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David Smith

David is on track to retire in two years from investing in bitcoins. David wants to help you understand the once in a lifetime opportunity this digital currency revolution provides. The digital...

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Disruption, Advocacy And Regulation: A Weekly Bitcoin Review

X Prize Founder: Bitcoin Moving to Disruptive Phase

Peter Diamandis wrote why bitcoin will be entering the disruptive phase in 2014 and 2015 before hitting mass adoption in 2016. He is accepting bitcoin for his Abundance 360 CEO Summit and he is trading in his gold for bitcoin.

Diamandis explained bitcoin and then explained why it will be so transformative. He finished by providing action items for readers to understand the technology.

Related Link: Signs A Bitcoin Tidal Wave Is Forming To Disrupt Business

Overstock To Donate Three Percent of Bitcoin Sales to Support Digital Currencies

Starting in September, Overstock (NASDAQ: OSTK) will begin to donate a portion of bitcoin sales to support digital currency adoption, according to CoinDesk. Overstock now forecasts sales at $10 million for the year, doubling its original $5 million estimate.

The digital currency advocacy program will roll out around the same timeframe as Overstock's expansion of bitcoin acceptance to international users.

New ATM Manufacturer on Track to Ship 1,000 Units this Year

Skyhook, a low-cost Bitcoin ATM manufacturer, announced it has shipped 150 ATMs since launching in May. The units sell for $999 and are open source. Skyhook anticipates it will ship 1,000 units this year.

Intuit Lets Customers Accept Bitcoin

Intuit (NASDAQ: INTU) launched its Pay By Coin service, letting merchants receive bitcoin or U.S. dollars from bitcoin payments. The service does not take a fee, although the partner in the offering, Coinbase, charges a one-percent conversion fee if the business opts to receive U.S. dollars instead of bitcoin.

The service touts the primary benefit as getting paid faster but also lists low fees, no chargebacks, quick deposits and no exchange risk as benefits.

Related Link: 3 Reasons The IRS Bitcoin Ruling Is Good For Bitcoin

Canada Will Regulate Virtual Currency Businesses

CoinDesk reported that Canada passed an amendment to regulate businesses dealing in virtual currencies. The businesses will be regulated as Money Services Businesses and be required to register with the Financial Transactions and Reports Analysis Centre of Canada.

California Passes Legislation Good for Bitcoin Users

Reuters reported that California repealed a law outlawing commerce using anything besides U.S. currency. The law also potentially applied to things like gift cards.

Disclosure: At the time of this writing David Smith has a long bitcoin position.

Tags: Bitcoin California Canada intuit overstock.com Peter Diamandis Skyhook

Posted in: Tech