Archives for December 2014

Bitcoin to End 2014 with a Bang

Bitcoin has again scored bigtime this 2014 with Microsoft and Dell as two of the newest companies to now accept cryptocurrency as a payment method. Earlier this month, December 11, Microsoft announced its decision to accept purchases in the Microsoft Store using bitcoins. It specifically assigns BitPay, the leading Bitcoin payment processor worldwide, to facilitate the trade-in of the virtual currency at its current market value.

Eric Lockard, Microsoft’s Universal Store vice president, lauds the move saying it’s primarily aimed at giving consumers flexibility in terms of payment and other online transactions. While the use of Bitcoin may not be on the mainstream yet, he acknowledges that its growth has gone beyond customers who’ve adopted it in its early years. Dell, for its part, also announced the acceptance of Bitcoin on technology purchases performed on their website.

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The uncertain future of Bitcoins in Australia

Background

Bitcoin, which drew its roots in 2008, is a decentralized, software-based online payment system. Often referred to as a cryptocurrency, bitcoin has gone a long way from being a virtual currency into a trusted form of payment for various products and services.

While several big companies in the US like Amazon and PayPal have already embraced the legitimacy of bitcoin as a payment method, Australia is just not ready yet. There’s still a big question among their lawmakers on how bitcoin is to be treated, despite its known advantages like low fees, payment flexibility, and anonymity. In fact, the Australian Tax Office has dismissed it as a form of currency last August this year, thus forcing cryptocurrency startups to instead explore other countries.

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