On a special edition of the DPELC-MSL Speaker Series, Pamela Morgan explained in clear language what so many people don’t understand: Bitcoin. As the founder and CEO of Third Key Solutions, LLC, Pamela is a widely respected authority on multi-signature governance and legal innovation using digital currencies. She is also an attorney, educator, entrepreneur, and public speaker, who can break down even the most complicated concepts in an easy and accessible way. Here are a few things we learned about bitcoin during her presentation:
- Bitcoin is currently affecting a ton of areas of law including estate planning, civil litigation, and more.
- Bitcoin is NOT a currency, it’s an invention. It is an application used by a peer-to-peer network that is governed by certain rules of consensus. Said rules need to be validated and are immutable, in the sense that the ledger history can’t be changed by anyone after a few days.
- Bitcoin isn’t anonymous, it’s pseudonymous. This means that it’s regulated more than people assume. It’s regulated by math, the rules of the network, and any other regulation that is applied to the individual. In other words, it’s actually a pretty terrible application for any criminal activities, despite the myths surrounding it.
- Bitcoins is meant to provide an alternative, it’s not meant to function as a single currency.