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Just Bought Someone a Villa in Bali by Bitcoin

$500,000 in Bitcoin Just Bought Someone a Villa in Bali

A brand-new villa on the southern coast of Bali has just changed hands — for somewhere above 800 bitcoins. In what appears to be the largest real-world-money purchase in bitcoin's history, an anonymous buyer has picked up a new house for the cryptocurrency equivalent of about $500,000.
The news, first reported by virtual currency news site CoinDesk, comes from the CEO of BitPremier, a marketplace for luxury goods that can only be paid for in bitcoin. Though he would not divulge the exact price or the buyer of the property at the DeLMango Villa Estate, he did indicate that the sale cleared on Feb. 19 for the equivalent of over half a million dollars.
The exact bitcoin amount is unknown as well — the buyer and seller would have had to come to an agreement on the exchange rate, which at the time of sale was about $610 per coin.
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The speed and ease of bitcoin transfers was on full display, as Ronny Tome, the villa's seller, told The Wall Street Journal: "The whole thing was done in an hour. If we had gone through normal bank transfers, it would have taken a few days or a week."
This anonymous buyer isn't the only one to make a big bitcoin purchase lately. Silicon Valley investors the Winklevoss Twins recently shelled out a similar sum for two tickets on Virgin Galactic.
If the idea of a beautiful villa a block from the beach in Bali piques your fancy, you can still get a timeshare at the DeLMango Villa Estate for a mere 79.5 bitcoins — roughly $48,500.

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What Makes Bitcoin Exchanges Tick?

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Exchanges play a central role in the bitcoin ecosystem. In addition to facilitating trade, they set exchange rates between bitcoin and fiat currencies such as the US dollar or the euro.
Rates can vary widely from exchange to exchange (which is where the arbitrageurscome in) and from minute to minute (where the other traders enter).
By now, long-time bitcoin traders are well acclimatised to this volatile landscape. Take, for example, the wild price swings at the middle of this month. From a high of $596.00 on 8th August, the price tumbled 15% to a low of $503.96 just six days later.
But what makes bitcoin’s price move in the first place?

Intro: the order book

Let’s start by examining the inner workings of a digital currency exchange.
First, there’s the electronic order book, which keeps track of buyers’ and sellers’ interests. At every price level, this book records open ‘buy’ and ‘sell’ orders, including their cumulative sizes.
Often you’ll see order books displayed as tables showing open buy orders (known as ‘bids’) and sell orders (known as ‘asks’) at price levels below and above the last market price:
rate

The next trade in the example above will execute either at the bid of $96.281 in case of a seller stepping in, or at $98 if a buyer is willing to pay the ask; more on this later.
It’s important to note that transactions between sellers and buyers only occur if there are open bid and ask orders at the same price level.
You will never see this happen in an order book though, so there must be a piece missing in the puzzle. To better understand how exchanges really work, we also need to know about two basic types of orders.

Limit orders vs market orders

Orders in the book are all ‘limit orders’, meaning they will only be executed if anyone is willing to trade at the requested price level.
“Sell BTC 2.3 at $593.18″ is an example of a limit order asking for $593.18 per 1 BTC. “Buy BTC 0.32 at $592.03″ would be a limit order bidding for $592.03 per 1 BTC.
On the other hand, ‘market orders’ are orders without a price tag attached. For this reason they don’t show up in order books. Instead, they are immediately executed at the next best limit order in the book.
Traders who place market orders are eager to have their orders executed (‘filled’ in trader jargon) as fast as possible, so the price is secondary.

So, what makes price move?

Let’s assume for a moment that there are no matching limit and market orders at the exchange.
There are a lot of limit orders in the order book – as shown in the example above – but no market orders are triggering any transactions.
Clearly, the order matching engine is out of work. No transactions will take place and the exchange rate will stay at the price of the last transaction in consequence.
This will apply until the exchange receives a new market order, in which case one of two things will happen:
a) If there’s still enough limit order volume at the latest transaction’s price in the order book, the new market order gets filled at the same price as the last transaction again, so bitcoin’s price doesn’t change.
b) If there’s not enough order volume to fill the market order, the exchange will fill the rest of it using volume from the next best price level in the order book. In this case, the price changes to the next best price level and – volià – price has just moved.
So, the (very) short answer to the question would therefore be: buyers and sellers placing market orders do move price.
For more tips and tricks on bitcoin trading, check out Christoph’s previous primers onunderstanding price charts and spotting trends.  

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UAE’s First Bitcoin Exchange Launches in Dubai

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Multinational bitcoin exchange igot will today launch the first bitcoin exchange in the United Arab Emirates (UAE), to capitalize on the unique opportunity posed by the market.
The Australia-based company’s founder Rick Day told CoinDesk the new exchange will operate with a Commercial Brokerage License, approved by the local government. It has also secured local banking partners for direct deposits and withdrawals in UAE dirhams (AED).
Igot has hired a small team for business development and customer support for its Dubai office.

Key features

Day added that igot will continue to offer the same flat 1% trading fee to all its customers worldwide, with no additional fees for deposits or withdrawals in either bitcoin or fiat currencies.
The exchange is aimed more at consumers than professional traders, with a simple buy-sell interface. However, it recently implemented a feature called ‘Future Trade’ which functions like limit orders on a more advanced exchange, giving customers the option to set their price and wait for bitcoin’s value to rise or fall to that level before executing the trade.
As well as bank access, igot is also working with local payment processors to give users more options in the coming months.

Market for remittances, investment

As well as having a concentration of high net-worth individuals among its citizens, about 60% of the UAE’s workforce consists of expat Indian workers, both professional and manual, who often send their money back home.
In fact, foreign citizens make up a staggering 91% of the UAE’s population of 9.2 million, with 1 million Indians representing the country’s largest overall group.
Day said that, given that India is currently igot’s largest market outside Australia, its presence in the UAE puts the company in a very interesting position.

“Our strategy to expand igot is based on a pairing system. India is one of our best performing markets. In terms of trade volumes, I think we’re the biggest local exchange there. Indians sent $70bn home in 2012.”

Igot will also target UAE’s wealthy native population, as well as its institutional investors, all of whom have a diverse investment portfolio. The UAE economy is the second largest in the Arab world.

UAE and bitcoin

For a country now famous as a world hub for capitalism and rapid development, the UAE has seen relatively little action on the bitcoin front.
So far, news has been limited to one pioneering pizzeria and a startup, Umbrellab, which offers payment solutions including bitcoin and was reportedly trying to integratebitcoin ATM functions into Dubai’s existing payment kiosk network.
Igot’s Day said forming banking relationships was never easy, but the company was able to use its established banking track record in Australia, New Zealand and India to state its case with UAE bankers.

Australian multinational

Headquartered in Adelaide, Australia, igot has always had plans for expansion into the potentially lucrative markets of Asia and the Middle East.
Day said the company had processed more than $25m worth of trades in the seven months since it launched. Users executed over 10,000 trades via the Future Trades feature, a number that spiked during the bitcoin price volatility of the past few weeks.
It also has a $15 friend-referral scheme and has implemented Jumio Inc’s BISON ID verification system, which has seen the company’s fraud rate drop by 93.29%.
Igot uses the same homepage and interface internationally, but users can connect directly to bank accounts in Australia, India, UAE, Hong Kong, Singapore and New Zealand. There is also the option to use other international bank accounts via the SWIFT network.


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Buy Bitcoin with Payza: Introducing Withdrawal by Bitcoin

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Payza is excited to announce the release of our newest feature Withdraw Funds by Bitcoin!
With the addition of our newest feature, Payza members can now withdraw funds from their Payza account directly to their Bitcoin wallet. Essentially, this feature gives our members an easy way to buy bitcoins using Payza. This is our first step into the exciting space of cryptocurrency, currency that exists solely in the digital world. At Payza, we’re very interested in Bitcoin and cryptocurrency, and we have big plans to expand the way Bitcoin can be used on our platform.

Using Payza to Buy Bitcoin

With a verified Payza account, you can buy Bitcoin in just three simple steps. If your account is not yet verified, this blog post can help you with the verification process: Payza Account Verification: International Members.
Here’s how you buy Bitcoin with Payza:
  1. In your Payza account select “Withdraw Funds” on the top navigation bar and then select “Bitcoin”.
  2. Select the currency (Balance) you wish to use, enter the Bitcoin address for your wallet, and enter the amount you wish to withdraw, then click “Next”.
  3. Verify the details, enter your Payza Transaction PIN and click “Withdraw” to complete the transaction.
Even though a Bitcoin withdrawal takes 1-3 business days to process, your exchange rate will be locked in at the moment your transaction is created so you don’t need to worry about price fluctuations changing the amount of bitcoins you’ll receive. Note that currently you cannot buy Bitcoin with funds added directly to your Payza account by credit card.

If you are new to Bitcoin, the Coinapult Bitcoin wallet let’s you easily store, send and receive bitcoins using your email address making it a good choice for a first wallet. You can also visit Bitcoin.org for a great tool to help you choose the right Bitcoin wallet.


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Bullion Dealer Drops Credit Card Payments After Bitcoin Success

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People who knew concerning bitcoin before 2013 tend to comprise 2 categories: people who had the foresight to shop for the currency once it had been plentiful and low cost, and people wish they might return in time and do identical.

Like several others, enterpriser Joseph Castillo ab initio passed the business over for different interests.

Castillo 1st learned concerning bitcoin in 2009 throughout the digital currency’s infancy, however was ab initio unsure whether or not the conception would really achieve success. A old veteran of the valuable metals and commodities sector, Castillo, like many of us, ab initio thought bitcoin was silly. So, he selected instead to start out a precious metals business, launching Wyoming-based Agora Commodities in 2012.

Agora Commodities found success within the business, acceptive credit cards and cash/bank transfers for gold and silver. However, following a oral communication with an acquaintance and fellow gold capitalist, Castillo set to feature bitcoin payments at the top of 2012 to his then-new company.

It’s a call that radically modified its future.

Revenue jobholder

Between that date and also the starting of 2014, Castillo’s call to just accept bitcoin generated concerning $10m in revenue.

             “What we had to do to protect ourselves against card fraud, we no longer have to do with bitcoin.”

This success later prompted Agora Commodities to maneuver during a a lot of radical direction, deciding to drop mastercard payments entirely.

Castillo told CoinDesk in AN interview that, on the surface, selecting bitcoin over credit cards helped scale back payment prices and also the risk of card fraud, the latter of that forms a key concern for gold dealers within the digital age of commerce.

Castillo additionally noted the positive reaction by his customers, saying, “[The reaction] was typically adjunct. Some customers had questions about bitcoin, however nothing negative. This business is made around trust, and once you've got a client, they’re willing to remain with you as a result of they trust you.”

Protecting the business

Castillo aforesaid that, as atiny low business, the hazards of mastercard acceptance, like chargebacks and dishonorable card use – created it comparatively straightforward to drop the payment technique entirely.

He explained:

                “What we had to do to protect ourselves against card fraud, we no longer have to do with bitcoin – and that saves us on costs.”
Beyond the practical security advantages of shifting away from credit cards, Castillo noted another curious benefit: removing a somewhat ironic payment method. For Castillo, the purchase of gold with credit doesn’t make sense.
By comparison, he sees digital currency’s underlying technical characteristics and the intrinsic value as a worthwhile investment that makes it a payment method worth accepting.

Embracing new opportunities

Castillo cited interest among his company’s customer base – and broader enthusiasm among the precious metals community – as the driving force behind his company’s move to go even a step beyond accepting bitcoin and removing credit cards.
After seeing so much success with bitcoin, Castillo said Agora Commodities now has a digital currency exchange currently in development.
While work still continues on the project, Castillo said that the company is collaborating with an existing exchange to build back-end support, with a portal expected to be integrated with Agora’s online store.
He explained:

“Bitcoin fits perfectly with gold and silver, right? So if people come to the site and want to buy gold and silver, why wouldn’t they want to buy bitcoin from us as well?”

This would build on an existing service that Agora is affiliated with, Castillo said. By working with a third party, Agora will soon allow its customers to exchange precious metals for bitcoin.
Castillo added that bitcoin fits well into the broader perspective held by precious metals investors, and he foresees broader involvement from gold investors as the digital currency continues to grow in prominence.



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Agora Commodities Reports $10m in Bitcoin Sales

Agora Commodities has managed to sell quite $10m-worth of gold and silver for bitcoin since it started acceptive the cryptocurrency last year.
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The firm points out that bitcoin gained quite 4000% in price last year, though that’s not the company’s primary focus, that is additional on shiny, tangible commodities instead of digital currencies.

The biggest rush came in late 2013, because the worth of bitcoin skyrocketed. Clearly, there have been several speculators World Health Organization determined to trade their bitcoins for precious metals.

Just obtaining started

Agora Commodities could be a comparatively young company, however it's already the most important dealer of precious metals for bitcoin on the earth. additionally to gold and silver, the corporate conjointly sells noble metal, atomic number 46 and Rh.

The company sells a large vary of product, starting from one weight unit gold bars priced at $43,000, to one-ounce silver coins priced at $21.

Bitcoin lovers will even mix their love of cryptocurrencies and precious metals with Agora’s Silver Bitcoin mintage, a quarter-bitcoin piece priced at $23.50. No bitcoin enclosed, of course. It options a handy QR code on the rear and therefore the style is quite nice, particularly the binary string on the margin.

The only drawback is that international shipping is kind of pricey, increasing the value of the acquisition considerably. So, unless you propose to create a considerable investment in precious metals, it should not be worthy – particularly if you were puzzling over discovering one coin as a present, or a geeky center.

Coins as BTC wallets

If all this mouth physical coins sounds acquainted, don’t worry, it should. electro-acoustic transducer writer, the businessperson behind Casascius has been minting physical bitcoins for a minute. However, his efforts were curtailed last year, once the U.S.A. monetary Crimes social control Network (FinCEN) dominated that his activities were basically ‘money transmitting’ which he failed to have a allow to hold out such services.

Caldwell then turned to minting unfunded coins, that feature personal keys and might be stocked BTC by the client. writer describes them as “paper bitcoin wallets within a coin container”.

While physical coins aren’t terribly sensible, and that they area unit basically the other of what a digital currency was meant to be, they are doing look quite bit additional appealing (and durable) than your average paper pocketbook.

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6 Cool Machines that Accept Bitcoin

As the range of bitcoin-friendly merchants grows, thus will the quantity of things and services users will get for bitcoin.

It will currently obtain you a dear Alienware recreation portable computer, some home furnishings at buy in or lunch and a few of drinks in an exceedingly range of institutions round the world.

Here we glance at unconventional and funky gadgets that settle for bitcoin. they're still few and much between, however they provide a glimpse into the longer term and demonstrate that digital currencies will augment or perhaps replace benefit the coin machine trade and a number of different niches.

Smart selling machines are around for a jiffy, however solely a couple of corporations have set to feature bitcoin practicality to their styles. Upstate Networks pioneered the construct with its Bitcoin coin machine, that was showcased in early 2012.





1. Aeguana vending machine

London-based Aeguana is marketing a new vending machine that supports a wide range of payment methods including bitcoin. The machine has a spec sheet that wouldn’t look out of place in the PC of yesteryear. It measures 1000 x 400 x 250mm and weighs 38kg, which is relatively compact for a vending machine. The device sports a 15.6-inch 1366×768 advertising display, stereo sound, optional WiFi and 3G/GPRS connectivity.

So why is it so small? Aeguana insists coins belong in the past, so the machine is designed from the ground up to rely on contactless chip or swipe cards and, of course, bitcoin. Therefore, there aren’t that many mechanical components inside and the final product can be a lot smaller than traditional coin-operated vending machines.

2. American Green ZaZZZ marijuana vending machine

American Green decided to integrate bitcoin support into its ZaZZZ vending machine. What sets it apart from the rest of the field is the fact that it dispenses marijuana rather than sodas and candy.



The ZaZZZ was designed for the US states with a liberal attitude towards marijuana. It was demonstrated in Colorado in April.

3. Bitcoin Kinetics BitWasher

California-based Bitcoin Kinetics is developing a vending machine for cryptocurrency users. The company already offers a number of bitcoin machines, including the Bitcoin Kinetics BitWasher, its $1,950 washing machine.



The commercial grade washing machine is based on a Samsung washer-dryer. The brains of the operation come from Intel, in the form of an Intel Edison board.
Bitcoin Kinetics also supplies vending machines, ticket machines, parking meters, ATMs, payment kiosks, personal payment devices and arcade payment devices.

4. Bitcoin Kinetics BitSwitch

While we are on the subject of DIY, Bitcoin Kinetics offers a unique product that can transform many machines capable of accepting money into bitcoin machines.

BitSwitch is a self-installed bitcoin hardware payments system. It is available on Arduino, Raspberry Pi and Intel Edison hardware. GSM, Ethernet, Bluetooth, NFC, RF and WiFi connectivity is available, along with touchscreens and other add-ons. The basic kit, which includes an Arduino board, relay, wires and power supply, costs $55 plus shipping.

5. Liberty Games’ Pirates of the Caribbean pinball machine

Liberty Games’ bitcoin pinball machine, inspired by gaming company Stern’s, is reconditioned by Liberty Games technicians with added bitcoin support. The machine is based on a Raspberry Pi board.

Liberty Games is not new to the world of bitcoin. Earlier this year the company announced a bitcoin-operated arcade machine and last year it developed a bitcoin pool table, complete with a QR code and LCD screen.

6. BitPumper automated filling station

One potential application for bitcoin involves an industry that keeps the world running. Some gas stations have started accepting bitcoin this year, but there is still no dedicated hardware for this niche.
This basically means you can fill up for bitcoin in Colorado or in Malaysia, but you have to pay for your gas at the counter elsewhere.
Although a fully automated bitcoin filling station has not been deployed yet, Bitcoin Kinetics is developing one.

BitPumper is based on the company’s BitSwitch and it can be retrofitted to existing pumps by attaching a relay board and a controller board. When the customer makes a transaction and it is verified the hardware starts pumping the fuel. The system is not available commercially yet.

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