July 18, 2014 - In This Issue:

Bitcoin Gaining Currency On K Street
Bitcoin supporters are hiring up in Washington as lawmakers and regulators debate how to handle the digital currency.

The Bitcoin Foundation on Wednesday announced it had contracted with the bipartisan lobby firm Thorsen French Advocacy to provide representation on Capitol Hill.

"When governments are properly informed about bitcoin's promise, the technology's social and economic benefits are recognized and its rapid innovation and adoption will increase," said Jon Matonis, the executive director for the advocacy group, in a statement.

Why Bitcoin has Real Potential To Upend The Legacy Payments System
Bitcoin is most often discussed as a volatile digital currency. But where Bitcoin's real value lies is as a payments technology that has the potential to revolutionize the legacy payments industry

Bitcoin offers merchant a low-cost payments system, and consumers a virtually frictionless payments experience. Value can easily be transferred around the world without transmitting sensitive information that could be used for fraud, and without forcing merchants to pay extortionate transaction fees.

But, while the emergence of Bitcoin brings with it numerous advantages, it also faces incredible hurdles.


Computer Giant Dell Now Accepts Bitcoins

Multinational computer technology specialist Dell has announced it is now accepting bitcoin through a partnership with Coinbase.

With annual revenue approaching $57bn, Dell is roughly four times the size of DISH Network - the previous biggest bitcoin-accepting business.

Following today's announcement, consumers and small business owners are able to purchase all items on Dell.com using bitcoin. To promote the news, the company is offering a 10% discount on all Alienware-brand products to bitcoin buyers. Dell also sells personal computers, servers, data storage devices, cameras and printers.

In a blog post on the announcement, Coinbase indicated that Dell is seeking to provide customers with greater payment flexibility. Once the decision to accept bitcoin was reached, the company moved quickly - implementing payments on the site in just two weeks. Dell CIO Paul Walsh said:


There is more good news from South Africa as major payment gateway PayFast enables bitcoin access to over 30,000 online merchants, adding it as a payment option to its platform.

The company has partnered with bitcoin exchange BitX to process the payments, allowing sellers to receive South African local currency (rand, or ZAR) and avoid bitcoin price volatility.

Jonathan Smit, Managing Director and founder of PayFast, said:

"We are not really sure what will happen with bitcoin going forward as it is still early days for the 'currency', but we're interested in contributing to the ecosystem and seeing where it goes."


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