Welcome to Bitcoin corner (I can’t come up with a better catchy phrase right now… We’ll come up with something more official hopefully in the future for the Bitcoin news).
Bitcoin (BTC). She can be such a cruel mistress..
Remembering back to a year ago when the price was nearly $1000 per BTC. It seems so crazy to look now, after riding all of those waves of up and mostly downs… It seems that BTC has found it’s “floor” in the money market area. Struggling to stay around $400 as I write this, BTC’s value is now at a staggering $367.58. Over the past year with BleedGeek, I’ve discussed what makes BTC work, why it’s popular/unpopular, and even invested into the technology by purchasing my own Bitcoins and several LiteCoins.
The following areas I plan to explore with each of my weekly articles.
Onto the Bitcoin news!!!!
Think Bitcoin is dying? Sure the prices aren’t anywhere near where they were a year ago. Don’t judge a coin by it’s value, just this week, BTC hit a huge milestone as it processed 100,000 transactions in a day. The number of daily transactions has nearly doubled in the last 6 months. Currently there is no explanation for the added increase of transaction numbers. As the months go on, there has been an increasing number of commercial branded support, it does not appear that this is the main factor for the increase.
This week the federal government completed another large auction of Bitcoins that were seized from the original Silk Road site. There were 50,000 Bitcoin that were put onto the auction block. There were 11 registered bidders and a total of 27 bids. The United States is still holding onto approximately 94,000 Bitcoin which is plans to sell in the next coming months.
California is working on outlining a meeting that is scheduled for mid-December to discuss and debate the regulation of Bitcoin in recognizing it as an official currency. They stated: “We are looking at the extent to which our current law gives us the ability to regulate what the potential approaches to regulation would be and to the extent to which they want to regulate.” If this goes through, this is the first step in having BTC regulated and recognized as actual currency vs how the government has it regulated now which is recognizing it as a piece of property vs currency.
If there’s other things you’d like to hear about regarding Bitcoin or digital currency, let us know!!! fans@bleedgeek.com
That’s all for this weeks edition of Bitcoin news.
-randy
