Bitcoin is asset, not currency. - page 5.

ICO Lancer

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Quote from: BitcoinHodler on January 11, 2018, 07:24:16 AM

why did you create this misleading title? when you are quoting someone you should include the name of the source.

and who cares what a National Bank of some place is saying about what bitcoin is. they are defining it as an asset so that they can deal with it easier. most of the times it is a matter of taxation since they can't exactly tax a currency!

what matters is how people are going to use bitcoin and so far it has been a currency apart from last 2 months and hopefully this changes back to normal low fee transactions soon too.

The topic is created for discussion, i am just interested in position people who are here, what o they think on the issue, do they perceive it like currency or like asset.

Flomo

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I would argue that bitcoin is best used as an asset or investment not as money or fiat, because of the instability of bitcoin that does not allow for payment.

rynah011991

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somewhat I agree. Bitcoin is not an asset, since it does not generate cash flows standing alone for those who hold it unless you sell it and convert to cash.

gernoto

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Quote from: ICO Lancer on January 11, 2018, 07:00:54 AM

National Bank of Israel officially announced that the Bitcoin is not currency but the asset. I think that most countries will follow the example. what do you think?

I was thinking the same thing. Bitcoin is indeed an asset for the future. And any country that permits a Bitcoin I am sure one day the State will be more advanced.

Ludmilla_rose1995

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I think so too, though bitcoin is created as a cryptocurrency, it is more worth mentioning as a digital asset.

b3llsf1l3s

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Quote from: ICO Lancer on January 11, 2018, 07:00:54 AM

National Bank of Israel officially announced that the Bitcoin is not currency but asset. I think that most countries will follow the example. what do you think?

yes, that's what I think all along, bitcoin for me is just an asset, and just like any other assets. bitcoin is a better form, because this asset is combined with a very modern technology that is blockchain technology

orkoso

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Quote from: HostiletermitE on January 11, 2018, 07:02:43 AM

Can I know what difference it makes? Does Bitcoin lose its value if it is known as an asset?

It does make a huge different for legal and taxing purposes. What the bank has done is basically impose the same taxes on Bitcoin than any other asset. Currencies have a different legal regulation in most nations and taxes for gains are different.

Kprawn

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Quote from: LoyceV on January 11, 2018, 09:44:20 AM

Let me start by adding a source to this thread: Bank of Israel: Cryptocurrencies Are Assets Not Currencies, so I can do some selective quoting:

Quote

Addressing a meeting of the Knesset Finance Committee yesterday, Nadine Baudot-Trajtenberg, deputy governor of the Bank of Israel, said, "Bitcoin and similar virtual currencies are not a currency, and are not considered foreign currency."

She quite literally says currencies are not a currency.

But that's just the opinion of a central employee. Bitcoin is designed to be electronic cash, and it's designed to be independend of any banker's opinion.

Sure, but for tax purposes this is important to make a distinction between the two definitions. If Bitcoin is a currency, VAT

will come into play, but if it is defined as a Commodity... then Capital Gains will come into play. The government should

also define it for merchants to know if they can accept it as a currency. {for the auditing of their books} Roll Eyes

SastraID

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its depends how people use it but for me, bitcoin is asset and cryptocurrency
both Grin

BlackPanda

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Quote from: ICO Lancer on January 11, 2018, 07:00:54 AM

National Bank of Israel officially announced that the Bitcoin is not currency but asset. I think that most countries will follow the example. what do you think?

I do not think that's the real meaning of Bitcoin. The initial purpose of the creation of bitcoin is to be used as a currency, but now most people see opportunities and consider Bitcoin as an asset if invested then be able to generate profits. For me Bitcoin remains a currency, Bitcoin has a valuable value and can be used to conduct financial transactions. Bank of Israel too quick a decision as Bitcoin is used and developed by everyone in the world. Currently Bitcoin has become a necessity of many people.

BrewMaster

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There is trouble abrewing

the banks and the government always want to call bitcoin something other than a currency. they will do anything they can to prevent bitcoin from being a currency because if that happens, their business and livelihood will be threatened unless they act fast and adapt to the new situation and the world with a decentralized cryptocurrency out of their control.

LoyceV

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Let me start by adding a source to this thread: Bank of Israel: Cryptocurrencies Are Assets Not Currencies, so I can do some selective quoting:

Quote

Addressing a meeting of the Knesset Finance Committee yesterday, Nadine Baudot-Trajtenberg, deputy governor of the Bank of Israel, said, "Bitcoin and similar virtual currencies are not a currency, and are not considered foreign currency."

She quite literally says currencies are not a currency.

But that's just the opinion of a central employee. Bitcoin is designed to be electronic cash, and it's designed to be independend of any banker's opinion.

Newboybb

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Because the BTC transfer fee is too high at the moment, it may be difficult to use as a currency, but as an asset, I think it is something like a large collection.

Wonder_woman

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Quote from: ICO Lancer on January 11, 2018, 07:00:54 AM

National Bank of Israel officially announced that the Bitcoin is not currency but asset. I think that most countries will follow the example. what do you think?

On my own opinion I am agree with the National Bank of Israel because as we know most people are only using bitcoin for trading, investment, or mining as that is the nature of an asset. You can not really say that it is a currency because we are not using the bitcoin to buy goods directly.

BitcoinSupremo

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Bitcoin does both. Some people exchange it to cash or do trading with it in order to make more cash, in this example Bitcoin is serving as a currency. If you hold it for a long time, you keep it as a store of value, in the long run it can have an impact in changing your life for good, in this case is serving as an asset. So bitcoin can be both money and asset.

zais

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Quote from: ICO Lancer on January 11, 2018, 07:00:54 AM

National Bank of Israel officially announced that the Bitcoin is not currency but asset. I think that most countries will follow the example. what do you think?

Bitcoin is Not a Currency. How will a currency function as a "stable" Value Store? If the currency serves as a stable value keeper, then the cause of inflation will occur naturally. Anything that can be a "store of value", must be able to ensure that its value is feasible and can last a lifetime. Comparable to long-term purchasing power.

@alaji

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Call bitcoin what ever names either currency or asset or properties and so on, it does not change its value. All we need is continues appreciation to enable us become a millionaire one day.

penig

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Quote from: BitcoinHodler on January 11, 2018, 07:24:16 AM

what matters is how people are going to use bitcoin and so far it has been a currency apart from last 2 months and hopefully this changes back to normal low fee transactions soon too.

Last two months? What happened in only the last two months that didnt before? Certainly holding Bitcoin, speculative trading have been going on since years ago. What hasn't happened much is use as currency to buy goods and services, i dont know the amounts, but i'd bet a Dogecoin less than single digit proportion of Bitcoin transactions have been for buying something.

Its an asset, the dreams of Satoshi disappeared aloooong time ago.

DeepBoost

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Considering Bitcoin as a currency is against National Bank's interests. Bank does not need such strong competitor as Bitcoin, because of its "cripto" nature. People will surely avoid taxes by using BTC and erase traces of money tranfers while Israel is under terrorist threat. Situation there is very different compare to Japan.
Besides Bitcoin's fees dont let us to use it as a currency in common sense.

ncryptbit

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Hi, it should be left to people who are using it, some people are saving their bitcoins for future with a hope it would go beyond the current rate while others use it on everyday basis on different platforms. So usage depends upon the users.

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