Bitcoin is an asset or currency. - page 41.

taxmanmt5

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Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Bitcoin is both an asset and currency. Like what money is, it is both currency and asset. Because bitcoin as it grow my asset keeps growing too, but when I use it and convert it to fiat then it turns to money and currency.
I think you are trying to say Bitcoin is a currency or commodity ?

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bitcoin are both asset and currency, example: if you have 1BTC you can exchange it into money then it is an asset, or you can keep investing in bitcoin and altcoins then it is a currency, so it depends on situations.

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Quote from: ritsel02 on October 22, 2017, 08:32:59 AM

Bitcoin is a unique form of asset and could also be a currency where in you can use it as an investment; buying ,holding,and selling it on its expensive price in order to earn a profit. It is an asset because by owning a portion of it allows us to access on different transactions through its application like paying bills,tradings etc. Its digital value is considered as currency where in you can use it as digital cash for paying bills or goods.

Yeah, it really is both. It was intended as a currency, but it turned out to be a better asset. It doesn't really matter in the end though, as it performs both roles beautifully.

Daniel91

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If you ask central bak in my country, bitcoin is neither asset nor currency

For me, bitcoin is digital currency with concrete value, real asset for my future.
I still can't report income from bitcoin in my country but I think that soon it will change.

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Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Bitcoin is both an asset and a currency as it is gaining more and more value as the time passes by and also that it can also be used to transact with people, so it is also a currency.

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Bitcoin is a unique form of asset and could also be a currency where in you can use it as an investment; buying ,holding,and selling it on its expensive price in order to earn a profit. It is an asset because by owning a portion of it allows us to access on different transactions through its application like paying bills,tradings etc. Its digital value is considered as currency where in you can use it as digital cash for paying bills or goods.

Al Amin

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I think bitcoin can be both an asset and a currency. Although basically bitcoin is created as an online currency. But the fact is now shifting into assets because many people are investing with bitcoin to sell it in the future for a higher price.

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Quote from: richan on October 21, 2017, 06:46:18 PM

Bitcoins is a medium of exchange, hence an asset. Bitcoins is also an asset because it appreciate and depreciate in value. I treat it as asset and forms part of major portion of my investment portfolio.

It is made as a currency and a good store of value that made it an asset. I think Bitcoin will always be this two, currency and asset since it gives holders profit and way to pay services and goods.

Quote from: Abdul Wasay on October 22, 2017, 05:17:27 AM

In my opinion Bitcoin as per it's relevance in the market over the years is acting as a currency but it is an asset for millions of people.

Bitcoin is both an asset and a currency depends on the definition of both terms, bitcoin meets them both.

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In my opinion Bitcoin as per it's relevance in the market over the years is acting as a currency but it is an asset for millions of people.

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Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

This is the good thing for having a bitcoin, you could hoard it like our other assets in which while we keeping them the value keeps in rising everyday that you could sell it someday for your important use at the highest price or you could inherit it to you children for their future use then at the same time a currency in which we could use to buy it things and goods instantly. Unlike fiat, the value will always the same forever because if you keep your paper money we called that saving not an asset.

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Quote from: johnsm79 on October 22, 2017, 05:01:14 AM

In economics it can referred as a currency or an asset.

It has different values and it can cover both of them. Governments are now adding taxation on bitcoin as they view it in their favor, an asset.

It is a problem when it cannot be distinguish as what it really is.
How can they tax something that is an online money?
How can they tax something which they dont even believe is true.
They didnt even care what happens to it.
There is a fall way back and they are not the one who made it bloom again. Pfft.

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In economics it can referred as a currency or an asset.

It has different values and it can cover both of them. Governments are now adding taxation on bitcoin as they view it in their favor, an asset.

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Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

this is the excess bitcoin, you can use it as a curency and also as an asset. Bitcoin has its own price unlike PayPal's payment tool. For bitcoin assets almost the same as gold, every year there must be price increases. We as a community can only try to introduce bitcoin to people who do not know the bitcoin to get bitcoin so popular and can be legally used as a means of payment in every country.

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Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

It is more of a currency since cryptocurrency is a digital currency. Bitcoin is just not yet legal to most country so there are still people that can't use it as a currency, directly. Those who are in those countries where it is not yet legal, needa to convert Bitcoin to fiat in order to make use of it. But more countries are now making it legal. And in the future, it will be legal worldwide that will make it a total currency.

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Quote from: Visbay on October 22, 2017, 04:21:24 AM

Quote from: praveenkumarjb on October 21, 2017, 02:45:52 AM

Bitcoin is a currency not an asset.For example gold is an asset. An asset cannot be traded with other assets.But currency can.

Well in my opinion it’s both you can use it as a asset and as well as you can use it as currency because if you want to invest in bitcoin so it can give you a very good profit because this invest is an asset for someone and when you want to do daily trade you can also get a profit and as well as bitcoin can be used for daily expanse in your daily life.

A man who has even a single Bitcoin I think he has a good asset for him. As the value of Bitcoin increasing it is better than gold or any other currency. At the same time it like currency you have. You can pay bills and purchase things by using bitcoin. In short bitcoin is most profitable and beneficial asset to a person.

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Quote from: praveenkumarjb on October 21, 2017, 02:45:52 AM

Bitcoin is a currency not an asset.For example gold is an asset. An asset cannot be traded with other assets.But currency can.

Well in my opinion it’s both you can use it as a asset and as well as you can use it as currency because if you want to invest in bitcoin so it can give you a very good profit because this invest is an asset for someone and when you want to do daily trade you can also get a profit and as well as bitcoin can be used for daily expanse in your daily life.

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been seeing this kind of thread. "BITCOIN ASSET OR CURRENCY" don't wanna be rude but search button is just right there, this topic is so redundant that I need to comment and still gives my opinion lol. Obviously at the current state and uncertainty Bitcoin for now is an asset.

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Quote from: kendra1107 on October 21, 2017, 06:51:30 PM

Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Both actually. But the weight would most probably be leaning on the asset side. Because a lot are holding Bitcoin at current time due to its continuous rise. I think this is where most of us are focused on.

Exactly, I think it's both depending on what you intend to keep it for, some may keep it in their wallets and hope for it to grow and then sell for profits whereas others use it as a currency for online purchases.

kendra1107

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Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

Both actually. But the weight would most probably be leaning on the asset side. Because a lot are holding Bitcoin at current time due to its continuous rise. I think this is where most of us are focused on.

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Quote from: BitcoinPC on October 20, 2017, 11:54:15 AM

Quote from: YaChou on October 17, 2017, 10:52:55 AM

I hear from many sources that btc is used for trading much more than it is for goods and services; doesn't that make it an asset ??
and is that necessarily a bad thing ?? and what can we do about it as a community ??

But in my thinking, i think bitcoin is an alternative of asset, if you have 1 bitcoin right now then it mean u have an asset. But as you hear from people use, it is also right, people use bitcoin as a currency and get services from it, but if they hold it then they think that they have an asset in their wallet.

BTC is great asset for anyone. I feel Bitcoin as to get rich quick scheme. A man who has even a single Bitcoin I think he has a good asset for him. As the value of Bitcoin increasing it is better than gold or any other currency. At the same time it like currency you have. You can pay bills and purchase things by using bitcoin. In short bitcoin is most profitable and beneficial asset to a person.

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