Category Archives: Bitcoin

Yesterday, Bitcoin tipping service ChangeTip announced that it had exceed 10,000 user generated bitcoin tips in one day, marking a milestone in the phenomenon of microtransacted bitcoin tipping across the Internet.

As a currency that can be broken down into extremely tiny fractions and still traded, Bitcoin has always had an ephemeral edge when it comes to the potential for microtransactions. There may be potential problems with transaction fees (which are tiny) but it still stands out as an excellent method for remitting very small amounts. This makes Bitcoin perfect for tipping.

This led to the rise of tip botsone of the most notable is the Reddit BitcoinTip bot, which has since been consumed by the ChangeTip bot.

The ChangeTip service enables users to tip others with bitcoin via many social media outlets by simply leaving a comment that triggers the service. The bot works on Reddit, YouTube, Twitter, GitHub, Google Plus, Tumblr, and StockTwits. Tipping actions can be customized as well allowing users to set tip amounts to symbols (or words) such as @changetip 1 beer if beer were set to 50 mBTC or something similar would then tip that amount.

There will be a 1% fee to withdraw tipped funds from ChangeTip beginning January 15, 2015.

Tipping has been a function of the Bitcoin community for some time now, but recently its gained a great deal of traction and ChangeTip has been reaping the benefits.

Aside from breaking the 10,000 tips per day milestone, ChangeTip also reported that it has built up a userbase of over 34,000 user accounts.

Our community extends from San Francisco to New York, from Tokyo to Buenos Aires and its growing quickly, says Nick Sullivan, ChangeTIp CEO. We are proud that this growth has come organically, primarily through word of mouth.

Right on the cusp of this surge in bitcoin tipping, Bitcoin wallet Coinbase released its own tipping mechanism. However, instead of going the social media route, Coinbase offers a type of donate button that can be attached to web pages.

In the social media tipping market, ChangeTip is still leaderand fairly much the only show in townbut it likely wont be long for others to catch up.

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Bitcoin tipping sees giant growth: ChangeTip exceeds 10,000 tips in one day

Some of the virtual currency's unique characteristics have proven attractive to some businesses.

Bitcoin's broadest impact might happen outside payments, but some retailers are already finding value in accepting Bitcoin for goods and services. A panel of businesses that are taking Bitcoin payments discussed their experiences with the virtual currency at a Money2020 panel this month.

Surprisingly, security was one of the biggest benefits of Bitcoin for two of the businesses represented on the panel: Amagi Metals, a trading site for precious metals, and Newegg, an online computer and electronics retailer.

Typically, fraudsters want to use stolen credit card credentials to buy goods that can be a store of value (like gold, silver, or high-end electronics). Stephen Macaskill, Amagi's CEO, said his company is a constant target for fraudsters. "We always have people trying to make orders with fraudulent credit cards. We have to have a whole department to make sure that all of our credit card transactions are legitimate, so it is expensive for us. We catch people on a weekly basis."

Amagi was hit with chargebacks from fraudulent card transactions in 2012, and it started accepting Bitcoins that year. Thanks to the Bitcoin Blockchain, it doesn't have to worry about any chargebacks with its Bitcoin transactions. The Blockchain, a public ledger of all Bitcoin transactions, makes it impossible to counterfeit Bitcoins. Each transaction recorded in the Blockchain is verified by a third party.

[For more on the Bitcoin Blockchain, check out: Banks, Bitcoin & the Blockchain]

"I don't see a way to end credit card fraud and we have the highest rate of credit card fraud in precious metals," Macaskill told the audience. "With Bitcoin, we don't ever have to worry about chargebacks."

Security might not be the first benefit that comes to mind when people think about Bitcoin, after incidents like Mt. Gox this year. But the Blockchain technology gives the virtual currency security as a payment mechanism, even if some of the Bitcoin exchanges have proven far less secure.

Ted Rogers, chief strategy officer of Xapo, told Bank Systems & Technology that Bitcoin advocates need to provide a great deal of education about the security benefits of the Blockchain for payments.

"There's a security aspect that's partly educational. Our challenge is explaining why this technology is so secure," he said. "It is easier to steal the Mona Lisa than to steal a Bitocin in a cold wallet."

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