Topic: Bitcoin is Now Officially Money! - page 2. (Read 2241 times)
So if Bitcoin is now officially recognized as money in the state of New York, does this mean that people can legally offer to pay with Bitcoin and the vendors are obliged to honor Bitcoin as a legitimate method of payment?
You know, a relatively new country called Limberland just declared bitcoin as its fiat. I never thought I would see that happen so soon, not this year anyway 
Each state has their own ruling regarding digital currencies. I remember replying on another thread where bitcoin was considered as not a currency by another judge. For me, as long as it is something that carries with it value, I will keep holding and buying it. The future might be kinder to bitcoin when people are already used to paying everything digitally.
When was bitcoin not officially money i dont think there are allot of peopel who dont think that bitcoins are money you can convert them in dollars so yes it is money?
This news must be another legal support for bitcoin.
In my country legal system has a practice of using one Judge's order as role model for any related things even Law book has nothing about it. Hopefully bitcoin will solve many legal issues by quoting this order's statement of bitcoin is money.
In my country legal system has a practice of using one Judge's order as role model for any related things even Law book has nothing about it. Hopefully bitcoin will solve many legal issues by quoting this order's statement of bitcoin is money.
so you need a bitlicense in NewYork for bitcoin businesses but you don't need a USD license to operate a business that holds customer funds?
Yes, because bitcoin is not related to USA government in any ways. They need to treat any foreign elements in such a way.Bitcoin is a money as per recent court statement, but it has nothing to do about licenses as bitcoin is not being issued by US government.
so you need a bitlicense in NewYork for bitcoin businesses but you don't need a USD license to operate a business that holds customer funds?
Though I support this happening, I have a feeling that this will be overturned in the higher courts. The IRS in the USA does not recognize that Bitcoin is money, they see it as an asset. Because of this there is reason to appeal this decision which will result in a higher court making the change. We need the IRS to start to accept that Bitcoin should be a currency. As soon as this happens, things will change.
Who cares what people in offices, or officials, think? If we'd taken that attitude, Bitcoin wouldn't be here at all, it's been officially denounced ad infinitum up to now.
Well it seems as though the merchants worry about this, because if Bitcoin is not a legal tender they are not allowed to accept it.
No, that is not what "legal tender" means. What it does mean is that merchants or individuals are not allowed to refuse legal tender for payment of goods or debts. Anyone using legal tender as a reason not to accept BTC either knows and can't think of a better excuse, or they're just plain ignorant. Merchants can accept anything as payment under legal tender law, as long as the customer agrees too.
I sometimes wonder why some of you ever got involved in Bitcoin in the first place. The whole point was to build an independent system, not a dependent system. If you want someone big and strong to be holding everyone's hand all the time, you're in the wrong place.
I never said I support that opinion, I just said I experienced this problem when I asked some merchants for the reason why they do not
want to support or accept Bitcoin. Put yourself in their shoes... would you accept a unknown currency that are not regulated by your
government and then expose your business to legal action or forfeiture or closure of your bank accounts.
before any statement of that bitcoin was already a money from the time when some companies convinced to adopt bitcoin as a payment system for their business after seeing that people are more interested to pay with bitcoin for their online services and for buying digital goods etc.
This is a big thing, now its NY, tomorrow LA, next year all US. US is modern country, they are first in technology, and cause of that this do not surprise me. Its will be a good example for other countries that plan to recognize bitcoin as official currency.
Franky1 have a logic, yes they will try to limit transactions, tax it maybe, or who knows how they will try to control it. But that is their job, when someone lose coins, everyone advice that man to go to police, well for some kind of protection everyone needs to pay.
We will see now how will NY handle bitcoin, and how government plan to track all bitcoin users. We will also see how the government will categorize bitcoin.
Franky1 have a logic, yes they will try to limit transactions, tax it maybe, or who knows how they will try to control it. But that is their job, when someone lose coins, everyone advice that man to go to police, well for some kind of protection everyone needs to pay.
We will see now how will NY handle bitcoin, and how government plan to track all bitcoin users. We will also see how the government will categorize bitcoin.
How is this a big thing? It doesn't change anything for people. Even not when Bitcoin was being considered to be money in every country and continent. The main purpose of this is indeed taxation of your coin holdings, but there basically isn't a logical way for governments to know how much you have in Bitcoin unless you tell them so. At worst they may force exchanges to release information about large players as they are worth all the hassle they eventually might go through as the tax rewards might be high.
I consider Bitcoin as money since I have started to use it, as long there are stores where I can buy anything with Bitcoin so it is money, but sure it will has different situation if governments started to accept it, I read before that Germany and Japan have regulated Bitcoin deals with a fee, I hope to read more news like this one in the future.
This is a big thing, now its NY, tomorrow LA, next year all US. US is modern country, they are first in technology, and cause of that this do not surprise me. Its will be a good example for other countries that plan to recognize bitcoin as official currency.
Franky1 have a logic, yes they will try to limit transactions, tax it maybe, or who knows how they will try to control it. But that is their job, when someone lose coins, everyone advice that man to go to police, well for some kind of protection everyone needs to pay.
We will see now how will NY handle bitcoin, and how government plan to track all bitcoin users. We will also see how the government will categorize bitcoin.
Franky1 have a logic, yes they will try to limit transactions, tax it maybe, or who knows how they will try to control it. But that is their job, when someone lose coins, everyone advice that man to go to police, well for some kind of protection everyone needs to pay.
We will see now how will NY handle bitcoin, and how government plan to track all bitcoin users. We will also see how the government will categorize bitcoin.
All good news is welcome in bitcoin land, someday it will be classed as money all over the world. we who use it already know it is money 
Whatever government thinks about bitcoin will not matter after some time. People have already started to realize power of decentralization, anonymity of bitcoin and some have already begin to store their wealth for future. Even government can't stop bitcoin so there will be no choice for them to deny it, so surely they will announce bitcoin as money and way of payment. 
even though only New York officially admit bitcoin as money i think that was good move because not all big cities in the world brave such as New York however i think this is won't have any affect for bitcoiners because admitted or not they will still use bitcoin including me
its a good news for us which play around with bitcoin and i hope there is more country and city which is accept bitcoin as currency and payment and the last thing is there are many store offline and online which available and accept bitcoin as payment.
but if we allow those officials to decide what bitcoin is and then pigeon hole it into the wrong category. it makes bitcoin no better than fiat.
i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.
EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.
then things like identification requirements just to hold bitcoin start becoming a thing.
lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc
i personally see bitcoin as an asset currency. which makes it have more possibilities than thinking of it as just money.
anyone can have the freedom of swapping assets without the hurdles of money.
EG
if bitcoin is money. then suddenly people will start to need to declare transactions above $10k value
if bitcoin is money. then suddenly people will start paying tax on it every time its swapped
if bitcoin is money. then suddenly at border control (highway checkpoints/airports) will need to have their trezor's/keepkeys examined and confiscated if over $10k value is hoarded
if bitcoin is money. then suddenly people will start to need pay inheritance tax if you time locked it and gave the private key your child.
then things like identification requirements just to hold bitcoin start becoming a thing.
lets not get excited that some official wants bitcoin to be money. because all they really want is a nice payday in the form of a huge fine/settlement, future tax income etc
The fact that Bitcoin is colloquially classified as "money" doesn't oblige it to follow the same rules as fiat. Bitcoin is money, BUT it doesn't have to be tied to anything else, nor is it equal to the money we have used so far, thus it doesn't have to adhere to the same rules.
I don't think Franky was endorsing the treatment of Bitcoin as fiat, so he may be a dangerous idiot most of the time, but he's got the right idea here IMO
lol this doesnot makes actully any sence. a person made it from public use and a countrys government is saying it as a money so basically they want control over this thing and i do not think it is good and bitcoin is bery voilent so what will govwrnment do when he losses his money will it print more money :p
The Judge did a good thing declaring bitcoin as any other money. Given that he declared in one state, I know other states will follow suit and eventually bitcoin will be accepted globally. This will be a good move for the bitcoin enthusiasts.
Jump to: