All About BTC, LTC, ETH mining as well as other alternative crypto currencies
The USMS has announced that they are going to be holding another auction for 50000 more Bitcoins from the BTC seized as a part of the Silk Road bust. The auction will be held on March 5th, but the bidders that are interested to participate in the BTC auction need to register not later than March 2nd. This will be the third and most likely not the last auction that the US Marshals Service will for confiscated Bitcoins associated with the Silk Road case now that Ross Ulbricht has been found guilty as the operator of the Silk Road black market. It will be interesting to see what will be the interest this time and to see what will be the price of the winning big now that the Bitcoin exchange rate is not that high, especially compared to the first auction where the price per BTC was probably in the 700 USD range.
Today the Bitcoin exchange rate briefly dropped down to about $150 USD on Bitstamp, though shortly after that it rose back to over $200 USD. This was enough to scare some people to panic sell as usual and has sprouted new theories about the cryto currency failing or dropping down to sub $100 USD and so on. The fact is that lately the Bitcoin exchange rate was actively swinging with big jumps up or down and nobody knows for sure what is going to happen. This could be a result of the recently hacked Bitstamp exchange and almost 19000 BTC stolen that are being dumped on exchanges, or ponzi schemes that have stolen Bitcoins from users dumping them, or a result of big mining ASIC manufacturers (Cointerra) and cloud mining services such as CEX.IO stopping their mining operations. It could as well be none of the above or all of the above, but the majority of people that believe in Bitcoin and crypto currencies are not ready to give up on the idea. A lot of businesses however that are focused on mining for crypto currencies may suffer from the not so good exchange rate lately and we already are seeing very big companies in that area starting to get affected…
The payment processor BitPay has just released an application called Bitcoin Checkout for mobile devices using iOS such as iPhone and iPad as well as for Android-based tablets and smartphones making it quicker and easier for merchants to accept Bitcoin payments. BitPay’s new point-of-sale application Bitcoin Checkout is designed to be really simple and easy to be used to accept Bitcoin payments from customers, so that it can easily be used alongside existing point-of-sale systems. The application works with the familiar 2D barcodes for the payment, but also supports NFC for payments, though support that could be limited depending on what kind of mobile device is used by both the merchant and the customers. This is a clear example of how simple and easy an alternative form of payments such as Bitcoin can be integrated by merchants without the need of specialized hardware as a payment processor. When you add the very small transaction fees for the merchant for Bitcoin payments as compared to what credit card payment processors charge there is no reason not to add Bitcoin payments as an option for attracting new customers. For merchants accepting Bitcoin payments there is also no risk from the Bitcoin price changing significantly as pretty much all of them are immediately exchanging the Bitcoins they receive as payment into USD, EUR etc.