Ankit Ajmera (@TvventyOne)’s article, published in the Mumbai Mirror, describes Bitcoin’s presence in India. Excerpts:
The Reserve Bank of India, for instance, has not yet formulated regulations to govern trading or profits generated from Bitcoins.” – ”The only time Bitcoins will come under the purview of law is if a case of fraud is reported, following which cops can then initiate action against the fraudulent party.” – ”There have been an estimated 29,400 downloads of Bitcoin wallets from Indian IP addresses. There’s the possibility that one person has downloaded more than one wallet.”
Brandon Glier’s post on Bitcoin became a Medium.com Editors Pick. Excerpts:
“To really understand the power of Bitcoin, you need to think about it as 3 things: (1) a protocol, (2) a commodity, and (3) an ecosystem.” – “Bitcoin has taken a very hard problem — how do you facilitate and record transactions online — and solved it for anyone to leverage for free. This capability may have profound implications that are not yet well-understood […]” – “It’s important to keep in mind that it takes time for the true market use case of a commodity to be developed. […] Like oil, Bitcoin can be refined and put to use in novel and yet-to-be imagined ways.” – “According to the GSMA 1.7 billion people have a mobile phone and no alternative to the cash economy. As digital cash, Bitcoin appeals directly to consumers as an accessible payment alternative without the risk and fees associated with existing credit and debit networks.” – “For the first time in Internet history, settling transactions between multiple parties can be dictated and applied directly through open-source software and not through (largely) for-profit 3rd party institutions.”
Writer Carrie Kirby (@CarrieKirby), in an article on Coindesk, describes some experiences by those who earn their incomes in Bitcoins. Excerpts:
“It’s interesting to learn how little inconvenience and uncertainty is being reported by the select few who collect their pay in bitcoins.” – “San Francisco bitcoin wallet company CoinBase pays all six of its employees entirely in bitcoins, and employee Olaf Carlson-Wee says: ‘I try to stay within the bitcoin economy as much as possible.’” – “’If I received my bitcoin on September 1 and it’s worth $10, but then I sell it at $20, the initial $10 is (subject to) payroll tax, but then the additional $10 would be considered a capital gain, from the advice that I received,’ Holland said.” – “The companies issue W2 forms and report the salaries paid to the government as they normally would.” – “Carlson-Wee, who keeps most of his savings in bitcoins aside from a small USD reserve, admits that a personal financial emergency could put him in the position of having to sell off a lot of his bitcoins at a low price.”
Jeffrey Tucker (@JeffreyATucker) writes of meeting Bernard von NotHaus why Mr. NotHaus is relevant to digital currency. Excerpts:
“Economist F.A. Hayek wrote that it was entirely possible that a high-quality private money could compete with a government money.” – “But who would step out and make the attempt? What entrepreneur would dare come forward and offer up an alternative as a product in the consumer market? Bernard von NotHaus was the man” – “The notion that government was trying to protect a marvelous system against domestic terrorism is mind-boggling, since the truth is rather obvious: The government was trying to protect a terrible system from being overthrown by competition.” – “Bitcoin is a brilliant combination of the Liberty Dollar’s soundness and Napster’s distribution methods, with a few extra features thrown in to protect it against shutdowns.” – “The revolution will not occur with guns and battles, but through enterprise, entrepreneurship, and a billion tiny acts of peaceful consumer choice.”
Ruben Alexander (@BitcoinBash) created a transcript of the interviews published in a LetsTalkBitcoin podcast (@LetsTalkBitcoin) for those voting for candidates for the Individual Seat of Bitcoin Foundation board election.
A new version of the Bitcoin-Qt and Bitcoind clients, v0.8.4, includes a fix for a bug that can be exploited as part of a denial-of-service attack against the Bitcoin network. Without this fix, Bitcoin-Qt/bitcoind nodes that receive a specific message that can cause the client to crash.
Jonathan Stacke writes on Bitcoin in India for his latest article on The Genesis Block (@TheGenesisBlock). Excerpts:
“With talk of inflation and capital controls familiar to the bitcoin community, one might think Indian citizens would be jumping at the opportunity to adopt the digital currency, yet the hurdles to wide-scale bitcoin proliferation in India may be significant for the foreseeable future. While demand for gold has grown in India, the multiple applications it offers culturally and industrially in addition to acting as an alternative store of wealth may mean that such demand does not translate to bitcoin.” – “[A correlation exists] between bitcoin adoption and internet penetration in a given country. India, with just 12.6% of its citizens having internet access, has the sixth lowest internet penetration of the 100 largest countries. Despite that fact, the size of the total Indian population – more than 1.2 billion – makes India the third largest internet-using population in the world, with 150 million users, behind only China and the US.” – “It is possible to buy and sell bitcoin through a number of websites including buysellbitco.in and there does appear to be a healthy LocalBitcoins market.” – “Not to be overlooked is India’s mobile phone penetration of 71%, or approximately 900 million total users. […] only 44 million Indians are smartphone subscribers.” – “M-PESA, the mobile payment system that has changed the lives of millions in Kenya recently rolled out in India. […] If mobile payment systems like these gain traction in India as they have in Africa, acceptance of digital currency would prove to be a less significant hurdle.” – “India had the highest remittance volume in the world in 2011 with $58 billion, or 3.1% of GDP, according to the World Bank.” – “Forward-thinking companies like Buttercoin have recently stepped in to apply the potential of bitcoin to these markets […]” – “The Reserve Bank of India has stated that it does not immediately intend to regulate bitcoin, but their historic actions indicate that may change soon enough […]”