ANALYTICS: Emerging Litigation in Cryptocurrency
While once on the fringe, cryptocurrencies are gaining traction as a payment form and with that follows litigation and regulation. Large corporations, including Xbox, PayPal, CocaCola, Sotheby’s, Restaurant Brands International (the parent company of Burger King, Tim Hortons, and Popeyes) and Yum Brands (operations include: KFC, Pizza Hut, Taco Bell, and The Habit Burger Grill), to name a few,are now accepting payment in cryptocurrencies, according to Business Insider. Others, such as Starbucks, are considering accepting digital currency as an viable payment option.
Cryptocurrency, as defined by Investopedia, is “a digital currency or virtual currency that is secured by cryptography.” Cryptocurrencies “are systems that allow for secure payments online which are denominated in terms of virtual ‘tokens,’ which are represented by ledger entries internal to the system.” Moreover, many cryptocurrencies are decentralized networks based on blockchain technology – a distributed ledger enforced by a disparate network of computers. A defining feature of cryptocurrencies is that they are generally not issued by any central authority, rendering them theoretically immune to government interference or manipulation.” It is important to note that there are differences between cryptocurrencies and other virtual coins or tokens, as explained by Cointelegraph.