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Blockchains and Bitcoin: regulatory responses to cryptocurrencies
journal contribution
posted on 2023-06-08, 23:46 authored by Andres GuadamuzAndres Guadamuz, Chris MarsdenThis 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 MondayISSN
1396-0466Publisher
University of Illinois at ChicagoExternal DOI
Issue
12Volume
20Page range
1-46Department affiliated with
- Law Publications
Full text available
- Yes
Peer reviewed?
- Yes
Legacy Posted Date
2015-12-17First Open Access (FOA) Date
2015-12-17First Compliant Deposit (FCD) Date
2015-12-17Usage metrics
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