Bitcoin News for the week of 8/18/14

The news this week has been mainly about one thing and one thing only – the price of bitcoin. When it came to headlines this past week, the volatility mattered. Outside of the price, things were actually quiet in the world of bitcoins. Hold on to your pants though, this rollercoaster is departing.

Here’s the news for the past week!

Price of Bitcoin Drops Below $400 in BTC-e Flash Crash

The price of bitcoin on the CoinDesk Bitcoin Price Index (BPI) has declined falling to a low of $435.60 (at the time of publishing). However, a more serious decline was observed at one major bitcoin exchange. The development is the latest blow to the price of bitcoin, which had slumped to its lowest level since May late last week.

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Bitcoin price spikes up 6% up to $519!

Don’t look now, but the price after a few days of hitting some low-lows, is coming back strong above $500 to end the week off with some power.

The Price of Bitcoin is Not the Point

But wait, is it really all about the price of bitcoins? Now for the good news: literally none of that matters. Or at least, it shouldn’t. Every time the price of bitcoin drops closer to its market equilibrium, stability increases. It becomes easier to hold onto bitcoin for a few weeks or a month without having to worry about what the price is going to be tomorrow. That brings us closer to a place of stability, from which sustainable growth backed by real commerce can occur.

Don’t forget to look at the transactions!

Sure the price fluctuations is easy to look at and speculate on, but remember to check the bitcoin transactions. Clearly it’s going in one direction – can anyone say moon?

The Present State of Bitcoin

Not to worry folks – Andreas Antonopoulos keeps the entire landscape of bitcoin in perspective as he spoke with Jeffrey Tucker to talk about the present state of bitcoin and its future.

‘Bitcoin 2.0′ Developer Chain Lines Up $9.5 Million Funding Round

Cryptocurrency software developer Chain has lined up $9.5 million in funding, in another sign of Silicon Valley’s enthusiasm for “Bitcoin 2.0” projects –those disruptive ideas for using bitcoin-like computer networks to create decentralized, middleman-free businesses.

Illustration courtesy of Cointelegraph.com
Illustration courtesy of Cointelegraph.com

Live Free or Die: NH Governor Candidate calls for ‘BitLiberty’ in response the ‘BitLicense’

Despite their reputation, some politicians have a soft spot for bitcoin. New Hampshire republican candidate Andrew Hemingway took to the Reddit forums Wednesday, answering questions about his pro-bitcoin positions.

Overstock to Allow International Customers to Pay in Bitcoin

Since the beginning of the year, a number of well-known retailers, including Overstock, Expedia and Dell, have started accepting bitcoin for domestic sales through their websites. Now, Overstock is preparing to allow international customers to pay in bitcoin as well, becoming the biggest merchant to extend the payment option beyond the United States market.

New York Extends Comment Period for BitLicense Proposal

New York Department of Financial Services (NYDFS) superintendent Benjamin M Lawsky has extended the comment period for the BitLicense proposal by an additional 45 days.

Trade group chief eyes Bitcoin

The head of a top financial trade group says that companies he represents are growing comfortable with the virtual currency bitcoin. The Electronic Transactions Association, which represents companies like Visa and MasterCard, has already welcomed one bitcoin company into its fold, and companies might be more inclined to support the virtual currency in the future.

Bitcoin Foundation Releases a Primer on Jurisdictions for BTC Businesses

The Bitcoin Foundation’s “A Primer on Bitcoin Jurisdiction”, a document the foundation made freely available online, is intended to help its members and other cryptocurrency startups tackle their legal obligations.

The Bitfilm Festival 2014

Will you be attending? The 14th edition of the Bitfilm Festival will focus on films about bitcoin. The festival dates so far will be October 18th, in Berlin, November 8th, in Seoul, and November 29th, in Buenos Aires.

Retailers look to Bitcoin as currency for life’s basics

Bank transaction charges and problems with phone lines have led some to reluctantly abandon accepting any other form of payment, even during the lucrative summer holidays. But one local business has decided to embrace a controversial alternative.

Bitcoin shakes up remittances as poorer people offered digital deals

Social entrepreneurs in developing countries are using mobile phones and the controversial digital currency bitcoin to increase the speed, and slash the price, of international money transfers, raising the prospect of a revolution in the $600bn annual global remittance market.

Safello helps charities accept Bitcoin for free

Swedish Bitcoin exchange, Safello, has launched a free service that allows charities to receive bitcoin for free. The new donation service is available in limited form and offers charities custom campaign pages that act in a similar way to Kickstarter but use bitcoin to contribute and are completely free, with 100 percent of proceeds going to the charity.

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