Weekend Roundup: PayPal Confirms BTC Acceptance, BitMesh Unveils Bitcoin-Internet Prototype

Weekend Roundup from CoinTelegraph

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Weekend Roundup: PayPal Confirms BTC Acceptance, BitMesh Unveils Bitcoin-Internet Prototype

PayPal Confirms Bitcoin Acceptance Option at SEC Ahead of EBay Split

In a filing at the US Securities and Exchanges Commission (SEC), PayPal details its future as a separate entity from eBay, a split which is due to occur by the end of 2015. In discussing its innovations, specifically Braintree, PayPal definitively mentions "digital currencies such as Bitcoin” as an official tool for merchants to use.

The filing reads:

"A merchant can typically open a standard PayPal account and begin accepting payments through PayPal within a few minutes. [...] Our Payments Platform supports growth with a variety of value-added services designed to help businesses of all sizes manage their cash flow, invoice clients, pay bills, and reduce the need for merchants to receive and store sensitive customer financial information. [...] A merchant can also integrate with Braintree to begin accepting payments with credit or debit cards, PayPal, Venmo, digital currencies such as Bitcoin, or other payment solutions with a single integration."

Bandwidth for Bitcoin: BitMesh Displays Working Prototype

BitMesh, which has been called the potential "Uber of ISPs," recently tweeted a presentation video featuring co-founder Christ Smith connecting his computer to a Wi-Fi signal called BitMesh.

In the video, Smith sends a Bitcoin micropayment to connect to the network for his chosen amount of time. The owner of that bandwidth, whomever it happens to be, receives Smith's payment in return for sharing his signal.

Much like Uber, BitMesh rejects the fixed price model. According to their website:

"Negotiation of the price of data takes place in a local 'marketplace,' achieving a fair price for Internet without requirement for a contract or third party escrow. The end result is cheaper, more robust Internet service and Bitcoin in more people’s hands."

Facing Bankruptcy, Bitcoin Foundation Discloses Controversial Restructuring Proposal

According to an internal document drafted by the management team of the Bitcoin Foundation that surfaced this week, the foundation is considering splitting into two separate organizations. 

The first organization should be the continuation of the current foundation, while the other one should be made up of the core development team, split off to focus exclusively on core protocol development.

First Fintech-Only Hub Opens in Sydney to 'Disrupt Banking'

The Tyro Fintech Hub opened in Sydney in February to work with startups working to disrupt or innovate in finance, banking, or insurance - whether it involves with cryptography, personal finance, data analytics, Bitcoin, or innovative market models such as peer-to-peer.

Founder Andrew Corbett-Jones told CoinTelegraph:

"We believe this space will be particularly attractive to anyone thinking about leaving a large, slow-moving employer – whether that’s a bank, an insurance company or a professional services firm – and launching their own startup."

Max Keiser, StartJOIN Co-founder: 'We are Monetizing Altruism'

Max Keiser is the co-founder of StartJOIN, a crowdfunding platform and launch pad for business ideas and projects that leverages on cryptocurrency such as StartCOIN and Bitcoin. He is also the host of Keiser Report, a financial program that airs on RT.

In an exclusive interview with CoinTelegraph, Keiser shared StarJOIN's progress and what we can expect in the future.

An excerpt:

"What makes StartJOIN and StartCOIN different is that, like I did with HSX, we combine a platform with a currency. In the case of the HSX, we launched the first, fully convertible virtual currency - and in fact, a patented technology, U.S. pat. no. 5950176 for Virtual Specialist Technology."

Elsewhere

Bank of New York Mellon Corp. is continuing examining the impact of Bitcoin on the current financial world, reported the Wall Street Journal.

For the first time, bitcoin has been used to incorporate a legal entity in Italy. On March 24, 2015, Thomas Bertani incorporated Oraclize Srl, with a capital contribution of 45 bitcoin, which was registered by Public Notary Giacomo Pieraccini, reported Bitcoin Magazine.

The Reserve Bank of Australia issued a statement on Tuesday, indicating that it was not in favor of regulating digital currencies at the time being. "The Bank's judgment is that the current very limited use of digital currencies means that they do not raise any significant concerns with respect to competition, efficiency or risk to the financial system," the statement reads. "Accordingly, it is currently unlikely that any benefits of regulation would outweigh the potential costs."

Issuing a taxation memorandum clarifying bitcoin's taxation position in the state, New Jersey has outlined the digital currency's place within a preexisting barter-taxation policy. The move means that sellers accepting bitcoin are obliged to record the normal dollar equivalent value in their sales records and pay sales taxes to the authority in dollars.

New Bitcoin ATMs

In light of CoinTelegraph's partnership with Coin ATM Radar, we have compiled a list of the latest bitcoin ATMs that went live this week.

On April 4, Austria welcomed its second bitcoin ATM, a Lamassu one-way device located at MattBionic.rocks Office, Novaragasse 27, Wien. Transactions are limited to 1,000 EUR for unregistered users, and the operator charges a 5% fee per transaction.

In Denver, Colorado, a new Genesis Coin one-way bitcoin ATM was installed on April 7, at Code Talent, 2980 Larimer St. Operated by DenverBitcoinCenter. The machine has a daily buy limit of US$4,999 and sell limit of US$2,000.

In Canada, a Lamassu one-way bitcoin ATM was installed at Tilted Kilt Pub & Eatery, 1814 Mayor Magrath Dr S, Lethbridge, Alberta. The device is operated by Bitcoin Logic and is limited to US$3,000 per transaction and charges 12% per transaction.

In Toronto, a BitXatm two-way bitcoin ATM is expected to start operating on April 22. The machine will be located at the 2nd floor of Project Owl co-working space, 20 Camden St, Toronto.

Market Activity

Bitcoin's price has been on the decline this week, moving from an approximate of 257 USD/BTC on Monday to 237 USD/BTC as of today, according to Blockchain.info data.

The price has been declining since early March, and according to our price analysis for Q1, the short, mid, and long-term charts are all looking bearish at the moment. The charts are sending mixed messages, and it might be wise to wait for the price to resolve itself one way or the other.

Last week, we reached a record high in the number of transactions per day at 126,000. 


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