31 Mar '13, 12pm

Because if Bitcoin is here to stay, you should probably know how it actually works:

Because if Bitcoin is here to stay, you should probably know how it actually works:

from the anti-money laundering arm of the U.S. Treasury, FinCEN, brought further clarity to the situation by addressing decentralized virtual currencies for the first time, tacitly giving bitcoin the legal stamp of approval, while also paving the way for further regulations. But the big takeaway is that using bitcoins to purchase goods and services is legally okay. Likewise, those who operate bitcoin businesses, such as exchanges and payment processors, will have to adhere to various regulations. For consumers, this is generally a good thing because these rules protect users and help prevent the dark arts. Bitcoin will inevitably lose some of its cyberpunk mystique, but it's a necessary compromise for increased mainstream adoption. In fact, bitcoin insiders argue that the recent surge in prices is more attributable to the U.S. government's guidance rather than the economic...

Full article: http://motherboard.vice.com/blog/bitcoin-how-it-works-how...

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