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Blockchains and Bitcoin: regulatory responses to cryptocurrencies

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posted on 2023-06-08, 23:46 authored by Andres GuadamuzAndres Guadamuz, Chris Marsden
This paper examines Bitcoin from a legal and regulatory perspective, answering several important questions. We begin by explaining what Bitcoin is, and why it matters. We describe problems with Bitcoin as a method of implementing a cryptocurrency. This introduction to cryptocurrencies allows us eventually to ask the inevitable question: is it legal? What are the regulatory responses to the currency? Can it be regulated? We make clear why virtual currencies are of interest, how self-regulation has failed, and what useful lessons can be learned. Finally, we produce useful and semi-permanent findings into the usefulness of virtual currencies in general, blockchains as a means of mining currency, and the profundity of Bitcoin as compared with the development of block chain technologies. We conclude that though Bitcoin may be the equivalent of Second Life a decade later, so blockchains may be the equivalent of Web 2.0 social networks, a truly transformative social technology.

History

Publication status

  • Published

File Version

  • Published version

Journal

First Monday

ISSN

1396-0466

Publisher

University of Illinois at Chicago

Issue

12

Volume

20

Page range

1-46

Department affiliated with

  • Law Publications

Full text available

  • Yes

Peer reviewed?

  • Yes

Legacy Posted Date

2015-12-17

First Open Access (FOA) Date

2015-12-17

First Compliant Deposit (FCD) Date

2015-12-17

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