Bitcoin was the first example of cryptocurrency. Cryptocurrencies are an entirely digital currency, and bitcoins aren’t printed but are produced by computers and held electronically. Bitcoin allows for a minimal amount or even no trust between the parties in the transaction. Bitcoin stores transactions through a blockchain, which is a specific type of database that stores every transaction ever made. Bitcoin calls the blockchain a “shared public ledger.”
Bitcoin is open-source; its design is public; nobody owns or controls bitcoin and everyone can take part. Bitcoin is legal and can be spent on anything. Many major companies accept bitcoin, including PayPal, Starbucks, and Etsy.
Bitcoin is a relatively new type of currency, with many potential but unproven applications in the future. It is under increased scrutiny from regulators, and this is likely to continue as Bitcoin grows. Learn more here!
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If you’re interested in learning more about bitcoin and how it could affect your business, please call Edwin Pear, Ann Arbor business attorney at 734-665-4441 or email him at epear@psedlaw.com.
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