Page 14 - GS131101

Chapter
ChapterTitleTitleTitleTitleNews
Chapter
Chapter

breached by unfriendly parties," said Don Bloodworth, Chief Financial Officer BIPS adds to
at Tyfone. "They're just sitting back and waiting to act upon that [information]."

The government sector has taken notice. In December 2012, In-Q-Tel, the private bitcoin news
industry investment arm for the CIA and the larger U.S. intelligence community,
partnered with Tyfone to develop CSC for government applications.
hether bitcoin will
Narendra said mass adoption of CSC technology is about a year away. He flourish in the long
believes CSC uptake will track with the rollout of Europay/MasterCard/Visa term is open to
chip cards in the United States. W debate, but news
about the alternative currency
is abundant. In October 2013, the
first bitcoin-enabled ATM went live
in Vancouver, British Columbia,
Canada; a Norwegian man who for-
got he purchased $24 worth of bit-
coin in 2009 found it was now worth
about $690,000; and U.S. authorities
seized an estimated $28 million in
biticoin from the owner of the noto-
rious online marketplace dubbed the
"Silk Road."

Additional news about bitcoin
surfaced in the payments industry.
Copenhagen,Denmark-based
Bitcoin Internet Payment System
integrated its bitcoin payment
platform with the e-commerce
platform of Bigcommerce Pty. Ltd.
The integration enables 40,000 plus
Bigcommerce merchants to accept
bitcoin as payment for products and
services.

By accepting bitcoin, merchants will
be able to enjoy all of the benefits
that the innovative cryptocurrency
offers, including "lower fees, no
risk of chargebacks, the potential
for increased privacy for customers
and the ability to accept payments
from over 190 countries around the
world," BIPS stated.

Beyond bitcoin account signup
and linking to Bigcommerce
accounts, no additional setup,
installation or coding is required,
which dramatically lowers the
barrier for merchants interested
in accepting bitcoin, according
to BIPS. The bitcoin processor
noted that it gives merchants the
option of having bitcoin revenue
immediately converted to any of
over 160 currencies and have funds
transferred to merchant accounts at
the end of each business day.

14