Welcome!

News Feed Item

Development Capital Group Discusses the Future of Bitcoin and Who Is Opposing It

There Is Talk About Regulations, but Some Companies Are Helping the Growth of Cryptocurrency Like Bitcoin While Others Are Hurting It

MIAMI, FL--(Marketwired - February 07, 2014) - When Development Capital Group went to the North American Bitcoin Conference we met with many of the leading people in the industry on cryptocurrencies, and received a lot of opinions on the future of the market. Last week, Development Capital published an article called "Bitcoin Arrives" which went over cryptocurrency from a historical and ideological perspective by highlighting some key information in the industry.

It seems that people are moving past the idea that these cryptocurrencies, like "Bitcoin," will be used for illegal activity. Whether it was a payment processor, a merchant, a banker, or a government official, each had their individual opinions about how to properly handle it. One side is talking about how the United States government will come in and regulate the newly adopted payment processor, while some are arguing about how it's a temporary thing and going away.

In New York, the Bitcoin community met with regulators to negotiate how to handle this new form or system of payment. The New York Department of Financial Services discussed about "BitLicense" as a potential requirement since the digital currency exchange platforms that are popping up are now deemed "transmitters of money." If the company is accepting a FIAT currency into Bitcoin, and exchanging it among users as well as different currencies, the company is being categorized as a transmitter of money, and this is a place where the government is required to regulate how these transactions are handled.

The New York State Attorney's Office charged Charlie Shrem, CEO of BitInstant, for facilitating in a money laundering scheme, who oddly enough was suppose to be at the North America Bitcoin Conference. The focus in this case though is not the use of Bitcoin itself but the way he transacted with Silk Road users. The same process of money laundering can be done with cash, gold, or wire fraud. Government officials are looking at the lack of regulation that is surrounding Bitcoin. 

Other than regulation, it's important to watch how companies are reacting to this lack of government oversight. Yesterday, we saw a big blow to the Bitcoin community when Apple removed the last Bitcoin wallet app Blockchain from their app store. Bitstamp dropped as low as $752 yesterday with the release of this information, which seems to be a reaction to the news. This still seems to be pretty stable compared to the 50% drop when China's biggest Bitcoin exchange, BTCChina, stopped accepting deposits in Chinese yuan in December. The market has seemed to be less volatile recently when China allowed the acceptance of the Chinese yuan again this past week.

As more governments are opening up to digital currencies, we are seeing more support from big companies. Overstock's CEO Jonathan Johnson is active in the limelight on his personal investment in Bitcoin and started accepting Bitcoin at Overstock. Now Overstock is discussing about accepting the less talked about altcoins. Accepting Bitcoin for companies has brought in some pretty good press and sales. TigerDirect accepted Bitcoin, and did $250,000 in sales in 17 hours. Now we see more companies that are accepting Bitcoin like Tesla, Zynga, Domino's Pizza, Virgin Galactic, Wordpress, and many more.

There is much speculation about the market with numerous articles covering various movements. The Google support team discusses their integration of Bitcoin for Google Play, while Google Ventures has funded a Bitcoin startup called Ripple. Overstock.com's CEO claims it's a matter of time before Amazon accepts Bitcoin. Ebay has publicly backed the idea of integrating Bitcoin while Coinbase has recently received $25 million from Silicon Valley venture capital firm Andreessen Horowitz.

What we are seeing is a pretty positive growth in the market, and a lot of attention from various venture capital and investment companies. If we look at the price of Bitcoin we are seeing it continue to go up with some reversals, but ultimately in an upward trend. We see a lot of activity in this market and continue to monitor what is happening in the industry.

You can read Development Capital Groups original article here.

Image Available: http://www.marketwire.com/library/MwGo/2014/2/7/11G012200/Images/bitcoinHeader2-15209006364.jpg

More Stories By Marketwired .

Copyright © 2009 Marketwired. All rights reserved. All the news releases provided by Marketwired are copyrighted. Any forms of copying other than an individual user's personal reference without express written permission is prohibited. Further distribution of these materials is strictly forbidden, including but not limited to, posting, emailing, faxing, archiving in a public database, redistributing via a computer network or in a printed form.

Latest Stories
Father business cycles and digital consumers are forcing enterprises to respond faster to customer needs and competitive demands. Successful integration of DevOps and Agile development will be key for business success in today’s digital economy. In his session at DevOps Summit, Pradeep Prabhu, Co-Founder & CEO of Cloudmunch, covered the critical practices that enterprises should consider to seamlessly integrate Agile and DevOps processes, barriers to implementing this in the enterprise, and pr...
SYS-CON Events announced today that Men & Mice, the leading global provider of DNS, DHCP and IP address management overlay solutions, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. The Men & Mice Suite overlay solution is already known for its powerful application in heterogeneous operating environments, enabling enterprises to scale without fuss. Building on a solid range of diverse platform support,...
Sensors and effectors of IoT are solving problems in new ways, but small businesses have been slow to join the quantified world. They’ll need information from IoT using applications as varied as the businesses themselves. In his session at @ThingsExpo, Roger Meike, Distinguished Engineer, Director of Technology Innovation at Intuit, showed how IoT manufacturers can use open standards, public APIs and custom apps to enable the Quantified Small Business. He used a Raspberry Pi to connect sensors...
The principles behind DevOps are not new - for decades people have been automating system administration and decreasing the time to deploy apps and perform other management tasks. However, only recently did we see the tools and the will necessary to share the benefits and power of automation with a wider circle of people. In his session at DevOps Summit, Bernard Sanders, Chief Technology Officer at CloudBolt Software, explored the latest tools including Puppet, Chef, Docker, and CMPs needed to...
Data-as-a-Service is the complete package for the transformation of raw data into meaningful data assets and the delivery of those data assets. In her session at 18th Cloud Expo, Lakshmi Randall, an industry expert, analyst and strategist, will address: What is DaaS (Data-as-a-Service)? Challenges addressed by DaaS Vendors that are enabling DaaS Architecture options for DaaS
One of the bewildering things about DevOps is integrating the massive toolchain including the dozens of new tools that seem to crop up every year. Part of DevOps is Continuous Delivery and having a complex toolchain can add additional integration and setup to your developer environment. In his session at @DevOpsSummit at 18th Cloud Expo, Miko Matsumura, Chief Marketing Officer of Gradle Inc., will discuss which tools to use in a developer stack, how to provision the toolchain to minimize onboa...
DevOps is not just last year’s buzzword. Companies with DevOps practices are 2.5x more likely to exceed profitability, market share, and productivity goals. But how do you enable high performance? What can you do right now to start? Find out from DevOps experts including Gene Kim, co-author of "The Phoenix Project," and the Dynatrace Center of Excellence.
SYS-CON Events announced today that Avere Systems, a leading provider of enterprise storage for the hybrid cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Avere delivers a more modern architectural approach to storage that doesn’t require the overprovisioning of storage capacity to achieve performance, overspending on expensive storage media for inactive data or the overbuilding of data centers ...
SYS-CON Events announced today that Catchpoint Systems, Inc., a provider of innovative web and infrastructure monitoring solutions, has been named “Silver Sponsor” of SYS-CON's DevOps Summit at 18th Cloud Expo New York, which will take place June 7-9, 2016, at the Javits Center in New York City, NY. Catchpoint is a leading Digital Performance Analytics company that provides unparalleled insight into customer-critical services to help consistently deliver an amazing customer experience. Designed...
With the proliferation of both SQL and NoSQL databases, organizations can now target specific fit-for-purpose database tools for their different application needs regarding scalability, ease of use, ACID support, etc. Platform as a Service offerings make this even easier now, enabling developers to roll out their own database infrastructure in minutes with minimal management overhead. However, this same amount of flexibility also comes with the challenges of picking the right tool, on the right ...
SYS-CON Events announced today that Alert Logic, Inc., the leading provider of Security-as-a-Service solutions for the cloud, will exhibit at SYS-CON's 18th International Cloud Expo®, which will take place on June 7-9, 2016, at the Javits Center in New York City, NY. Alert Logic, Inc., provides Security-as-a-Service for on-premises, cloud, and hybrid infrastructures, delivering deep security insight and continuous protection for customers at a lower cost than traditional security solutions. Ful...
SYS-CON Events announced today that Interoute, owner-operator of one of Europe's largest networks and a global cloud services platform, has been named “Bronze Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2015 at the Javits Center in New York, New York. Interoute is the owner-operator of one of Europe's largest networks and a global cloud services platform which encompasses 12 data centers, 14 virtual data centers and 31 colocation centers, with connections to 195 ad...
Recognizing the need to identify and validate information security professionals’ competency in securing cloud services, the two leading membership organizations focused on cloud and information security, the Cloud Security Alliance (CSA) and (ISC)^2, joined together to develop an international cloud security credential that reflects the most current and comprehensive best practices for securing and optimizing cloud computing environments.
Companies can harness IoT and predictive analytics to sustain business continuity; predict and manage site performance during emergencies; minimize expensive reactive maintenance; and forecast equipment and maintenance budgets and expenditures. Providing cost-effective, uninterrupted service is challenging, particularly for organizations with geographically dispersed operations.
SYS-CON Events announced today that Commvault, a global leader in enterprise data protection and information management, has been named “Bronze Sponsor” of SYS-CON's 18th International Cloud Expo, which will take place on June 7–9, 2016, at the Javits Center in New York City, NY, and the 19th International Cloud Expo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. Commvault is a leading provider of data protection and information management...