👨🏽‍⚖️ [Analysis] How Bitcoin Functions as Property Law - Eric Chason

On-chain transfers of bitcoin replicates many of the classical aspects of property titles and meat-space asset transference, according to law professor Eric Chason. But "deeds" to one's bitcoins are recorded in a decentralized, fully auditable database called a "blockchain". This structure introduces some novel legal and jurisdictional considerations though. Bitcoin was "created outside of the law", Chason writes, which demands that scholars, users, and regulators alike understand it on its own terms instead of force-fitting it into existing legal infrastructure. Indeed, Bitcoin's extra-legal creation may be the source for some regualtors' consternation around drafting cryptocurrency regulation. In this journal Article, the property law aspects of Bitcoin are highlighted with rare lucidity and in excellent prose. Ultimately, Chason infers that understanding Bitcoin as property is critical to understanding Bitcoin at all within a legal paradigm.