04 Sep '12, 1pm

What is a Bitcoin? Drug Dealers Taking Advantage of 'Legal Gray Area': When news of a secret online drug marketp...

When news of a secret online drug marketplace broke last year, many people were left wondering: What is a Bitcoin? At the marketplace, Silk Road, drug dealers and drug users reportedly hooked up and exchanged illegal drugs for real currency through an online medium of Bitcoins, reports ARS Technica. The Bitcoins are an artificial currency that only existed in the digital world. However, drug dealers and money launderers reportedly were able to turn this digital currency into real dough. So to answer what is a Bitcoin, the answer is that it is an online form of currency that is not backed by any government and whose value is only backed by the faith of its users. So in a sense, a Bitcoin is similar to the U.S. dollar in that it is not backed by anything of value (e.g.; gold or silver). However, the two are different obviously as a country does not stand behind the Bitcoin. ...

Full article: http://blogs.findlaw.com/technologist/2012/09/what-is-a-b...

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