Bitcoin News Mash-Up: VISA Plans for Bitcoin; GHash.IO Mined Million Dollar; and More

By August 5, 2014Bitcoin Business
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Following are the major Bitcoin events of the day

VISA Favors Bitcoin and Other Cryptocurrencies
Sam Shrauger, the senior VP of digital solutions at VISA Inc., is currently participating in an indoor project which is inclined towards facilitating Bitcoin and other digital currency payment options. The former Yahoo and PayPal executive is aiming towards reducing the resistance faced in ongoing digital currency methods. Upon the successful completion of this project, VISA will bring its very own digital and mobile products to the market.

GHash.IO Mines $250 Million Worth Bitcoins
Popular and controversial Bitcoin mining pool company GHash.IO recently published an infographic in which its total mining quantity was displayed to be 413,752 BTC (around $250 Million). These attractive figures were achieved despite of the enormous criticism GHash.IO faced for its proven involvement in implementing a 51% attack. However, the pool owners promised the entire Bitcoin community to keep its participation in Bitcoin blockchain to 40%. GHash.IO still remains an attractive option for the miners, mostly because of their cost effective services, which include no commissions and immediate payments.

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Kyrgyzstan Bans Bitcoin
The National Bank of the Kyrgyz Republic recently issued new statements regarding the use of Bitcoins within their territory. In its statement, the government body announced an outright ban on the use of Bitcoin and other similar cryptocurrencies. The bank also declared their local currency KGS to be the only legal tender in the country. The document also read:

“The cost of ‘virtual currency’ is not tied to any currency or other asset, and, in fact, the formation of its cost is influenced by demand and supply for it, that creates high risks of exchange rate volatility and loss of value.”

BTC.COM Sold for $1.1M
The most sought-after digital currency domain BTC.COM was recently sold to GAWMiners CEO Josh Garza for a whopping amount of $1.1 million. GAWMiners is a renowned Connecticut-based mining equipment supplying firm. How a mining hardware company will use BTC.COM is still under speculations. However, GAWMiners has promised that something incredible is coming soon.

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