To Bid or Not To Bid On It – The Bitcoin

January 29, 2014 / Arielle Adler

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The Bitcoin as a new payment concept can be pretty intimidating as its perception is still quit new. Developed in 2008 by techies, this digital form of money is considered by many people as an overrated techno-bubble. Fact is that its value swings volatility,  has the ability to be used anonymously and might be acquired through illicit transactions.

Bitcoins “pro’s” defense the Bitcoin by saying that the Bitcoin is not any riskier than accepting cash as that can’t be traced either and its usage preserves the client’s privacy.

Some companies and professionals gradually start to accept the Bitcoin as an official payment method, e.g.  David Aylor’s Law Offices reported last year that it had accepted a client’s payment in the form of Bitcoins. That transaction represented the first publicly recorded Bitcoin payment made in the United States for legal services.

Dutch lawyers do not have this freedom of choice; they were officially notified earlier this month that “this regulation applies to all (Dutch) lawyers”. So for the time being, Dutch lawyers bite the dust, not the Bitcoin.

I guess it is for the best as with a Bitcoin you might be able to buy today a bottle of Coca Cola and next week a fancy yacht…

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Read more about the legal aspect of the Bitcoin here.