The essence of bitcoin’s explosion is to cast a vote of no confidence in the United States and the US dollar with real gold and silver

By the end of 2020, the bitcoin market is going crazy. On December 27, the price of bitcoin broke through $280 million at one time, reaching a record high of $28365 per piece, a new high in the market value since its birth more than 10 years ago. Bitcoin has risen more than 233% this year. 1、 The concept of bitcoin: a peer to peer electronic C (bitcoin: a peer-to-peer electronic C) was published on October 31, 2008 at the cryptology forum under the pseudonym Satoshi nkamoto In this paper, we propose a kind of digital currency that can be issued quantitatively and can resist inflation. It does not need to rely on third-party support and there is no intermediary point-to-point e-cash system bitcoin. Bitcoin has attracted global investors since its emergence. However, due to its decentralization, anonymity, globalization and other characteristics, bitcoin prices have fluctuated several times. The instability of bitcoin price not only damages the legitimate rights and interests of investors and reduces the investment information, but also impacts the sovereign status of legal currency of a country. On December 3, 2013, China issued an article on bitcoin for the first time. This paper thinks that bitcoin can be regarded as a kind of virtual commodity with special type. It does not have the property of currency and can not be freely circulated in the capital market, so it should be restricted. This paper also emphasizes that bitcoin is not allowed to carry out business in various financial institutions and Payment institutions in China, which shows that bitcoin is strictly restricted in China’s market. The reason why it still exists after several crackdowns is that it will not cause inflation, is convenient and fast cross-border payment, and does not rely on sovereignty and national credit. However, bitcoin is easy to be used as a money laundering tool by cyber crime, and its value fluctuates greatly, so many countries begin to pay attention to the supervision of bitcoin. 2、 Blockchain, the basis of bitcoin’s operation, is essentially an open account book. Everyone can participate in writing and become a miner. The account book is updated synchronously through cryptography protocol, and the content is unchangeable. The following is the bitcoin transaction process: Party A wants to trade bitcoin, and sends a message to all through webcast, indicating that it has made a contract offer. For example, “I, Party A, are selling a bitcoin to Party B.” B receives the broadcast and wants to trade with a. In order to verify whether a is a qualified party, B needs to verify a’s trading qualification. Then Party B will broadcast its contract commitment to the blockchain. At this time, the miners start to work to help verify whether Party A is qualified for the transaction. After the verification, AB will finally conclude the transaction. The miner’s verification work prevented the secondary use risk of Party A. If the AB transaction is successful, the miner’s verification process will be recorded in the account book, The blockchain records of all other network users will also be updated as a whole. In other words, once the transaction is recorded in the book and synchronized across the blockchain, then the transaction is immutable (unless the transaction matches the second one that can be offset). Many activists believe that blockchain technology is the future development trend, any field can be further reformed and developed through blockchain, and believe that blockchain can become the technical basis for the development of sharing economy. Blockchain is an innovative application of algorithm technology. It is a distributed system. As long as it does not involve ethical issues and moral hazard, it does not involve national legal supervision, because “technology is innocent”. Although China does not deny the legitimacy of the application of blockchain technology in policy, it strictly forbids the issuance of virtual currency, token and other related industries. In contrast, the United States is more optimistic about the future of blockchain. Sb5638 (substitute bill 5638), which formally recognizes the legal status of electronic records preserved by distributed ledger technology such as blockchain, and further affirms the legal status of blockchain. 3、 According to statistics, the eastern countries are more conservative than the special currency. Russia defines the bitcoin market as an illegal market; China’s domestic bitcoin market is limited; while India has not yet issued relevant policies on the bitcoin market, and its attitude is still unclear. by comparison. North America and Western Europe are the countries with the highest degree of acceptance of bitcoin shopping malls. Countries in the Middle East and Latin America have different views on bitcoin: Iraq, Iran, Turkey, Brazil are the green countries that think bitcoin is legal. Afghanistan, Pakistan, Saudi Arabia, Egypt, Bolivia and so on have restricted the trading and use of bitcoin to a certain extent. Of course, more Latin American countries have not yet voiced their opinions on bitcoin. According to the statistics of 246 countries or regions, about 40% of the countries or regions have no restrictions on the transaction and use of the special currency, with a total of 99 countries or regions. The proportion of countries or regions in the real bitcoin market is about 3%, there are 7 countries, and the proportion of countries that define bitcoin market as illegal market is about 4%, with a total of 10. In addition, 130 countries (accounting for about 53) believe that special policies will be introduced in comparison with the special currency. 4、 Some domestic scholars believe that the holder of bitcoin has the ownership of bitcoin. The reasons are as follows: (1) bitcoin is dominated by specific subjects. (2) The ownership of bitcoin is exclusive, and only one obligee may exist in a bitcoin. Bitcoin is in line with the principle of “one thing, one right” in property law. Although bitcoin can be divided into different amounts, each amount can only have one owner, and the transaction system forbids double flowers. (3) The public trust principle of bitcoin. After understanding the bitcoin transaction process, we can know that the whole transaction process will be completely publicized in the distributed ledger, and it is unchangeable. This workflow completes the publicity and public trust procedures in the property law, which can protect the trust interests of the counterpart. However, other scholars in the academic field believe that bitcoin does not have a physical medium, but is a key currency. The owner of bitcoin gets a string of keys, but the password is not bitcoin itself, just like bank card password. In addition to the key in the hands of the owner, bitcoin transactions also need a public key, that is, the account number of bitcoin is general. However, the account itself does not record bitcoin information. The number of bitcoin in this account depends on the information in the public “blockchain”, which is the distributed ledger published by miners when verifying transactions. Therefore, public key and private key are not bitcoin, bitcoin is completely virtual, there is no real carrier. Even though bitcoin has economic value, according to the German civil code, the ownership must be based on the material, so the owner of bitcoin does not have the ownership of bitcoin. After weighing the above two views, this paper argues that China should recognize the property attribute status of bitcoin and recognize the legal status of ownership of bitcoin. In addition to the reasons mentioned above, we can also draw such a conclusion through the existing legal provisions and practical practices of our country. According to the second paragraph of Article 2 of the property law of China, the object of real right includes the property and the right stipulated by law. Compared with the object of property right, the right stipulated by law can not exist in the right stipulated by law. (all rights reserved. Please indicate the author and “system open”. Source: Sun Qing: Analysis on the legal attribute of digital currency — Taking bitcoin as an example, modern commerce and trade industry, issue 3, 2020)

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