Dear John: Retire later for more security | New York Post

While the price of Bitcoin soared over the years, Andresen and the other core developers toiled to improve the software that made it all possible. They fixed security bugs that had permitted digital heists, made the software less prone to crashes, and spruced up the interface to make it easier to use. That was no small task because what Nakamoto had left was not the kind of software you would hope to build a product on, let alone an economy, says Mike Hearn, an ex-Google software engineer who has contributed code to the project. He released Bitcoin to prove his ideas would work, Hearn says. It wasnt written to be a long-term sustainable product. Most of the work to fix that was done by Andresen and Wladimir van der Laan, the Amsterdam-based coder who took over from Andresen as core maintainer in April , says Hearn (van der Laan, who also draws a salary from the Bitcoin Foundation, didnt respond to an interview request).

Of course the biggest market for investment in bitcoin is the US, but European VCs are really starting to take notice. However, they are less interested in the more obvious bitcoin business models, such as wallets, exchanges and payment service providers, and looking for new models that present opportunities for expansion. Bitbonds lending model is not unique BTCJam and BitLendingClub are also in the bitcoin loans space but the competition is not huge, and Bitbond already operates in a global marketplace. Since its launch in July 2013 it has facilitated almost two hundred loans and has users in over a hundred countries. Small business owners seeking finance are rigorously assessed by Bitbond for their credit worthiness, and once approved, are eligible to list on the site and apply for either short or long-term loans from individual lenders. By using cryptocurrency bitcoin, Bitbond users dont need a bank account to make transactions. Albrecht, who has a background in economics and previously worked at Deutsche Bank Deutsche Bank , said: Our main target borrowers are small businesses that have been operating for two or three years, or maybe longer and cannot get finance from a bank, possibly because they simply dont have access to a bank account, or they are a type of business that the banks typically do not lend to. It may take some time for bitcoin to be adopted by the mainstream small business world, but the interest being shown in promising bitcoin start-ups by the investment community is encouraging. Albrecht says: VCs are very careful and very discerning.

VC Funding Boosts Global Growth For Berlin-Based Bitcoin Startup – Forbes

But there are also buildings and mineral deposits and Air Force One and Mount Rushmore. Hell, we could sell Alaska or one of the Hawaiian Islands if we needed to pay off debt. What do bitcoins have backing them up?

BitPay Staffs Up In San Francisco With Visa, PayPal Alums

Given that metric, its fair to assume that the company will process a small multiple of that figure in 2014. Thats sizable. The bear case in all of this is that, perhaps, bitcoins price sags, interest declines, and instead of becoming a new form of money, bitcoin slowly devolves into obscurity. BitPay, among others, doesnt expect that to happen. Founded 2011 Overview BitPay is the leading payment service provider (PSP) specializing in the peer-to-peer virtual currency Bitcoin which provides for instantaneous transactions from anywhere in the world with no risk of fraud or chargebacks.