LOUISVILLE, Ky (WDRB) -- A Louisville law firm has become the first in Kentucky to accept Bitcoin, a digital form of money.
Let's start from the beginning. What are Bitcoins?
According to Bitcoin.org, Bitcoin is the first decentralized digital currency. They are digital coins you can send through the Internet.
Bitcoins are very new. They've only existed for a few years.
They're also very complicated.
Since they're so new, Kareem Moulana, a senior at U of L studying Electrical Engineering is the closest thing WDRB could find to an expert.
He's used and studied the digital currency.
"Bitcoin is currency as if it were unregulated. Because that's what it is. It's the dollar without the U.S. government," explained Moulana.
He says it appeals to those who want to transfer money from person to person through the Internet, without using a bank.
"It's the people's dollar which isn't inherently a good thing but it's distributed in that way," he said.
Bitcoins can be traded for dollars, euros and more.
"It has purely the value in which you assign to it so it's even more imaginary than regular money," he told WDRB.
But he says that means it's unstable.
"The value of it fluctuates wildly. It goes up and down, up and down," Moulana told WDRB.
So why would a Louisville Law Firm want to accept an obscure form of virtual money?
Attorney Larry Forman, better known as The DUI Guy, says it appeals to the younger generation.
"In order to open myself up to people who may be able, who may require legal services but are unable to pay by traditional means," said Forman.
"It's risky in a way but if you have the capital there's also potential for significant gain," added Moulana.
"When a person pays with Bitcoin, I have the option of immediately converting whatever the Bitcoin value is at that time to liquid cash," Forman told WDRB.
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