The Cost of Rolling Back Fraud on Blockchains

Uncategorized Aug 04, 2016

You've probably heard of both bitcoin and blockchains by now however you may not have known they're one and the same thing. If someone says they like one and not the other, then they don't know what there're talking about. There are numerous other crytocurrencies residing on their own blockchain and bitcoin's revolutionary protocol was the path blazing pioneer. Start thinking of Bitcoin as a technology with an infinite number of applications. 

Immutability

Bitcoin is a way to exchange value by transferring ownership on the Blockchain. The power of the Blockchain resides in the one version of the truth immutability of a publicly accessible ledger. So everyone uses and views one tamper-proof ledger. What happens when the past is altered by rolling back a blockchain?

Shenanigans

The estimated worldwide cost of fraud is 5% of all revenues or 3 trillion plus dollars. That's a lot of fraud millionaires. The "fraud tax" is an invisible expense among line items on already strained...

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The 3 Dimensions of
Bitcoin Conversion

Uncategorized Jul 15, 2016

Bitcoin and other cryptocurrencies can be converted to and from almost every fiat money. Bitcoin is essentially created from computer code and fiat money is created by governments. Both are mediums of exchange and bitcoin conversion provides a choice to hold value in cryptocurrency or fiat currency.

NOTE: Altcoins and cryptocurrency are used interchangably. 

Everyone uses fiat money on a daily basis in their own country. Fiat is latin for "it shall be" or said another way, "because I said so", which is an appropriate term considering all fiat money is issued by central banks within central governments.

Conversion Clarified
Bitcoin conversion means different things to different people so it requires some clarification of the three dimensions, calculators, trading and data. Most people who search the term want to know how much their bitcoin is worth in U.S. dollars on a given day or time. Instead of U.S. dollars someone could be searching conversion value such as Euros, Britsh...

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Bitcoin Accepted Here:
The Easy 8's of Effortless Adoption

Uncategorized Jul 07, 2016

Why should you accept bitcoin? The answer is very simple. Having bitcoin eliminates the following in your life and business:

1) Waiting to use your own money

2) Paying outrageous and surprise fees to use your money

3) Headaches and frustrations when using your money

Keep reading and find out how to remove yourself and your business from the Banking Burnout Bonanza™.

The 8 Drivers of Effortless Adoption

There are many bitcoin payment solutions available depending on the type of business, online presence, size of business, number of locations and more. The 5 Weapons for Getting Paid Instantly gave you the platforms while this blog gives you the Easy 8's of Effortless Bitcoin Adoption for putting the platforms into action. When the following conditions are present you can accept bitcoin in your business with less work. 

Driver #1) You have a microbusiness

Driver #2) You have an online business

Driver #3) Your business has fewer locations

Driver #4) Your business...

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Extreme Credit Card Chaos
3-Way Call, $300 & 3 Weeks

Uncategorized Jun 30, 2016

I was excited to order 50 copies of my new book, The Ultimate Bitcoin Business Guide, to give away as part of our shock and awe thank you package to various book contributors. I logged into Create Space, a great paperback publishing platform, and proceeded to place the order with our business Visa debit card. I stopped at the pay button realizing I should buy my own bitcoin book with bitcoin. Since Create Space doesn't accept bitcoin, I simply whipped out my Coinbase bitcoin debit card to make the purchase of $299.93.

A Pair of email Confirmations

I happened to peak at emails and noticed two confirmation emails from Create Space with two different confirmation numbers. This forced me to call and find out whether or not we'd been charged two times for the same order. Julie, the customer service rep, quickly confirmed my worst fears of a double charge. 

The Bad News 

The whole course of events took place in under 5 minutes so I automatically expected the second erroneous...

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Accept Bitcoin: 5 Weapons
for Getting Paid Instantly

Uncategorized Jun 23, 2016

Choosing to accept bitcoin is actually the hard part while setting up your business to accept bitcoin is the easier part. Dell, Microsoft, Dish and Fiverr are all bitcoin merchants and you should be too. Don't you want to sell as much stuff as possible and give your customers multiple ways to pay you? There shouldn't be much of a debate then. You should be asking how fast can we get set up. 

A Couple Questions

1) What type of business are you in and what are you selling? If you sell services, fewer items and invoice infrequently accepting bitcoin is really a snap.  

2) Do you want to keep bitcoin or cash it out to US dollars or another fiat currency? If you want to cash out all or a potion of your bitcoin, you'll have to choose a bitcoin payment processor. 

Get paid in bitcoin instantly with these Five Payment Weapons:

1) Processors

A bitcoin payment processor is similar to credit card processors and PayPal but they only process bitcoin. Payment buttons, API's...

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3 Lightning Fast Ways to
Hedge the Price of Bitcoin

Uncategorized Jun 16, 2016

Bitcoin is the most revolutionary technology in human history. Bitcoin crosses language, technological, governmental, political and financial exchange barriers. Anyone with a smart phone can send or receive bitcoin in a matter of seconds. It's like the world's first universal currency. It has properties like gold, yet it's stealthier. There are multiple attributes of money dancing in harmony with one another. The level of harmony depends on the asset, currency or value being used and exchanged. No form of money can simultaneously have the best of all attributes, however bitcoin comes very close to achieving this. With a few lightning fast tricks, the price of bitcoin can be hedged like magic. 

Three Attributes of Money

Money has three attributes, medium of exchange, unit of account and store of value. Everyone gets the medium of exchange concept but rarely understand the other two attributes. The US dollar is a good unit of account because we buy things in dollars and use it...

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Banking Burnout Bonanza: A $25 Fraud and an $888,888.88 Overdraft

Uncategorized Jun 10, 2016

BBB Blog #1:

This is the first blog post in a series called Banking Burnout Bonanza™ inspired by a chapter in my book, The Ultimate Bitcoin Business Guide, of the same name. Banking burnout comes from the energy drain of everyday banking. It's comprised of three simple things:

1) Having to wait a long time for your own money

2) Having to pay lots of fees to use you own money

3) Having to deal with lots of headaches when using your money

The $25 Fraud

On May 20, 2016, I noticed an interesting ACH debit for $25 in our business account. It grabbed my attention because it was a Chase e-pay withdraw and I didn't recognize the vendor name. In addition, a twenty-five-dollar fraud is likely part one of a thousand-dollar fraud scheme. This could only mean on one of two things:

1) Someone got our business bank account number and initiated an unauthorized withdraw.

2) Someone inadvertently typed in the wrong bank account number. (This is highly unlikely although the bank said it was...

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How to Pay With Bitcoin Using 5 Simple Tricks

Uncategorized Jun 02, 2016

It's far easier spending bitcoin than buying bitcoin, which can take longer if you've never had bitcoin before. If you want to know how to pay with bitcoin you should also know what is bitcoin used for. 

The First Requirement

All bitcoin is stored in a wallet, a collection of one or more bitcoin addresses. A bitcoin address is used to send and receive bitcoin. More accurately, the wallet holds a private key that is used to transfer bitcoin from one address to another. It's a change of ownership on the bitcoin blockchain so a wallet doesn't contain any bitcoin but its often referred to that way. 

If you have a wallet with bitcoin, then you can pay with bitcoin for anything. It just a matter of what wallet you've using and whether is associated with an exchange, a payment service provider, a self serve wallet or various other platforms. 

The Second Requirement

A business or another person should proudly say bitcoin accepted here. Therefore, another party has to accept...

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The Best Bitcoin Definition Explained by 4 Opposites

Uncategorized May 27, 2016

Just 20 short years ago people where asking what is an email the same way people today are asking what is a bitcoin. There are various explainer videos and articles ranging from technical to simple explanations. The best bitcoin definition explains bitcoin by explaining it’s opposite, credit cards, banks and money transfers and their associated headaches. There's no existing paradigm with which to compare bitcoin therefore, the easiest way is to explain it indirectly. 

1.a) The PULL of Credit Card Chaos™

Credit cards force you to hand over ALL your credit card information to a 3rd party so they can PULL money from your account. It's like saying hey vendor, "I trust you very much to take money from my account and store all more information securely for future purchases." This means hundreds of vendors store your credit card information over and over again redundantly. It's just a matter of which of your favorite stores will get hacked and when. Home Depot and...

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5 Remedies for
Bitcoin Tax Headaches

Uncategorized May 17, 2016

Bitcoin the technology and bitcoin the digital currency are amazing in every way except when it comes to accounting and managing bitcoin tax compliance. (At least for the time being) There's some amazing bitcoin tax calculator software available, but the following challenges remain nonetheless. If you only had one bitcoin wallet and you only used bitcoin and no other digital currency, then your tax calculations should be fairly simple. However, on the other end of the spectrum if you have dozens of digital currency wallets and dozens of altcoins with trading, spending and income related transactions, then you have a cluttered complex crypto landscape. 

Bitcoin Capital Gains

The IRS bitcoin stance was clarified in IRS Notice 2014-21. Bitcoin taxation is like any capital asset such as stocks, bonds and collectibles when you buy bitcoins or sell them. If you buy bitcoin for $500 and later sell it for $800 then you have a $300 capital gain. Bitcoin sold more than a year later...

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