Yesterday, Bitcoin’s price went above $9,000 for the first time in a week, even when reports are underlying blockchain contains hundreds of links to child pornography. Reports, based on a paper published by German researchers, points to a potentially serious legal flaw with the blockchain concept.
Blockchains, which are transaction ledgers that are stored on thousands of computers, are supposed to be immutable, in order to guarantee the integrity of the information they hold. They can theoretically be altered, but only if most of the network’s participants agree to use a new version or “fork” of the blockchain, rather than the original. This has never happened with Bitcoin.
It was already known that blockchains could seriously clash with European data protection laws. The issue of child sexual abuse material is even more politically and legally sensitive. Although, the Bitcoin community doesn’t seem to be concerned about the potential impact of the latest news on the cryptocurrency’s ecosystem.
Bitcoin price has instead been increasing on news that G20 finance ministers aren’t cracking down on cryptocurrencies just yet. The leaders said on Tuesday that they will only propose harmonized global regulations in July, after collecting more information.
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