Ask Roxy is a public service blog from the Law Offices of Roxanne Sher Olson (www.roxanneolson.com). Roxanne is an attorney in Santa Cruz, CA. Email your questions to askroxy@roxanneolson.com
More and more people are becoming interested in using bitcoins for transactions (and, no, not just people trading in illegal goods). For those of you who are scratching your head right now, bitcoins are a form of digital currency. Basically, you buy them online and then use them to conduct business. Bitcoin enthusiasts are very excited about them because you don’t need a bank or other money trader (and their fees) to exchange them. It’s part of the “cut-the-big-banks-out” revolution that is, understandably, very popular right now. Drug and arms dealers love them because they also don’t like using banks (with those sticky rules about having to use an ID to open an account) and some online black markets have switched over to using bitcoins exclusively.
Before I launch into whether you should accept them or not, I would like to back up and look at the larger issue here: What is money?
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