Article

WHAT LAWYERS NEED TO KNOW ABOUT BITCOINS

April 23, 2014

Excerpt:  “Bitcoins are digital currency – and yes, lawyers are beginning to accept them from clients. They are also known as virtual currency or cryptocurrency since cryptography is used to control the creation and transfer of bitcoins. They use peer-to-peer technology with no central authority or banks. The issuance of bitcoins and the managing of transactions are carried out collectively by the network. The system was introduced as open source software in 2009 by Satoshi Nakamoto. For you trivia buffs, the capitalized Bitcoin refers to the technology and network and the lower case “bitcoin” refers to the actual digital currency.”

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