Jurisdiction(s):
United Kingdom

Key definition

Bit definition

What does Bit mean? In legal practice, a bit is the smallest unit of digital information and underpins how volumes of electronic data are quantified in disclosure/discovery, data protection compliance, and IT/telecoms contracts. A bit represents a binary value (0 or 1). Eight bits make one byte; storage capacity is usually measured in bytes (kilobytes, megabytes, gigabytes and terabytes), while data transfer rates are commonly expressed in bits per second (for example, Mbps). Encryption key lengths (for example, 256-bit AES) are measured in bits. There is no statutory or case law definition of “bit” in the UK or Ireland; it is a descriptive computing term...

Crypto and Digital Assets: UK civil disputes primer on definitions, blockchain mechanics, asset types, exchanges, and emerging FCA/FSMA regulation

Published by a LexisNexis Dispute Resolution expert

Practice notes

This Practice Note on crypto and digital assets sets out:

the shared features of cryptoassets,
their emergence via the Bitcoin White Paper,
how cryptography functions,
the difference between public and private keys,
nodes and mining (including proof of work and proof of stake),
an outline of blockchain,
categories of digital asset,
how crypto exchanges typically operate,
and the developing landscape of regulatory duties.

It offers a quick-access primer for dispute resolution lawyers dealing with civil disputes concerning crypto and digital assets. For guidance on why cryptoassets matter to dispute resolution lawyers and the kinds of claim that may arise, see Practice Note: Cryptoassets for Dispute Resolution lawyers.

Workable definitions of 'digital asset' and 'cryptoasset'

The terms 'digital asset' and 'cryptoasset' are frequently used as synonyms. For this Practice Note, which considers digital assets from a legal practitioner's viewpoint, it is essential to adopt a practical understanding of the labels. The Law Commission's Digital Assets: Final report supplies a useful definition of 'digital assets' that underscores the breadth of this asset category...

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Darragh Connell

Darragh deals with all aspects of commercial law with specific emphasis upon domestic and international contractual disputes, insolvency, civil fraud as well as crypto asset recovery. He has a busy commercial litigation practice regularly appearing in the High Court. Prior to joining the Bar, Darragh worked as an analyst with Goldman Sachs in London. He holds a First Class Honours law degree from University College Dublin and he was the Swift MacNeill Scholar at the Honorable Society of the Kings Inns in 2008. Darragh also holds a Masters in Commercial Law from the University of Cambridge (Gonville and Caius College)....

Joel Leigh

Howard Kennedy LLP

Joel is a partner in the Civil Disputes Resolution Team. He specialises in complex commercial disputes spanning civil fraud, directors and officers, insurance, professional negligence, clinical negligence and sports law. He also undertakes high-value fatal accident claims. His caseload encompasses banking, construction, disciplinary, fiduciary duties, financial services, insurance, mining, misfeasance in public office, pharmaceuticals, partnership, property and trade finance.Joel's work in the professional negligence sector is principally claimant based, focusing on faulty accountancy, finance advisory, architecture, insurance, surveying and legal advice.Conversely, his work in the disciplinary field is defendant focused, having represented barristers, solicitors and other professionals.Within the sports sector, Joel acts for a diverse range of high-profile clients including individual athletes and their agents, clubs, associated brands and commercial partners, as well as esports.Joel is an experienced trial solicitor undertaking work across a wide range of legal forums, up to and including the...

Ajay Fournillier

Howard Kennedy LLP

Ajay is an experienced Associate and valued member of the Commercial Dispute Resolution Team at Howard Kennedy LLP. Ajay joined Howard Kennedy as a trainee in 2017 and qualified in 2019. Prior to this, he completed his LLB at the University of Essex in 2010 before completing the LPC at (then) BPP Law School in 2011. Before entering private practice, he gained diverse professional experience including a role within the Metropolitan Police Service. Ajay's practice spans a broad range of complex commercial litigation matters including asset tracing and recovery, contractual disputes, civil fraud claims, misrepresentation, insolvency litigation, shareholder disputes, unfair prejudice petitions, professional negligence, breach of directors' duties, enforcement action, appointment of LPA Receivers, Arbitrations, challenges to Arbitration Awards, committal applications and injunctions. ...

Robyn Watson

Howard Kennedy LLP

Robyn Watson is the PSL Director for the Commercial Disputes team at Howard Kennedy LLP. She has experience advising on a wide range of issues with a particular focus on contractual disputes, financial services disputes, and civil fraud claims. Robyn has an in-depth technical understanding of litigation process and procedure....

Tara Panicker

Howard Kennedy LLP

Tara Panicker is a newly qualified solicitor with over five years of experience in commercial litigation, international arbitration, and corporate advisory work. She is currently a paralegal in the International Construction team at Howard Kennedy LLP, where she works on high-value disputes arising from complex infrastructure and construction projects across multiple jurisdictions, including proceedings before the LCIA, ICC, SIAC, and the High Courts of England and Wales. Her career includes assisting on a £3 billion asset recovery claim in the English High Court, preparing a £65 million commercial dispute for trial, and supporting a high-profile defamation case before the Court of Appeal. She has also worked on a £6 million fraud and asset recovery claim involving a bitcoin mining scam, and contributed to precedent-setting litigation in the cryptocurrency space. Prior to joining Howard Kennedy, Tara worked at a global dispute resolution practice...

Web page updated on 21/05/2026

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