The First Bitcoin Regulated Country, The Bitcoin Vault and More….Weekly News Update

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Monetary Authority of Singapore To Regulate Bitcoin

So far, Bitcoin has largely avoided any serious attempts at regulation. As authorities around the world have noted, even attempting to regulate Bitcoin will prove to be extremely difficult. Many also question what agencies actually have the authority to regulate Bitcoin. Don’t try explaining these challenges to the Monetary Authority of Singapore, however, your words will be met with deaf ears. The Authority has decided to regulate local exchanges to ensure that Bitcoin is not being used in money laundering activities, and may expand regulations to other areas in the near future.

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CloudHashing.com Aiming For USD 20 Million Dollars A Month In Mining

A mining company in the United Kingdom is now planning to launch one of the most ambitious mining operations in the world. Cloud-based CloudHashing.com can currently mine 1.5 petahashes per second, which at current market rates would equal about 12 million dollars. The company is aiming to expand its operations to 2.5 petahashes, which would make it far and away the world’s largest mining operation. Interestingly, CloudHashing.com actually rents out its computing power to customers looking to mine Bitcoins.

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Goldman Sachs: Bitcoin Is Innovative But Won’t Evolve Into True Currency

Goldman Sachs recently released a report “All About Bitcoin” in which the company offered up its analysis and opinions of Bitcoin. Goldman Sachs notes that the challenges facing Bitcoin are not insurmountable, however, the hurdles are sufficient enough to doubt the coin’s long-term prognosis. The company says that the biggest hurdles facing Bitcoin include the increasing costs of regulation, higher operating costs, and competition from entrenched players. While the report may not have provided much by the way of support for Bitcoin, community members have noted that it stopped far short of calling Bitcoin “evil” or leveling any of the stronger criticisms the currency has faced.

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Overstock.Com Processing 20-30K Worth of Transactions Per Day

When Overstock.com announced that it would start accepting Bitcoins as payment, many people brushed it off as a publicity stunt. Who knows, maybe that was the company’s original motive, but regardless it has now processed over a million dollars in payments. That breaks down to a solid 20 to 30 thousand dollars per day, a considerable sum even for a billion dollar online retailer. The company notes that there are no credit card charges, charge backs, or fraud, giving Bitcoin numerous advantages over traditional payment options.

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Bitcoin Super Vault Raises $20 Million Dollars In Funding

Many people are worried about safely storing their Bitcoins, and rightly so. A rash of scams have resulted in Bitcoin owners losing out on millions of dollars worth of coins. California-based Xapro, however, is looking to address peoples’ concerns by building super secure vaults for customers. The company’s servers are not directly connected to the Internet and are insured, offering a lot of protection. Currently the company serves only large-scale customers but plans to expand. The company recently secured 20 million dollars worth of funding. The funding round was supported by other Bitcoin firms and mainstream Silicon Valley hedge funds.

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Brian Booker

An international financial analyst and writer. He has consulted for the Malaysian government, various MNC's, and other organisations. He focuses on currencies, commodities, and emerging South East Asian markets.

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