Thousands of websites from South Korea will embrace Bitcoin due to Galaxia Communications

After the South Korean payment gateway giant, Galaxia Communications, announced to join Bitcoin payment method, thousands of websites from South Korea will embrace Bitcoins.
Galaxia Communications is one of the top three online payment companies in South Korea. This company has more than 10,000 customers both inside and outside of South Korea. It also is the top seller for mobile gift card and coupon in South Korea. The cooperated Bitcoin payment processor is Coinplug, which provides technology support for Bitcoin transaction.
The vice president and COO of Galaxia Communications, Yongkwang Kim, said the first time he heard about Bitcoin is just last year. Now he already has his own Bitcoin wallet. Kim also stated that persuading other staff of the company to accept Bitcoin is still challenging, since there is lots of negative news about digital currency, which makes bitcoin look unreliable. Kim also emphasised that there is no big problem in technical implementation:"We have operated many other payment methods. The operation of Bitcoin payment is relatively easier."

Source: Local Bitcoins 

Vericoin Party at the Bitcoin Center NYC;Major success and tons of fun.

   

 

On Monday, July 28, the Bitcoin Center of New York City hosted the first ever VeriCoin Party.
Starting at 7pm, Monday evening, people from all over came to the Bitcoin Center for a night of good-ole Crytpo fun. What is VeriCoin?

“[VeriCoin] is a proof-of-stake currency. We have a feature where you can pay for anything [where] Bitcoin is accepted with VeriCoin, right in the wallet. So, it’s a fast, efficient proof-of-stake currency that’s as spendable as Bitcoin.”
- Douglas Pike, VeriCoin Developer

Throughout the evening, a live band played classic rock and there were plenty of drinks and pizza to go around. AntMiners were handed off in giveaways and people could pick up stickers and shirts.
VeriCoin developers Patrick Nosker and Douglas Pike were there, greeting guests and talking up a storm about new and interesting features to VeriCoin. Later in the evening, both of them held a presentation of VeriCoin’s features including VeriSend; a transaction tumbler that allows your transactions to become more anonymous, and VeriBit; allowing you to use VeriCoin anywhere Bitcoin is accepted.

There was also live-trading on the floor, as is usual on Monday and Thursday evenings at the Bitcoin Center.

With the music, the chatter, the dancing and the cryptocurrencies, to sit back and enjoy the atmosphere was a rare and unique pleasure to experience.

Source : http://www.cryptocoinsnews.com

New York’s BitLicense Proposal: The View from China

Since the New York Department of Financial Services (NYDFS) released its proposed regulations for bitcoin businesses on 17th July, the wider digital currency community has been locked in a heated debate over what the passage of the policies would mean for the future of the nascent industry.

As put forth by Bitcoin Foundation director Jon Matonis in a recent CoinDesk opinion piece, the growing consensus in the Western world, if one can be derived, is that the NYDFS framework goes too far, threatening to stifle innovation in its bid to protect consumers.

If true, the NYDFS proposal could be as troubling to the global bitcoin industry as the US market – a concern backed up by recent statements from US Congressman Steve Stockman. International bitcoin companies are also likely to be influenced by New York’s policies, especially as an increasing number of global players seek to expand their presence by tapping the lucrative US market and global regulators look to the US for guidance on how to shape their own policies.

One market that has been paying close attention to New York’s proposed rules is China, where major bitcoin exchanges OKCoin, Huobi and BTC China have all recently announced initiatives that aim to capture international US dollar market share, though they stop short of courting US buyers directly due to the lack of current regulatory clarity.

Speaking to CoinDesk, China’s major exchanges struck varied tones on the proposed regulation.

Robert Kuhne, a spokesperson for Huobi, summed up the more positive sentiment, noting that it is optimistic about the general discourse despite criticisms with the original proposal:

“The New York bitlicense decree was clearly a case of executive branch overreach, and there will be a lot of push-back from the public. The strong reaction that we have already seen from the bitcoin community gives us a lot of confidence in the future of bitcoin in the US.”

Its rival OKCoin, however, has adopted a vastly different outlook. Contrary to perception in the Western world that China’s regulatory environment has been problematic for the industry, the exchange asserted that it views the current proposals as far more troubling.

“China only seems ‘uncertain’ to the people who are not familiar with it,” the exchange said in official remarks. “We certainly hope China will not adopt regulations like the ones currently proposed in New York.”

Kuhne went on to suggest that, although he can’t predict how China will react to bitcoin long term, US policy on the matter will likely service as a “reference point” for decision-making.

Work in progress

On the whole, bitcoin’s China-based companies largely applauded New York for taking the first step toward a framework for the industry, acknowledging the difficulties inherent in implementing rules for what could be one of history’s most disruptive technologies.

A representative from BTC China, the country’s oldest bitcoin exchange, stopped short of criticising the proposal, but suggested that the company feels the document is still a work in progress, and therefore can be improved:

“We applaud the New York financial regulators for proactively laying the groundwork for bitcoin regulation. We think the best thing for the US market, and the broader bitcoin economy, would be to provide entrepreneurs with a smart, uniform framework in which to innovate, while keeping barriers to entry low and the market competitive.”

Kuhne suggested that regardless of New York’s final rules, the bitcoin community will simply adapt to the new regulatory terrain, adding:

“The US has better regulations than many countries but worse than others. The great thing about the Internet economy is that businesses are not limited by geography.”

‘Bad for business’

Still, others in China’s digital currency community are highly critical of the proposals.

Changpeng Zhao, chief technology officer at China’s largest bitcoin exchange, OKCoin, said he personally feels that the rules go too far, particularly the provisions that call for businesses to obtain photo IDs and addresses for all customers.

Cautioning that his views don’t necessarily reflect those of OKCoin, Zhao told CoinDesk:

“While knowing what the rules are in the bitcoin space generally helps, the New York proposed regulations is definitely not good for our business, or any bitcoin business for that matter. It is ‘big brother’ to the extreme.”

Furthermore, should the regulations be enacted, bitcoin businesses may choose not to service New York-based customers, a development that could have long-term implications, Zhao said.

He added: “It will likely impede innovation in New York when it comes to bitcoins, and will likely erode New York as a leading financial center over time.”

OKCoin’s manager of international operations Zane Tackett, offered a similarly broad critique.

“As an international exchange with the vast majority of our customers being non-American, forcing of us to disclose our entire user base, their identity, their address and general info to the US government is absurd, unreasonable and overreaching,” Tackett said, adding:

“Why should we have to give the US government personal information on someone who isn’t an American citizen, isn’t in America, has never been to America, nor will ever go to America?”

Long-term outlook positive

Although New York’s proposed regulation was met with criticism by the Chinese companies, most maintained optimism about the potential of the US market.

Huobi’s Kuhne emphasized that the US remains a primary target for Huobi as it looks abroad, saying:

“We are attracted by the US market for a lot of reasons. Not only its sheer size and purchasing power, but also its status as a technological, financial, and cultural leader in the world.”

OKCoin, in its official response, took a markedly different tone, stating:

“The proposed regulations definitely don’t instill confidence. There are certain sections of the proposed regulations, which as an international company are not favorable.”

In particular, the exchange cited stipulations that would require it to provide employee fingerprints and disclose personal information, as well as the limitations on maintaining profits in permissible investments.

Still, while China’s major exchanges are observing the situation, only one – OKCoin – is seeking to weigh in on the proposal during its current 45-day comment period.

The company told CoinDesk:

“The entire bitcoin community needs to participate in the comment period. We will do our share.”

While that exchange has confirmed it will be submitting comments on the regulation, BTC China and Huobi have told CoinDesk they will not do so, preferring to take a wait-and-see approach.

Consumers apathetic

Betty Zhang, a correspondent for China-based bitcoin news source Bitell indicated that, while China’s businesses may be paying attention, the proposals have failed to impact China’s bitcoin discussion the way China’s regulatory uncertainty has hit home in the US.

“The NYDFS regulation didn’t arouse much interest or concern here,” Zhang told CoinDesk. “Few people discussed or expressed any comment regarding it on Chinese bitcoin forums. I guess this is because, firstly, it’s not happening in China, so many people are unconcerned; secondly even the draft is passed into law and imitated by China, it might not be bad news.”

Zhang, however, best summed up the wider optimism that the proposal would be amended, thus setting the tone for smart regulation internationally, stating:

“Hopefully in [the] 45-day public comment period, it can be revised and improved. Regulation at a reasonable extent is a good thing.”

Source : http://www.coindesk.com

Armory’s ‘Lockbox’ Brings Multisig to Storage, Escrow and More

Open-source wallet management platform Armory Technologies has released Lockbox, a new feature it claims is the world’s first decentralised multi-signature interface for bitcoin.

Version 0.92 of the Armory client now has a new user interface that allows users to carry out multi-signature transactions, offering claimed “high-security storage”, as well as opening up new possibilities for bitcoin contracts and escrow services.

The Armory client lets users manage multiple wallets and maintain offline wallets, as well as other features.

Flexible multisig

Armory says its new Lockboxes do not require any third-party services and that they give users complete control over the generation and storage of all cryptographic keys.

Furthermore, each Armory signing device can generate its own wallet even when it is offline – a useful feature for keeping bitcoin in ‘cold storage’, away from the inherent risks of Internet-linked devices.

The company says Lockboxes are very flexible, allowing users to choose any multi-signature combination from 1-of-2 up to 7-of-7, with each increase requiring more signatures to release funds from the wallet.

The company said:

“There are many possible ways to use lockboxes. A basic 2-of-2 scheme may be appropriate for a husband and wife who want their savings to require both of their signatures. A complex 5-of-7 scheme may be appropriate for a large financial institution or hedge fund desiring to widely distribute signing authority among trusted executives, trustees, or even insurance providers.”

Armory says that most other multi-signature services only provide a single type of multi-signature and also require third-party services or signers. The fact that such systems generate multiple private keys on the same system, which then pass through the same channel, creates a “point of failure” in the system, the company asserts.

Crowdfunding contracts

Armory 0.92 also features support for simultaneous funding or ‘simulfunding’, which is basically a simple bitcoin contract. All parties involved in a funding effort need to specify how much they are willing to contribute, then combine the contributions into a single contract-backed transaction.

The transaction is finalized only when the contract is executed in full, in which case, all the funds are transferred at the same time. If the contract is not executed, no transaction takes place. The bitcoin network enforces the agreement, eliminating the need for trust between the parties.

The company said:

“Armory is the first wallet to implement this powerful feature and make it accessible to advanced users. Additional use cases could include crowdfunding, donation drives or even roommate rent collection.”

Armory is demonstrating the simulfunding feature with a donation drive valued at 20 BTC, with the funds going to the Electronic Frontier Foundation, the Free Software Foundation and the College Cryptocurrency Network. Armory promises to match the donations with a further 20 BTC contribution of its own.

The company says it is on track to release Armory version 1.0 soon and that it will include a new API for enterprise integration and a ‘supernode’ mode that it claims will “replace the need for third-party services in your bitcoin management platform”.

Source : http://www.coindesk.com 

Overstock to Extend Bitcoin Payments to Global Customers

Patrick Byrne, CEO of Utah-based e-commerce giant Overstock.com, has announced that the company intends to expand its bitcoin payments program to international customers in the next four to six weeks.

To date, the option to pay for purchases in bitcoin has only been available to US customers, in what has become a similar offering for the industry’s major merchants. Dell, for example, only allows US-based customers to pay in bitcoin, while Expedia limits the offering to its US website. Notably, TigerDirect, which uses BitPay for its processing, has expanded its offering to Canada.

News of the international payment option first surfaced during a TV interview Byrne gave to Russia-based, English-language news source RT‘s “Boom Bust” program.

Byrne said in the broadcast:

“In about one month to six weeks, we’ll be introducing bitcoin to our international customers, so [customers], including those in Russia, will be able to pay in bitcoins.”

Throughout the interview, Byrne was overwhelmingly positive about his company’s experience with bitcoin, lauding the service provided by its merchant processing provider Coinbase and remarking that it “hasn’t had a hiccup since we started”.

“We’ve integrated with all kinds of payment systems and this is the first that I can think of where there’s been no hiccups at all,” Byrne added.

Byrne further revealed that the company is now issuing refunds in bitcoin, and that its customer service agents have been facilitating the offering for one month.

Market influencer

Byrne also used the interview to further position Overstock as a major influence within the broader e-commerce community, noting that he believes the company’s announcement marked a milestone in bitcoin merchant adoption.

Byrne said:

“We like to think that we broke the ice, I think before us the biggest merchant was about $1m, so by us doing it, we’re a billion-and-a-half-dollar merchant, we like to think we saved [bitcoin] about four to five years of evolution.”

The CEO went on to say that, even from a purely public relations standpoint, bitcoin is a no-brainer for other similarly sized businesses.

“We got fantastic PR from [accepting bitcoin],” Byrne said. “Now, that it’s broken into the billion-dollar vendor market, it’s just a matter of time before the other dominoes fall.”

Expecting success

In his comments, Byrne suggested that bitcoin purchases now account for one-quarter of 1% of the company’s sales, but that the pace of sales from this market segment is increasing.

Byrne went on to state that he believes both international sales and time will boost this figure, stating:

“This isn’t just a US phenomenon, this is happening all around the world.”

Coinbase confirmed to CoinDesk that should Overstock seek to expand its bitcoin payments program it can do so with its services. The company pointed to its recent integration with global e-commerce and logistics solutions provider Bongo International as an example of a partner that accepts global payments.

To learn more about the announcement, listen to the full interview here:

Source : http://www.coindesk.com 

Wikipedia Now Accepts Bitcoin Donations

Open-source online encyclopedia Wikipedia is now accepting bitcoin through a new partnership with Coinbase.

The Wikimedia Foundation, which owns and curates Wikipedia, announced on its official blog that it is now accepting donations in the digital currency.

The organization cited grassroots community support for the integration, saying that demand for bitcoin support led to discussions on the leadership level.

The announcement is notable given the Foundation’s past apprehension toward the idea of accepting bitcoin. In March, the organization announced that it was beginning to discuss bitcoin donations, but co-founder Jimmy Wales later commented that Wikimedia was taking a “cautious” approach.

In the blog post, Wikimedia chief revenue officer Lisa Gruwell said that the discussion process was in-depth, but with more clarification available on the legal status of digital currency, Wikimedia was able to move forward.

She wrote:

“Currently, we accept 13 different payment methods enabling donations from nearly every country in the world, and today, we’re adding one more: bitcoin.”

In a separate email sent to Wikipedia supporters, the organization said that the goal is to offer “flexible” payment options to those who donate to keep the online encyclopedia running. With bitcoin, the Foundation declared, Wikipedia supporters can enjoy greater versatility in their donation options.

One more way to give

The reason for the prior apprehension, the organization said, was the operational and legal complexity and uncertainties surrounding bitcoin.

But the Foundation leadership cited its partnership with Coinbase as a method for sidestepping some of the logistical needs that come with accepting bitcoin, which includes the occasional need to exchange bitcoin for fiat currency.

According to the Wikimedia blog post:

“Using Coinbase, a bitcoin exchange, we’re able to immediately convert bitcoin to U.S. dollars, requiring minimal technical implementation on our end. Since we now also have guidance on how to account for bitcoin, there is a clear understanding of how to legally manage it.”

Speaking with CoinDesk, Coinbase director of business development Adam White remarked that the Foundation took the slow and steady approach to make sure that it maintained full legal compliance. But once those concerns were addressed, “that gave wikipedia enough confidence to say let’s move forward with this and choose a solution”, he said.

Among the benefits discussed includes the option for small donations, which is attractive for a platform like Wikipedia that runs on the support of its global readership.

Notably, White told CoinDesk that the Wikipedia integration marks the largest non-profit to accept the digital currency to date.

With the integration now active, all users have to do is go to Wikipedia’s donation page and opt to pay in bitcoin. Like with any option, users can choose to make either one-time or recurring donations to the free encyclopedia.

Source : http://www.coindesk.com 

Bitstars.ph Turns Your Selfies Into Bitcoin with Tipping Contests

Philippines-based website Bitstars.ph has developed a novel way to get bitcoins into thousands of new hands, and demonstrate the network’s utility for micropayments and tipping, with a worldwide ‘selfie’ competition.

The site, launched in alpha on 1st June, already has over 1,100 registered users who have submitted over 10,000 photos. Of themselves.

A selfie, in case you hadn’t heard, is a photo you take of yourself and then usually upload to a social network. Upload them to Bitstars.ph as well and you have the chance to earn bitcoin tips in addition to all those ‘Likes’.

Miguel Cuneta, Co-founder and CCO of Bitstars.ph’s parent company Satoshi Citadel Industries (SCI), told CoinDesk the project has a dual purpose. He said:

“The main concept was to find a way to monetize ‘Likes’ using Bitcoin and make people get to know about the concept of Bitcoin using a familiar medium – social media.”

How Bitstars.ph works

Now, as well as ‘Liking’ a photo, you can also leave a small bitcoin tip for the user. Tips average around 8 mBTC, and the site has a daily competition for the most popular selfies. Prizes range from about 200 pesos ($5) to 500 pesos ($12), which Cuneta said was around the median daily wage for a Philippines-based 9-5 worker.

Prizes depend on the number of user submissions over the course of a day. To encourage participation, users may now also earn small amounts of bitcoin by liking an voting as well. Winners can opt to donate their prize money to charity.

Bitstars.ph is open to anyone in the world with an Instagram or Facebook account, with users able to log in using those credentials.

Topping the ‘most popular’ lists are selfies which are funny, creative, silly, colorful, and adventurous. No particular theme or style dominates the winner lists – of course, being attractive always helps but it’s no guarantee of success.

The ‘selfiest’ city in the world

It’s not surprising Bitstars.ph was born in the Philippines – locals simply love taking selfies. Makati City, part of the greater Metro Manila area, was recently ranked #1 in TIME Magazine’s “Selfiest Cities in the World” analysis. Manhattan and Miami were #2 and #3 respectively. Cebu City, also in Philippines, came in at #9.

The analysis was based on the number of times the #selfie tag was applied to over 400,000 photos uploaded to Instagram.

The Philippines population is 100 million, 40% of whom have internet access and one in four owns a smartphone. Facebook gets more eyeball-hours than TV with 30 million users.

Cuneta added:

“Filipinos are very social people. We use social networking to communicate with friends, get news about everyday events, news about our loved ones here and abroad (geographically, the Philippines is spread out over many islands, and globally, 10% of the population work abroad), and as a way to connect professionally and recreationally.”

Mission to promote bitcoin awareness, usage

Parent company Satoshi Citadel Industries calls itself a “provider of bitcoin solutions” and manages a range of different digital currency services and sites.

It also manages merchant services site Bitmarket, in-beta exchange Coinage, and remittance service ReBit. SCI is also rolling out pre-loaded bitcoin cards as another fast way to get bitcoins into beginners’ wallets.

Cuneta continued that local awareness and adoption of bitcoin remained SCI’s main focus for now. Given that the Philippines is probably the world’s largest social media market, it seemed natural to integrate bitcoin somehow.

“By making bitcoin accessible in fun and familiar way, we also eliminate that barrier of bitcoin being perceived as too techy or complicated for the average user. Bitstars.ph is our innovative take on the concept of a bitcoin faucet. It’s fun, it’s easy, it’s simple, and you can win some money while doing something you would normally do for free.”

He said he hoped as the concept became more popular users could earn good money from their photos, a concept that could then expand to cover music, art, and other media.

Source : http://www.coindesk.com