Fitch Law Partners LLP
Excellence in Complex Litigation
617-542-5542

Bank Litigation: February 2014 Archives

A Primer on Bitcoin

Bitcoin is a relatively new 'cryptocurrency' in which in which encryption technology enables consumers and businesses to exchange goods for currency over the Internet without having to rely on the element of trust in order to ensure payment.  Users buy Bitcoins and load them onto a virtual wallet, which they can then use to transfer Bitcoins instantly and anonymously to other users anywhere in the world.  As such, there are significant cost savings and efficiency benefits associated with the use of Bitcoin as a method of currency.  As Venture Capitalist Marc Andreessen explained on the New York Times' Dealbook, "Bitcoin is the first Internetwide payment system where transactions either happen with no fees or very low fees (down to fractions of pennies)."(1)  Many vendors are starting to consider Bitcoin in part to combat the large fees charged by credit card companies which cut into sales margins.  However, no central bank exists to regulate Bitcoin, and it entirely relies on peer-to-peer transactions and largely unregulated exchanges.

Contact Us

Fitch Law Partners LLP
1 Beacon Street
Boston, MA 02108

Phone: 617-542-5542
Fax: 617-542-1542
Boston Law Office Map

Fitch Law Partners LLP
56 Pine St
Providence, RI 02903

Phone: 401-521-6500
Fax: 401-274-2780
Providence Law Office Map

Fitch Law Partners LLP
110 Cedar Street
Suite 250
Wellesley Hills, MA 02481

Phone: 617-542-5542
Fax: 617-542-1542
Map & Directions