Currency Act than what was taxed out of circulation, the currency depreciated in relation to the British pound sterling. The resultant inflation was harmful to merchants in Great Britain, who were forced to accept the depreciated currency from colonists for payment of debts. The Act limited the future issue of bills of credit to certain circumstances. It allowed the existing bills to be used as legal tender for public debts (i.e. paying taxes), but disallowed their use for private debts (e.g. for paying merchants). The Currency Act 1764 (4 Geo. III c. 34) extended the 1751 Act to all of the British
Virtual currency law in the United States a percentage of these transactions. The Bitcoin exchange company Coinbase offers a payment service that allows merchants to receive Bitcoin and then automatically exchange the Bitcoin into fiat currency. The speed of this exchange helps merchants to avoid the volatility of Bitcoin. In September 2014, Ebay announced that its payment processor Braintree will be accepting Bitcoin. As of November 2014, the market capitalization of Bitcoin is just below $5 billion, but has reached historic highs close to $14 billion. The growth of Internet use and the virtual world is also increasing. World Internet use increased from 15.8% in 2005 to