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Controversy Over Bitcoin's Cryptocurrency

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Bitcoin can make people rich, but anyone could be breaking the law just by buying it. Bitcoin can be considered counterfeit money. Everyone is eligible to be charge with counterfeit. No one wants to be charges with a felony. We can make this happen but we have to work together to show the world the corrupt side of bitcoin. Bitcoin is a virtual currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Bitcoin works with no middle men, which implies that bitcoin works no banks to run and no security to check the system to see fraud and broken laws. Bitcoin should not be allowed to be a future currency. Bitcoin can make money laundering worse, it can make counterfeiting worse and it can make more private money companies that could surpass the law. …show more content…

Bitcoin is a currency in at least one United States court. The currency competes with the United States dollar as a general medium of exchange. Thus, Bitcoin has the potential to be deemed counterfeit and rendered illegal. If it is unlawful under the Stamp Act then it is clear that cryptocurrency violates the counterfeiting statute. Although Bitcoin does not resemble U.S. money, it also does not resemble a check. A check is a unconditional promise that a person will pay a sum of money by a certain date. Cryptocurrency is a script, but considering these given factors the logical conclusion is that cryptocurrency is an unlawful script and is in violation of the federal counterfeiting statute because it competes with the dollar as a general medium of exchange (Engle). People think cryptocurrency is another way of counterfeiting. It is making a new form of money, and if that money is popular enough it will compete with the United States dollar. Which is counterfeiting and because of the competition the United States dollar will lose value. The laws are being broken and cryptocurrency should be considered

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