Bitcoin News Mash-Up: Silk Road Bitcoin Sold to One Bidder; Newegg Now Accepting Bitcoin; and More

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Bitcoin News Mash-Up

Following are the major Bitcoin events that took place between July 1st and July 2nd

Silk Road Bitcoin Sold to One Anonymous Bidder
The US Marshals Service revealed that a single bidder has bought the complete Bitcoin stash (around 30,000 units) in the auction they held on June 27th. The organization although didn’t reveal the name of the winner, probably due to the fact that it may impact their forthcoming Bitcoin auctions as well. Blockchain, on the other hand, noted that the large chunk of Bitcoin seized from Silk Road have been successfully transferred to the bidder’s wallet.

Newegg Now Accepting Bitcoins
One of the world’s leading electronics retailers on internet Newegg further expanded its reach inside the cryptocurrency markets when it decided to accept Bitcoin as one of the payment modes. The store has a stack of more than ten million products, which is considered by millions of online customers.

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Newegg has not only opened its gate towards a highly emerging economy, but has also helped its boost further. The store has formed a partnership with BitPay, the most renowned Bitcoin payment processing platform, to ensure a smooth experience for its customers. The representatives from both the organizations have showed their enthusiasm towards the partnership and are hopeful of a profitable venture ahead.

Kuwait Based Firm Suggests Bitcoin for Oil Producing Countries
A new report recently published by the asset management firm based in Kuwait, called Kuwait Financial Centre (aka Markaz), suggests that oil-producing countries, especially the GCC (Gulf Cooperation Council), could benefit if they use Bitcoin in oil trade. Markaz researchers argue that using bitcoins save transaction costs for oil-exporting countries, as the shipping and receiving bitcoins can be made in seconds and for a negligible cost.

To contact the assembler of the stories: Yashu Gola at yashu@forexminute.com

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