The Impact of Bitcoin on Traditional Financial Legal Concepts

In economics, money is a contract, which represents the exchange of ownership and the transfer of value. Contract is the most basic function of money in economics.

Electronic money is the digital form of money. In addition to the contract function, you can also record the transaction at the same time. This money is money and electronic money in the sense of economics. Bitcoin not only has the above characteristics, but also creates a new model.

First of all, bitcoin is decentralized payment and performs contractual functions.

The second is the bookkeeping function under the condition of decentralization. It can also be divided into two parts. First, record all the transaction behaviors of the unit bitcoin, and form a ledger in chronological order. Second, the ledger is stored in every computing node that uses Bitcoin, and the node * * * maintains order and credit.

Generally speaking, the two effects of Bitcoin on traditional currencies are,

One is decentralization, which may lead to the transfer of coinage rights.

The other is the unique bookkeeping function proposed by Bitcoin, which subverts the existing M0 and M2 monetary theories, especially the unique bookkeeping function behind it.