'Bitcoin is a currency': Federal judge says virtual money is a real currency

'Bitcoin is a currency': Federal judge says virtual money is a real currency

As it is known, Bitcoin is a digital currency, which works through online transfers. However, physical Bitcoins were created by a bitcoin enthusiast, Casascius. Each physical bitcoin has its personal code in order to detect a number of bitcoins online. Can bitcoins be considered as real money and be regulated by authorities, like usual dollar currency or is it still virtual online money? Federal judge states it is real money. Texan Trendor Shavers was accused of fraudulent Ponzi scheme, which makes millions of dollars in Bitcoin market. Ponzi scheme is a swindling investment operation,....


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U. S. District Judge Says Bitcoin Qualifies as 'Money' or 'Funds'

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US District Judge: “Bitcoin is Money”

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$40.7 Million Fine: Judge Rules Ponzi Scheme on Bitcoin Savings and Trust

There are several high profile criminal and civil cases involving Bitcoin in the United States. In some of these the prosecution is clearly applying law to Bitcoin transactions that might not apply. But in the case of Trenton Shavers and his Bitcoin Savings and Trust this turned out not to be the case, even though his attorneys tried to make it look like it. A US Federal Judge has ruled in case is SEC v. Shavers et al, U.S. District Court, Eastern District of Texas, No. 13-00416 that the Bitcoin Savings and Trust was indeed a criminal enterprise and Shavers was guilty of running a Ponzi....

Quotes

For much of history since its beginning in ancient Egypt, the essence of cryptography—which takes its name from the Greek words for “hidden” and “writing”—lay in encoding language to keep a message secret.

Paul Vigna, The Age of Cryptocurrency