November 21 , 2014 - In This Issue:

 

 

 

 

 

 

 

 

 

Bitcoin is moving forward at a dizzying pace says Zach Harvey, CEO of Lamassu

Lamassu, a company that has installed more than 100 Bitcoin ATMs at various cities around the world, is confident of the potential that Bitcoin has. Zach Harvey, CEO of the company says that Bitcoin is moving forward at a dizzying pace and it's very encouraging to see BTC ATM operators recovering their investment within three to nine months.

 

The press release from Lamassu says that an industry that was nonexistent a mere 12 months ago is flourishing and profitable. The data compiled by the internal Lamassu surveys show that standard cash-to-Bitcoin locations are averaging $20,000 worth of transactions per month, whereas prime locations are averaging $40,000 - $60,000 per month.

 

The company claims that with an average commission of 5.5%, operators are looking at $1,000-$3,000 in gross profit monthly, per machine. Zach Harvey admits that the profit levels prove that people appreciate the convenience of Bitcoin ATMs, and that appreciation translates into traffic and sales for our operators.

 

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Blockstream - Billionaire Entrepreneurs Betting Big on Bitcoin 

Blockstream aims to enhance the blockchain and turn it into a platform that can be used to develop multiple applications that go far beyond cryptocurrency. The investors hope that they will be able to use the blockchain to enable people engage in trustless transactions without having to pay fees to middlemen such as trustees, registrars and others.

 

According Reid Hoffman, a co-founder of LinkedIn, and a funder of Blockstream, the blockchain is "extremely difficult to corrupt" and it therefore possesses the potential to become an efficient platform on which anything of value can be transacted. He believes that Blockstream will facilitate the development of the blockchain so as to enable this.

 

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Bitcoin Gets Toehold in Kansas City, Mo.

Grant Brown and Mark Vick are intent on turning this heartland town into a bitcoin city.

 

They're setting up vending machines in the Kansas City area to dispense the cybercurrency. One listing of bitcoin ATMs shows more of them here than in New York, Los Angeles and nearly all other metro markets.

 

Bitcoin - created by high-speed electronics, stored on encrypted digital wallets, exchanged through computers and seeking dollar-like status - enjoys other elements of an emerging ecosystem here.

 

A website that maps bitcoin-friendly locations plots more restaurants and merchants ready to accept bitcoin around Kansas City than in all but three other U.S. markets - and it's thanks largely to one Overland Park company.

 

A meet-up group gathers on alternate Mondays to chat about electronic currencies. And one Kansas City law firm has made a business of helping entrepreneurs tackle bitcoin questions, including whether their ideas are legal.

 

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Why banks fear Bitcoin

The virtual currency is likely to decentralize banking services, says Trond Arne Undheim, senior lecturer at MIT Sloan School of Management.

 

Bitcoin heralds a new age more disruptive than that of today's Internet. Disruption can be a good thing, especially when it affects banking, a failing set of business models which, for all the tweaks, have been virtually unchanged for millennia. Paradoxically, some banks are afraid of Bitcoin because it would force them to innovate.

 

Bitcoin is but the most famous example of an emerging technology network with the potential to improve banking. It belongs to the new type of financial animal called crypto currencies, i.e. decentralized, secure money storage and money transfer enabled by the Internet. What Bitcoin, and the even more promising Ripple network do, is not to poke a hole in banking's basic business models-lending, deposits, trading, and money exchange-but to create the embryos for entirely new markets typically referred to as the Internet of Value. That is, a way for regular folks, as well as specialists, to potentially monetize everything, regardless of location, traditional market access and jurisdiction.

 

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Bitcoin Is the Next Chapter in the History of Money

Since the dawn of money, money has had three major eras: commodity money, representative money and fiat money.

Now we are seeing the birth of the fourth era: digital money like Bitcoin.

The first era of money was commodity money. Commodity money is money made of a commodity. There is much ancient history documenting commodities of all sorts being used, like shells and grains. Initially, commodity money was used mostly for individual or local transactions.

Commodity money took a huge step forward when it started being made of metals. The first mention of silver and gold coins were the ones being used by the Lydians around 650 B.C. They were a big improvement over other commodities: more durable, more rare and more portable.

And the development of coins was a very useful innovation. It standardized weight and content, especially when made by a government, and the designs made coins easily recognizable. The result was that they were more easily exchanged. Because its value is determined by the value of the commodity used to make it, a $20 gold coin would have $20 worth of gold in it.

 

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Bloomberg Holds Bitcoin Conference On "Bitcoin: Beyond the Currency"

Titled "Bitcoin: Beyond the Currency", the Bitcoin conference was organized by Bloomberg, the noted financial information provider, at its headquarters in New York. The event was successful one that talked about various dimensions of the digital currency and its future as well as role in the larger context of the economy.

 

The "Bitcoin: Beyond the Currency" conference covered various topics; the initial panel for the day was on "Bitcoin as Technology" wherein Will O'Brien, CEO of BitGo, gave his perspective. He admitted that he is optimistic about the digital currency as it is going over the next few years. He says 2015 is going to be a very big year for the cryptocurrency.

 

Bitcoin which has faced a lot of decline in exchange value in one year from reaching $1200 in October 2013 to falling below $300, according to Will O'Brien, has a lot of potential. He says next year there will be massive consolidation of the industry startups - small and large Bitcoin companies.

 

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