Tag Archives: Money

eBay Views BitPay and Coinbase as Potential PayPal Competitors

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“In the report eBay outlines the scope and operation of PayPal, and it goes on to itemize competitive challenges faced by the service.  Such challengers include: providers of digital wallets, payment card processors, Amazon payments, providers of mobile payment services and card readers for mobile devices, as well as omni-channel POS solutions.  In addition, PayPal faces competition and potential competition for money remitters, bill payment services, issuers of stored value targeted at online payments, providers of online account-based payments, various payment services and digital currencies.  BitPay and Coinbase are named as examples.”

http://www.coindesk.com/ebay-views-bitpay-coinbase-potential-paypal-competitors/

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Latin American Exec: Employees Could Earn 5% More with Bitcoin

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“Bitcoin’s potential to cut credit and debit transaction fees and exchange rate costs is often seen as its biggest advantage to international businesses.  However, to entrepreneurs in developing countries the virtual currency represents an even greater opportunity: the end to costly trade restrictions that inhibit their profits and ability to compete.  Ulf Kuhn, founder of Chile-based Telemarketing Facil, has learned this lesson firsthand. The German native moved to Chile three years ago to export business ideas and learn more about developing markets.  However, he soon found that the traditional banking system was there to impede his efforts every step of the way.”

http://www.coindesk.com/latin-american-exec-employees-earn-more-bitcoin/

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Hackers steal Western Michigan University professor’s paycheck

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“A hacker had gotten into Cool’s WMU account and changed the routing number for his payments, he said, sending $1,518.62 to a bank in Utah. The crime was traced to a computer in New Mexico, Cool said he was told by detectives at the Western Michigan University Department of Public Safety. There was $11.08 left in the Utah account, which is all Cool has gotten back of his paycheck.  On Dec. 20, WMU issued him a paycheck advance, Cool said, which he is paying back in four installments. However, he said he believes the university should reimburse him for his loss, since it was its system that was hacked.”

http://www.mlive.com/news/kalamazoo/index.ssf/2014/02/hackers_stole_western_michigan.html

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The burgeoning underground economy

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“Recently in England, there was an uproar among customers of the HSBC bank when it ‘imposed a restriction blocking customers from withdrawing large amounts of money from their own accounts, unless they could provide the bank with a ‘good reason’ for it.’  It’s highly likely that HSBC’s issues go far deeper than a capricious desire to inconvenience customers. But it underscores a very uncomfortable fact: When you deposit money into a bank, you relinquish control over it. You have, in fact, made a loan to the bank. And short of calling the loan by closing the account, the bank (not you) gets to decide when – and if – they will pay you back.”

http://www.wnd.com/2014/01/the-burgeoning-underground-economy/

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Chase Bans Cash Deposits Without ID Over Money-Laundering Risks

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“In a bid to close potential money laundering loopholes, JPMorgan Chase tells FOX Business it is set to roll out a new policy that requires customers who want to make a cash deposit to show identification and be listed on the actual account.  It is believed that the New York-based financial giant would be the first big bank to enact such a change. Chase tellers are expected to begin asking customers for ID when making cash deposits on February 1, but the policy is not expected to be strictly enforced until March 3, Chase told FOX Business. ‘We are making this policy change for cash deposits only to combat misuse of accounts, including money laundering,’ a Chase spokesperson said.”

http://www.foxbusiness.com/industries/2014/01/14/chase-revamps-cash-deposit-rules-to-ease-money-laundering-risks/

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Is your money safe at the bank? Economist says ‘no’, withdraws $1m

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“Last week I had over $1,000,000 in a checking account at Bank of America. Next week, I will have $10,000.  Why am I getting in line to take my money out of Bank of America? Because of Ben Bernanke and Janet Yellen, who officially begins her term as chairwoman on Feb. 1.  Let me explain: Currently, I receive zero dollars in interest on my $1,000,000. The reason I had the money in Bank of America was to keep it safe. However, the potential cost to keeping my money in Bank of America is that the bank may be unwilling or unable to return my money.”

http://www.pbs.org/newshour/making-sense/is-your-money-safe-at-the-bank-an-economist-says-no-and-withdraws-his/

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Bitcoins and bars: Chicagoans getting in on virtual currency

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“About 40 people gathered on a sub-zero day in early January to eat pizza and drink beer at Atlas Brewery in Lincoln Park. Most of them left without paying a dime.  It was a trial run for the brewery to accept Bitcoin, a digital currency that’s an alternative to cash and credit. At the end of the night, the final tab for food and beer came out to 0.5960 bitcoin (or BTC, the standard abbreviation for bitcoin), the equivalent of about $500 cash given the exchange rate at the time. It was an event organized by Jonathan Solomon, a 28-year-old entrepreneur who has joined the ranks of Bitcoin advocates trying to cash in on the new digital currency.”

http://www.redeyechicago.com/news/redeye-chicago-establishments-accepting-bitcoin-20140130,0,4724378.story

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More Major Retailers Are Getting Ready to Accept Bitcoin

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“When it comes to major retailers accepting payment in Bitcoin, Overstock and TigerDirect are only the beginning.  This revelation came in testimony by Fred Ehrsam, co-founder of the Bitcoin exchange and wallet service Coinbase, during the second day of hearings organized by New York state’s top banking regulator to discuss the promise and peril of cryptocurrencies.  ‘One great beacon here is major retailers like Overstock  — and there have been others — hopping onboard,’ said Ehrsam, whose startup’s service makes it possible for Overstock to accept bitcoins in exchange for its products. ‘There are others of similar stature in the pipeline.'”

http://www.reuters.com/article/2014/01/29/idUS48480526120140129

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Florida Yacht Broker: Why Bitcoin Is Better Than Credit Cards

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“‘I’m on a boat!’ The last time you yelled that out was probably in your dreams.  It’s true that booking a yacht for a charter cruise can take some serious cash — or bitcoin, the virtual currency that’s making waves in finance.  The Advantaged Yacht Charters and Sales in Miami Beach booked its first boat charter last Sunday in bitcoin.  Last weekend, co-owner Jessica Londono attended the North American Bitcoin Conference in Miami, where the deal was sparked. ‘At the conference, the owner of BitPay, Tony Gallippi, made a shoutout that there were local businesses accepting bitcoin during his talk,’ she says.  A man in the room, now her client, searched her company name online and contacted her.”

http://blogs.browardpalmbeach.com/pulp/2014/01/florida_yacht_broker_bitcoin.php

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Land Rover of Redwood City, CA Sells First Land Rover for Bitcoin

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“BitPay Inc, the world leader in business solutions for virtual currencies, announces that Land Rover of Redwood City California is its most recent business to start accepting bitcoins using BitPay . Serving the San Francisco metro area, Land Rover of Red wood City is the first Land Rover Dealership to accept bitcoins.  The dealership was approached by a prominent Silicon Valley Venture Capitalist wanting to purchase a new vehicle with bitcoins. The team had very little knowledge of bitcoins to draw from.”

http://btcbible.com/landrover-redwood-city/

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