Bitcoin

News Summary: June 29 – July 6

Nigel Dollentas · @https://twitter.com/nigeldollentas | Jul 02, 2014 | 03:32

---

California repeals law, allows Bitcoin.

California legislation passes a bill allowing the use of digital currencies such as Bitcoin! Saturday, Jerry Brown signed this monumental bill, lifting the previous ban on cryptocurrrencies in California. This may have also impacted Bitcoin prices, with prices know around $650, and volume transactions peaking at $50 million for 24 hours. The original law, stating that anything besides the use of US currency is prohibited was outdated, technically even making rewards points illegal. Photo Source

Newegg accepts Bitcoin, through partnership with Bitpay!

This has been expected for a long time now, with Newegg hinting about this for several months now, according to Twitter. And finally, it’s happened! 10 hours ago (at time of writing) Newegg sent out a tweet announcing that they would start accepting Bitcoin, through Bitpay, seen here. It’s only fitting they started accepting Bitcoin before it’s too late, with competitors like TigerDirect accepting it, as well as the fact Newegg categorizes certain computer parts as “Mining Hardware” which should equate to an increase in sales in that department. Photo Source.

1-800 Flowers to accept Bitcoin, partners with Coinbase.

Today Coinbase posted a blog post saying that starting this fall, 1-800 Flowers would start accepting Bitcoin as payment even across its sister sites, such as FannieMay.com, Cheryl’s.com, ThePopcornFactory.com, 1-800-Baskets.com, FruitBouquets.com, and Stockyards.com. In fact, even Newegg acknowledged this in the form of a tweet. Domino effect is really kicking in now, with what it seems like a new major company accepting Bitcoin daily now. Once adoption is out of the way, getting companies to HOLD it in Bitcoin and not automatically change to fiat will be the next hurdle.

US Marshall Auction results are in! One bidder took home all 30K BTC.

USMS (United States Marshall Services) has announced one person, still undisclosed at this time, outbidding all other bidders for the blocks of Bitcoin, with each block containing 3000 Bitcoins, except for the last one, which contained 2656 BTC. In fact, you can see the blockchain transaction here. No doubt many people are still anxious to see who holds it now, and maybe even more serious, how it will affect the market  price. Already the price has dropped down, with the current price at $639.29 as of writing. But I seriously doubt someone that just secured 30K Bitcoin would go on the market and sell it. Whoever this person is, they should know that the address that Bitcoin was sent to is being watch like a hawk now.

Photo Source :http://johnwillsstudios.com/us_marshals_items.htm