Bitcoin payment processor BIPS abandons Mt. Gox for Bitstamp
Adding to the strife over at Mt. Gox, payment processor BIPS has abandoned the exchange, instead signing with Bitstamp. BIPS is a two-year-old payment processor cited by Crunchbase as the largest provider of bitcoin payments in Europe. The Copenhagen-based firm, founded by Kris Henriksen, had been using Mt. Gox to convert between fiat currency and bitcoin. It threw in the towel with Mt. Gox early this week, explaining that the number of sell orders is increasing as merchants embrace bitcoin payments. Mt. Gox continues to be slow processing withdrawals, and is having problems keeping up,....
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Europe's primary bitcoin payment processor for merchants and free online wallet service, BIPS, was the target of a major DDoS attack and subsequent theft in the past few days that saw 1,295 BTC (just over $1m on CoinDesk's BPI) stolen. Kris Henriksen, BIPS' CEO, said most of the missing funds were "from the company's own holdings". BIPS uses an algorithm, based on supply and demand, to work out the amount of bitcoins it needs to keep it in a 'hot wallet'. The heist, however, was apparently not due to any vulnerability in the code itself. He also said merchants who had chosen to instantly....
A new application that serves as a point-of-sale system has been launched by a company called BIPS - which is an acronym for Bitcoin Internet Payment System. This application, available on the Google Play store, works like some of the other solutions we've seen out there. The merchant enters in the applicable information, a scannable QR code is generated, and the customer makes the payment by scanning the code and sending the funds. Using the Mt. Gox exchange rate, the latest rate is locked in for about 15 minutes, and funds can be instantly converted back to fiat. BIPS is touting their 0....
When Bitcoin's popularity starts to sore, so do the security requirements for websites holding large amounts of Bitcoin. Adding to the long list of Bitcoin payment processors and exchanges that have taken large hits is always an odious task. On Novemeber 17, 2013 BIPS had 1,295 BTC stolen; the bitcoins are still being held by the attacker at this address: 1LuG91tcSQxKj32BsCoRkX7yQLfj9LtkCs. Fortunately for BIPS users, merchant services were resumed 100% on Novemeber 22nd after internal investigations into the attack. CEO Kris Henriksen has stated that merchants that had "auto-convert" to....
Payment platform BIPS has announced support for the ecommerce cart platform Bigcommerce, which is used by over 40,000 merchants across the globe. The new development means businesses can sidestep credit card transaction fees by using the easy, private and cost effective payment solution that is bitcoin. Kris Henriksen, CEO at BIPS, believes that passionate bitcoin enthusiasts will use the Bigcommerce integration to further expand the BTC economy. "Our company mission is to provide a comprehensive carrier-grade technical platform that enables our merchants to receive cryptocurrencies as....
WalletBit, a payment processor and online wallet that had acquired some attention especially in Canada and Denmark, has announced that it is shutting down on July 15. "Despite sales efforts," the press release reads, "it is now unfortunately discovered, due to a number of factors, that it is not possible to transfer all or parts of WalletBit to a new operator. As a result of that combined with new commitments, it is not possible for us to continue offering services via WalletBit." The shutdown is hardly unexpected. WalletBit has been rapidly declining in popularity for the last few months....