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Here's the good news: Bitcoin is money, as far as the US government is concerned.
But the bad news is, being deemed real money involves a level of regulation that Bitcoin utopians, who describe the digital currency as a way to escape the strictures of governmental oversight, may not have been counting on.
In the current world of Bitcoin, potential buyers currently have two choices. They can buy Bitcoins through an exchange, a lengthy process that involves disclosing a bank account, government ID, and sometimes a past utility bill, to a site they don’t quite trust. Or, they can, as this reporter tried, exchanging cash for Bitcoin with a stranger whom they might trust even less.
Bitcoin vending machines, which trade cash for Bitcoin, and Bitcoin ATMs, which exchange from cash to Bitcoin and back again, have been seen as a third option friendlier to new Bitcoin users. But anyone who thinks such machines will herald an age of anonymous, untraceable transactions free from government scrutiny has another think coming.
The real question is whether anyone can navigate the nuances of Bitcoin law carefully enough to actually purchase a vending machine or ATM and keep it going without stepping on regulators' toes.
Read More:http://readwrite.com/2013/10/29/bitcoin-atm-money-services-regulation#awesm=~ongCs8qExgFobB
