Bitcoin News: Miami Judge Rules Bitcoin is not Money

 In this Edition of Bitcoin News, I want to talk to you about two recent developments in the world of Bitcoin that I found to be rather significant. Every single day, a new piece of news drops regard the cryptocurrency. Most of the time, it’s just reports from sites like Coin desk giving consumers an analysis of the consenting changing bitcoin price. Some days, like today we will get stories that really exemplifies the very nature of bitcoin, and how young and uncertain the cryptocurrency actually is.

 

Bitcoin News: Miami Judge Rules that Bitcoin is Not Money

The first story in Bitcoin News has to do with a trial that recently took place in Miami, Florida. Michell Espinoza was charged with illegally selling and laundering $1,500 worth of Bitcoin to undercover detectives. Who told him they wanted to use the money to but stolen credit card numbers. This is the first time in history that a money-laundering case involving bitcoin has been prosecuted in a state court. The determining factor was whether or not Bitcoin as to be considered actually currency. The question of whether or not Bitcoin meets the definition of “financial transaction” or monetary instruments under state criminal law. When it came down to it, Judge Teresa Mary Pooler said Bitcoin was not considered money. She explained, “Bitcoin has a long way to go before it is the equivalent of money.” You could imagine that this statement didn’t sit well with some people. Consider that a single bitcoin is actually worth about $655. Though I don’t believe that she was talking about the actual worth of bitcoin. I think she was referring to the social acceptance and legitimacy of the cryptocurrency. She made that the case that Bitcoin, while it hold worth, is not accepted by everyone. So it is not on the same level as actual money.  Judge Teresa Mary Pooler acknowledged that she doesn’t fully understand Bitcoin, but still feels like she is qualified to properly judge it. The other defendants involved that pleaded guilty to acting as an unlicensed money broker during the trial, were sentenced to probation.

 

Bitcoin News: Germany Links Shooting to Bitcoin

This next story in Bitcoin News revolves around the recent tragedy in Munich, Germany on Friday. An 18 year old boy by the name of David Sonboy killed 9 people and injured many others in a shooting that occurred in the Olympia shopping Centre. The question of how an 18 year old boy who is believed to suffer from some kind of mental illness obtain a firearm has been floating around. Investigators believe that Sonboy was able to purchase the firearm through the darknet. A computer network with restricted access that is used chiefly for illegal peer-to-peer file sharing. On the deep web you can purchase anything from exotic animals and heroin in bulk, to any sort of firearm you want. You can also get your hands on a plethora of evils things that I will not talk about. How does Bitcoin fit into all of this? Well, the Darknet often uses Bitcoin as a form of payment. So that no trace can be linked to any part taking place in the transaction. It’s the only reasonable explanation as to how David Sonboy got his hands on an assault rifle. This has resulted in two things. The first would be German officials are now calling for greater gun control. To be honest, I was under the impression that Germany had tighter gun troll laws. I know some surrounding European countries have completely outlawed the ownership of a firearm. Maybe we will see Germany going down the same road very soon. Especially considering all of the tragedy has struck Europe within the last year. The second thing it has resulted in Germany cracking down on primarily anonymous online transactions with Bitcoin. That is probably going to be an incredibly trying task. The very reason these criminal operate on the Darknet and pay with Bitcoin is because it cannot be traced. So I am not sure how they are going to get that done, but I am excited about their efforts. Whatever they may be.

 

Bitcoin New: Conclusion  

All in all, while Bitcoin is an incredible up and coming cryptocurrency, it’s still facing some challenges. Rightfully so, when you really think about it. Nothing like that has ever been introduced to the world. It’s something challenges of everything that we as a civilization have built. I think these two stories are great examples of the some challenges Bitcoin faces. Check Our Reviews page for more insight into trusted companies. Check our site for other Financial Planning reviews. Its great place to become more knowledgeable about the world of finance, and will shed some light on some of the scams out there.