01 Aug '14, 2pm

Bitcoin isn’t a currency, Bitcoin advocates argue

You may know Bitcoin as a kind of digital cash that can be spent just like the U.S. dollar and can't be traced to a person's specific identity. Maybe you've even heard it described as a virtual "currency." Well, Bitcoin supporters are now distancing themselves from the word — at least as it's used in Florida law. Advocates of the payment technology are defending two men who earlier this year were accused of using Bitcoin in a money laundering scheme. According to documents filed in state court, Pascal Reid and Michel Abner Espinoza were approached months ago by an undercover Miami Beach police officer and a Secret Service agent. The law enforcement officers told Reid and Espinoza that they were interested in buying bitcoins to obtain stolen credit card numbers. Reid later allegedly sold $25,000 worth of bitcoins to the Secret Service agent. At today's prices , that would a...

Full article: http://www.washingtonpost.com/blogs/the-switch/wp/2014/08...

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