What aspects of Money Order laws will apply to merchants who use Bitcoin?

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In the U.S., FinCEN just determined that decentralized virtual currencies are not like money orders.

Money orders are the mechanism enabling the moving of currency or value that serves as currency from one person or location to another person or different location.

Using bitcoins for making a purchase from a merchant is not the same as moving currency.

Now if instead of providing goods or services the merchant instead delivers currency elsewhere, then that would be transmitting money and in the U.S. State laws specify the restrictions on money transmitters. FinCEN requires that a money transmitter register a Money Service Business (MSB) and keep records according to...

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BitPay Atlanta GA, payment processor and merchant service API
CoinGate, Vilnius, Lithuania, Accept Bitcoin payments and receive payouts in Euros, U.S. Dollars or bitcoins. E-commerce plugins, API, Point of Sale app for Android / iOS / web, payment buttons.
BitcoinPay London, payment gateway operating with PLN, EUR, CZK, and USD
Blockchain, a very simple, bitcoin only, merchant app that gets you started in a few seconds.
Coinbase San Francisco CA, wallet, cryptocurrency payment processor and API
Paxful Wilmington DE, Point of Sale, peer to peer market
Spectrocoin London, all-in-one merchant services solution that processes in Europe.
CoinPip Singapore, CoinPip enables businesses to send and receive digital payments
BitPagos Wilmington DE, cryptocurrency payment gateway credit card solutions.
CoinsBank United Kingdom, payment processor, exchange and card issuer.
Bitaps Russia, payment processor.
GoUrl Dominica, Official...

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Find answers to recurring questions and myths about Bitcoin.

Table of contents

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called "cryptocurrency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a central authority. The first Bitcoin specification and proof of concept was published in 2009 in a cryptography mailing list by Satoshi Nakamoto. Satoshi left the project in late 2010...

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Find answers to recurring questions and myths about Bitcoin.

Table of contents

General

What is Bitcoin?

Bitcoin is a consensus network that enables a new payment system and a completely digital money. It is the first decentralized peer-to-peer payment network that is powered by its users with no central authority or middlemen. From a user perspective, Bitcoin is pretty much like cash for the Internet. Bitcoin can also be seen as the most prominent triple entry bookkeeping system in existence.

Bitcoin is the first implementation of a concept called crypto-currency", which was first described in 1998 by Wei Dai on the cypherpunks mailing list, suggesting the idea of a new form of money that uses cryptography to control its creation and transactions, rather than a...

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Lawyers for the two men recently arrested in Miami for engaging in “too-large” bitcoin transactions are claiming that the men’s actions were legal because state law covers only money issued by the US or another country.

Many in the bitcoin community are hopeful that this argument is persuasive, seeing money laundering laws as an attempt to regulate thoughtcrime in finance. Others also argue that citizens do not currently owe the state of Florida any kind of explanation for why they want to buy or sell bitcoin.

Sting operation

In what may be the first instance of citizens being charged under state law for buying or selling bitcoin, Pascal Reid, 29, and Michell Abner Espinoza, 30, were charged on 6th February with money laundering and engaging in an unlicensed money-servicing business.

The two were contacted by undercover officers who were looking to exchange $30,000 dollars each for bitcoin, an amount that violates the state’s money laundering...

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By the Bitcoin Legal Team – Martin Mushkin, Joseph Sahid, and Joseph Taub
April 2, 2014

Bitcoin is the latest and perhaps best-known form of digital currency in a long line of digital currencies. The premise of digital currencies is that they try to establish a medium of exchange based on immutable mathematics and are not subject to the control or manipulation of any government. Not long after the computer was invented, people started discussing the development of currency based on computer code, that series of zeroes and ones called bits and bytes. The idea was to develop a medium of exchange without fiat money issues and not backed by a government and subject to its manipulation. Thus far, the primary result has been to raise complex legal dilemmas requiring legal counsel to work through.

A Cryptic History of Money

First, to understand the context of the legal problems, we need to keep in mind how money has developed. Since the first cavemen exchanged...

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Bitpay offers one of, if not the most comprehensive solution for merchants wishing to integrate a Bitcoin payment processor into their existing operations.

The company offers a wide range of 'plug-ins' for existing shopping cart software including Magenta, OpenCart, Zen Cart, X-Cart, Wordpress (Woocommerce, E-Commerce etc), Drupal Ubercart, and others. So if you have already got a store running with any of these then integrating Bitcoin payments is super-simple. If you are just starting out, then a partnership with Shopify allows you to create a new store that accepts BTC payments.

All merchants get access to a point of sale app so that you can take payments in a physical store using a phone or app, and anyone wanting a more comprehensive solution can take advantage of BitPay's integrations with Soft Touch POS systems.

Merchants using BitPay can choose to instantly convert all or part of their sales revenue into a range of fiat currencies including US Dollars,...

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People who become successful and wealthy in life have learned how to use money to their advantage. They do this by following certain laws that have been passed down throughout the ages. As a result, they are able to accumulate wealth and enjoy the financial freedom that those reserves provide them with.

Unsuccessful people, however, or those who tend to remain poor despite having many opportunities to change their life, do not follow the same laws that wealthy people do.

In fact, in the majority of cases, the exact opposite laws are followed producing the exact opposite results that rich people experience. So instead of building wealth, such individuals tend to decrease their wealth and become slaves to debts that they can never afford to repay.

What this all means is that, when it comes to money, you really have only two options: Either you follow the right laws and make money, or you follow the wrong laws and lose money. There is no middle ground.

In...

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