Bitcoin Basics
Bitcoin is in the news, usually with some startling information about some guy tossing out his old computer for recycling with his only bitcoin wallet on the hard drive. His old wallet has the only access to hundreds of thousands of dollars’ worth of bitcoin. And it’s gone. Or you read the predictions about the bitcoin that was worth 39 cents in 2010 and $500 in 2016 skyrocketing to $100,000 by the end of 2018. Online stories about the unregulated aspect of digital currency open up scenarios of a criminal element using this form of money transfer as a way to pay for illegal transactions across international borders. There have been some spectacular drug trafficking crimes that were uncovered where bitcoin was used to pay for drugs. It might seem like a currency like bitcoin that is not regulated as a bank transaction might be is a great way to carry on a lot of sneaky secret illegal deals. The reality is that every bitcoin transaction is a matter of public record. When yo...