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Shopify Merchants Can Now Accept Bitcoin Payments

Shopify is the perfect solution for those who are looking to set up an ecommerce website to sell products. If you’re looking to sell Bitcoin mining hardware, your clothing line or other personal creations, Shopify is where you want to start . The online shop builder has well over 100,000 merchants and these can now offer their own customers the option to pay for the good with Bitcoins by using Coinbase.

Shopify has partnered with Bitcoin financial services provider Coinbase which will work as the integration platform to process these Bitcoin payments on the merchant’s websites. In addition to Coinbase, Shopify also gives customers the chance to offer BitPay (available since November 2013) as a payment option to their merchants. It’s up to the vendors to choose which processor fits their needs and wants.

According to Shopify’s director of payments, Louis Kearns, the decision to add a new processor to the list as important as Coinbase is the fact that giving merchants options gives the digital currency a whole new light and a lot of exposure. According to Kearns, “We’ve found that by supporting multiple payment providers it encourages each of them to innovate a bit more and their customers benefit as a result. We see this as a positive play for Shopify and bitcoin at large.”

First Crypto Currency Mining Conference to Take Place in October

Bitcoin mining hardware enthusiasts as well as Bitcoin miners will have the chance to mingle with other and assist to conferences in the world’s first-ever crypto currency mining event dedicated to this activity. The conference has been named Hashers United and will take place from October 10th-11th at the Tuscany Hotel and Casino in Las Vegas, Nevada.

Speakers to the event include Vitalik Buterin, Vertcoin, Tyson Cross, Stephen L Reed, Haas McCock, Marshall Long, Robert W Wood, Bits Be Trippin, Charlie Lee, Phil Maher and Ittay Eyal. The conference intends to expose and discuss the many tests and demands that Bitcoin miners face including important issues, technical realities and working solutions in hopes of helping miners be more cost-effective, improve their operations and generate more profits.

Hashers United will be a place for miners to meet other miners and exchange their ideas and help the community grow. The conference will cover other crypto currencies aside from Bitcon with the attendance of experts, coin creators and workshop leaders. Some of the topics that will be covered include protocol scrutiny, algorithm analysis for better strategic planning and operations, more effective rig building and live mining demonstrations. Guests will also be able to attend workshops about profitability, investment, crypto currency management and other topics.

What Things Can You Buy with Bitcoin?

To answer that question you’re going to want to think about Bitcoin almost as fiat money – but without all the regulation associated with it. These days the popular crypto currency can get you almost anything you can think of: food, apparel, electronics, cars, real estate, Bitcoin mining hardware and even an actual gold mine. That’s right. These things, an much more, can all be bought with your Bitcoins.

As a matter of fact, if you’re a Bitcoin enthusiast and you’re looking to spend some of your coins here and there, you’re going to want to visit a site like BitPremier. This website is solely dedicated to selling unique, high-end items that can be paid with Bitcoins and that you won’t be able to find anywhere else online. As a matter of fact, BitPremier only lists the following items on their site: “real estate, autos (listed at $50k USD or more), jewelry and watches (listed at $5k USD or more), home goods and travel (listed at $5k USD or more), handbags and accessories (listed at $5K USD or more).

One of the very latest items to be listed on this peculiar website includes a “Profitable Gold Mine” that’s actually located in Dawson City, in Yukon, Canada. The listing reads, “ The very first offering of its kind on the Bitcoin market; a proven, profitable gold mine located in the heart of Dawson City, Yukon, Canada. Home to television programs such as History Channel’s Yukon Gold and National Geographic’s Yukon Gold, Dawson City has a long, rich and vibrant history as a proven Gold producing region.” So if you happen to have Ƀ3,069.226, the equivalent to $2,000,000.00, and you’ve been thinking about buying a gold mine, this sound like the perfect opportunity for you.

Intuit Introduces New Software: QuickBook Bitcoin Payments

Intuit, a leading software provider of business and financial management solutions, has introduced QuickBook Bitcoin Payments. This new financial software will allow businesses to accept the popular crypto currency without the need of creating a Bitcoin wallet or having to deal with the coins in a direct manner.

Intuit is a company that caters to the needs of small and mid-sized businesses, consumers and accounting professionals and has created other successful business such as TurboTax, QuickBooks, Mint.com and have impressed many with their new Bitcoin-related venture. Intuit  has come up with an innovative way to enable small businesses to accept Bitcoin payments, however this is still a Beta version. The company is promotion this software as a way for businesses to only see dollars when accepting the digital currency and avoiding chargebacks or having to deal with high fees that set by traditional payment networks.

According to Intuit’s press release regarding Quickbook the company believes that, “Small businesses just want to get paid and is troublesome to keep track of, checks have lots of friction (writing, mailing, depositing) and card transactions have high fees. Our team is constantly looking for ways to improve the lives of our customers. During incubation week, we experimented with bitcoin to solve the aforementioned pains associated with getting paid.”

You Can Now Find Bitcoin-Accepting Merchants on Yelp

Yelp, a San Francisco-based company that works as a restaurant and business reviews platform and merchant directory provider, has made an official announcement: merchants that take Bitcoin can promote awareness of the crypto currency method via the company’s platform.

The “Accepts Bitcoin” tab is actually an attribute to business listings and merchants can feel free to update their profile on biz.yelp.com to start using this feature. According to Yelp’s announcement on their website’s blog: “We’re constantly thinking about how to make our business attributes more useful for consumers and businesses. That’s why we’re excited to announce that as of today, we’re adding a new attribute: ‘Accepts Bitcoin: Yes’.”

Yelp understands the importance of Bitcoin and other non-traditional information. As a matter of fact, Bitcoin joins an already long list of options offered by the company’s business listings that aren’t only limited to payment: is the business currently open or not, does it offer delivery, is it pet-friendly and other important information. Yelp also wants their clients to know that Bitcoin transactions, just like cash, are one-way which eliminates the possibility of a cash-back, which sometimes results in major headaches. Yelp’s announcement also added: “We’re hopeful the introduction of the Bitcoin attribute will provide yet another way for consumers to connect with great local businesses.”

This move brings the crypto currency to a more exposed audience since Yelp has more than 100 million unique visitors. Bitcoin mining hardware and Bitcoin miners can also benefit from this mainstream exposure as well.

NYU Professors Working on Bitcoin Class

Are you eager to learn more about Bitcoin mining and what this is all about? Well then, you’re in luck. That is, if you happen to be part of the New York University. Two NYU professors, finance professor David Yermack and law professor Geoffrey Miller, have proposed to start a class regarding Bitcoin and other popular digital currencies.

These professors truly seem to understand the huge importance that Bitcoin represents in the modern world and most of all; the great deal of confusion and lack of understanding that revolves around the crypto currency.  Professor Yermack and professor Miller would like to assist their students sail trough the rough waters of regulation and comprehend the currency’s true value.

The class hasn’t been approved yet, however these teachers have already created an early outline to pitch their superiors on “The Law and Business of Bitcoin and Other Cryptocurrencies.” Their courses will deal with topics such as money laundering via Bitcoin, ways to measure the currency’s trading activities and deep analysis on the question that seems to be the biggest one: is Bitcoin even a real currency?.

According to the duo, “Our proposal is for a combined offering of the Law School and the Stern School and would be open to registration for both law and business students. The class would be a 2-credit class for law student and a 1.5-credit class for business students. To adjust for the difference in credit, there would be four extra law classes for law students, not required for business school students, taught at the beginning of the semester.”

What Else Can you Buy With Bitcoin? Oh Yes, a Villa in Bali

Finding and purchasing the right Bitcoin mining hardware can turn out to be a huge deal for you. Of course by now you know you can use your Bitcoins to purchase a great assortment of items online in retail stores such as Overstock.com, play online games in Zynga.com by using your coins or even walk to live store and pay for your sandwich with the virtual currency. However, if you have played your cards right and have yourself a juicy amount of coins lying around, you can also purchase a luxury property in a few easy steps.

Real state is also a part of the Bitcoin movement and an excellent example of this took place last month when an individual purchased a two-bedroom luxury property in Bali, Indonesia. The sale took place via BitPremier – known as “the bitcoin luxury marketplace.” – and was for 800 Bitcoins.  Sellers list properties and other goods on BitPremier and these are then listed in Bitcoins as well as American dollars. The company takes a 5% Bitcoin commission if and when items are sold.

BitPremier’s founder and CEO Alan Silbert stated the 3,000-square-foot luxury villa sold for more than $500,000. According to Silbert the sale is “by far the largest” since the company’s launch in May 2013. He believes this purchase is a great advancement in the Bitcoin industry and proves that more and more people are willing to expand their assets with different investment opportunities such as these generated with virtual currencies.

Overstock.com Over $1 Million in Bitcoin Sales

Online retail giant Overstock.com’s customers truly understand what Bitcoin is all about. Proof to this is that the company has recently reached and passed the $1 million mark in sales that have been paid with the popular crypto currency.

According to Overstock.com Chief Executive Patrick Byrne, “We did not expect to hit this milestone so quickly.” Byrne believes that more customers are paying for purchases with Bitcoin than he had initially expected when the company begun accepting the coin back in January. “Bitcoin customers are good customers, and we’re pleased to provide them this service.” The company had initially thought about accepting Bitcoin payments in the second half of 2014, however Overstock.com decided to enable these earlier in the game in order to avoid some other online retailer from taking the lead due to Bitcoin’s increase in popularity.

More than 4,300 customers, in what Overstock.com estimates more that half are new customers, have paid for their purchases using Bitcoin. Some of the most popular items paid with the digital currency include electronics, mobile phone cases and bed sheets. Byrne added that customers who pay with Bitcoin are spending more, with average orders of $230 in comparison to the $150 for conventional orders.

Bitcoin was first introduced in 2009 and users are able to mine for Bitcoins or create these themselves with the use of proper Bitcoin mining hardware that solves complex mathematical problems. Bitcoin owners are able to send and receive these coins and change them on virtual exchanges or ATM’s for fiat currencies.

First Lamassu Bitcoin Machine in the U.S.

Operated by Enchanted Bitcoins, the first Lamassu Bitcoin vending machine is now fully functional in Albuquerque, New Mexico. As a matter of fact, this is the very first Bitcoin vending machine in the United States. There are several ATM Bitcoin machines spread across the country but this is the first of its kind. Now, individuals in this area can acquire Bitcoin for cash in an instant manner. Others can go ahead and acquire the proper Bitcoin mining hardware if they feel the need to create the coins themselves.

The vending machine is permanently located at Imbibe, an upscale cigar bar and lounge in the Nob Hill neighborhood that is adjacent to the University of New Mexico. A proper launch party is set to take place on February 21, 2014.

According to Lamassu CEO Zach Harvey, “This is very special for us. Enchanted Bitcoins are paving the way for mainstream Bitcoin accessibility in the Unites States. They have put in a lot of time and effort on the compliance side, and we’re very excited to see them open for business.”

In compliance of its responsibilities as a money transmitter, as indicated in guidance of 2013 from FinCEN, customers can rest assured that Enchanted Bitcoins has established a full Anti Money Laundering program and has registered with FinCEN as a Money Services Business.

“Congratulations to Enchanted Bitcoins on becoming the first Bitcoin sales kiosk in the United States. I’m proud to have helped Enchanted Bitcoins’ leadership develop a world-class strategy to manage the company’s end-to-end operational processes in a safe and compliant manner,” stated Juan Llanos, AML and regulatory compliance expert.

Canada Looks to Regulate Bitcoin

Canada has always been considered to be an open-minded, progressive nation with a government that is always looking out for the best interest of their citizens. In this respect, Canada has been on board with Bitcoin from its earliest days. Bitcoin mining in Canada is a hot trend and hardware is available for those that can afford it.

In 2013, the Financial Transactions and Reports Analysis Centre of Canada, the country’s financial intelligence created to collect, analyze and disclose financial information and intelligence on suspected money laundering and terrorist activities, let Bitcoin companies know that this digital currency was not classified as money services businesses under the law. In other words, these companies would not have to register as such or comply with Canada’s rules that apply to those specific businesses.

However, things seem to have changed in the past few months and the government has now decided that they will like to keep this crypto currency on a closer leach for the time being and in the future apply a possible regulation.  The news was revealed in a federal budget earlier this week and according to Reuters Canada intends to prevent money laundering and terrorism financing.

According to Canada’s 2014 budget document, “It is important to continually improve Canada’s regime to address emerging risks, including virtual currencies such as Bitcoin, that threaten Canada’s international leadership in the fight against money laundering and terrorist financing.” The government plans to change laws and regulations in order to avoid crime syndicates and terror groups to use Bitcoin and also to prevent for online casinos to keep their illegal operations running without notice.