Family law And cryptocurrency

Cryptocurrency is a new technology that has come about in the last several years and is growing in popularity. Examples are Bitcoin, Litecoin, and Ethereum. How do these work? Andrew Speer of Dallas Divorce Law Blog breaks it down.

In its most basic definition, one unit of cryptocurrency is made up of 2-character lines of code. One address (private) to send (acts like a coin) and one address (public) to receive (acts like a wallet). “The coin is moved from one wallet to another, and when it is received in the new wallet, it transforms, gaining a new private address, similar to providing it with a password so the sender can’t reverse the charge”.

Cryptocurrencies are sanctioned by our government, and these currencies are entirely electronic transactions. Some look at these as investments similar to stocks, but others use them as sources of income. These are harder to trace than other forms of currency, which makes for the very real possibility that these cryptocurrencies can “hide assets in a divorce or child support case”.

While family law cases involving cryptocurrencies are rare, they may become much more common. Cryptocurrencies are here to stay, for the time being. But with a changing world with changing currency systems, family coming first is something that won’t change at Southern Oaks Law Firm. Whether you have questions on spousal support, child support, divorce, injunctions, or adoptions; family law attorney Taylor Fontenot is here for you.  Call 337-704-7255 or email Taylor today to discuss your situation and your options.