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Commentary

Bitcoin Basics: An Understanding as Momentum Mounts - Part 1

This is the first of a two-part series on the business and legal ramifications of bitcoin.

By David Legge | Updated on August 21, 2014
David LeggeWe have all heard the quote “if it seems too good to be true, it probably is.” A similar saying that we may have heard is that if something is so complex it cannot be understood by the common man (individual) then there is something wrong with it. How bitcoin has evolved and operates has had both of those labels attached by various authors.

Bitcoin has definitely been in the news so far this year. Several television shows have had episodes where bitcoin has been highlighted (e.g., “The Good Wife”; “The Mentalist”).

For the first half of the year alone, headlines on articles have included some of the following which we will group into five categories: Pro bitcoin, bitcoin warnings, bitcoin regulation, bitcoin taxation and bitcoin activity. The list would be quite extensive if we just listed half, so we are listing four in each category so you can see the wide range.

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