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Bitcoin, The Law And Emerging Public Policy: Towards A 21st Century Regulatory Scheme, Gregory M. Karch
Bitcoin, The Law And Emerging Public Policy: Towards A 21st Century Regulatory Scheme, Gregory M. Karch
Florida A & M University Law Review
Bitcoin is the world's first decentralized digital currency. According to Lawrence Lessig, cryptography is "the most important technological breakthrough in the last one thousand years" and will be transformative. Bitcoin, capitalizing on cryptography, is a revolutionary digital currency protocol--a software system capable of tracking financial transactions without the need for a third party intermediary. The Bitcoin software is a "community-driven open source project released under an MIT license.”
This paper begins by briefly reviewing the mechanics of Bitcoin in Section I. Section II then surveys the rapidly expanding uses of Bitcoin, as well as the emerging application of Bitcoin. Since …