Bitcoin News
Daily diary of what's happening with Bitcoin.
TechCrunch’s Drew Olanoff (@Drew) had the scoop on Reddit’s announcement that they were accepting bitcoins as payment when its users purchase Reddit Gold. Excerpts:
“Social discovery and discussion site Reddit has just launched an integration that allows its users to pay for ‘Reddit Gold’ using bitcoin with Coinbase’s system.”
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“By buying Reddit Gold, you can add features to your account like comment highlighting and shutting off ads.”
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“Brian Armstrong, Coinbase’s CEO, [shared] about the launch: ‘This is a large step forward for Bitcoin and for Coinbase, as Reddit is a top 100 site in the U.S. and top 200 site internationally. […] We had a number of other merchants start using our merchant tools recently, including 4Chan, web hosting companies, productivity app, and plenty of sites accepting donations.’”
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“[Coinbase] says it has 30,000 users and is processing 40,000 bitcoin payments a month.”
- http://tcrn.ch/12lHkxR
- http://bit.ly/Z0AjgZ (Announcement/blog post on Reddit)
- http://bitcointalk.org/index.php?topic=144102.0 (Further discussion of this development)
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Joe Cascio (@JoeCascio) describes in a blog post reasons why Coinbase is reporting an “overwhelming response” to their wallet and exchange service. Excerpts:
“I have found it to be the simplest, lowest cost, if not the fastest alternative for online purchasing I have tried.”
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“They use convenient and very low cost ACH transfers to withdraw money from a bank account you designate to buy bitcoin, or into which to deposit money when you sell bitcoin. Because of the ACH transfer, it currently requires a US bank account.”
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“When I input an order to buy, I’m told exactly how much will be deducted from my bank and I’m notified by email when the order completes. I can monitor the progress of the order on the site and even cancel uncompleted orders if necessary. There are no flaming hoops to jump through, no other ‘surprise’ services or fees involved.”
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“I have been experiencing 3 or more business days delay between placing an order and having the bitcoin I purchased be available to me. This is due to the ACH transfer time and the old, creaky traditional banking system.”
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“‘We definitely want to raise those limits, and will most likely do so in the next 2-3 months [… but] after your first trade completes successfully you can do $100 each day, even if the previous ones have not completed yet. [quote from Coinbase CEO Brian Armstrong]”.
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