The Debate Over Granting Rights to Bitcoin Wallets

Opinion: Bitcoin Wallets Deserve Legal Rights

Bitcoin transactions occur between wallets, not individuals. This pseudonymity is what sets Bitcoin wallets apart from other financial instruments. Despite regulatory efforts to change this, the core technology remains the same. As such, wallets will soon be recognized as entities deserving of legal rights.

Just as humanity began recognizing animal rights and there is now talk about the legal rights of robots, the rights of a Bitcoin wallet will come to the forefront. While some may view robots and Bitcoin wallets as inanimate and undeserving of legal protections, we recognize the rights of companies and corporations, which are equally soulless.

The difference between a Bitcoin wallet and a legal entity is that a legal entity is simply a set of files in a specific registry. Legal entities have rights, so why not Bitcoin wallets? Wallets perform transactions and can change owners, just like legal entities.

Bitcoin is an exciting new space with much left to explore. While the idea that Bitcoin wallets will inevitably receive legal rights may seem crazy, many more discoveries await us.

This is a guest post by Artem Afian, a lawyer and “legal futurist” at Hiveon, a crypto mining ecosystem that offers services for Bitcoin mining hardware. Opinions expressed are entirely their own and do not necessarily reflect those of BTC Inc or Bitcoin Magazine.

This news was first seen here: Should A Bitcoin Wallet Have Rights? on 2023-06-01 08:00:00

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J-S Tremblay
About the author - J-S Tremblay

I've been involved in the cryptocurrency world since 2016 and trading since 2019. I started Moon and Lambo in 2021. I'm passionate about crypto and love to share my knowledge. I hate bankers and I hope that cryptocurrency will change the financial world for the better. View full profile...

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