October 01, 2014

Bitcoin as Payment in Small Law Firms: Part Two

Nat Wasserstein

Part Two. Find Part One here.

Every Bitcoin has its own unique online registration number.1 The numbers are created through what is termed mining. In essence, Bitcoin mining is the process in which a computer solves a very complex, cryptographic mathematical problem with a 64-digit answer: when a problem is solved the computer’s owner is issued a Bitcoin.2 More Bitcoins are awarded as the complexity increases in the puzzles they solve. The cryptographic formula that creates the mathematical problems gets more complex as the puzzles are solved.3

Premium Content For:
  • Solo, Small Firm and General Practice Division
Join - Now