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Denison Yacht Sales will now accept bitcoins

Denison Yacht Sales will now accept bitcoins for the purchase of luxury yachts and charters.

The peer-to-peer cyber currency is becoming increasingly accepted in transactions, the company said. It has faced both criticism and praise because the currency remains unregulated by any government or bank.

"We need to be present and available to all potential clients in all marketplaces and if a client wants to pay with bitcoins, we are now positioned to handle the transaction," Denison Yacht Sales president Bob Denison said in a statement. "With the sale of just one medium-sized yacht using this currency, we would be poised to make the largest bitcoin transaction in history."

Along with used brokerage yachts for sale, Denison also will accept bitcoins for purchases of the new-boat lines they represent, including Monte Carlo yachts, Beneteau powerboats, Dufour sailing yachts, Fountaine Pajot, Pirelli yacht tenders and Contender fishing boats.

Payments will be processed through BitPay, the world's largest bitcoin payment service provider. BitPay provides payment processing services for more than 50,000 businesses and processes more than $1 million daily.

Bitcoin has drawn much discussion and controversy as the globally exchanged, unregulated currency has rattled the financial world.

A top Australian law enforcement agency is investigating bitcoin’s role in organized crime, according to a Reuters report issued today.

MasterCard used a submission to a Senate inquiry to argue for Australian regulators to move against the pseudonymity of digital currencies such as bitcoins. "Any regulation adopted in Australia should address the anonymity that digital currency provides to each party in a transaction," the company's submission (PDF) states, according to Computerworld.

Many also exalt the currency’s ability to remain unregulated and avoid being “double-spent.”

Bitcoin’s mysterious creator, “Satoshi Nakamoto,” was the first person to solve the issue of “double spending” in a completely decentralized network, meaning that all transactions are made directly between parties, with no middlemen, yet in a way that is verifiable across the entire network and virtually impossible to counterfeit, according to Forbes.

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