What is the legal definition of Bitcoin?

[NewLiberty]

If you are seeking a binding definition for future transfer, you can always include the bitcoin core source.  It is open after all.
For long term documents, it will certainly end up being modified from the original, and you would have to designate a consensus system.
Where it may become contestable is if there are multiple surviving forks both claiming to be "Bitcoin".  You may specify both (or all) or have some way to distinguish which.
If you need someone to consult with your counsel on language, pm me.

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[Elwar]

I think this one the defination  of bitcoin is
"a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."

Ok...sign a contract that gives me your house in exchange for 10,0000 bitcoins (as per your definition).


Do not be surprised if you end up with 10,000 BBQcoins (which fits that legal definition).

[cbeast]

I think this one the defination  of bitcoin is
"a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."

Ok...sign a contract that gives me your house in exchange for 10,0000 bitcoins (as per your definition).


Do not be surprised if you end up with 10,000 BBQcoins (which fits that legal definition).

That would require a legal tender because you are servicing a debt with a contract. Don't play lawyer mind tricks with hypotheticals. I don't see the need for Bitcoin legal definition because you have superior payment fulfillment properties such as multisig and escrow. You would require proof before the contract is signed and put the proof in the contract.

[NewLiberty]

I think this one the defination  of bitcoin is
"a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."

Ok...sign a contract that gives me your house in exchange for 10,0000 bitcoins (as per your definition).


Do not be surprised if you end up with 10,000 BBQcoins (which fits that legal definition).

That would require a legal tender because you are servicing a debt with a contract. Don't play lawyer mind tricks with hypotheticals. I don't see the need for Bitcoin legal definition because you have superior payment fulfillment properties such as multisig and escrow. You would require proof before the contract is signed and put the proof in the contract.

Under what jurisdiction does servicing a debt with a contract require legal tender?
Not the USA.

[cbeast]

I think this one the defination  of bitcoin is
"a type of digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank."

Ok...sign a contract that gives me your house in exchange for 10,0000 bitcoins (as per your definition).


Do not be surprised if you end up with 10,000 BBQcoins (which fits that legal definition).

That would require a legal tender because you are servicing a debt with a contract. Don't play lawyer mind tricks with hypotheticals. I don't see the need for Bitcoin legal definition because you have superior payment fulfillment properties such as multisig and escrow. You would require proof before the contract is signed and put the proof in the contract.

Under what jurisdiction does servicing a debt with a contract require legal tender?
Not the USA.

That's why I'm not a lawyer and bitcoin will never bow to any law.

[Elwar]

For instance:
http://www.coindesk.com/small-australian-city-plans-big-bitcoin-economy/

Small Australian City plans big bitcoin economy.


They plan on accepting Bitcoin as payment for taxes.


I would think that this would require some sort of definition of what a Bitcoin is in case someone with some BBQ coins tries to claim that they paid with their digital currency.

Most likely, the city is partnering with a payment processor that will convert into dollars for them but on a larger scale this could prove to be difficult from a legal perspective.

[NewLiberty]

For instance:
http://www.coindesk.com/small-australian-city-plans-big-bitcoin-economy/

Small Australian City plans big bitcoin economy.


They plan on accepting Bitcoin as payment for taxes.


I would think that this would require some sort of definition of what a Bitcoin is in case someone with some BBQ coins tries to claim that they paid with their digital currency.

Most likely, the city is partnering with a payment processor that will convert into dollars for them but on a larger scale this could prove to be difficult from a legal perspective.

In practical terms, it is not an issue as there would be no payment made.
(The one accepting a payment has to provide a payment address, BBQ coins would not be transferred anywhere unless the one accepting payment has listed a BBQ address.)

To manage technical things from a legal perspective is a bigger challenge than the other way around.
The legal method would be to incorporate the source code at the time, list a method of updating it, or an authoritative source for reference.

[Elwar]

list a method of updating it, or an authoritative source for reference.

I think this is key. Such a method or authoritative source would hold a lot of power over a decentralized system.

[Elwar]

Bitcoin is commonly referred to as digital currency,digital cash,virtual currency,electronic currency,

According to the director of the Institute for Money, Technology and Financial Inclusion at the University of California-Irvine there is "an unsettled debate about whether bitcoin is a currency or payment protocol"

Economists defining money as a store of value, a medium of exchange, and a unit of account agree that bitcoin has some way to go to meet all these criteria.BTC

Welcome to Bitcoin.

Now that you have registered I hope you read the thread.