Published on September 2nd, 2015 | by bitcoin0
Uniform Commercial Code vs. Bitcoin
Much of the discussion of bitcoin in the popular press has concentrated on its status as a currency.
Putting aside a vocal minority of radical libertarians and anarchists, however, many bitcoin enthusiasts are concentrating on how its underlying technology – the blockchain – can be put to use for wide variety of uses.
In this Article, I examine the implications for bitcoin under the Uniform Commercial Code (the “U.C.C.”).
In Part 1, I discuss the characterization of bitcoin – which I am using generically to refer to any virtual or cryptocurrency – under Article 9.
If held directly by the owner, bitcoin constitutes a “general intangible”.