In typical fiat money systems, federal governments merely print even more money when they have to.

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In bitcoin, cash isn’t printed at all– it is uncovered. Computers worldwide “mine” for coins by taking on each other.

So, How Does Mining Occur?

Individuals are sending bitcoins to each various other over the bitcoin network regularly, but unless someone keeps a document of all these deals, no-one would be able to track who had actually paid what. The bitcoin network take care of this by accumulating each one of the transactions made during a collection period right into a listing, called a block. It’s the miners’ task to verify those deals, as well as compose them right into a basic ledger.

Making a Hash of it

This general ledger is a long listing of blocks, called the block chain. It can be used to check out any sort of transaction made in between any kind of bitcoin addresses, at any type of point on the network. Whenever a new block of transactions is developed, it is contributed to the block chain, producing a progressively prolonged list of all the deals that ever before happened on the bitcoin network. A frequently upgraded copy of the block is offered to everybody who takes part, to make sure that they understand exactly what is taking place.

Yet a general ledger needs to be relied on, and all of this is held digitally. How can we be sure that the block chain remains intact, and is never damaged? This is where the miners are available in.

When a block of deals is created, miners put it with a procedure. They take the information in the block, and apply an algebraic formula to it, transforming it into something else. That something else is a much much shorter, relatively random series of letters and numbers called a hash. This hash is kept together with the block, at the end of the block chain.

Hashes have some appealing residential properties. It’s simple to produce a hash from a collection of information like a bitcoin block, yet it’s practically difficult to exercise just what the data was merely by considering the hash. And also while it is quite simple to make a hash from a huge amount of information, each hash is unique. If you alter just one personality in a bitcoin block, its hash will transform totally.

Miners don’t simply make use of the purchases in a block to produce a hash. A few other items of information are utilized as well. Among these pieces of data is the hash of the last block saved in the block chain.

Since each block’s hash is created utilizing the hash of the block before it, it becomes an electronic model of a wax seal. It validates that this block– and every block after it– is genuine, considering that if you damaged it, everybody would certainly recognize.

If you tried to fake a transaction by transforming a block that had already been stored in the block chain, this would certainly alter that block’s hash. If an individual inspected the block’s authenticity by running the hashing feature on it, they ‘d discover that the hash was different from the one currently saved along with that block in the block chain. The block would certainly be artificial!

Due to the fact that each block’s hash is made use of that can help generate the hash of the next block in the chain, damaging a block would additionally alter the next block’s hash. So tampering with a block would certainly make the succeeding block’s hash incorrect, also. That would certainly continue right down the chain, throwing everything out of whack.

Competing for Coins

So, that’s how miners ‘seal’ a block. They all take on each various other to do this, utilizing software application composed particularly to mine blocks. Each time somebody successfully creates a hash, they get a reward of 25 bitcoins, the block chain is upgraded, and also every person on the network hears about it. That’s the motivation to keep mining, as well as keep the purchases working.

The trouble is that it’s really simple to produce a hash from a collection of data. Computers are truly efficient this. The bitcoin network needs to make it more difficult, otherwise everybody would be hashing hundreds of deal blocks each 2nd, and all of the bitcoins would be mined in minutes. The Bitcoin procedure deliberately makes it more difficult, by introducing something called a ‘proof of job’.

The Bitcoin procedure won’t merely accept any kind of aged hash. It requests that a block’s hash has to look a particular way; it needs to have a certain variety of zeroes at the beginning. There’s no chance of informing just what a hash is going to resemble prior to you create it, and when you include a brand-new item of information in the mix, the hash will certainly be totally various.
Miners aren’t supposed to meddle with the transaction data in a block, yet they have to transform the data they’re making use of to create a various hash. They do this using one more, random item of data called a nonce. This is made use of with the deal information to produce a hash. If the hash doesn’t fit the needed style, the nonce is altered, and the whole thing is hashed once more. It can take lots of attempts to discover a nonce that functions, and all the miners in the network are trying to do it at the very same time. That’s how miners gain their bitcoins.

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Purse.io Announces Black Friday Deals – Save 20% On Amazon By Paying in Bitcoin.

What we do at Purse is enable our customers to use Bitcoin on the world’s largest online merchant, Amazon. You can spend your BTC for any item on Amazon and receive 20% off.  You can also use Purse to purchase BTC with a Credit Card or Amazon Gift Cards, Win, Win, Win.

There are many new and exciting things that are happening at Purse. We have heard over and over about how the Bitcoin ecosystem needs more design and better UI. Well, we listened and we will be rolling out a new wonderfully designed website just in time for the holidays. This site integrates a simple buy / sell process with an elegant design.

The holidays will be huge for Purse and more specifically Black Friday. We want to provide the BTC community with the biggest discounts possible. Currently, our average discounts for any item is 20% but we have even seen up to 45% off entire purchases. The higher the discount percentage the longer the acceptance and delivery times are but if you don’t need the item immediately then why not get a large discount. So, make sure you get your holiday shopping in early so that you can get the biggest discounts.

Through our customer analysis we have collected a great deal of data on top product purchases, as well as where on the planet these purchases are being made. We are now operating in 87 countries and that number is growing weekly.

Also, we have created an infographic with all the top items bitcoiners buy. These could also be good ideas for your next holiday purchase.

consumer report

 

Lastly, we are very excited to announce our new panel of investors. We have been backed by some of the industry leaders and we are excited to see how our company will flourish through these partnerships.

Plug and Play Ventures LLC | Bobby Lee | FundersClub
Terrance Yang | Strong Ventures | Roger Ver

Follow us on Twitter and Like us on Facebook @PurseIO
Website: https://purse.io

 


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Bitcoin.info launches

bitcoin.info

Press-Release: 16th Oct 2014
By: Techemy ltd
For: General news distribution.

With the explosion of interest in Bitcoin over the last 24 months, keywords, trademarks and domain names around bitcoin have become somewhat of a commodity.

Techemy Ltd, a NZ based start-up, has secured a key domain name in the bitcoin space: Http://bitcoin.info

Company co-founder and CEO, Fran Strajnar stated:

“After having spent 11 months building a stable price index (BNC Price-Index via Bravenewcoin.com), we wanted to offer the world a clean website with a solid domain name for 1 reason: Accurate Price-Discovery (and related tools).”

Price-Discovery is the economic concept of finding the value & price in a marketplace. This is a basic requirement for an emerging industry to build products and services around.

Strajnar expands with;

“MtGox represented the bulk of trading in Bitcoin until the end of 2013. It was easy to discover the price during Gox’s reign. Since then, literally dozens of exchanges have open shop all around the world and surprisingly no other index out there, captures anywhere near all of this data, making Price Discovery somewhat questionable. We believe Price Discovery to be a ‘Public-Good’, and will not be charging for this. Our API is free to use, constantly added-to as new exchanges open their doors, accurate & stable. A public good for the industry to use”.

What sort of services require an accurate global-bitcoin-price?

  • Wallets: Consumers want to pay an accurate market price at all times.
  • Futures & Financial products: Financial products require stable backbone. One example: 796.com, the world’s largest Bitcoin-Futures exchange, uses this API calculate their Millions of USD worth of weekly settlements.
  • Billing platforms: Invoicing & billing services require a current price to generate correct fiat figures for business owners.
  • Portfolio Management: Tracking your client’s or your own investments.
  • Gaming Industry: Settlement calculation or Fiat value displayed to gamers.
  • News & info Services: News agencies and search engines can now display comprehensive market data.
  • & Any possible product or service that requires an accurate price Fiat price for Bitcoin.

The API is available here: http://api.bravenewcoin.com/ticker/bnc_ticker_btc.json

Techemy Ltd collects a ton of data from the Bitcoin & Altcoin marketplaces. If you or your company require something custom or more advanced, like global consolidated order books, or plan on running a service where such data is critical and you require a Service-Level-Agreement, the company can be reach on contact@bitcoin.info

 


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Just how Koinify as well as Melotic Plan to Bring Order to Crypto Crowdsales

Though the crypto 2.0 sector of the bitcoin community is maturing, the component of the sector primarily worrieded about non-financial or advanced blockchain applications has actually battled to establish a steady marketplace for its projects.

In the absence of strong VC interest, or possibly in the spirit of pushing the borders of technology, numerous decentralized applications (DApps) are seeking to money themselves with what could probably be the blockchain’s most compelling usage past currency, decentralized item support in the vein of Kickstarter.

DApps look for to harness the capability of blockchains to develop symbols, which could then be distributed as well as used to incentivize the item’s development and also fostering. The most remarkable example could be MaidSafe’s $7m crowdsale, which this summertime was welcomed with controversy and also lack of confidence in both the mainstream media and also the broader community as it experienced market forces and also liquidity concerns.

Also those who are aiming to provide market options recognize that in the Wild West of bitcoin, DApps are still a relatively undiscovered area.

“If you were simply to consider the crypto 2.0 space and also see all the properties folks are specifying on Counterparty or NXT or any one of these 2.0 platforms, the spirit of decentralization is openness and also openness,” stated Jack Wang, founder and also CEO of electronic property liquidity exchange Melotic. “The other side is there’s a great deal even more capability for people to press undependable items.”.

To address this market problem, Wang and also his business are getting in a new partnership with DApp crowdfunding platform Koinify. With each other, Koinify and Melotic are looking for to curate an industry that can allow the successful launch of brand-new items and the eventual exchange of their symbols on a competitive market.

“Previously when you acquired something in Kickstarter, it was merely a contribution or acquisition, so there was no liquidity,” Koinify CEO as well as founder Tom Ding claimed. “In a token economic situation, you obtain an even more sustainable charity, you could sustain a software program but you could likewise have leaves.”.

Eventually, both systems believe that with each other they could develop a decentralized AngelList, one that enables areas to assist as well as grow cutting-edge jobs, while appreciating new liberties over the cash they opt to supply.

Minimizing the signal-to-noise ratio.

Both Ding and also Wang spoke with CoinDesk concerning the partnership, recognizing that their main ambition is to bring clarity to a currently lively crowdsale marketplace, one that they say has actually been turning away possibly interested participants.

“The problem is the signal-to-noise proportion is truly high,” Ding said. “There are too many noises as well as it comes to be truly tough for folks who intend to invest or purchase good, top quality projects, tokens, to set apart a great from a bad one.”.

Ding stated that Koinify will also look for to add openness to the DApp financing process, making sure that projects are vetted and also rightly incentivized.

“If the task offers out, makes $6m and also obtained all of it in money or bitcoin, they might not have the motivation to provide a product,” Ding proceeded. “Part of our task is to help them establish points like multisig and also produce milestones-based vesting to make certain that designer motivations are in line with just what they promised.”.

Wang kept in mind that Melotic intentions to give the 2nd part of this pipeline, making sure that there is liquidity in the DApp exchange markets by seeking moneying sources for projects, including larger sources of resources.

Striving for self-regulation.

Ding likewise kept in mind the current reports that the United States Stocks and Exchange Compensation (SEC) could be taking a more detailed take a look at the crypto 2.0 marketplace, claiming that until formal guidelines are much more clear, the space should strive to apply its own customer securities.

“I think even a few of the governing rumors recently could be a good point because it requires individuals to assume more challenging,” he continued. “Is it all right to reveal the idea and start elevating cash? Or should developers provide something a lot more strong?”.

In the meantime, he stated, this need for self-regulation means that Koinify must be selective about the tasks it onboards, even if that needs it to come to be a much more centralized supervisor of its platform.

“If you have a minimal selection, the amount of funding that comes into those markets is first class,” he said. “When you have an actually competitive market, with a really high specification or jobs being available in, the problem will solve itself. We would like to encourage talented designers into decentralized applications.”.

Ding indicated that Koinify will certainly likewise look for to inform developers, investing time and also resources now to assist them navigate the infrastructure for developing DApps.

Initial launch announced.

Koinify and Melotic will certainly begin testing their market technique with the launch of Koinify’s first job on First December, the token sale for decentralized social messaging solution Treasures, which was revealed at Within Bitcoins Tel Aviv this October.

Ding used Treasures as an instance to demonstrate how Koinify intends to sheppard tasks to effective launches, keeping in mind that the project satisfied an estimated 30– 40 persistance concerns that covered every little thing from technology to group framework.

“We had a bunch of discussion concerning just what is a reasonable version for distributing Treasures symbols, then we worked on developing the turning points that Treasures need to supply,” he stated, including that Koinify even flew to Israel to meet the Gems team.

Ding suggested that Gems’ very first milestone will certainly be the iOS version of its app, the 2nd its Android model and the third the shipment of its advertisements system. When reached, each milestone will permit Treasures to obtain a brand-new section of the funds it increases in its pre-sale.

“We might have a community-based vote where unless you supply a strong beta model, we will not release the bitcoin that you’ve increased,” Ding added, guessing on exactly how Koinify might manage bad actors on its platform.

High-stakes launching.

Though both Ding and also Wang talked in detail about just how their platforms can disrupt or supplement conventional VC funding, they both recognized that the risks will certainly be high for both of their brands early on.

“The risks are a lot greater,” Wang discussed, “since there are much less jobs. But, we’re trying to find out if companies could obtain extra worth from token sales that permit their business model to transform and allow them to fund their suggestions and concepts separate from a VC model.”.

Ding took place to suggest that several of the projects it is consulting with are seeking to elevate funds both from VCs and from token sales, keeping in mind that there is a belief that an effective token sale could also raise VC passion.

However, both pressured that, in the meantime, token sales give designers with an attracting way to expand their userbase, something Ding anticipates will be an effective motivation that will make it possible for Koinify and Melotic to expand.

“Every start-up understands that the hardest part is absolutely no to 1,000 users; 1,000 to 10,000 individuals. 10,000 customers might very easily come kind this sort of pre-sale. If you could acquire your initial 10,000 customers to crowdfund you, that’s most likely a good idea to improve.”.

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Crypto Currencies

Crypto currencies

 

The term ‘cryptocurrency’ refers to online or digital cash that can be traded online for goods as well as solutions.

While this might appear dangerous by itself, cryptocurrencies are called such because they are safeguarded making use of cryptography (translated into an essentially solid code) and traded over peer-to-peer networks (file-sharing straight in between celebrations).

Using public and also exclusive tricks is applied to securely move the currency from one celebration to an additional.

When you own cryptocurrency, it behaves much like gold– that is, it has value similarly physical cash does. Much like bodily money, cryptocurrencies are subject to fluctuations in value.

The very first as well as most prominent instance of cryptocurrency is Bitcoin, which was introduced in 2009. Based upon its popularity, numerous alternate cryptocurrencies have entered circulation since then.

Some of the most prominent among them consist of Namecoin, Peercoin, and Litecoin.

A lot of manufacturers will decline Bitcoin or any type of cryptocurrency as payment, nonetheless, the rise in popularity has viewed a variety of online firms start to acknowledge Bitcoin as a viable choice, such as Etsy.com, Overstock.com, and also Reddit.com.

Criticisms

Similar to the majority of internet experiences, cryptocurrencies have their doubters. Being anonymous and practically untraceable, they come to be an easy technique for criminals to make prohibited transactions, such as the purchase of illegal compounds and also hazardous services.

One of the most significant example of this was Silk Road, an online underground market that used Bitcoin as currency. When it was finally closed down in 2013, the FBI confiscated 144,000 bitcoins (worth roughly $28 million).

While cryptocurrencies themselves are intensely shielded, it’s still possible to lose your entire digital lot of money. Merely losing a password or shedding access to your online budget can result in the effective deficiency of your cryptocurrency.

Being a decentralised system of exchange, such points are not safeguarded under insurance provider; users accountable for their own security.

Benefits

Being digital money and also consequently dispersed online as opposed to in any physical kind, cryptocurrencies are not associateded with any type of one nation.

Because of this, their value could not be had an effect on by a centralised financial institution. Their worth is commonly established by supply and also demand (basically, the amount of individuals want to pay for them). Some see this as a change in power from the government as well as economic establishments, back to individuals; nevertheless, it’s not unusual for mainstream users to locate the absence of rule behind cryptocurrencies to be upsetting.

Unlike regular financial purchases, cryptocurrency does not produce deal costs, and, as it is not checked by a 3rd party, it does not have a taxation system in place. Moreover, as soon as a transaction has occurred, it can not be reversed or traced back.

The online budgets which contain Bitcoins are private: Unless one chooses to make their online pocketbook public, no-one can see the number of Bitcoins they have.

Cryptocurrency is a fast-growing means of transaction that makes it possible for customers to continue to be completely anon

ymous whilst acquiring products online. Whilst it has both advantages and also drawbacks, it’s showing no sign of decreasing and also is rapidly becoming a much more traditional method of payment.

Crypto currencies

 



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Meet SaruTobi, the flying bitcoin collecting monkey

sarutobi

In this interview, we speak to Christian Moss of indie game developers, Mandel Duck, about their upcoming game SaruTobi. This is due for release in mid/late November on iOS devices.

You are Tobi, a monkey living in a jungle. You must swing from your vine, building up momentum before releasing yourself to fly across the retro 8-bit jungle landscape, collecting power-ups to increase your distance and bitcoin tokens as you careen through the air. The game has three main goals – getting the furthest distance, collecting bitcoin tokens to be spent on items, and collecting the letters SARUTOBI to unlock a big coin boost to spend on in-game items.

The gameplay reminds me a lot of the Yeti Sports series of games, and from the videos it looks like a simple, fun game. So I had a chat on Skype with Christian about the game, to find out more about why bitcoin is in the game in the first place, and to see what other plans he has, if any, to utilise bitcoin further in the game.


Jamie McCormick (JMC): So first off, can you tell us a little about SaruTobi? Where does the name come from?

Christian Moss (CM): I have been making games for iOS for the past few years; however they have always been quite complex, in-depth games. SaruTobi was an attempt to make a very simple/addictive game in SWIFT, which I think is a good combination for the mobile platform.

The name SaruTobi is literally Japanese for “Monkey Fly,” and that pretty much sums up the game play; you need to swing a monkey on his vine, build up speed, and see how far he can fly through the air.

JMC: What can SaruTobi do with the bitcoin he collects in the game? Buy bananas?

CM: At the moment Tobi needs to collect bitcoin to buy extra power ups such as rockets and spring boots which will propel him further, but in the future hopefully we can allow the user to earn actual bitcoin.

JMC: How many levels does it have?

CM: SaruTobi is an endless game so it only has one level, and the aim of the game is to swing as far as you can, competing with friends to beat each other’s maximum distance.

JMC: What else can you collect? And what are the items in the game?

CM: The plan for the moment is to get the furthest in the game. There is a second task, which is to collect the letters SARUTOBI; I got the idea from Donkey Kong Country. You can collect them over a few gameplay sessions, as they are spread out sequentially across the map. Getting them all gives you a hefty bonus, which would let you turn off ads, and get enough rockets to last you a while! You can buy bundles of coins via an in-app purchase, though. For future updates, I’d love to try and work bitcoin into the game using donations I receive, but as far as gameplay goes, I now want to get some user feedback and take it from there.

The game does feature ads, which you can disable by earning 90 bitcoin. Each token you collect in the game is worth one bitcoin, so depending on how good you are, it won’t take you too long to do this. I want people to enjoy the game and not be stuck with ads forever, so I have made it reasonable to get rid of them in an achievable timeframe.

JMC: What’s your own high score? And how did you get it?

CM: My current high score is 3,964 meters. As Tobi flies through the air, you can catch rocket power ups mid-flight, which give you a large distance boost. In my case, he swung through the air and I got my angle right, as at the apex he caught a rocket which boosted him for miles. The positions of the rockets change randomly, and you can’t see where they are. I am interested to see how far other players can prove the limit to be, especially if they can do the same with springs or hitting a banana skin on landing.

JMC: What was the hardest thing to develop into the game?

CM: The most difficult thing to develop was getting the physics right. The physics of swinging on a rope are quite different to what you’d expect, so when you’re swinging as Tobi, getting this feeling right took some time. The first time we modeled a rope properly, but we couldn’t get any momentum up, and if you boosted at the wrong time you’d lose all your momentum. So we had to simplify this to get it right.

JMC: Why have you given Tobi the task of collecting bitcoin instead of something else?

CM: Why not? I planned to implement an in-game currency when it suddenly dawned on me to use bitcoin.

Bitcoin is a stateless currency and therefore is perfect for international use, I guess you could call it the people’s currency – a player in Africa is going to feel just as at home with it as a player in America or the UK. Although bitcoin is becoming more mainstream, the vast majority of people are still very unfamiliar with it. I’m hoping by working bitcoin into popular games, it can help raise public awareness and get people to start looking into the crypto currency.

Lastly, using bitcoin in your game can open up a range of features that is currently not possible with conventional payment systems.

JMC: Are players able to make purchases in-game with bitcoin, or earn bitcoin from playing it?

CM: This is where we would like to go. Currently Apple has been very strict with regards to bitcoin and its usage – specifically, in-app purchases must use Apple’s framework so they can receive 30%. However, this does not seem to apply to donations, and hopefully before Christmas we will implement some kind of real bitcoin transacting with the game. This may allow users to donate bitcoin to be held in the game address; the best players may be able to receive bitcoin as a reward for getting a highscore, etc.

JMC: Do you have plans to further develop the game?

CM: At the moment the game only uses bitcoin in name only, and the coins you collect are completely in-game. However, we have plans to allow the user to collect/earn actual bitcoin, which I believe is made possible with the use of micro transactions, a concept that only bitcoin allows developers to do, i.e., for every coin a user collects he can receive 1 bit to their address.

JMC: Do you have any plans to release the game on other platforms?

CM: Most definitely. Apple are very strict with bitcoin, and other platforms such as Android are completely open. However, I am a strong believer that we can’t leave iOS users behind. Earlier this year when Apple banned bitcoin wallet apps, our app “Bity” was the only Apple approved app that allowed bitcoin transactions; shortly after its release Apple opened the flood gates, retracting its restriction against such apps. We hope we can do something similar with SaruTobi.

We are currently seeking extra funding to recruit an Android and HTML 5 developer so we can bring the game to other platforms, and have the wallet 1DUuk9AvMzBbsdazNTQsyVCy1xX2GdnSK4 set up for this.

JMC: Your team is spread across the UK, Australia and Japan; how does that work out?

CM: One of the advantages with creating 2D physics games is they don’t require a big team; it’s very easy to [develop] the game with one or two people. Currently I perform the majority of the coding whilst I have a few illustrators in the UK and Japan who I can work with for design.

JMC: Do you have a personal interest in bitcoin?

CM: I have a miner in the corner of my apartment. I started out of interest because the company I work for made a bitcoin related app. I then bought some bitcoin and used this to purchase a miner from Butterfly Labs. It was a 25ghs miner, which I overclocked up to 30ghs. I ordered in December 2013 from stock. It was profitable for a while, just about made the bitcoin back I put in. I then pre-ordered a Monarch miner and cloud mining service. These never came. Butterfly Labs refunded me based on the dollar price, so I actually got refunded more bitcoin than I originally spent, as the price had changed from $ 1000 to $ 400 between the two times.

JMC: What led you to combine your interest in games with your interest in bitcoin?

CM: Bity is still doing well, and more aimed at people with paper wallets and bitcoin in cold storage. But I can’t compete with big payment players in the field. Games are how I started with iOS development, and Apple released SWIFT in September, which I had to learn for my job.  So I made a few games, and I wanted to make a simple addictive game, and was thinking I could put some sort of coin in there. And if I’m going to use any coin, why not use bitcoin.

If the app was popular and people were playing it, they could learn about bitcoin as there’s a link to send to the about bitcoin section on bitcoin.com, to help it get into the mainstream. I’m not sure how Apple will take it, but after the game is approved, I’ll see what I can get away with. At the moment in iOS apps, it’s impossible to charge anything less than about a dollar, and Apple takes 30% of this automatically. But I thought that in SaruTobi, once it’s up and running, I can take donations, and then in a later update, redistribute them by giving satoshi to do tasks and collecting coins in-game, and it potentially could open up some new features that the games scene hasn’t seen before. The whole concept of micropayments and the tipping scene is very interesting to me.

I found with Bity that I did quite well with optional donations. I was surprised by how many people sent me donations; one person even sent me about $ 2,000 dollars worth of bitcoin out of the blue!

JMC: If someone wanted to put ads for bitcoin products in the game, could they?

CM: We use iAds at the moment, but if people wanted to advertise their product in the game, it’s technically possible after discussions with the right people! I have done it for some of my older apps, and would be happy to do it again.

JMC: Finally, do you have any messages to Bitcoin Magazine readers

It’s slated for release in mid-late November. If you want to be notified of the release, you can follow us on facebook.com/mandelduck


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We are happy to announce, just in time for Giving Tuesday, that the Ronald McDonald House of the Capital Region is the first charity in Upstate NY to accept Bitcoin donations!

nybit2

PRESS RELEASE – 11/20/14

Albany, New York - Ronald McDonald House Charities of the Capital Region is making history by heading down technology lane and becoming the first local charity in Upstate New York to accept Bitcoin donations. They will partner with Bitcoin processing giant BitPay to handle their transactions, and the NY Bitcoin Group will help them get started.

“We are very excited to have our local Ronald McDonald House be the first chapter in the United States to start accepting a digital currency for donations. Bitcoin gives us the ability to send a nickel, a dime, or any other denomination, without the charity getting charged a fee, as they would using with other payment networks,” said Paul Paterakis, a member of the NY Bitcoin Group.

Elizabeth Ploshay of BitPay added, “In other words, through BitPay, they get 100% of the donation, as they would with cash, but unlike with cash, they can now receive donations from anywhere in the world, instantly.” BitPay is the lead global Bitcoin payment processor making donation functionality possible.

Currently, a few other charitable organizations in the United States and around the world accept Bitcoin, including the United Way and Greenpeace USA.

Paterakis said, “This will go down as a historic moment for Ronald McDonald House in Albany. People can be afraid to be the first when it comes to change, but sometimes the first to act are the most rewarded. I believe that will be the case here. The Bitcoin community is generous and I personally plan on matching up to $ 500 in Bitcoin donations to show my support. Any time I have a quarter or two sitting in my digital wallet, I’ll send it over.”

ABOUT THE COMPANIES

NY Bitcoin Group (www.nybitcoingroup.com) was founded in June 2014 by Bitcoin enthusiasts from different industry sectors. Their goal is to promote Bitcoin and educate businesses within the Capital Region on setting up Bitcoin as a form of payment.

BitPay (www.bitpay.com) is the largest global Bitcoin payment service provider headquartered in Atlanta, Georgia. BitPay provides payment processing services for more than 40,000 businesses and processed over $ 100 million USD worth of Bitcoin transactions in 2013. In 2014, BitPay started processing $ 1 million USD daily.


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