Are virtual currencies actually currencies? If not, what are they?

Hillman, Henry

Abstract

To some extent the publicity around virtual currencies has subsided in recent months; Bitcoin is no longer worth over $1,000 per coin, in fact at the time or writing nearly 5 Bitcoins could be bought for $1,000, and it is not appearing in newspapers as frequently. Yet in the entire furore over Bitcoin, it was never properly defined and has no legal status in the UK. This paper considers what exactly Bitcoin is; can it be defined as a currency? If not can Bitcoin be considered property, or should the definitions of currency and property be reassessed to include virtual currencies?

The analysis will not be solely concerning Bitcoin, the status of other virtual currencies will also be considered, such as those which are used in virtual worlds, such as Linden Dollars, used in Second Life.; which are of particular interest as they may be traded for US$. Additionally the issue of property rights within virtual worlds will be addressed; if property rights can be attributed to the currency of a virtual world, may individuals obtain property rights for their virtual world creations as well?

• Presentation Conference Type: Presentation / Talk
• Conference Name: Socio-Legal Studies Association Annual Conference 2015
• Start Date: Mar 31, 2015
• End Date: Apr 2, 2015
• Acceptance Date: Jan 16, 2015
• Publication Date: Mar 31, 2015
• Peer Reviewed: Not Peer Reviewed
• Keywords: virtual currencies
• Public URL: https://uwe-repository.worktribe.com/output/1434375
• Additional Information: Title of Conference or Conference Proceedings : Socio-Legal Studies Association Annual Conference 2015