17 Jul '13, 1am

The Rise Of Bitcoin | by @pepper_law

Bitcoin is a virtual currency without physical form or governmental authorization. It trades freely via electronic means. Although rare, bitcoin may also be transferred in person, by a laptop or tablet computer. Bitcoins come in whole or in fractional form – i.e. 0.000001 of a bitcoin is a microbit. There are a finite number of bitcoins. A limit of 21 million bitcoins can be unlocked – more than half of which have already been ‘mined.’ The number of initial bitcoin users in 2009 was small. By 2010, daily worldwide bitcoin transactions were generally under a thousand a day.1 In late 2010, the total worldwide ‘market value’ of all bitcoin first exceeded $1 million.2 In 2013, bitcoin is in the news on a daily basis, especially in light of heightened uncertainty toward traditional financial systems such as that resulting from the restrictive actions taken by the go...

Full article: http://www.jdsupra.com/legalnews/the-rise-of-bitcoin-97571/

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