Will Bitcoin Destroy Lawyers? Can Bitcoin - Enabled Smart Contracts Renew The Role Of Trust In A World Ruined By Too Many Lawyers, Too Many Laws and Too Many Loopholes?
Bitcoin – along with a growing number of similar cryptosecurity systems such as Ethereum3 -- is a series of algorithmic protocols which use mathematical proof to verify and secure data. Its ability to provide for the strongest, most verifiable proof of ownership with which to facilitate fast transfers of information and assets lends itself to other applications where the need to involve and trust in a third party (and the risk of third party negligence, malfeasance or failed performance) can be reduced or eliminated.
This gives Bitcoin a much wider potential than the almost exclusive conception of it – among the sliver of people who have even heard of it – as an electronic currency or the latest hope of anarchists and utopians who dream of a world run by benign computer code, anything other than bad men.
The Internal Revenue Service is one of the few government agencies to even acknowledge Bitcoin but does so only to conceive of it as an alternative, unofficial currency alternative, labeling it in recently issued guidance in March 2014 as “virtual currency” as to which it is to be taxed as property.
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