Service Gives Bitcoins for Starbucks Card Balances, New Virtual Currency Hits Market (Jan. 30, 2014)
Starbucks gift card holders now can redeem the unused balances on their cards for Bitcoin. Card for Coin, a new Website founded by 25-year-old Matt Luongo, enables cardholders to enter their card information and then receive an offer of payment for the balance in Bitcoin. Typically, the offer is for 60 to 70 percent of the remaining balance on the card. If the cardholder agrees to the price, the platform transfers the Bitcoin payment via the exchange Coinbase. The service is only available in the U.S. and Canada, and only for Starbucks gift cards originated in the U.S. The service is being positioned as a simpler and faster way to enter the Bitcoin market compared to signing up for an exchange, which can be complicated and time consuming, according to the company.
Meanwhile, a new virtual currency has entered the online marketplace. Dubbed Coino, the currency was conceived, in part, by a German online marketing agency, according to a release. The Coino wallet and mining utility is available for Windows, Mac and Linux operating systems, and the currency can be used anywhere in the world.
“The democratic, decentralized nature of Internet currencies has made them enormously popular in tech circles, but the general public is beginning to take an interest as well,” Coino’s developers said in a statement. Coino is seeking to “ride this second wave of adoption.”