05 Aug '13, 6pm

Bitcoin As A Medium Of Exchange | by @pepper_law

REPRINTED WITH PERMISSION OF TRANSACTION WORLD MAGAZINE | © AUGUST 2013 Bitcoin, when used as a medium of exchange, rather than as an investment vehicle, shows users many potential benefits. Part of the appeal is that bitcoins cannot be created at will and the supply of bitcoin, while large enough to function as a medium of exchange, is still finite. Bitcoins are effectively “created” by solving specific mathematical puzzles using computer processing power. Over time, remaining bitcoin puzzles take increasing amounts of computer power to solve. Parties can independently “mine” for bitcoins using their own computers, or as part of easy-to-join online collectives in which each person’s individual computer does some of the work and receives part of the payoff or via rented networks. As such, “mining” bitcoins comes with associated real-world hardware and electri...

Full article: http://www.jdsupra.com/legalnews/bitcoin-as-a-medium-of-e...

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