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?
I think that people who are heavily invested in Bitcoin end up in a sort of tunnel vision mindset. The blockchain has proven itself to be a very simple and useful tool for tracking transactions that is relatively free of external interference while being universally accessible. Bitcoin and other cryptocurrency is definitely subject to the laws of wherever individual owners reside, however governments tend to be slow to adapt to new technology- they will definitely adapt when it comes to bringing in tax receipts. Bitcoin is causing new laws to be rewritten but it is far from beyond the reach of the law.