www.charlesjeromeware.com. " We are here to make a difference." The national law firm of Charles Jerome Ware, P.A., Attorneys & Counselors, is conveniently headquartered in the Washington, D.C. and Baltimore, Maryland metropolitan area. The content of this blog is presented for informational purposes only, and not intended as legal advice.
THE " BITCOIN " MOVEMENT CONTINUES
BITCOIN is the latest poster currency for a growing movement of alternative financial tender.
Essentially, BITCOIN is an innovative payment network and a new kind of money. BITCOIN uses peer-to-peer technology to operate with no central authority or banks. Managing of transactions and the issuing of bitcoins is carried out collectively by the network.
BITCOIN is open - source; its design is public. Ideally, it is claimed that no one owns or controls BITCOIN, and everyone can take part in it. It is also alleged that, through many of its " unique properties", BITCOIN allows exciting uses that could not be covered by any previous payment system [http;//bitcoin.org/en].
Similar to the alleged trillion-dollar platinum coin several months ago, BITCOIN has leap-frogged from a technical curiosity to "mainstream" financial news. Certainly, BITCOIN has become an object of economic escapism for some. As to whether it continues to grow as a currency phenomenom has yet to be seen, but the underlying public curiosity that there is growing skepticism about global financial systems' long-term viability, and a correlated grassroots interest in returning to smaller scale, offline, more locally-focused systems of currency and financial exchange.
IS BITCOIN A BETTER MEANS OF FINANCIAL
AND CURRENCY EXCHANGE ?
According to some monetary experts, a growing number of people worldwide have grown tired of being
economically abused by "globalization" and simply want to get back to functioning within sustainable local systems. Because of the way our globalized world works financially ( great when it does work, a disaster when it does not), hard-working people and their communities are being destroyed by financial meltdowns in distant geographic locations. It is argued by many that globalization has eroded our incentives and our ability to play well together as local communities, meaning we are now less resilient to shocks of all kinds than we used to be. It should be noted, however, that some monetary experts believe that --- while currency projects like BITCOIN are quite interesting --- they set too high a bar for the average person; meaning, BITCOIN may be too sophisticated an exchange system for the general public [http://qz.com/72697/bitcoin is just the poster currency for a growing movement of alternative tender/April 10, 2013].
For a concise technical overview of how BITCOIN works, read the following site: http://bitcoin.org/en/how-it-works.
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