Bitcoin Weekly Recap 6-24-2016
PayPal Partners with Coinbase to Increase Bitcoin Options for its Customers
Earlier this week, an announcement from wallet-provider Coinbase revealed that the company has partnered with PayPal in a deal that will enable the payment giant’s customers to receive the proceeds of their Bitcoin sales in their individual PayPal accounts. Though the current agreement is only applicable for American users of PayPal services, the plan is for the agreement to eventually extend to all of the company’s 200 million customers.
According to the Coinbase announcement, its users will be able to sell their Bitcoin and direct that the dollars be deposited into a PayPal wallet. The company has presented the development as another step toward its goal of increasing Bitcoin accessibility, with the hope of increasing awareness and acceptance of the world’s most well-known digital currency. The partnership is further evidence of PayPal’s growing interest in and support for Bitcoin.
Qioine and BitMEX Offering Bitcoin/Yen Futures Contract
Given that the Bitcoin/Yen pairing has proven to be one of the most popular currency combinations for traders, it was probably only a matter of time before some enterprising soul decided that the world needed to see that pairing in the futures markets. That dream recently came to life when Hong Kong cryptocurrency derivatives trading firm BitMEX partnered with Singapore exchange Quioine to create the Bitcoin/Yen futures contract – enabling traders to now take leveraged long and short positions with the pairing’s exchange rate.
Coinetize Empowers Website Bitcoin Monetization
For the last several years, the idea of creating a monetization system that would enable website users to make micropayments for content has been the subject of a great deal of conversation in the digital currency community. Such a system would at least theoretically and thus free content providers from the need to monetize with advertisements, and perhaps even provide users with a greater opportunity to support their favorite content producers. Coinetize is currently beta testing a micropayments system that can do just that.
The system enables users to purchase what it calls “Coinetize credits” with either Bitcoin or a credit card. Websites that choose to allocate pages to Coinetize appear to visitors in an ad-free version. When those visitors click on page links, they are asked to pay a certain number of credits to view the content. The system allows websites to use this monetization for most types of content, including everything from videos and images to news, tickets, and lists.
The project offers smaller news and blog sites an opportunity to monetize their sites in ways that they could not previously do, and may allow many of them to follow in the footsteps of some of the larger online news sites that have implemented subscription-based viewership in recent years. While not a subscription in the traditional sense, the Coinetize monetization model may offer one of the most practical solutions for enabling those smaller sites to receive payment for their content.
Wright Goes on Patent-Filing Spree
Fortune reported this week that Australian Craig Wright – the man who tried to convince the world that he was Bitcoin’s mysterious inventor – has apparently been busy filing patent applications in the UK. The filings were made through a company named EITC Holdings, which is connected to Wright and registered in Antigua. To date, more than 50 Bitcoin-related patent applications have been filed by EITC, and documents made inspected by Reuters reportedly indicate that there are plans to file roughly 350 more applications. According to consultant Anthony Lewis, who was provided an opportunity to look at some of the patent details, “It looks like he is trying to patent the fundamental building blocks of any blockchain, cryptocurrency, or distributed ledger system.”