Bitcoin Picks: DISH Starts Accepting Bitcoin, Illegal Firearms Sales Funded with Bitcoin

A number of developments in the world of Cryptocurrencies Cryptocurrencies By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw By using cryptography, virtual currencies, known as cryptocurrencies, are nearly counterfeit-proof digital currencies that are built on blockchain technology. Comprised of decentralized networks, blockchain technology is not overseen by a central authority.Therefore, cryptocurrencies function in a decentralized nature which theoretically makes them immune to government interference. The term, cryptocurrency derives from the origin of the encryption techniques that are employed to secure the netw Read this Term happened this week, namely the Bitcoin realm. Popular cable provider in the United States, DISH, opened its doors to Bitcoin Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term, while a Bowling Green man has earned himself jail time given illegal firearms trafficking using Bitcoins.

DISH Starts Accepting Bitcoin

DISH today opened up this payment functionality in their mydish.com and Hopper Whole-Home HD DVR portals, introducing the news by featuring a young couple who had spent their first 101 days travelling exclusively on Bitcoin. When they return to catch up on all their favorite TV shows, they can continue their tradition.

DISH decided to accept Bitcoin upon popular demand: “Tech-forward chatter among many DISH subscribers spurred the big move.” DISH has partnered with Coinbase to facilitate the payments, which will be converted to US dollars right away. It appears that DISH will not be holding onto a portion of the bitcoins.

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Overstock CEO, Patrick Byrne: Bitcoin Sales Will Net $0.04 EPS This Year

Overstock CEO, Patrick Byrne, told Reuters that bitcoin-based sales would be responsible for $0.04 in earnings per share (EPS) this year.

Bitcoin-based sales have now exceeded $2 million since their January launch. The reported run rate is $15,000 a day, “or $300,000 per month.” Clarification is needed, however, on the relationship between these figures: if sales are $15k per day, this should be $450k per month. It is a stretch to assume that only business days (roughly 20 per month) are counted. One would expect e-commerce activity to remain just as high on weekends. The figure of $300k actually fits better with the $2m year-to-date, assuming 7 months of activity, leaving the $15k/day in need of further examination.

It is also worth noting that $6-8 million total is expected for this year, mostly from new customers. This would require a hockey stick-like jump in sales for the year’s remainder: $4-6 million are required for the remaining 5 months, which is 2-3x the amount achieved during the first 7 months.

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Bowling Green Man Gets Two Years Jail Time for Illegal Firearms Sales with Bitcoin

Adam Joseph Bunger of Bowling Green has been sentenced to 24 months jail time for the illegal sale of firearms. He reportedly packed disassembled firearms inside electronic equipment like DVD players, video game systems and computer equipment. At his sentencing hearing, Bunger called his behavior “idiotic and arrogant."

He was investigated by the Federal Bureau of Alcohol, Tobacco, Firearms and Explosives (ATF) after a recipient informed authorities that he bought a weapon from a site called Black Market Reloaded. Bunger used an online alias of “John Smith” for some of the shipments.

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BitGo to Manage Bitcoin Foundation’s Bitcoin Accounts

Bitcoin Foundation has selected BitGo to manage its bitcoin accounts.

Bitcoin Foundation conducts most of its business in bitcoins. As such, they need an enterprise-grade solution that provides the highest levels of storage security, as well as incorporating spending limits, user management and treasury policy. BitPay has advocated BitGo’s solution for all its supported merchants.

BitGo’s claim to fame is its multi-signature wallet, which repels attacks with multiple levels of protection, analogous to a safe inside a safe.

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