That is a loaded question.
You can read this paper
http://www.ecb.europa.eu/pub/pdf/other/virtualcurrencyschemes201210en.pdf
and following some of the interesting discussions that have resulted from it.
https://bitcointalksearch.org/topic/m.1305576
https://bitcointalksearch.org/topic/m.1306698
After that, I'd be more interested to hear your opinion.
Topic: Bitcoin = cash or commodity - page 2. (Read 1958 times)
Bitcoin is anything but a cash or gold. It have a potential to transcend both paper cash or gold. But it also have potential to fail overnight when there is successful attack on network, the underlying cryptography is goatsed or internet as we know it ceases to exist.
Quote
it seems that it has already been self-defined as a currency in Satoshi's white paper
Seppuku Fujitsu together with Jamie Quicktrigger from wild west described playing cards as a currency in his brown paper. This does not make them a real currency in legal sense of things. Bitcoin are totally novel thing that is the next gear of value transfer.
Yes commodities are often used as currency. Heck back in the wild west they used to use playing cards as money in some places.
It would be better, legally speaking, if the powers-that-be 'did' just consider it to be something like trading cards or game tokens,
but it seems that it has already been self-defined as a currency in Satoshi's white paper.
It would be better, legally speaking, if the powers-that-be 'did' just consider it to be something like trading cards or game tokens,
but it seems that it has already been self-defined as a currency in Satoshi's white paper.
I’ve only been looking into bitcoin for about a month and I have to admit I researched more about how to obtain and use it than why. (How vs Why?) I also have to admit I was attracted by it’s 22% growth in value vs the dollar in a recent month.
My question is how do you view bitcoin? I was surprised when I found this forum how many people seemed to be clinging to it as if it were a commodity to use as an investment while touting it’s use as internet cash to be spent anonymously.
It seems dangerous to me long term for a currency to be both. Not for the existence of the currency but to investors.
So bitcoin currency or commodity?
My question is how do you view bitcoin? I was surprised when I found this forum how many people seemed to be clinging to it as if it were a commodity to use as an investment while touting it’s use as internet cash to be spent anonymously.
It seems dangerous to me long term for a currency to be both. Not for the existence of the currency but to investors.
So bitcoin currency or commodity?
For me, it's a commodity money.
EDIT: like silver/gold, just with lower transaction cost, higher divisibility, better storability/securability and less tradition.
I’ve only been looking into bitcoin for about a month and I have to admit I researched more about how to obtain and use it than why. (How vs Why?) I also have to admit I was attracted by it’s 22% growth in value vs the dollar in a recent month.
My question is how do you view bitcoin? I was surprised when I found this forum how many people seemed to be clinging to it as if it were a commodity to use as an investment while touting it’s use as internet cash to be spent anonymously.
It seems dangerous to me long term for a currency to be both. Not for the existence of the currency but to investors.
So bitcoin currency or commodity?
My question is how do you view bitcoin? I was surprised when I found this forum how many people seemed to be clinging to it as if it were a commodity to use as an investment while touting it’s use as internet cash to be spent anonymously.
It seems dangerous to me long term for a currency to be both. Not for the existence of the currency but to investors.
So bitcoin currency or commodity?
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