Bitcoin is a digital currency created in 2008 as a peer-to-peer electronic cash system. Information about Bitcoins can be found on the currency's website and in this Adrienne Jeffries's very comprehensive piece in The Verge. We have been following news on this e-currency phenomenon because of its fascinating implications for the future of business law and monetary regulation. Business Law Basics's prior reporting on Bitcoin can be found through the following links:
- 5/21/13: Of Bitcoins and Corporations
- 5/31/13: More on Bitcoins and the Law
- 7/1/13: Drug Enforcement Agency Conducts First-Ever Bitcoin Seizure
- 8/9/13: U.S. District Court for the Eastern District of Texas Rules that Bitcoins are Money
A roundup of recent news concerning Bitcoins and the law follows below.
[NOTE: NEITHER BUSINESSLAWBASICS.COM OR ITS BLOGGERS, OR BERGER HARRIS OR ANY OF ITS ATTORNEYS, ADVOCATES, RECOMMENDS, OR OTHERWISE ENDORSES THE USE OF BITCOINS].
Robert Cringely at BetaNews expresses skepticism regarding the value of Bitcoin investments.
At TechCrunch, Romain Dillet speculates about Bitcoin's future as a meta-currency, and makes comparisons to the Euro.
CoinDesk focuses on Bitcoin's future use by businesses making large quantities of micropayments.
MarketWatch reports that the downfall of the online market Silk Road, alleged to have been the hub of a global drug trafficking network, included the seizure of some 26,000 Bitcoins, worth about $3.6 million (the largest such seizure to date).
Silicon Angle has further details about the seizure, as well as news about Bitcoin "mining" and other recent events.