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With Virtual Currency, Does Virtually Anything Go?
In late 2013, a Subway sandwich franchise in Pennsylvania was making the news for being one of the first small American businesses to accept bitcoin as payment for purchases. According to press reports, that franchise generated a lot of interest among hungry bitcoin enthusiasts, who went out of their way to visit the store. Should this be dismissed as a mere publicity stunt, or is the use of bitcoin something that deserves some thought?
When the topic of bitcoin comes up among business lawyers, reactions typically fall into two categories. At one extreme, the response is a blank stare or a query whether bitcoin is “that fake money the kids are using these days.” At the other extreme, the mere mention of bitcoin sparks an informed acknowledgment that numerous companies are either dipping their toes into bitcoin waters or finding themselves affected by the rising prevalence of bitcoin. Recently, the bitcoin phenomenon has been rapidly gaining wider recognition and acceptance, and reactions are increasingly trending more toward the latter than the former.
For the uninitiated, bitcoin is a crypto-based virtual currency. Although there is an established protocol for bitcoin ' with specific rules controlling how it works and the number of bitcoin that can be in circulation ' it is entirely decentralized; unlike traditional currencies like dollars or euros, bitcoin is distributed via a peer-to-peer network and no central institution is responsible for (or can manipulate) bitcoin. Rather, bitcoin units are created and validated by voluntary participants worldwide. Through computing processes commonly referred to as “mining,” individual market participants are compensated for administering the work of the bitcoin system (including creating bitcoin and verifying bitcoin transactions). A number of businesses have developed that focus on the bitcoin network, including mining-related businesses, merchant solutions (e.g., payment processing for bitcoin), exchanges (platforms for buyers and sellers to trade between currency and bitcoin), and marketplaces where vendors deal in bitcoin. In addition, an increasing number of online and brick-and-mortar businesses accept bitcoin for goods and services. Venture capitalists have taken notice, and several venture capital firms are investing in some aspect of the growing bitcoin system.
The Article 8 Opt In
The Article 8 opt-in election adds an additional layer of complexity to the already labyrinthine rules governing perfection of security interests under the UCC. A lender that is unaware of the nuances created by the opt in (may find its security interest vulnerable to being primed by another party that has taken steps to perfect in a superior manner under the circumstances.
Major Differences In UK, U.S. Copyright Laws
This article highlights how copyright law in the United Kingdom differs from U.S. copyright law, and points out differences that may be crucial to entertainment and media businesses familiar with U.S law that are interested in operating in the United Kingdom or under UK law. The article also briefly addresses contrasts in UK and U.S. trademark law.
Legal Possession: What Does It Mean?
Possession of real property is a matter of physical fact. Having the right or legal entitlement to possession is not "possession," possession is "the fact of having or holding property in one's power." That power means having physical dominion and control over the property.
Warehouse Liability: Know Before You Stow!
As consumers continue to shift purchasing and consumption habits in the aftermath of the pandemic, manufacturers are increasingly reliant on third-party logistics and warehousing to ensure their products timely reach the market.
Strategy vs. Tactics: Two Sides of a Difficult Coin
With each successive large-scale cyber attack, it is slowly becoming clear that ransomware attacks are targeting the critical infrastructure of the most powerful country on the planet. Understanding the strategy, and tactics of our opponents, as well as the strategy and the tactics we implement as a response are vital to victory.