Daily Chart Session, August 29 2014: "Bitcoin Stalling at Resistance at $522" – Video

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Daily Chart Session, August 29 2014: "Bitcoin Stalling at Resistance at $522"
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Daily Chart Session, August 29 2014: "Bitcoin Stalling at Resistance at $522" - Video

The Bitcoin Group #45 – Hal Finney Passes Away – The Tactics of the BitLicense and More – Video

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The Bitcoin Group #45 - Hal Finney Passes Away - The Tactics of the BitLicense and More
If you enjoy the show please donate: https://blockchain.info/address/18EQEiQBK1X2DyDL5Y18j78iw4NuNHoLej Check us out at: http://www.thebitcoingroup.com/ On Today #39;s Show: Issue 1 Hal...

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The Bitcoin Group #45 - Hal Finney Passes Away - The Tactics of the BitLicense and More - Video

Join #TeamHal & #Give100% w/#Bitcoin to the Hal Finney Bitcoin Fund for ALS Research – Video

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Join #TeamHal #Give100% w/#Bitcoin to the Hal Finney Bitcoin Fund for ALS Research
Amyotrophic lateral sclerosis (ALS), also known as Lou Gehrig #39;s Disease, is a progressive neurodegenerative disease that affects nerve cells in the brain and the spinal cord. Over time,...

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Join #TeamHal & #Give100% w/#Bitcoin to the Hal Finney Bitcoin Fund for ALS Research - Video

Bitcoin shows staying power

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A customer feeds cash into a Bitcoin ATM in a boutique in New York. Photo by Brendan McDermid, Reuters

NEW YORK - Bitcoin is catching on at U.S. online merchants including Overstock.com and Expedia, as customers use a digital currency that just a few years ago was virtually unknown but is now showing some staying power.

Though sales paid for in bitcoin so far at vendors interviewed for this article have been a fraction of one percent, they expect that as acceptance grows, the online currency will one day be as ubiquitous as the internet.

"Bitcoin isn't going anywhere; it's here to stay," said Michael Gulmann, vice president of global products at Expedia Inc. in Seattle, the largest online travel agent. "We want to be there from the beginning." Expedia started accepting bitcoin payments for hotel bookings on July 11.

Until recently a niche alternative currency touted by a fervent group of followers, bitcoin has evolved into a software-based payment online system. Bitcoins are stored in a wallet with a unique identification number and companies like Coinbase and Blockchain can hold the currency for the user.

When buying an item from a merchant's website, a customer simply clicks on the bitcoin option and a pop-in window appears where he can type in his wallet ID number.

Still, broad-based adoption of bitcoin is at least five years away because most consumers still prefer to use credit cards, analysts said.

"Bitcoin is a new way of making payments, but it's not solving a problem that's broken," said George Peabody, payments consultant at Glenbrook Partners in Menlo Park, California. "Retail payments aren't broken."

There are also worries about bitcoin's volatility: its price in U.S. dollars changes every day. On Wednesday, bitcoin was up 0.4 percent at $514.09.

That risk is borne by the consumer and the bitcoin payment processor, such as Coinbase or Bitpay, not the retailer. The vendor doesn't hold the bitcoin and is paid in U.S. dollars. As soon as a customer pays in bitcoin, the digital currency goes to the payment processor and the processor immediately pays the merchant, for a fee of less than 1 percent.

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Bitcoin shows staying power

The Wall Street Journal: Bitcoin advocate Charles Shrem to plead guilty

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Bitcoin evangelist Charles Shrem will plead guilty Thursday to one criminal count stemming from what prosecutors had alleged was a drug scheme involving his virtual-currency exchange and an online black market, according to court documents.

Shrem, a well-known bitcoin advocate, will enter the plea in federal court in Manhattan next week, he confirmed in an interview. He said he would plead to one count of aiding and abetting an unlicensed money transmission.

Im happy that its coming to a close, said Shrem in a telephone interview.

Shrem and his alleged accomplice, Robert Faiella, had previously pleaded not guilty to running an alleged money-laundering scheme that funneled the digital currency to users of the online alleged black-market site Silk Road.

It was unclear if Faiella, who has previously plead not guilty, would also change his plea. His lawyer didnt respond to requests for comment.

Read an expanded version of this article at WSJ.com.

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The Wall Street Journal: Bitcoin advocate Charles Shrem to plead guilty