Is about time that we started taking bitcoin seriously asks David Gilbert, as he wonders if it’s here to stay?
What is bitcoin?
Last month, a judge in Florida ruled that bitcoin should not be legally considered money, dismissing charges of money laundering against website designer Michell Espinoza.
“The court is not an expert in economics; however, it is very clear, even to someone with limited knowledge in the area, the bitcoin has a long way to go before it the equivalent of money,” Miami-Dade Circuit Judge Teresa Mary Pooler said in her ruling.
If bitcoin is not money, then what exactly is it?
The ideas behind bitcoin were first posited in a white paper published in 2008 which described a decentralised digital currency which was not tied to any government, bank or financial institution and using elegant mathematical and cryptographic functions would be completely transparent, trusted, and anonymous.
It was a libertarian’s dream, created by a person or group of people known only as Satoshi Nakamoto. One of the greatest mysteries of the internet age, the search for the creator of bitcoin has raised multiple false flags — including at one point 23-year-old Irish student Michael