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Mt. Gox now requires verification for non-Bitcoin transactions
While the Bitcoin market is advancing toward legitimacy in the financial world, that also means closer legal scrutiny -- and the Mt. Gox exchange is tightening its policies to match. As of today, the institution requires verification for every non-Bitcoin deposit or withdrawal. The move keeps Mt. Gox in line with "strict anti-money laundering rules," and it reduces the chances that security breaches will spark chaos. Verification won't be necessary for pure Bitcoin transactions, the exchange says. Some traders see the new rule spoiling dreams of a truly borderless currency, but it may help reassure those still skittish about virtual cash.
The Daily Roundup for 05.17.2013
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Distro Issue 91: What the #%$! is Bitcoin?
With all of the recent chatter about the rise of Bitcoin, a number of theories have been put forth as to how the "digital gold" achieved its status. In this week's issue of our slate mag, we examine whether the so-called virtual currency is the prototype for a digital economy or if the anonymity that it carries will lead to black market dealings. As far as reviews go, HP's ElitePad 900 and Sony's Xperia XP both get extended time in the hands of our editors. Eyes-On takes to the streets of San Francisco with Stealth's Bomber, Hands-On tackles the latest from Google I/O and Gears of War designer Cliff Bleszinksi offers up his thoughts on next-gen gaming. The weekend is almost here, so we'll let you get right to it via the usual download links that follow. Distro Issue 91 PDF Distro in the iTunes App Store Distro in the Google Play Store Distro in the Windows Store Distro APK (for sideloading) Like Distro on Facebook Follow Distro on Twitter
The Daily Roundup for 05.08.2013
You might say the day is never really done in consumer technology news. Your workday, however, hopefully draws to a close at some point. This is the Daily Roundup on Engadget, a quick peek back at the top headlines for the past 24 hours -- all handpicked by the editors here at the site. Click on through the break, and enjoy.
Engadget Primed: The rise (and rise?) of Bitcoin
Ask anyone about why Bitcoin has suddenly risen to prominence and they may offer one of a number of theories. Perhaps it'll be the one about Cypriots smuggling money out of their country, or the promise of a digital gold rush, or perhaps the tale of a disruptive new economy created by a person who may not even exist. Either way, if you'd like to untangle the myths, half-truths and labored economic newspeak behind the world that is Bitcoin, why not join us after the break?
Bitcoin-Central becomes first Bitcoin exchange licensed to operate like a bank
BitInstant may be aiming for a Bitcoin debit card, but it looks like a European Bitcoin exchange will beat it to the punch. After working with French financial regulators, Bitcoin-Central has hammered out a deal with French payment processor Acoba and France's Credit Mutuel bank to become a payment service provider, which allows it to function much like a bank. According to Bitcoin-Central, it's the first exchange of the digital currency to be licensed to operate as a bank and function within the framework of European regulations. Customers will now have funds held under their name -- rather than that of the exchange -- at Credit Mutuel and insured by the Garantie des dépôts, the French analog of the FDIC (Federal Deposit Insurance Corporation). Soon, users of the service will be able to order debit cards that can use Bitcoins and Euros for purchases and cash withdrawals. Yearning for some direct deposit action? In a few months, the organization will be able to accept direct deposits and even automatically convert hard-earned cash into Bitcoins. The virtual bullion has taken its lumps, but this is a development that fans of the currency can be proud of. For more details, tap the bordering source link. [Image credit: Zach Copley, Flickr]
MasterCard denies BitCoin card rumors, BitInstant says it's still on track
Well, BitInstant is insistent that it will launch a BitCoin debit card, but MasterCard is claiming it will not be part of the plans. After a mock up of the plastic made the rounds featuring the company's logo, the financial powerhouse felt it necessary to reach out to us, clarifying its non-involvement. "MasterCard has no relationship with BitInstant. There are issuers who allow the conversion of Bitcoins to US dollars and other currencies, delivered on prepaid cards. However, we're not aware of this particular programme from BitInstant." Of course, if you read the transcript of Charlie Shrem's chat announcing the plans, he never actually names MasterCard. The logo was likely meant as a placeholder -- one that some outlets took a little too literally. Interestingly, this doesn't actually mean that MasterCard won't be involved... just that the company isn't at this point in the process. BitInstant released its own statement, just hours after the card house contacted us, saying that it has been working with MasterCard affiliates, but had yet to submit to the financial firm directly. "The card program is moving forward and the arrangement with MasterCard will be handled in due time at the proper stage of the process by the partners who work directly with that company." So, what have we learned today? Not a whole heck of a lot actually, other than the fact that putting out a debit card is a complicated business. You'll just have to stay tuned to see how this shakes out.
BitInstant founder says BitCoin debit card to launch within next two months
A BitCoin debit card could be in your very near future thanks to the efforts of trader-backed BitInstant. That fund transfer outfit, dedicated solely to the digital currency, has partnered with an undisclosed international bank to launch a branded debit card within six to eight weeks. News of the development first surfaced yesterday during an online chat with company co-founder, Charlie Shrem, in which he confirmed the cards would cost users $10 apiece to purchase and carry a 1% bitcoin transfer fee, as well as $1.50 ATM withdrawal fee. To further streamline the exchange process, users will be able to make quick transfers under $1000 by scanning a QR code overlay on front or by accessing the personal BitCoin address listed on back -- all possible with a single confirmation. Initially, the cards will be denominated solely for USD, GBP and EUR, but more foreign currencies could soon be added in the lead up to its official debut. For now, those are the only bits Shrem was willing to share, as further details on this plastic alternative will be forthcoming prior to official launch. Until then, there's always AMEX.
Royal Canadian Mint aims to kickstart digital currency with MintChip developer challenge
Bitcoin may not have yet grown much beyond a relatively small base of enthusiasts, but it looks like the Royal Canadian Mint is hoping that its backing will help its own new digital currency catch on in a bigger way. While less decentralized and different than BitCoin in a number of other respects, it is similarly an all-digital currency, and one that requires no personal data to be shared during transactions. Those transactions can be both large and very small (with an emphasis on the latter), and handled in a variety of ways, including over the web or directly between two devices with the necessary hardware (a MintChip-enabled microSD card is one proposed option). While a more formal unveiling is apparently coming later this month, the Mint has already kicked off a challenge where it's inviting developers to create applications that use MintChip technology -- something that, for the near future, will only be available to said developers. Complete details on it can be found at the link below.
Compromised account leads to massive Bitcoin sell off, EFF reconsiders use of currency
Bitcoin, for those not aware, is a completely digital currency -- one where exchanges between individuals are largely anonymous and secured through cryptography, and one that has seen its hype-meter go off the charts in recent months. That, inevitably, has had some people waiting for a fall, and it took a big one this week. While things have since bounced back, the value of the currency on the so-called Mt. Gox exchange dropped from around $17.50 to just one cent in a matter of moments during the early hours of June 20th -- a drop that's since been attributed to a compromised account. Thanks to a daily withdrawal limit, however, that apparently only resulted in $1,000 actually being stolen, and a claims process has now been set up for those affected. While not directly related to the sell off, the Electronic Frontier Foundation (or EFF) also dealt a bit of a blow to the upstart currency this week, when it announced that it would no longer be accepting Bitcoin donations. According to the organization, that's both because it doesn't "fully understand the complex legal issues involved with creating a new currency system," and because it doesn't want its acceptance of Bitcoins misconstrued as an endorsement of Bitcoin. Head on past the break for an account of the aforementioned plunge as it happened. [Thanks, Zigmar; image: Wikipedia]
