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There is an auction of approximately 2,170 Bitcoins announced by the US Marshals Service that were seized in the course of different federal criminal, civil and administrative cases, as stated by a press release on the 5th of March.

According to the information, the auction will be held on March 19, 2018 from 8 a.m. to 2 p.m. EDT. All bidders who are interested in participating in this auction must complete a registration and pay a $200,000 deposit by March 14th at noon EDT.

The bitcoins will be divided and offered in 14 different blocks: two blocks of 500 BTC, 11 blocks of 100 BTC, and one block of approximately 70 BTC. The auction will also include a private notification to the winners.

The US Marshals Service posted on their website a list listing the cases in which bitcoins were seized. Shaun Bridges, one among the record, was convicted of stealing $800,000 in bitcoins in 2015.

The US Marshals Service has previously conducted auctions of bitcoins that were seized in the course of civil and criminal proceedings. According to the exchange rate that day, 3,813 BTC were sold by the agency on January 22, 2018. This was a total of more than $40 million.

In August 2016, 2,700 BTC was sold at the previous auction. The estimated market value was close to $1.6 million at that time.

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Bitcoin is a payment system invented by Satoshi Nakamoto who released it in 2009 as an open-source software. Although Nakamoto's identity has never been confirmed, Bitcoin is now the most popular digital asset, and it's being called the "cryptocurrency".

Bitcoin's most distinctive characteristic is its mathematical proof. This is unlike traditional and conventional printed currency. Traditional currencies have centralized banking systems that control them and in the absence of any single institution controlling it, the US Treasury has termed the Bitcoin a 'decentralized virtual currency'. The underlying idea behind Bitcoin was to produce a currency entirely independent of any central authority and one that could be transferred electronically and instantly with almost nil transaction fees.

By the end of 2015, the number of merchant traders accepting Bitcoin payments for products and services exceeded 100,000. Major banking and financial regulatory authorities such as the European Banking Authority for instance have warned that users of Bitcoin are not protected by chargeback or refund rights, although financial experts in major financial centers accept that Bitcoin can provide legitimate and valid financial services. However, financial regulators, law enforcement agencies, and legislative authorities have cited the growing use of Bitcoin as a significant concern.

The owner of Bitcoin voucher service Azteco, Akin Fernandez comments that there will shortly be an important game-changer in the manner Bitcoin is generated. This will literally reduce the rate at which Bitcoin is generated every day by half. However, it is difficult to predict how the general public and merchants will react.

Against the backdrop of such a move, the predictions are that the transaction volume of Bitcoin is set to triple this year riding on the back of a probable Donald Trump presidency. Some market commentators are of the view that the price of the digital currency could spike in the event of such a possibility leading to market turmoil globally.

The Panama Papers scandal, which broke in May of this year, has prompted the European Union (EU) to take action against tax avoidance strategies that wealthy and powerful use in order to hide wealth. These rules are intended to close loopholes. Among the proposed measures is to ban anonymous trading on virtual currency platforms such as Bitcoin. The European Central Bank and the European Banking Authority need to do more research on how to best deal with digital currency, as there is currently no EU legislation.

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