Transactions with cryptocurrencies such as Bitcoin, Ether, Litecoin, etc. are increasing. And so the problems also grow here, just like in “normal” working life. It is therefore more and more frequent that one or the other wishes to reconsider his transaction. What is already problematic in conventional working life usually turns out to be particularly difficult and highly controversial with blockchain technology. Inexperience and ignorance often become an insurmountable obstacle for those concerned. How to orient yourself, who will help to solve the problem?
Blockchains and wallets
Blockchain transactions are technical processes. The technology assigns the user of this technology a specific entry in the blockchain. Similar to a ledger, which consists of consecutive entries, called blocks, information about digital content transactions is stored, called tokens such as cryptocurrencies (currency tokens).
A distinction is made between declarative and constitutive blockchains.
In the case of declarative blockchains, a fact is documented outside the blockchain. It can, for example, be a real existing thing or a claim on it. These tokens derive their value from things outside the blockchain. However, it is not certain that the information actually applies in reality.
This is different with constituent blockchains, in which no real, but only virtual facts, like cryptocurrencies, are fixed. Here, the intrinsic value is generated only from the blockchain itself. Therefore, bitcoins require a bitcoin blockchain where bitcoins are documented. Bitcoins are only owned by people registered in the blockchain.
There are so-called wallets for users of blockchain technology. These correspond to an account in which information from the blockchain reflects their personal balance and allows them to carry out transactions.
Blockchains and rights
First of all: the users of the blockchains finally obtain “only” a technical authorization. You have no right to the blockchain entry or token. This means, especially for cryptocurrency holders, that they have no right to a cryptocurrency unit, even if it is in their wallet. Due to missing ownership of stored information, as that is what blockchain technology is all about, there is no ownership here and there are no claims. Again: There is “only” a technical clearance. However, there is a right of entry into the blockchain if there is a corresponding contract with a corresponding obligation. This is the prerequisite for being able to trade with cryptocurrencies. As with classic currencies, purchases, exchanges and donations are possible with bitcoins, for example.
reverse transactions
Blockchain technology does not provide for reverse transactions. Because in a blockchain only transactions are documented and authorizations verified.
In the event of a reversal of a blockchain transaction under enrichment law, such as the retransfer of crypto assets, the acquired something in the acquirer’s blockchain position consists of a technical right. This is the user’s asset position.
The release of the blockchain position is legally possible as long as the enriched person has the right to dispose of a certain amount. If the return is no longer possible due to lack of authorisation, compensation must be paid in accordance with § 818 (2) of the German Civil Code, since return in kind is not possible.
If a contracting party has contractually reserved the right to withdraw (§§ 346 ff. BGB), the “service received”, the technical consent of the buyer, must be waived. The replacement value is to be paid here if the debtor has lost his right.
Anyone who is obliged to pay compensation must restore the situation that would exist if the circumstance requiring compensation had not occurred (§ 249 al. 1 BGB). In the case of crypto assets, the replacement is not limited to a specific unit.
Having trouble rolling back a blockchain transaction? Consult a lawyer specializing in banking law and capital markets in the check for 50 euros!
When issues arise with blockchain transactions, things get complicated for most of those affected. In addition to understanding this technology, special legal expertise is required. Since the advent of blockchain technology and various cryptocurrencies, our law firm has extensively dealt with the legal issues arising therefrom. That is why:
We can help you, we know what we are doing and what we can do for you.
Contact us!
We’ll tell you “what’s going on” as part of a check for 50 euros. You will find out from us what we can do for you and what are your chances of success in order to cancel your transaction or recover your money. We will also inform you of the costs of our mission. You then decide whether you want to mandate us.
For legal protection policyholders, we take care of the request for cover free of charge.