of a "Bad News". Now instead of those we have a good news every day!

I don't think there is any slow down I think there is a rise of a good news! Smiley

Yes, each day it just keeps coming. After the first quarter we need a little vacation like this.

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June 05, 2014, 03:59:23 PM
 #12

lol. I guess it's been a slow for news in the bitcoin community recently. Apart from the price climbing up for no good reason this is all we have.

Slow down for the Bitcoin news??

Where have you seen that? Smiley Do you remember Jan-April 2014 ? We were attacked by a storm of a "Bad News". Now instead of those we have a good news every day!

I don't think there is any slow down I think there is a rise of a good news! Smiley

Yes, each day it just keeps coming. After the first quarter we need a little vacation like this.

Indeed 1st quater wasn't too happy for Bitcoin Wink but well there are always some good and bad news Wink

It is like Ying-Yang - balance of the black and white.

But 2nd quater already almost half passed and everything is going very very well Smiley so summer should be hot.


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@roslinpl
Ron~Popeil
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June 05, 2014, 04:00:39 PM
 #13

lol. I guess it's been a slow for news in the bitcoin community recently. Apart from the price climbing up for no good reason this is all we have.

Slow down for the Bitcoin news??

Where have you seen that? Smiley Do you remember Jan-April 2014 ? We were attacked by a storm of a "Bad News". Now instead of those we have a good news every day!

I don't think there is any slow down I think there is a rise of a good news! Smiley

Yes, each day it just keeps coming. After the first quarter we need a little vacation like this.

Indeed 1st quater wasn't too happy for Bitcoin Wink but well there are always some good and bad news Wink

It is like Ying-Yang - balance of the black and white.

But 2nd quater already almost half passed and everything is going very very well Smiley so summer should be hot.

The next inevitable bear market will show us how much we raised the basement in this rally. I suspect it will be over $1000. 

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June 05, 2014, 05:40:16 PM
 #14


davidgdg
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June 05, 2014, 05:46:15 PM
 #15

Strictly speaking this is undoubtedly true but the more important question is whether growth in adoption is exponential or merely linear.

This might suggest it's only been linear this year: http://blockchain.info/charts/my-wallet-n-users

"There is only one thing that is seriously morally wrong with the world, and that is politics. By 'politics' I mean all that, and only what, involves the State." Jan Lester "Escape from Leviathan"
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June 05, 2014, 07:40:58 PM
 #16


Perception is reality.

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