In preparation for my upcoming presentation at the American Translators Association’s 56th conference in Miami with the title “Bitcoin and Other Cryptocurrencies – Illegal Money or a New Global Payment Option?,” I am going to write a series of blog posts on the topic. To anticipate the answer to the question in the title of the presentation: Bitcoin is both, or neither, depending on how you look at it.
Now, that’s not a very satisfying answer, so let’s start at the beginning:
What IS Bitcoin?
Actually, let’s go back even further: What is the IDEA behind Bitcoin?
The idea behind the Bitcoin protocol is to facilitate virtual transactions without a trusted intermediary.