648K-Bits About Bitcoin

This paper explores the development of digital currencies—currencies which are creatures of the Internet, self-authenticating, and usable worldwide by members of the general public to engage in the same types of direct, one-to-one transactions that daily occur using government-issued currencies. As of November 2014, the most developed digital currency measured by market capitalization was Bitcoin, which was used in this paper as a proxy for the general phenomenon. Not surprisingly, as Bitcoin's circulation and visibility increased, so did the number of practical and legal issues surrounding its use. Some of these are explored in this paper, with a view to considering the utility and viability of such currencies for widespread, global use