As is mentioned earlier, the creation of Bitcoin involves the cream of almost all human subjects, including social science and natural science. It’s a grand knowledge system. We can think what effect Bitcoin has left for the globe from varied angles. Personally, Bitcoin is changing the world comprehensively. Now, let’s reflect on how Bitcoin affects the law system. I suppose Bitcoin is reconstructing the law system of human society in an all-round way.

As far as I’m concerned, the largest modification of Bitcoin is made in law system compared with other facets of human society because governments of diversifies levels are legislating for Bitcoin, such as the constitution, civil law, criminal law, securities law, tax law, investment law and money-laundering law. In the past few centuries, no one single thing has ever incurred legislation from governments like Bitcoin in commercial civilization. Some countries define Bitcoin as property; some define it as currency; some define it as an illegal thing; some even do intensive legislation for Bitcoin. Especially El Salvador, by treating Bitcoin as its legal tender, unveiled the prologue for Bitcoin to transform from illegal asset to mainstream currency. That’s a small step in human history, yet a big one in human civilization.

It turns clearer and clearer that there’s already no single strength has the ability to control or eliminate Bitcoin in that Bitcoin has grown to be an important component of human civilization. With underlying technology and mathematical algorithm, Bitcoin proves to be a just and decentralized currency. Every time human society attempts to ban Bitcoin, it comes back with fiercer strength. At last, what changed is human society and government, not Bitcoin. Human governments cannot prohibit Bitcoin, they adjust to it by making laws.

So why do I take Bitcoin’s reconstructing human law system that seriously? Let’s take a look at the essence of law first.

As we all know, law exists in all corners of human society, which would fall out-of-order and civilization would be out of the question without the restraint from laws. The consensus among different subjects in the contemporary civilization system are reached through the establishment and application of laws. Yes, law is for the restraint of human consensus. The changed law system because of Bitcoin indicates the fact that the consensus of human society is constantly changing as well. The birth of new consensus means the appearance of new human civilization. That process won’t get finished overnight and that’s irreversible.

These are my opinions. How about you?