My broker profiforex has added it to their payment method ,its indeed easy because with it I make withdrawals and deposit without commission.
New York regulator issues final virtual currency rules
New York state issued on Wednesday extensive new rules for companies that operate in virtual currencies such as bitcoin but did little to accommodate complaints that overly tight regulation could hamper the nascent industry.
The new rules, the first by a state, create comprehensive guidelines for regulating digital currency firms, according to the state's Department of Financial Services, which developed the regulations.
It means that digital currency companies operating in New York state that hold customer funds and exchange virtual currencies for dollars or other currencies are required to apply for what is known as a state "BitLicense."
"There is a basic bargain that when a financial company is entrusted with safeguarding customer funds and receives a license from the state to do so, it accepts the need for heightened regulatory scrutiny to help ensure that a consumer's money does not just disappear into a black hole," Benjamin Lawsky, superintendent of the New York state regulator, said in a speech Wednesday at the BITS Emerging Payments Forum in Washington.
The "BitLicense" rules include consumer protection, anti-money laundering and cybersecurity protections.
The regulations come as digital currencies have drawn criticism for attracting drug dealers and other criminal elements, while failing to safeguarding consumer funds.
Last year, bitcoin exchange Mt. Gox collapsed after it claimed to have lost $500 million worth of customer bitcoins after being hacked.
Overall, industry participants said New York's new rules are still problematic but nonetheless an improvement over the original proposals laid out in July and revised in December.
Digital currency companies are required to obtain prior approval for material changes to their products or business models, such as wallet firms offering exchange services. They would also need approval for new controlling investors.
But they would not need approval from the state for every round of venture capital funding or standard software updates.
"We have no interest in micro-managing minor app updates. We're not Apple," said Lawsky.
Companies that want both a BitLicense and a money transmitter license can work with the state regulator to have a "one-stop" application submission to cover the requirements for both.
Jerry Brito, executive director of non-profit research group Coin Center, called the final regulations "far from perfect," specifically citing what he said were vague state-level anti-money laundering obligations that go beyond federal regulations.
He said the group was working with other states "to ensure they do not repeat the mistakes made here."
The rules do not apply to software developers, individual users, customer loyalty programs, gift cards, currency miners, or merchants accepting bitcoin as payment.
Lawsky, meanwhile, has come under fire from the bitcoin community for issuing the rules shortly after announcing he was leaving the agency to set up a consulting company that will advise companies on financial matters that could possibly include digital currencies.
The most prominent virtual currency now is bitcoin, often used as an investment or to pay for goods and services online.
Bitcoin prices have been steady of late, at $225.77 on the BitStamp platform on Wednesday. The price rose as high as $1,123 in December 2013.
"I think (the rules) are going to increase the costs to entry for businesses," said New York attorney Reuben Grinberg, who specializes in virtual currency. "But I think it's going to give consumers greater peace of mind and will end up promoting investment in this area much more so than it hurts."
Step 1 - make the money "digital"
Step 2 - take as much money from the owners as you wish
The end of money is close
And there is nothing we can do to change that
Bitcoin Soars By 10%: Does Someone Know Something?
Despite the exuberance in US and European equity markets, it appears Bitcoin is sending a different (avoid the looming capital controls) message... Does someone know something?
Bitcoin is soaring on heavy volume...
Next bitcoin bubble and scamms on their way
Wasn't it enough to see what happened last time?
Bitcoin rallies to 2015 highs as 'Grexit' fears mount
Bitcoin prices jumped above the key $300-level for the first time since January on Sunday, as safe-haven demand was boosted amid growing concerns Greece will fall into bankruptcy and leave the euro zone.
Bitcoin surged $43.47, or 16.08% on Bitfinex to trade at $313.80 during U.S. morning hours. Prices hit an intraday high of $315.00 earlier, the most since January 2.
The price of a bitcoin on Slovenia-based BitStamp jumped $46.04, or 17.06%, to trade at $315.88, while prices on Bulgaria-based BTC-e rallied $36.05, or 13.52%, to trade at $306.50.
According to the CoinDesk Bitcoin Price Index, which averages prices from the major exchanges, prices of the crypto-currency advanced $20.14, or 6.91%, to trade at $311.83.
Meanwhile, euro-denominated Bitcoin prices (BTC/EUR) climbed €17.31, or 6.59%, to trade at €279.90 on U.S.-based Kraken Exchange, a level not seen since March 12.
Marathon talks between euro zone finance ministers ended without an agreement on Greece's latest reform proposal late Saturday, fueling fears Greece will default on its debt obligations and leave the single currency union.
All eyes are now on a summit of European leaders on Sunday, in what could be Greece's final opportunity to avoid a default.
The virtual currency has been well supported by safe-haven demand in recent weeks, as it is one of the few asset classes that can act as a hedge against fiat currency fluctuation.
Elsewhere, yuan-denominated Bitcoin prices on Shanghai-based BTC China rose ¥98.09, or 5.23%, to trade at ¥1,974.00, prices on Beijing-based Huobi increased ¥192.47, or 11.39%, to trade at ¥1,882.57, while prices on OkCoin soared ¥290.60, or 17.22%, to trade at ¥1,978.49.
Bitcoin is digital cash and is not backed by a government or central bank to regulate or issue it. It can be used to purchase goods and services from stores and online retailers.
Forget bitcoin - another bubble on way
Why do you think so?
Bitcoin is down the hill. It will just be a matter of time.
Please enable the necessary setting in your browser, otherwise you will not be able to log in.