Don’t price out the small guys and gals

California is also considering a type of regulation on Bitcoin. Regulation can be good, when done properly and fairly. My fear is that with the new laws and regulations, they may “price out” many of the small bitcoin businesses with the fees. California’s AB-1326 will place a $5,000 filing fee. 

Sure some of the companies have that laying around, but that’s not the case for small businesses and startups. The final fee for New York will be known in the near future, it's expected to be around $5,000 as well.

They should lower the fee significantly or introduce a tier system where those with higher assets and net worth would pay a higher fee than those with lower assets. If the fee is yearly, they should then review the performance, profit, assets, and net worth to determine what if any increase is to be imposed. This would give the small businesses a fighting chance. 

You can sign the change.org petition to withdraw AB-1326 here

http://chn.ge/1AzmgAO

Trading on localbitcoins, how to avoid scams and general tips

Localbitcoins.com is a excellent option for purchasing #Bitcoin. If you're new to localbitcoins or bitcoin in general, there are some precautions you should take to protect yourself from scams. 

The site is actually an escrow service that connects buyers and sellers who wish to trade and offers many payment methods. The prices on the site generally differ from those on the exchange. Why? Think of it like a convenience store, but for bitcoin. You'll pay a different premium based on the payment method you select. 

Keys to avoid getting scammed.

1) ALWAYS enable 2 factor authentication in the security settings tab.

2) NEVER google localbitcoins, simply type the site in your browser localbitcoins.com.
Why?  Because a few lowlife scammers have created fake sites which look like the official one, they advertise it with search engines.

3) AVOID giving out your email address for trades, the site has a chat feature built in. 

Why? The same lowlife scammers will eventually send you fake emails that appear to be from localbitcoins in an attempt to get you to click a link which, leading you to an unofficial site that will steal your bitcoin. 

4) NEVER click a link in an email that claims there is an issue with your account, log in to localbitcoins, click support and see if there is a message from the admin. 

5) Pick a trader based on reputation versus price. Look for traders with 500+ trades and 98% or better feedback and 1 year history. The more reputable trader might cost a little more, but the added security is worth it. 

6) NEVER respond to an offer posted on the forum, most are fake accounts with no trade history who will direct you off site and out of escrow protection. 

7) NEVER sell your bitcoin for PayPal, it's easy to reverse the payment. 

8) ALWAYS follow all of the payment instructions fully. If it asks for a photo of a receipt as proof of payment, send it. Some ask for specific text written on the receipt, comply. It proves that you are the person who purchased it and that you know you are buying bitcoin. If you don't follow the terms, you risk loosing the funds or having them held for a specified time. 

9) NEVER mark a trade as paid until after you have completed all terms on the ad. You'll generally be required to resubmit your trade request. You do risk being referred for an account ban for marking paid without complying with the terms. 

10) ASK questions if you need more detail on the payment terms. 

This isn't foolproof, but you are much more likely to have a pleasant trading experience if you follow this. 

Practice makes perfect

Interested trading Bitcoin on an exchange? Practice is always helpful.

I came across a rather cool site today, coinarch.com. It’s an exchange with a few extras. Most importantly, it allows one to create a demo account and try out trading without any risk.

Why is that important? Bitcoin is a volatile digital currency and if you’re new to trading in general, it’s very easy to make mistakes that can really cost you when using “real” money.

The demo account is free, so go create one and “play to learn”. I recommend utilizing the demo account for at least a few weeks, this way you have more exposure to the Bitcoin market.

Once you’ve gained additional knowledge, then you can decide if trading is for you!

Follow @Village_Coin on Twitter!

We've joined the twitterverse

How to use a Bitcoin ATM

Being that we'll soon place our first Bitcoin ATM, I thought that it might be helpful to share a short video that shows how easy they are to use. The video below walks you through the simple process of purchasing via the ATM. While it's not shown in the video, you can also cash out bitcoins. It also has a short overview of how some stores accept Bitcoin for payment of goods and services. The machine in the video is from the company Robocoin. Though we likely won't use that brand, the process is similar on all of the machines. We plan to create our own "how to" video once we've placed our first machine.

VillageCoin has joined facebook

You now have two options to get more information on VillageCoin.

VillageCoin is now on facebook!

Click the link above or just type facebook.com/villagecoin in your browser to check out our new page. Be sure to like us and get updates directly on your news feed.

Also, an announcement regarding Bitcoin Vending Machines is expected in the near future!

A great place to start

As there are many questions surrounding Bitcoin, I commonly refer many to the site weusecoins.com. This site is full of valuable information and resources for those who are interested in Bitcoin for personal use as well as merchants who wish to accept it as payment. 

If you're new to Bitcoin, the video on the homepage will be a great start. It explains the basics of this new virtual currency in a clear and concise manner. I also like their Getting Started page. Here they explain everything one should do when starting out and it's outlined in easy to follow steps.

The Q&A pages contain answers to some of the common questions that are asked.

Lastly I like their Bitcoin for Merchants section, here you’ll find details as wells as features and benefits for merchants who are considering Bitcoin for payment.

One thing I did not see, but would recommend for all web or mobile based wallets, is that you make sure to enable 2-factor authentication, like Google Authenticator, this will help protect your Bitcoins should someone gain access to your login and password. 2-factor authentication provides an extra layer of protection by requiring a one-time use code for logins or other actions. The codes are generally generated on your phone using an app, you can also print them in advance.