Bitcoin ownership basics

When it comes to cryptocurrency, bitcoin is very interesting in terms of its equation with property. It is important to remember that the supply of bitcoins is exhaustible. The outputs should be controlled. However, in this regard it is important to examine property principles. More important question here is the following - if you buy bitcoin are your the owner of it?

There are two arguments here. One which states that property principles are essential to ensure encouragement and support to digital development; the other points out with not little pessimism that economic incentives always tend to travel in one direction. So when you buy bitcoin what exactly are you doing?

In fact we have already have noticed that if money is to circulate, it must be possible for payee to acquire the confidence, cheaply/easily, that the value of those outputs in his hands is as good as any others. Gridlock is incited by doubt and hence it is a good policy reason to reach the conclusion that one cannot in the sense of private law, “poses” or “own” bitcoin.

Bitcoin is a negotiable transaction mechanism with a supportive structure of accounting, its value scale can calibrated in accepted units. In fact, ideally even if bitcoins were deemed as property, they should not be protected by the same structure and regime applicable to the rest commodities. A remedy for interference with his/her private key can be provided by the law of confidence. However it is not yet clear if the law of tort could provide remedies for remote recipients. In order to apply property protections to bitcoin, embracing wholeheartedly the exception for money media is an absolute necessity.

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