First up, a little background. The original Bitcoin was launched by secretive and elusive computer programmer, Satoshi Nakamoto in 2008. Since then it has set about trying to establish itself as one of the most popular online payment methods with its uniqueness stemming from being the first decentralised asset-backed e-coin to go to market. In a nutshell, Bitcoin is a virtual currency, making it different from e-wallets and bank cards who merely transfer your funds.
Bitcoin money has no place in the real world, no offline worth and no central bank. Its unique appeal has led Bitcoin to commanding an army, some of 100,000 people deep and based all over the world, trading in thousands of dollars every day, including the USA where its decentralised format allows it by-pass US federal banking laws. To that end, a Miami judge recently ruled that Bitcoin cannot actually be counted as real money. In a 2016 money laundering case, Judge Teresa Mary Pooler, based in Florida, ruled that Bitcoin was not backed by any government or bank, and as such cannot be considered “tangible wealth” and “cannot be hidden under a mattress like cash and gold bars.” But, surely that is the very point of it, currency for the web.
http://www.newsbtc.com/2016/08/15/security-behind-bitcoin-online-gambling/
