Prepare For the Coming Deluge of Digital Currencies—And Meet the People Who Would Control Them

“There lies the nub of the problem with digital currencies. Litecoin, and before it Bitcoin, first gained traction in the corners of the internet where most forms of payment will not go. In unregulated marketplaces on Tor, a software that renders its users anonymous, Bitcoin and Litecoin are preferred methods of payment for contraband goods. As a result, crypto-currencies (so called because they are created using cryptographic algorithms) have come to be associated with crime: money-laundering, tax evasion, trafficking.” No surprise, then, that lawyers are beginning to accept this type of currency for payment.