IMO it is a currency-type liability (a la the bank deposits from which it is dervied) not a property-type liability (bailment)
Discussion
Who is the bank? Where is it deposited?
Where are your checking account balances located?
Again, it's not a bailment
I think it is more similar to a bailment because it is capable of exclusive possession and alienable.
This is true of deposits also. The difference is that in a bailment a specific piece of real property must be returned, while in a deposit it is a designated amount of property.
If Bitcoins are fungible, then the ledger entry is equivalent to deposit rather than bailment. If Bitcoins are not fungible, they are not money.
The "bank" is the issuer of the currency, of course: Satoshi Nakamoto.
Just like this:
