As such, no single centralized authority validates the transactions. Through a process called cryptography, cryptocurrency transactions utilize the blockchain. Instead of information being stored in a single location, it is stored across multiple different computers across a worldwide network. However, unlike a spreadsheet, the blockchain is decentralized.
#BITCOIN EXPERT WITNESS SERIES#
Stated simply, the blockchain is a ledger or a series of records and data points, like a spreadsheet or old accounting book, which keeps a record of all the transactions made on that blockchain. Have you heard of blockchain technology? Many of us have heard the term but are unsure of what it means.
We are prepared to use our extensive knowledge of cryptocurrencies and how they work to help investors, developers, businesses, and even exchanges deal with crypto-related legal issues.Ĭontact us online or call our Naples-based law firm at (239) 319-4434 to discuss your needs with our cryptocurrency litigation attorney now. Since 2008, Vernon Litigation Group has provided businesses and investors across Naples with skilled business litigation and general counsel services. However, with a decided lack of regulatory oversight, there are some significant risks associated with investing in cryptocurrencies, including issues of fraud and theft.Īdditionally, just because there is currently no centralized regulatory framework guiding the crypto space does not mean that those investing in and completing transactions with crypto cannot run afoul of federal securities regulations, such as anti-money laundering statutes, or experience disputes with shareholders, financial institutions, etc. In fact, major players on Wall Street, including international hedge funds, have invested heavily in cryptocurrencies. Even though the crypto market has taken a significant hit and major cryptocurrencies are decreasing in value, crypto is showing no signs of going away. In recent years, there has been a rush to invest in cryptocurrencies like Bitcoin.
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