Post
Topic
Board Legal
Re: Australian Govt. form asks if I own any Bitcoin of Cryptocurrency
by
Beliathon
on 26/09/2014, 12:42:58 UTC
I recently had a brain tumor removed and I had my right side Balance hearing mechanics removed, I am applying for disability until i recover.

Filling out the form I came across the question "Do you own any bitcoin or cryptocurrency"

Here is what you should write:

"The answer is no, I don't own any bitcoins. No one owns any bitcoins. Ownership is not a relevant concept on the blockchain, there is only control/access.

Think of the blockchain as a huge series of glass safety deposit boxes, transparent but impenetrable. Anyone on the planet can go visit these boxes, see what's inside, and even make a deposit to any box (blockchain address) they choose. However, the glass itself is invulnerable to attack.
You either have the (private) keys to a particular box (address) or you don't. The vast majority of boxes (addresses) has only one or two sets of keys, privately held. The keys to some of the boxes have been destroyed, which means you can put money in, but never take it out, sort of like a black hole for wealth.
Some of these boxes (addresses) may have publicly known "private" keys, which is the same as saying they are always "unlocked" for public use.

With the advent of cryptocurrency, math - information itself -  became a form of currency."