What Bankruptcy Trustees Need To Know About Bitcoin
Law360, New York (June 29, 2015, 3:30 PM EDT) -- Bankruptcy trustees and creditors need to understand digital currencies so that debtors cannot take advantage of their unique attributes to hide assets that are difficult to identify and recover. Although digital currencies like bitcoin may be used like “traditional” currency, bitcoin transacts along its own value transfer system called the "blockchain," which is a distributed ledger that records and maintains a perfect, unchangeable record of all transactions.
Many attributes of digital currencies make them attractive conduits for fraudulent transferors. Transaction costs across the blockchain are miniscule, and transactions “clear” quickly and on a regular time interval regardless of the amount of...
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