Category Archives: News
Bitcoin Gets You to Space with Virgin Galactic, Says Richard Branson
Sir Richard Branson, billionaire entrepreneur and founder of Virgin Group, has made a major public endorsement for Bitcoin with one tweet.
Want to spend your #bitcoins? How about a ticket to space! Will discuss today live on @SquawkCNBC @virgingalactic
— Richard Branson (@richardbranson) November 22, 2013
Now you can buy a ticket to space on Virgin Galactic with Bitcoin, Branson confirmed in a blog post.
Mr. Branson followed up in a video interview with CNBC explaining why he decided to make this move. “Why not? It’s a new exciting currency,” said Branson.
Mr Branson explained that he sees Virgin Galactic customers in early Bitcoiners. People who got in early on Bitcoin and made a lot of money might want to go to space, he said. In fact, a flight attendant in Hawaii was the first customer to buy a ticket using Bitcoin. Virgin accepted her payment in Bitcoin, then transferred to dollars.
As an investor in Bitcoin himself and pioneer in commercial space travel, Branson believes Virgin Galactic and Bitcoin are both transformational ideas.
Branson also commented on the recent Senate Committee hearings this past week, saying that he hopes regulators create policy that does not stifle innovation.
Read our extensive coverage about the Senate Committee hearings
Learn more about Virgin Galactic in the video below.
A Primer on Bitcoin Taxation, Disclosure and Penalties
As Bitcoin further enters the mainstream and people start earning gains by owning, trading, or transacting with the crypto-currency, there are real tax implications to consider.
Tyler S. Robbins, Esq. is an attorney licensed to practice in New York and New Jersey, whose area of interest is cross-border taxation and compliance.
Mr. Robbins has authored and published a whitepaper entitled “A Primer on Bitcoin Taxation“. In it, Mr. Robbins discusses important topics including:
- Taxable events
- Income from Bitcoin sales
- Disclosure of foreign brokerage accounts
- Wash sale rules
- Penalties
- And more
We have embedded the PDF below, but we also recommend you visit www.bitcointax.info for the latest updates from Mr. Robbins.
CC image by 401(K) 2013
On Bitcoin and Inside Bitcoins Lead the Way into the Future of Money – Get 15% OFF
After an overwhelming turnout for Mediabistro’s inaugural Inside Bitcoins: the Future of Virtual Currency conference this past summer in New York, Mediabistro decided to bring the Bitcoin-focused event to MGM Grand Las Vegas from December 10-11th.
Bitcoins and cryptocurrencies continue to play a larger role in mainstream culture; and Inside Bitcoins is the perfect venue to explore the opportunities and challenges the growing bitcoin community faces. The conference will provide insight into the versatility and potential of this financial technology through sessions, such as Bitcoin & The Music Industry, Bitcoin in China, and Virtual Currency Guidance: Blaze the Trail or Get Run Over. Check out the entire conference agenda.
Attendees of Inside Bitcoins will have the opportunity to network and engage with the impressive roster of speakers, including Alan Reiner, the core developer of Armory Bitcoin Wallet; Pelle Braendgaard ,Co-Founder of Kipochi and Nathan and Sam Huntzinger , the teenage visionaries of Bees Brothers.
With Bitcoin, the Bees Brothers, aged 15 years and 13 years, were able to sell honey and honey caramels all over the world by taking advantage of the absence of international currency exchange costs. In the session “Bees Brothers: Lessons from Young Bitcoin Entrepreneurs”, Nathan and Sam will share their experience using Bitcoin in turning a science project into a profitable year round operation. Read more on the Bees Brothers.
Inside Bitcoins is one of the first events of its kind to give attendees the option to pay for their ticket with either dollars or bitcoins. Each registrant will also receive a bitcoin paper wallet with a 0.01 bitcoin.
Thanks to On Bitcoin’s partnership with Inside Bitcoins, all On Bitcoin readers will receive 15% OFF admission to the innovative Las Vegas event. Register on the event website and enter code ONBC at checkout to redeem this offer!
Bitcoin Exchanges Plagued by Liquidity Issues and Attacks
Dramatic Changes in Bitcoin Price Affect Liquidity
Yesterday was an extremely positive day for Bitcoin. Senator Tom Carper held a Senate Committee hearing to discuss the legal and business implications of Bitcoin’s ever-growing popularity.
Overall, the tone of the session was one of open-mindedness and desire to learn more about the digital currency. The representatives from FinCEN and the Attorney General explicitly stated that digital currency, in and of itself, is not illegal.
Related: Read our full summary of the Senate Committee hearing on Bitcoin
In response, Bitcoin’s price skyrocketed to over $900, a new all-time high. Bitcoin donned the front page of the Wall Street Journal this morning, was discussed on NPR, and made its way into every mainstream media outlet.
Then, the problems started. With increased interest and positive sentiment in Bitcoin came increased trading volume, and many trading platforms just could not handle the demand. And in response, the price of Bitcoin dropped back down to $500.
Liquidity Issues at Exchanges
Coinbase, a US-based startup, suddenly announced that it was hitting its normal buy limits and warned users that, while they could place orders, these orders would not be priced for up to 5 days. At Coinbase, investors cannot buy Bitcoin reliably. Note that Coinbase is not technically an exchange, but because of its ease-of-use and trustworthiness, many investors go to Coinbase to buy Bitcoin.
Mt.Gox, a Japan-based exchange, continues to have USD withdrawal liquidity issues. At Mt.Gox, investors cannot sell Bitcoin reliably.
Bitstamp, a Slovenia-based exchange, was hit with a DDOS (denial of service) attack this morning and went down just when the price dropped and investors wanted to buy.
Coinsetter, a relatively new trading platform, does not yet allow wire transfers from US customers and has trade minimums of 1 BTC.
Related: Coinsetter Launches US-Based Bitcoin Forex Trading Platform
These liquidity issues are a symptom of the reality that it is still early days for Bitcoin and demand is growing incredibly fast. But the problems these exchanges have experienced also highlight the risk in being a currency speculator in Bitcoin. You may be able to buy low or sell high, but perhaps not both on the same day.
Note: Other exchanges exist that were not profiled, namely BTC China (now the largest Bitcoin exchange in the world), BTC-e, and others. Read our comparison of exchanges and Bitcoin wallets to learn more.
Bitcoin Week: Coin Validation, Coinsetter, Titan Mint, Subway, More
Bitcoin News
Here is a roundup of the top Bitcoin news from last week.
Subway now sells sandwiches for Bitcoin.
Coinsetter launches trading platform.
High profile Bitcoin startup Circle added Raj Date to its Board of Directors.
Coin Validation proposal causes an uproar among Bitcoiners.
We interview new startups Titan Mint and Seventh Continent.
Tuesday, November 12
Wednesday, November 13
- Coinsetter Launches US-Based Bitcoin Forex Trading Platform
- Goodbye Second Life, Hello Bitcoin New Economy Seventh Continent
Thursday, November 14
Friday, November 15
Saturday, November 16
Sunday, November 17
