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Australian Government selling Bitcoin for fiat, which they can print an infinite amount of.
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The 24,518 bitcoins will be sold mostly in blocks of 2,000 - each with a value of about £680,000. Australian newspapers have previously reported that 24,500 bitcoins were seized by police in the state of Victoria in 2013, after a man was arrested for dealing illegal drugs online. Currently about 4,000 new bitcoins are generated a day as a reward for "Miners" who offer their computer power to process Bitcoin transactions. Dr Hileman said the Australian authorities had chosen a "Safe" time to sell because there is some uncertainty about what will happen to the value of Bitcoin in July. "The Bitcoin protocol is designed to reduce the number of new bitcoins miners are given as a reward for processing transactions every four years." The Australian Bitcoin auction, which will be open to bidders worldwide, is the first such sale outside of the US. In 2014, the US Marshals Service began auctioning a collection of about 175,000 bitcoins that had been confiscated from the founder of internet marketplace Silk Road. The final auction of those bitcoins attracted 11 bidders, possibly due to the high cost of each block on sale.
Others point to the growing prospect of Bitcoin crossing over into the financial mainstream. "Speculation is a big part of this, but there are signs of growing use," says Dr Hileman. Bitcoin wallets store the addresses and are used to manage savings. They operate like privately-run bank accounts - with the proviso that if the data is lost, so are the bitcoins owned. Billionaires Elon Musk, Jeff Bezos and Bill Gates are among many prominent US figures targeted by hackers on Twitter in an apparent Bitcoin scam. The official accounts of Barack Obama, Joe Biden Scammers have found a new way to use seemingly legitimate BBC News websites to mine Bitcoin.. The scam, identified by researchers, was first discovered in the first week of January. Crypto-currency exchange Coinbase prevented thousands of pounds worth of bitcoin being transferred to scammers during the Twitter hack, it has said. The attack saw high-profile accounts such as
Bitcoin explained How do cryptocurrencies work BBC News
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