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My business accepts Bitcoins
CNN Money ^ | 17 March 2014 | Parija Kavilanz

Posted on 03/17/2014 12:53:04 PM PDT by Errant

Bitcoin is coming soon to a town near you. Or, more likely, it's already there.

The five-year-old digital currency is increasingly being adopted by brick-and mortar businesses, including dentists, pet boutiques -- even a small honey business in Utah.

In 2012, about 1,000 businesses used BitPay, the largest processor of Bitcoin payments. Today, more than 26,000 businesses worldwide use BitPay, said Tony Gallippi, its cofounder and CEO.

The majority of those firms are small businesses -- about half are in the U.S. and the rest are international. And while a majority are online sellers, Gallippi said 20% are merchants with storefronts.

Most prominent in tech hubs like San Francisco, New York and Atlanta, the shops range from bakeries and wine stores to car dealers and mattress sellers.

BitPay estimates that there are currently about 5 million active digital wallets, or Bitcoin accounts, worldwide. But the currency has had its fair share of negative headlines lately for the volatile price, underground drug market busts, high-profile hacks and calls for regulation.

(Excerpt) Read more at money.cnn.com ...


TOPICS: Business/Economy; Culture/Society; News/Current Events
KEYWORDS: bitcoin; business; currency; ebusiness; money
Other News:

Man Named by Newsweek Issues Denial on Bitcoin Claim

http://www.reddit.com/r/Bitcoin/comments/20k54g/1000_btc_bet_that_bitcoin_will_outperform/

Indonesia to Add Full Bitcoin Exchange as Merchant Network Grows

Enters into MOU with Top Bitcoin ATM Manufacturer InterWallet

Bitcoin the buzz at South by Southwest

China’s Temporary QR Code Ban Could Have Implications for Bitcoin’s Future

Poll: How Has Accepting Bitcoin Impacted Your Business?

Mexico’s First Bitcoin ATMs Will Also Deal in Altcoins

1 posted on 03/17/2014 12:53:04 PM PDT by Errant
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To: Lurkina.n.Learnin; nascarnation; TsonicTsunami08; SgtHooper; Ghost of SVR4; Lee N. Field; DTA; ...

Click to be Added / Removed.
2 posted on 03/17/2014 12:53:42 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

I accept Alf Pogs.


3 posted on 03/17/2014 12:55:09 PM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: Vaquero

And beanie babies!


4 posted on 03/17/2014 12:56:29 PM PDT by GeronL (Vote for Conservatives not for Republicans!)
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To: Vaquero

5 posted on 03/17/2014 12:58:36 PM PDT by EEGator
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To: Errant
In my opinion, Bitcoin is nothing but a bartering scheme since it is not legal tender?

How would a Judge rule in a Bitcoin value dispute?

6 posted on 03/17/2014 1:05:24 PM PDT by TexasCajun
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To: Errant

I will accept gold, silver, diamonds, rubies, sapphires, emeralds (especially dark green ones), lead, brass, aluminum, titanium, platinum, rhodium, uranium or plutonium, and even unobtanium, but I will NOT accept ‘bitCoins’.........................


7 posted on 03/17/2014 1:23:27 PM PDT by Red Badger (LIberal is an oxymoron......................)
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To: Errant

From the article: “More than half of BitPay’s merchants convert the Bitcoins immediately into cash. That’s what Kerr opts for, since it’s a way for him to mitigate the risk.”

Hmmm...so Bitcoins are risky; cash (the good ol’ dollar) is not? Interesting.


8 posted on 03/17/2014 1:29:13 PM PDT by Norseman (Defund the Left-Completely!)
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To: EEGator

9 posted on 03/17/2014 1:29:39 PM PDT by Vaquero (Don't pick a fight with an old guy. If he is too old to fight, he'll just kill you.)
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To: Errant

Let’s see....

Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.

What backs Bitcoin?

A large Bitcoin outlet, Mt. Gox, went broke under suspicious circumstances.

The CEO recently committed suicide.

The originator claims not to have any to do with the product, so who is the originator and where is the transparency?

Hmmm. I’ll pass.


10 posted on 03/17/2014 1:30:03 PM PDT by SaxxonWoods (....Let It Burn...)
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To: Errant
Helen Waite is our Credit Manager.

If you need credit, go to Helen Waite.

11 posted on 03/17/2014 1:32:55 PM PDT by Hoodat (Democrats - Opposing Equal Protection since 1828)
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To: SaxxonWoods

“Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.”

Slightly off on your numbers, a year ago February, Bitcoin was at about $17.00, seventeen.


12 posted on 03/17/2014 1:37:38 PM PDT by PoloSec ( Believe the Gospel: how that Christ died for our sins, was buried and rose again)
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To: SaxxonWoods

Last year it was in the teens. A few months ago, it was briefly at $1,200. And now it’s north of $600.

I would say your opinion is probably based upon some severe ignorance ... :-) ...


13 posted on 03/17/2014 1:51:02 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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To: PoloSec; TsonicTsunami08
Looks like all the FR banksters have their panties in a bunch...

What did y'all do to piss 'em off, while I was away??? lol

14 posted on 03/17/2014 1:51:35 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: PoloSec; SaxxonWoods
...and also the CEO of Mt. Gox is still alive.

It is uncanny how often the Bitcoin alarmists are so dead wrong on the facts.

They should realize that unlike Federal Reserve notes, no one is forcing anyone to use Bitcoin. Every individual that is using them is doing so of his own free will because he thinks that unregulated, electronic fiat money is a better medium of exchange than state controlled electronic fiat money.

15 posted on 03/17/2014 1:52:05 PM PDT by nitzy
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To: PoloSec; SaxxonWoods

I’m beating myself up not getting into it a year ago, like I was seriously contemplating. I knew it was going to go up, and it did. I let inertia get in the way of me jumping with about ten Bitcoins. I would have sold out at around $1,000. It actually went to $1,200.

I would have about $9,000 to $10,000 more in my pocket right now.

Oh well ... I guess I can get in again. I’m still wondering if I’ll ever be able to pick it up again for a mere $200 or $300.


16 posted on 03/17/2014 1:57:01 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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To: PoloSec
I perfer these
17 posted on 03/17/2014 1:57:40 PM PDT by al baby (Hi MomÂ… I was refereeing to Obama)
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To: Errant
Thanks for the ping. The naysayers are getting somewhat tedious in these threads but they have a point. There is no good reason for a physical business to accept bitcoins. OTOH, there are really good reasons to accept them in online commerce especially for small amounts. The early adopters who make it easy to click once and spend will do really well.

At first glance the ARScoin is just another joke like dogecoin. "Recently, I became the first person in the history of Ars Technica to have a gold—rather than black—user name. How did I get this blinged-out honor? I bought it for the low, low price of 500 Arscoins—the latest digital cryptocurrency to hit the Internet. Arscoin is one of around 100 or so "altcoins," or alternative bitcoins, derived from the same source code as the original cryptocurrency." http://arstechnica.com/business/2014/03/behold-arscoin-our-own-custom-cryptocurrency/

But others will follow and will innovate at selling small amounts of value for small amounts of money. It will never be enough to buy dinner, that's why back in the food world it doesn't make much sense for merchants to accept any such coins, But it will become the foundation for all online interaction, except for the backwaters which some of the commenters on this thread will find themselves in.

18 posted on 03/17/2014 2:06:18 PM PDT by palmer (There's someone in my lead but it's not me)
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To: SaxxonWoods

In September of 2012 Apple stock was $700 and in April of 2014 it dropped below $400. Ouch. If you have any worthless AAPL please give it to me.


19 posted on 03/17/2014 2:08:31 PM PDT by Lurkina.n.Learnin (This is not just stupid, we're talking Democrat stupid here.)
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To: Star Traveler

I wouldn’t worry about speculating on bitcoin with your hard earned plant fiber money. It is much better to maintain an awareness of the crypto currency markets and figure out how to offer some service to get people to click and send you their bitcoins or their “worthless” alt coins that you can trade into bitcoins.


20 posted on 03/17/2014 2:09:51 PM PDT by palmer (There's someone in my lead but it's not me)
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To: Errant

http://www.freerepublic.com/focus/f-chat/3133881/posts
Here’s one.

I think Bitcoin fits right into satans way.

It’s just as stable and reliable as any of his lies.


21 posted on 03/17/2014 2:11:02 PM PDT by right way right (America has embraced the suck of Freedumb.)
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To: nitzy

It was the CEO of First Meta, Autumn Radtke, who was found dead from an apparent suicide.


22 posted on 03/17/2014 2:13:04 PM PDT by kaboom
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To: Errant
There needs to be a list of those businesses so they can be boycotted!
23 posted on 03/17/2014 2:17:33 PM PDT by dalereed
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To: Errant

“More than half of BitPay’s merchants convert the Bitcoins immediately into cash. That’s what Kerr opts for, since it’s a way for him to mitigate the risk.”

In other words, accepting bitcoin is more or less a gimmick since more than half don’t actually want to OWN bitcoins. This is pretty much like saying we accept Rubles for payment and then immediately converting them to U.S. dollars a microsecond after they were received.


24 posted on 03/17/2014 2:30:34 PM PDT by catnipman (Cat Nipman: Vote Republican in 2012 and only be called racist one more time!)
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To: Errant

Maybe I’m just too dense to understand this whole Bitcoin business, but since it’s an “independent” currency, not backed by any government entity, why would any legitimate business want to accept it? It seems to me it’s the equivalent of accepting Monopoly money.


25 posted on 03/17/2014 2:41:04 PM PDT by GreenHornet
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To: palmer; All
Thanks for the ping. The naysayers are getting somewhat tedious in these threads but they have a point.

You are most welcome. I find all of the comments interesting and just kidding about the negative ones. This is history in the making, IMO. We're seeing a new medium of exchange come into being because of technology and the internet. Think of the "printing press" and what it led to, as my son likes to use as an analogy.

What folks are missing is the most important aspect of cryptocurreny is it's ability to serve as a secure ledger that all may have access to. All currency functions this way. Cash and coins themselves become a sort of physical "ledger" by their very existence, while fiat currency's ledger is maintain and hidden away by some central authority somewhere.

The most promising thing that I see with this new invention of man, is the possibility of putting control of the "money supply (i.e., currency)" back into the hands of the people and out of the hands of the banksters and their government cronies.

Wouldn't that be a wonderful thing for the advancement of mankind the world over?

26 posted on 03/17/2014 3:39:33 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: GreenHornet
See #26 and http://www.coindesk.com/information/
27 posted on 03/17/2014 3:40:53 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

>>The most promising thing that I see with this new invention of man, is the possibility of putting control of the “money supply (i.e., currency)” back into the hands of the people and out of the hands of the banksters and their government cronies.

Wouldn’t that be a wonderful thing for the advancement of mankind the world over?<<

And why would “the people” be so all-seeing, all-knowing, about managing a money supply exactly? For that matter, who are these “people” you keep alluding to? Is Putin one of them, for example, or perhaps Snowden, or you, or me? Who? This is silliness to the nth degree...


28 posted on 03/17/2014 4:00:21 PM PDT by Norseman (Defund the Left-Completely!)
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To: Norseman
And why would “the people” be so all-seeing, all-knowing, about managing a money supply exactly? For that matter, who are these “people” you keep alluding to?

Good questions friend. Who are these "people" managing the money you've spent you life earning now??? I hear the "real" owners of the FED aren't known. Do you have a list of the owners?

As for Bitcoin and other crytocurrencies, it's the miners who create the units and the free markets that set the values thereof.

29 posted on 03/17/2014 4:07:18 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Norseman
You might find this enlightening: http://www.youtube.com/watch?v=iFDe5kUUyT0
30 posted on 03/17/2014 4:08:34 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: catnipman

That’s the same “gimmick” that many see for themselves in getting into the stock market. They’re not necessarily interested in a particular company - but rather how much they can get out of the stock.

However, that doesn’t make the stock market any less useful.


31 posted on 03/17/2014 4:24:05 PM PDT by Star Traveler (Remember to keep the Messiah of Israel in the One-World Government that we look forward to coming)
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To: Red Badger

You will if you’re told to.


32 posted on 03/17/2014 4:30:39 PM PDT by slouper (LWRC SPR 223)
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To: Errant

Bitcoin is coming soon to a town near you. Or, more likely, it’s already there.


33 posted on 03/17/2014 4:33:26 PM PDT by TsonicTsunami08
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To: TsonicTsunami08

https://localbitcoins.com/

:)


34 posted on 03/17/2014 4:35:39 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: Errant

;-)


35 posted on 03/17/2014 4:37:01 PM PDT by TsonicTsunami08
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To: Norseman
And why would “the people” be so all-seeing, all-knowing, about managing a money supply exactly?

It would be a money supply managed by the intersection of supply and demand in the market instead of the whims of a political and financial elite armed with a printing press. Which do you prefer, and why?

For that matter, who are these “people” you keep alluding to?

They're mentioned a few times in the Constitution, you've heard of it, right?

36 posted on 03/17/2014 6:11:26 PM PDT by Gunslingr3
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To: Errant

Capitalism rocks!


37 posted on 03/17/2014 6:54:19 PM PDT by mmichaels1970
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To: mmichaels1970
Capitalism rocks!

When it's allowed to. Unfortunately, I think we're seeing a form of fascism becoming entrenched. The American people seem to dumbed down to be able to even recognize true freedom from centralized control. At least that's what I'm seeing - even here to some extent.

Another of a crytocurrency's unique characteristics is agility afforded by its P2P network. ;)

38 posted on 03/17/2014 7:07:05 PM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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To: SaxxonWoods

“Let’s see....

Bitcoins were selling for $1,100 about a year ago, now the same coin sells for $700. Ouch.”

Actually, a year ago BTC were selling for under $100. So if you’d bought then and held, you’d be up 500%+ (they’re at $615 or so today). Not so “ouch”.

A year and a half ago, gold was at almost $1700/oz. Now it’s under $1400, and heading lower today. Ouch?

“What backs Bitcoin?”

A robust, distributed protocol, beholden to no government.

“A large Bitcoin outlet, Mt. Gox, went broke under suspicious circumstances.”

Yes, an exchange went bankrupt. Lehman Brothers went bankrupt. More similarly, Bernie Madoff lost people a lot of money. So, the dollar is defunct?

“The CEO recently committed suicide.”

Nope, you’re confused.

“The originator claims not to have any to do with the product, so who is the originator and where is the transparency?”

The originator is still anonymous. Most likely he’s a techie who’s not interested in the drudgery of running the Bitcoin Foundation. The folks running it seem to be doing a good job though. Several thousand businesses accept BTC so far, and the number is growing rapidly.

“Hmmm. I’ll pass.”

Feel absolutely free to do so. :-)


39 posted on 03/18/2014 7:02:00 AM PDT by PreciousLiberty
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To: catnipman

“In other words, accepting bitcoin is more or less a gimmick since more than half don’t actually want to OWN bitcoins. This is pretty much like saying we accept Rubles for payment and then immediately converting them to U.S. dollars a microsecond after they were received.”

No, in other words BTC are an alternative to credit/debit cards, Western Union and wire transfers. Transaction fees for BTC transactions are far lower than for Mastercard etc. That’s a powerful incentive for businesses to accept them, and one of the main reasons for their continued success.


40 posted on 03/18/2014 7:07:14 AM PDT by PreciousLiberty
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To: Norseman
"And why would “the people” be so all-seeing, all-knowing, about managing a money supply exactly? For that matter, who are these “people” you keep alluding to? Is Putin one of them, for example, or perhaps Snowden, or you, or me? Who? This is silliness to the nth degree..."

LOL...you need to actually understand it before you'll know if it's "silliness". Hint: a lot of very smart people don't think so.

For that matter, look the current government stance on BTC:

The virtual currency bitcoin took a big step toward the mainstream on Monday as federal authorities signaled their willingness to accept it as a legitimate payment alternative.

A number of federal officials told a Senate hearing that such financial networks offered real benefits for the financial system even as they acknowledged that new forms of digital money had provided avenues for money laundering and illegal activity.

“There are plenty of opportunities for digital currencies to operate within existing laws and regulations,” said Edward Lowery, a special agent with the Secret Service, which is tasked with protecting the integrity of the dollar.

Signs that the government would not stand in the way of bitcoin’s development, even as it has been cracking down on criminal networks that use the digital money, stoked a strong rally in the price of the crypto-currency.

http://dealbook.nytimes.com/2013/11/18/regulators-see-value-in-bitcoin-and-investors-hasten-to-agree/?_php=true&_type=blogs&_r=0

Silliness, eh? :-)

41 posted on 03/18/2014 7:13:42 AM PDT by PreciousLiberty
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To: Errant

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________________________

This is what it looks like in the local bitcoin forum. People getting scammed left and right, oh and a dude wondering if he can buy coffee with bitcoins.


42 posted on 03/18/2014 8:02:42 AM PDT by word_warrior_bob (http://www.youtube.com/watch?v=Vs6qZd_xP1w)
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To: word_warrior_bob

Use extreme caution. In Florida, even the police were running a sting operation. Kind of dispels the theory that bitcoins being worthless and you can only trade them internationally tho.


43 posted on 03/18/2014 8:35:38 AM PDT by Errant (Surround yourself with intelligent and industrious people who help and support each other.)
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