In our series of weekly Bitcoin Picks, Forex Magnates aims to provide our readers with the most valuable information throughout the week extracted from the pages of our specialized website DC Magnates. The first major piece of news is the implementation of Bitpay’s Service by leading US online retailer Newegg – a move bringing ever more options to aficionados looking to spend their Bitcoins online. The highest bidder and winner at the USMS Bitcoins auction has been revealed as Tim Drape, while the Russian central bank has flip flopped its position on the digital currency.
When Will They Accept Bitcoins? Today, as Newegg Partners with BitPay
When a representative from TigerDirect hosted a Reddit AMA last month, among repeated comments from participants was that they wished Newegg would also begin to accept bitcoins for payments. Apparently Newegg was listening, as the online electronics retailer has become the latest firm to begin accepting bitcoins through a partnership with BitPay.
One of the leading sellers of high-end video cards used for cryptocurrency mining, especially for script-based coins, Newegg has long topped bitcoin user firms that have wanted to accept the digital currency. Having a large customer base of bitcoin users, Newegg’s absence of accepting them had been viewed curiously. Read the full article here.
Venture Capitalist Tim Draper Revealed as Winner of Silk Road Coins
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The winner of the USMS Bitcoins auction has been revealed as Tim Draper, founder of the venture capital firm Draper Fisher Jurvetson. The revelation brings much closure to the mystery behind the identity of the winning bidder. The announcement was made on the Medium blog by Avish Bhama, CEO of Varaum, a Bitcoin exchange which counts Draper among its key investors.
Draper hosted a press conference where he focused more on the future of Bitcoin and his future investment plans, and less on the recent auction. He said that his next fund will have a “high concentration of Bitcoin companies”. Read the full article here.
Bank of Russia Changes Stance, Says It’s OK to Use Bitcoin
The Bank of Russia now indicates that it’s OK to use Bitcoin. This comes months after making statements indicating that it is illegal to do so, saying that individuals may be suspected of engaging in illegal activity. Though less ambiguous than previous statements, they still reflected a lack of conviction to fully and unequivocally ban it outright. Prior to that, the Bank issued stern warnings discouraging its use but did not explicitly prohibit it.
The revised ruling may help pave a path towards total clarity on the issue. Russia has been one of the few countries that in some form, indicated Bitcoin use as illegal. However, the recent geopolitical spat with the West has arguably caused the stance of the Russian Central Bank to shift into a different direction. Read the full article here.