Bitcoin Community Questions Bitcoin Foundation’s Stability

Nov 09, 2015

Recently a document was leaked that discusses the possible separation of the Bitcoin Foundation into two separate organizations. The separation would create a brand new entity to fund core development. The remainder of the Bitcoin Foundation would continue its work as a promotional organization supported by its current membership. This leaked document has made some question the health of the foundation and the impact a split could have on the Bitcoin market as a whole.

Some organizations claim that the Bitcoin Foundation is going bankrupt and is having other financial difficulties. The foundation posted a response on its blog refuting these accusations and others. The response stated:

  • The Foundation did not fire 90% of its employees
  • Donors expressed concerns of governance structure
  • The Foundation is not bankrupt
  • The Executive Director, volunteered to step off payroll

The leaked document makes bitcoin followers question the stability of the currency, or at least the stability of major players who have gone unchallenged for years until now. Igot.com, the Australian bitcoin exchange, has recently launched a new cryptocurrency payment processing service. The company aims to compete directly with BitPay and Coinbase. The service will be distributed in 40 countries, and will let both physical and online merchants accept Bitcoin for goods and services for only a fee of 0.5 percent.

Bitcoins are virtual currency, mined using peer-to-peer computer networks comprised of machines, Skype, video, audio, a file-sharing system, and chat service. Bitcoins are generated using a mathematical process that is extremely difficult to replicate. While bitcoins don’t actually exist, transactions are tracked and logged on the peer-to-peer network. Every day the network updates the transaction log. It is during this process in which the bitcoins are mined every 10 minutes. Once a user’s updates are approved, the system releases an allotted number of bitcoins.

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Having a merchant account allows an account holder to take advantage of merchant cash advances. When a merchant is approved for an advance, the business agrees to receive a lump sum of cash in exchange for an agreed-upon percentage of future credit card sales.

Pricing varies depending on the merchant’s industry, past credit card processing history, the type of business seeking the account, average ticket sales, and average transaction volumes.

Yes, EMB works with merchants who are building their credit, as well as those who have poor credit. EMB also approves merchants that have no credit card processing history and businesses that have lost their merchant accounts due to high chargebacks.

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A merchant account is a business account with an acquiring bank. Without this business account, which actually works more like a line of credit, a merchant cannot accept and process credit and debit card transactions. Businesses need a merchant account to accept major credit cards via a static point-of-sale terminal, mobile card reader, or through a virtual payment gateway.

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