BitCoin

Plattsburgh City Hall
WAMC Photo

After nearly a year, the City of Plattsburgh has ended a moratorium on new or expanded cryptocurrency operations in the city.

Plattsburgh City Hall
WAMC Photo

The city of Plattsburgh has ended its moratorium on new cryptocurrency operations in the city.

Plattsburgh Common Council 2019
Pat Bradley/WAMC

An update now to a story we’ve been following for months: the Plattsburgh Common Council has tabled a resolution that would lift a moratorium on new cryptocurrency mining operations within the city.

Plattsburgh City Council considers cryptocurrency regulations
Pat Bradley/WAMC

In March, Plattsburgh officials imposed an 18-month moratorium on new cryptocurrency operations in the city.  Last night, the Common Council adopted a local law placing regulations on such operations – but did not end the moratorium.

Bitcoin,  a form of cryptocurrency
Pixabay/Public Domain

Northern New York is a prime location for Bitcoin miners and block chain technology because of its low electric rates.  But a number of communities have imposed moratoriums on new cryptocurrency operations because their use of electricity is so intensive.  With such a potential lucrative and emerging technology facing challenges, the Adirondack North Country Association is sponsoring a summit at SUNY Plattsburgh today to explore the new industry’s impacts and potential.

Plattsburgh Mayor Colin Read
Colin Read for Mayor/Facebook

The city of Plattsburgh came under national and international scrutiny recently when city officials decided to place an 18-month moratorium on cryptocurrency operations.  The Bitcoin miners were using so much of the city’s cheap electricity that its quota was breached and residents’ rates went up.  Mayor Colin Read says a couple subcommittees are looking at various aspects related to the new industry.

IQOption Blog

Our tech guru Jesse Feiler joins us this morning as we discuss the wild worlds of Blockchains and Cryptocurrency.

Jesse Feiler is an app developer, author, and consultant specializing in small business and nonprofit organizations. His most recent books are “The Nonprofit Risk Book: Finding and Managing Risk in Nonprofits and NGOs” written with Gail B. Nayowith and “Learn Computer Science with Swift.” His most recent apps are “CyberContinuity,” a free app to learn about your vulnerabilities and “The Nonprofit Risk App,” a companion to the book.

Plattsburgh City Council considers cryptocurrency moratorium
Pat Bradley/WAMC

The Common Council chambers were packed Thursday evening as Plattsburgh leaders considered a moratorium on new cryptocurrency operations in the northern New York city.

Bitcoin,  a form of cryptocurrency
Pixabay/Public Domain

By now, you’ve probably heard of—and maybe even invested in — the online currency BitCoin.  But how are the cryptocurrencies made?  Apparently by using a lot of electricity.  In Plattsburgh, where there are low electric rates and a couple cryptocurrency entrepreneurs are sucking up lots of power, the mayor is proposing a law to curb the practice.

WAMC photo by Dave Lucas

As the August 8 deadline to apply for a BitLicense in New York passed, Bitcoin startups statewide began pulling up stakes, saying New York isn’t open for business  as far as alternative digital currencies are concerned.

WAMC photo by Dave Lucas

New York regulators have granted their first charter under the state's banking law for a commercial exchange for virtual currency to itBit Trust Company LLC, allowing it to begin operating immediately. The Bitcoin exchange is based in New York City.

Department of Financial Services Superintendent Ben Lawsky says they've sought to establish rules to protect consumers and provide regulatory certainty for entrepreneurs. He says the technology behind Bitcoin and other virtual currencies could hold real promise.

zoopley/flickr

A Capital Region Coffee Shop owner left his business to pursue a full-time career in digital currency.

Launched in 2009, Bitcoin predates both Apple Pay and Google Wallet. It's an internet-based, decentralized digital currency.  Paul Paterakis' Clinton Square coffee shop was home to the first Bitcoin ATM in New York - which is still there in the space now occupied by The French Press Cafe & Creperie.    "We got known for Bitcoin more than our coffee."

wikipedia

New York regulators have proposed establishing a framework for commerce in virtual currency that would apply to firms involved in receiving, transmitting and storing it, as well as retail conversions.  The proposal by the Department of Financial Services would establish a so-called "BitLicense."

Merchants and consumers who use the virtual currency Bitcoin and others solely to buy and sell goods and services wouldn't need a license. However, those buying and selling virtual currency as a business would.