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Posts tagged ‘Federal Reserve System’

US Senate Recognizes Bitcoins-Value Sky Rockets

 

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A Senate hearing was held last night and saw an assortment of experts, including Federal Reserve chairman Ben Bernanke, giving their opinions on the currency – which were mostly guarded but positive.

The value of Bitcoin shot up to $785 after the meeting, a $200 rise from earlier that day. Bernanke said “While these types of innovations may pose risks related to law enforcement and supervisory matters, there are also areas in which they may hold long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system,” . The hearing was called following the closure of Silk Road, an online black marketplace used largely for drugs, which was one of the earliest adopters of the Bitcoin currency and a name synonymous with its use. Many have said the closure of the “Amazon for drugs” site has helped to legitimise Bitcoin among its former nemeses.

Bitcoin was created in 2008 by an anonymous developer who goes by the pseudonym Satoshi Nakamoto. The currency is decentralised and therefore can’t be controlled by any government – it’s created, controlled and traded by Bitcoin users rather than a central bank.

 

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New 100 Dollar Bill Coming Soon

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Coming this fall the United States will be rolling a new $100 note that, while visually similar to the current offering, utilizes new technology (and a slight splash of color) to make it difficult for counterfeiters to replicate the bills. Among the changes are such things as a duplicating Benjamin Franklin, who has been enlarged and filled out, microprinting, and more. The 100 dollar bill will go into circulation on October 8. Benjamin Franklin is now larger and slightly raised, with more detailed eyes and with a microprinted “United States of America” in the collar. Changes has also been made to the slightly darker watermark so that it duplicates slightly when held up to the light. The gold inkwell visible in the image above has a slightly darker image of the Liberty Bell inside of it, which turns green when the bill is shifted.

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