Thomas carper bitcoin exchange

The head of an influential Senate committee on virtual currencies today warned against "killing the baby in the cradle" by over-regulating bitcoin. Senator Tom Carper said that there were "good things" in the virtual currency, and likened the current situation to the early days of the Internet. Senator Carper likened bitcoin to the Internet when it first became a commercially significant entity. Some people said it had some downside potential too, with drug transactions and trafficking and money laundering, all kinds of downsides. It can enhance transactions between sellers and buyers, it can actually help international trade, lower the cost of transactions. The Senator praised federal agencies such as the Treasury Department, the Internal Revenue Service the Department of Justice and the Department of Homeland Security for working together to analyze virtual currencies.

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Content:

• Bitcoin gets big boost from Valley merchant
• Shelby under fire for blocking amendment relating to cryptocurrency protections, innovation
• Senate committee takes a hard look at virtual currencies like Bitcoin
• Bitcoin has become too powerful for regulators to shut it down
• Virgin Galactic will accept Bitcoins for space flights
• IRS to treat bitcoin as property, not currency, for tax purposes
• Bitcoin ATM in the halls of Congress
• Bitcoin trading: Arun Jaitley warns again; here’s what he said

WATCH RELATED VIDEO: WATCH: Sen. Carper's full statement on Trump's impeachment trial - Trump's first impeachment trial

Bitcoin gets big boost from Valley merchant

A local underground hip-hop artist. A Libertarian business owner who predicts the collapse of the dollar and a worldwide economic meltdown. A United States senator from Delaware. For the uninitiated, Bitcoin is the so-called virtual or crypto currency that has gained in popularity and value since it was created in , particularly in the past year.

It's used widely as a faster, cheaper way to conduct digital transactions for smaller online retailers. And it has gained in mainstream acceptance, with recent announcements that home furnishing products seller Overstock. But it's also been linked to money laundering and other illegal activity, including the online black market known as Silk Road.

Throughout , U. Tom Carper, D-Del. His overall impression after listening to the testimony: Government might need to take an active role to prevent the ways Bitcoin can be abused, like any currency, but it has great potential to benefit society. And it would be wrong to have a government clampdown squash it, he said. We never would have thought we could use these tiny cellphones to do so many things.

Like Carper, many have come to see Bitcoin as the next evolution of technology — a tool to eliminate an inefficiency in the marketplace. Some economists say the currency innovation also could threaten the dominance in online transaction of a key Delaware industry: credit cards. Card companies might charge 2 percent or 3 percent to process a larger online transaction, and an even higher flat fee for smaller transactions.

Bitcoin fees are miniscule by comparison, around 0. Using a checking account is cheaper, but also slower, since the payment must go through a clearinghouse that serves as an intermediary between financial institutions. I would say no. Bitcoin "will force the banks to learn how to move money more efficiently between accounts. But there's lots of ways this could play out that are very disruptive to banks and credit cards.

Local financial institutions have been hard at work developing their own systems for mobile payments. The Delaware card business of JPMorgan Chase and Wilmington-based savings bank Capital One have platforms for transferring money between bank account, but they still take more than a day if the money is going to an outside institution.

Wilmington-based Barclaycard US has piloted a mobile payment app called bPay that being tested in business through Wilmington and Newark. Skeptics of Bitcoin point out that the currency's whole infrastructure — essentially crowd-sourced and unsupported by any government — could collapse some day and become worthless.

Bitcoin supporters counter that such risks exist with any monetary system and in fact many currencies have collapsed throughout history. If you ask Doug Campbell, Bitcoin is more likely to outlive the dollar due to the escalating nation debt.

A staunch Libertarian who ran for Delaware attorney general in , Campbell holds about 20 different crypto currencies and has used Bitcoin to invest in silver. And Bitcoin is the free market at work. Campbell is a believer in Bitcoin because it's protected against inflation, he said. About 21 million Bitcoin exist, and no more will ever be made. Others are less philosophical in their use of the currency.

Local underground rapper and singer Bill "Gentle Jones" Ferrell started accepting Bitcoin for sales of music and merchandise on his website. The decision lowered his costs, and there's something appealing about taking a new-wave payment system to sell vinyl records. But it all comes down to what do people value," he said. It's all an abstraction. Bitcoin is considered a "virtual" or "crypto" currency that no government or monetary authority has approved, regulated or guaranteed.

It was created by an anonymous computer programmer — or programmers — known only as Satoshi Nakamoto. Essentially, a Bitcoin is an open-source string of computer code that is unique to every unit of Bitcoin. This ensures no one can counterfeit or steal Bitcoin. The currency allows users to conduct online transactions faster and with lower fees compared with using a checking account or credit card.

Once someone receives a Bitcoin, he or she easily can exchange it for U. View Comments View Comments. What do these three people have in common? They're all interested in Bitcoin. Sources: Bitcoin Foundation, Bitcoin.

Shelby under fire for blocking amendment relating to cryptocurrency protections, innovation

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Senate committee takes a hard look at virtual currencies like Bitcoin

Bitcoin companies are hiring lobbyists, visiting lawmakers on Capitol Hill and writing to agencies about how they should write rules that will determine the future of the fast-growing virtual currency. It's all part of a push to shape how Washington ultimately regulates the independent, digital money that is growing in popularity. Harper, who has lobbied for PayPal and VeriSign, is paid in bitcoin. Just two weeks ago, the Internal Revenue Service issued a rule to tax bitcoin as property. The Federal Election Commission is also expected in the next several weeks to decide whether people can contribute to political campaigns using bitcoin. Another federal agency, the Commodity Futures Trading Commission, is expected to rule whether Bitcoin is a traded commodity, like gold or interest rates. All of this comes as Bitcoin is under increased scrutiny. On Tuesday, Attorney General Eric Holder told lawmakers during a Congressional testimony that Bitcoin and other virtual currencies pose a challenge for law enforcement agencies, because they can be used to conceal illegal activity. Those in the Bitcoin world certainly don't want to be caught by surprise with any new federal rules. Treasury and lawmakers on Capitol Hill to talk about the virtual money.

Bitcoin has become too powerful for regulators to shut it down

The DHS was sent a letter on Monday from the Committee on Homeland Security and Governmental Affairs asking for any information, plans or strategies on how it currently or plans to treat virtual currencies, including bitcoin. The letter, posted on the Committee's website , explains the attractiveness of the currency for investors and entrepreneurs with its potential for profit and quick payment solutions. But it also warns that its "near anonymous and decentralized nature has also attracted criminals who value few things more than being allowed to operate in the shadows". Read more : NY regulator investigating bitcoin practices. The Committee indicates that it has initiated an inquiry into virtual currencies because they are an important emerging area and urges the DHS to reply with information before the end of the month.

Virgin Galactic will accept Bitcoins for space flights

But a funny thing happened: nothing. Fear of missing out FOMO, for short is shorthand for that feeling you get on the Internet when you can witness in real time everyone but yourself doing awesome stuff. Each new rise in price and each new industry that accepts Bitcoin as legitimate causes Bitcoin users to erupt in fanfare, and for good reason: many are getting rich capitalizing on crypto-currency mania while the rest of us are snoozing. Take Kristoffer Koch , for example. Chen is skeptical. It goes all the way to the U.

IRS to treat bitcoin as property, not currency, for tax purposes

A local underground hip-hop artist. A Libertarian business owner who predicts the collapse of the dollar and a worldwide economic meltdown. A United States senator from Delaware. For the uninitiated, Bitcoin is the so-called virtual or crypto currency that has gained in popularity and value since it was created in , particularly in the past year. It's used widely as a faster, cheaper way to conduct digital transactions for smaller online retailers. And it has gained in mainstream acceptance, with recent announcements that home furnishing products seller Overstock.

Bitcoin ATM in the halls of Congress

We use cookies and other tracking technologies to improve your browsing experience on our site, show personalized content and targeted ads, analyze site traffic, and understand where our audiences come from. To learn more or opt-out, read our Cookie Policy. I'm a Bitcoin optimist. Henry Farrell isn't.

Bitcoin trading: Arun Jaitley warns again; here’s what he said

A prominent U. Senate committee has launched a formal inquiry to investigate criminal activity and other risks tied to the use of virtual currencies such as Bitcoins. It constitutes the first congressional inquiry into virtual currencies at a broad scale. Virtual currencies are digital-based monies that can be sent quickly between people over the Internet, often with no central bank or government entity backing them. Bitcoin is one of the most popular forms of this type of currency.

When U. Richard Shelby R-AL blocked an amendment aimed at fostering innovation in the cryptocurrency industry, it is unlikely he could have anticipated the ferocity of the reaction against him. The U. The bill includes provisions that are viewed to be detrimental to the American cryptocurrency industry. Industry activists pressed lawmakers to address concerns related to redefining regulation and reporting requirements.

November 19, Bitcoin supporters told a US Senate hearing the virtual currency unit should not be viewed negatively by authorities despite its links to crime. The currency has been linked to a series of high-profile criminal cases in recent months, most notably in the raid on the Silk Road website, dubbed the "eBay for illegal drugs. Launched in , bitcoins can be exchanged online for real money or used to buy goods and services on the Internet.