One of the most worrying aspects of the BitLicense regulatory framework is the exodus of Bitcoin companies in the New York State area. Over the past few weeks, it has become quite clear that companies deciding to be compliant with BitLicense might face some serious backlash from its users. For those of you who are wondering which companies are actively pursuing a BitLicense, the following short list will give you an idea.
Bitcoin regulation and more specifically the BitLicense debacle, will be making headlines for many more weeks to come. As the BitLicense application deadline is almost upon us, companies are forced to either apply or halt their services in the state of New York. Several companies have decided on the latter option as very few BitLicense applications are coming in. That being said, it looks like Coinbase, just like Bitstamp, will be applying for a BitLicense.
BitLicense is the first proper form of Bitcoin regulation in the United States, even though most Bitcoin companies do not agree with the proposed requirements. Whereas several Bitcoin exchanges are leaving the New York state area, Bitstamp has announced they will, in fact, be applying for a BitLicense in order to comply with current regulations.
BitLicense Causes Lots of Controversy
Bitcoin regulation is still an important aspect for digital currency to be recognized as a legitimate form of digital money. Yet at the same type, the first revisions of Bitcoin regulation are quite harsh, especially as far as BitLicense is concerned. Applying for a license is expensive, and there is a thorough process every company has to go through.
Buying Bitcoin has become increasingly easier in the past few years, with so many exchange platforms and Bitcoin ATMs popping up all over the world. That being said, buying Bitcoin remains one of the most difficult hurdles to overcome for novice users. Plus, verification procedures are not making matters any easier.
Buying Bitcoin – What Do I Need?
Before you can start buying Bitcoin, there are a handful of things you will need. First of all, you will need to install a Bitcoin client, either on your computer or mobile device. The installation procedures are very straightforward and self-explanatory. Once you have a Bitcoin client installed on your preferred device, a new wallet address will be generated on your behalf. This address is of great importance, as this is where your future Bitcoins will be sent to.
Bitcoin exchanges are the premier solution for the everyday consumer to buy and sell Bitcoin in exchange for fiat currency. However, it seems like most Bitcoin exchanges are flagging accounts who are trading at higher volumes on a monthly basis. Sometimes, these conversations can lead to some very awkward information being asked from the consumer.
Bitstamp – Providing A Copy of Passport or Birth Certificate
Every Bitcoin exchange around the world has to comply with existing legislation and regulations in the region they are operating from. In the case of Bitstamp, the company is compliant with all EU regulations concerning Know-your-Customer and Anti-Money Laundering requirements. After all, Bitcoin exchanges attract quite a lot of money from people looking to buy, sell and trade Bitcoin.
Using Bitcoin in the real world is not as easy as we would like. Granted, there are several ways to circumvent that issue, as several cities around the world have multiple merchants accepting Bitcoin payments in-store. And there is an easier solution to spending Bitcoin as well, by using a BTC-funded Debit Card. Popular Bitcoin exchange Bitstamp is now issuing their own Bitcoin Debit Card, so, let’s see what they have to offer.
Many people are drawn to Bitcoin because of its decentralized and peer-to-peer nature. In recent months, however, a lot of focus has been on other aspects of Bitcoin, which overshadows the peer-to-peer aspect of this disruptive digital currency. Coinffeine is looking to shift that focus to where it belongs, as the technical preview of their peer-to-peer Bitcoin exchange platform has been released.
Coinffeine – A New Breed of Bitcoin Exchange
If you ask Bitcoin enthusiasts around the world, most of them will say there are already more than enough exchanges available. While that statement holds merit in certain parts of the world, there are other areas where there is little to no option of obtaining or selling Bitcoin in exchange for fiat currency.
Bitcoin has been catching the attention of law enforcements around the world, which, unfortunately, leads to even more negative press for this digital currency. Anything and everyone who has done or is doing something illegal have to be using Bitcoin if you were to believe mainstream media sources. According to one of the latest reports, a luxury property related to a Bitcoin hack has been seized by Czech police.
We all want the most fiat currency for our Bitcoin when we are forced to sell this beloved digital currency. However, it is not as easy as you might think to find the best price, especially not when you need some quick cash. But when a Bitcoin platform with 0 information about its team claims to offer you 10% on top of the current market price, something definitely smells fishy.
Bitstamp has been making headlines during the month of January after their Bitcoin hot wallet was breached by a nefarious third party, and several bitcoins went missing. After a few days of downtime, the exchange once again opened its doors to the public, and trading seemed to resume peacefully. That was until a few days ago, when reports surfaced about several users’ USD bank transfer to the Bitstamp exchange bouncing or remaining uncredited.
Standard Chartered Bank No Longer Processing Bitcoin-related Wire Transfers