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Bitcoin in The County

MARS HILL, Maine (WAGM) –

Bitcoin has come to the county. And while this form of cryptocurrency is well over a decade old now, some may still have trouble understanding it. NewsSource8′s Brian Bouchard has the story.

Bitcoin. It’s not something you may have jingling in your pocket. Bitcoin is a cryptocurrency, which is a digital form of currency that is not federally regulated. There is a limited supply of Bitcoins and the price is determined on a supply and demand model with exchange rates similar to foreign currency.

Judith Shaw is the Securities Administrator for the State of Maine Office of Securities, and one of her office’s main concerns revolves around government regulation of the digital currency.

“One of the challenges that we experience with virtual currency is the fact that there’s still a question about how it should be properly regulated. Is it regulated as a security, is it regulated under the banking construct, or is the transfer of it, when we talk about ATM’s for example is the transfer of it under the purview of the bureau of consumer credit protection?” says Shaw.

And while the government may have problems with the decentralized nature of Bitcoin, those who invest in the currency see the lack of regulation as a form of freedom.

“Prior to bitcoin the way that you would transact value between two parties was usually through a trusted third party like a bank.” says Peterson.

Tristian Peterson and Michael Newell are co-owners of Maine Bitcoin,…

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