Should a bitcoin wallet be a possession?

[ad_1]

This is an opinion editorial by Artem Afian, a lawyer and “legal futurist” who runs a crypto mining ecosystem that provides services for bitcoin mining hardware.

I would like to draw your attention to the fact that bitcoin transactions ultimately take place between wallets. There are humans behind the wallets, but that connection isn’t really important. The pseudonymity of bitcoin is due to the fact that there is no direct connection between the wallet and its owner. This is what differentiates a bitcoin wallet from any other financial instrument. No matter how hard regulators try to change it, the core of the technology remains the same.

What does this mean? This means that soon, wallets will be recognized as entities worthy of legal rights.

First, Humanity began to recognize animal rights, talking now Robot’s Legal Rights, Soon, bitcoin wallet rights will come into the fray.

When someone talks about robot rights, they usually refer to an imitation of human will that is worthy of legal recognition. We understand that a robot does not have a soul like a human being, but at the same time it performs complex actions, which give rise to legal consequences. For many of us, a robot or bitcoin wallet is something lifeless and devoid of soul and perhaps therefore not worthy of legal protection. But we recognize the authority of companies and corporations and, of course, it is difficult to imagine more soulless forms than them. It turns out that the subjects of the law can be inanimate.

So, what is the difference between a bitcoin wallet and a legal entity? A legal entity is just a set of files in a specific registry. Lawyers also have a doctrine of “concept of a legal entity, We will calmly confirm that the legal entity is a US corporation. We can check it soon. But how to check that a legal entity was formed under the laws of the country of Swaziland? Even if I show you documents proving it, it’s unlikely they’ll tell you anything. So, if I tell you that you are dealing with a foreign company, you probably have to believe it.

Nevertheless, this legal entity, which appears only on paper, has certain rights. So, the bitcoin wallet that exists is more tangible than many legally protected entities. Hence, another conclusion: since legal entities have rights, then wallets can have rights. Like legal entities, wallets conduct transactions, and like legal entities, wallets can change their owners. This fact never changes: If robots or legal entities are eligible for legal rights, so are bitcoin wallets.

I think bitcoin is an exciting new space and we still have a lot to explore. Now, my idea that bitcoin wallets will inevitably get their own legal rights may sound crazy, but many more discoveries await us.

This is a guest post by Artem Afian. The opinions expressed are solely his own and do not necessarily reflect those of BTC Inc. or Bitcoin Magazine.