The article caught the attention of Fusion‘s Kevin Roose, who said: “Bitcoin is many things: an innovative cross-border payments platform, a hilariously bad short-term investment, a facilitator of illegal drug purchases and Winklevoss space trips. Bitcoin is a cryptocurrency, a digital asset designed to work as a medium of exchange that uses cryptography to control its creation and management, rather than relying on central authorities. The presumed pseudonymous Satoshi Nakamoto integrated many existing ideas from the cypherpunk community whe Bitcoin (₿) is a cryptocurrency, a form of electronic cash.It is a decentralized digital currency without a central bank or single administrator, though some researchers point at a trend towards centralization.: 215, 219–222: 3 Bitcoins can be sent from user to user on the peer-to-peer bitcoin network directly, without the need for intermediaries, though intermediaries are widely used. Because as Kevin Roose explained when the ruling was handed down, if you buy a fractional Bitcoin for $2 and use it to buy a $5 beer a few months later, you’ll owe the IRS taxes on that $3 Two are Kevin Roose and Jin Won Choi. In a June 2013 article for New York magazine, titled Bitcoin Sees the Grim Reaper , Roose painted a grim picture of the future of the cryptocurrency.
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