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Bitcoin’s Monthly Recap of June 2015

Welcome to HolyTransaction sixth monthly recap for the year 2015. This past month of June has has been eventful for Bitcoin due to events within the Bitcoin ecosystem and from the general economic world as well; during that time, the bitcoin price fell from a low of $223.51 to a high of $272.50, according to Bitcoin exchange Bitstamp.
Russia Reverses Stance on Bitcoin Ban, Open to P2P Transactions
According to Russian media Izvestia, the Russian government is expected to reverse its stance on Bitcoin in the coming months. Over the last year, different arms of the Russian government have come forward with different opinions on Bitcoin, with the Central Bank being notably open to the idea of cryptocurrencies. This news comes on the heels of a reversal on a website ban affecting several Russian Bitcoin sites. Around the world, an anti-Bitcoin stance is increasingly becoming more and more unpopular.
Decentralized Marketplace OpenBazaar Receives $1 Million USD Funding
The decentralized marketplace project, OpenBazaar, has raised $1 million USD in funding from names such as Andreessen Horowitz and Union Square Ventures. OpenBazaar has sometimes been called the spiritual successor to infamous marketplaces such as the Silk Road. Of course, that is not the purpose of the project; however, the applications of a secure and open marketplace software has obvious implications for the black market. The infusion of venture capital money into such a controversial area shows the promise of Bitcoin technology in the world of commerce.
Silk Road Investigator Pleads Guilty to Money Laundering
In the latest drama from the Silk Road drug market takedown, one of two federal agents working on the Silk Road case has plead guilty to money laundering, extortion, and other crimes. Carl Force infiltrated the Silk Road marketplace as the head of the Baltimore-based team that took down the infamous site; however, while leading the investigation, Force stole money from Silk Road and the now convicted Ross Ulbricht. Force even signed a movie deal with 20th Century Fox to detail his exploits. Another agent, Shaun Bridges, also plead guilty to similar crimes.
Nasdaq Private Market Works with Chain to use Bitcoin
In a continued show of interest in Bitcoin technology, the Nasdaq OMX Group Inc. has chosen Bitcoin startup Chain to test a new type of trading. Using Bitcoin technology, Nasdaq hopes to secure the trading of private company shares. The Nasdaq Private Market currently services pre-IPO trading of shares in private companies and blockchain technology will manifest here first. Nasdaq’s CEO Bob Greifeld explained: “As blockchain technology continues to redefine not only how the exchange sector operates, but the global financial economy as a whole, Nasdaq aims to be at the center of this watershed development.”
Greek Economic Crisis Raises Bitcoin Awareness
For the last month, the world has been eagerly watching Greece struggle with the European Union over its debt and a proposed deal to save the beleaguered country. In the meantime, banks, PayPal, and Western Union have all taken a much-felt hiatus from the country, leaving the Greek people to suffer financially. In this economic turmoil, many have started learning about Bitcoin. Bitcoin companies across Europe are reporting increased levels of usage and activity from the Greek area. In 2014, when Cyprus was having similar issues, interest in Bitcoin also experienced a noticeable jump.

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HolyTransaction welcomes new users from Greece, Europe, and the World over

Everyone with a finger on the pulse of the world’s financial health has been keeping their eyes peeled for the latest on the potential “Grexit” (Greek Exit) from the European Union. With negotiations of a final deal once again bearing no fruit, the average citizen’s faith in the traditional financial system is eroding at an ever-increasing rate. A few years ago, it was Cyprus; now, it is Greece. Frankly, the rest of the fiat-using world is right to believe that they may be next. In times like these, interest in Bitcoin tends to spike. In just the last week, Greek Google searches for the keyword ‘Bitcoin’ have increased notably. Let’s not forget that historically we have always seen a trickling effect where new Bitcoin users find themselves researching altcoins in an attempt to get ahead of the next big thing. It is possible that the current economic turmoil in Greece is the next big thing that pushes interest in Bitcoin and other digital currencies.

We have seen fellow digital currency companies focus their attention and marketing on Greece and Europe, which is another indicator of the breadth of this event. The classical way to buy bitcoins is to use your bank. Unfortunately, with Greece’s banks closed for the next week and possibly more time after that, it is arguably too late for the Greek people to buy Bitcoin easily.

Since most Greeks have their money tied up in the banks that are currently shut down. The people on the ground can’t even buy Bitcoin through the banks. Bitcoin isn’t going to be accepted by Greece over night, but Bitcoin also isn’t going to be shut down by anyone over night. In the coming weeks, the contrast between digital currency and banks will sharpen for many onlookers. Observers the world over will be struck with a sort of enlightenment: their vision will clear. Bitcoin might not be able to help the Greeks buy a loaf of bread in their local economies tomorrow morning; however, Bitcoin and blockchain technology can and will be able to prevent similar economic disasters from happening ever again.

Author: Caleb Chen

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