Topic: The only safe haven currency is Bitcoin - page 7. (Read 1792 times)

They look at the bitcoin like the physical gold therefore any gains (when bitcoin rises in price) one person may have that can be subjected to tax. We are hoping though that this classification will slowly be changing as years go on.

3) I will have to ask a general question? Why many governments are classing Bitcoin as a property & not a Currency.

You can`t just advice people to buy bitcoin because it is unstable, who may know if it will still have value when war comes?

Government think bitcoin is property because it is always used as an asset to earn profit and not as a medium of exchange.

Bitcoin can be classified as both asset or property and as currency because it can function both. Now, why would many governments classify it as an asset? Primarily because they can easily tax it when taken as a property even if the money function is very visible with it. They look at the bitcoin like the physical gold therefore any gains (when bitcoin rises in price) one person may have that can be subjected to tax. We are hoping though that this classification will slowly be changing as years go on.

Bitcoin can be classified as both asset or property and as currency because it can function both. Now, why would many governments classify it as an asset? Primarily because they can easily tax it when taken as a property even if the money function is very visible with it. They look at the bitcoin like the physical gold therefore any gains (when bitcoin rises in price) one person may have that can be subjected to tax. We are hoping though that this classification will slowly be changing as years go on.

Bitcoin has been confirmed as the best safe haven currency in the world with the following reasons.

1) If they is a military war, someone can easily move out of their respective country with Bitcoin. Cash, gold, silver is much harder to deal on.

2) The only one Currency not controlled by a government or bank.

3) I will have to ask a general question? Why many governments are classing Bitcoin as a property & not a Currency.

My advice is keep buying Bitcoin and don't look back. Also don't forget LTC.

They view BTC as an asset primarily and don't consider it as a currency just like majority of the investors in the cryptocurrency market which is a much better and safer option for them. We need to reverse this asap by driving adoption rates higher with time through regular developments.

only people who truly understand cryptocurrencies certainly consider it a safe digital asset. most of ordinary people consider the opposite because of negative coverage news and lack of cryptocurrencies understanding. besides BTC and some Alt can also be considered as a quite safe coin for example ETH. and indeed in some countries cryptocurrencies are legal and are actually considered digital assets. and there are many other reasons that make cryptocurrency worth for investment.

3) I will have to ask a general question? Why many governments are classing Bitcoin as a property & not a Currency.

Understanding currencies
Money, or essentially any fiat currency (such as USD, GBP or EUR) should satisfy three key criteria:

It should function as a medium of exchange,

It should be a unit of account, and

A store of value.

Although Bitcoin has some of the attributes listed above, it most definitely fails to meet them all. Let us take a look at them one by one.

Medium of exchange
We most probably have to agree with this one as more and more merchants are starting to accept Bitcoin as a payment option (Google has launched its payments API with Bitcoin, Amazon is rumored to soon start accepting payments in Bitcoin, etc). Moreover, the network of Bitcoin ATMs and the number of Bitcoin Payment Cards is growing constantly, which makes this crypto similar to our beloved fiat.

However, this is only one side of the coin. In fact, the most popular cryptocurrency performs quite poorly as a medium of exchange. This is fundamentally due to high volatility, which makes it inconvenient and impractical to denominate goods or services in Bitcoin. For example, at the beginning of the day you might price your MacBook at 1 BTC, but due to daily fluctuations (that can range up to 30 to 40 percent), at the end of the day it should cost 1.5 BTC. To put this into perspective, the daily exchange rate between USD and EUR is on average 1 to 3%.

Unit of account
In economics, a unit of account denotes a nominal monetary unit of measure or currency used to represent the real value of any economic item such as goods, services, assets or liabilities, income, expenses. Again, referring only to volatility, we can understand that Bitcoin does not satisfy this criterion.

Another important point to consider is that no lenders use Bitcoins as the unit of account for such things as consumer credit, loans or mortgages, nor are credit or debit cards denominated in Bitcoin, per se (you can spend your Bitcoin, but the real transactions happen in fiat since the digital currency is sold on the back-end).

Store of value
The last trait that should be found in any currency is probably the only one that fits Bitcoin the best.

I do not think so, because there is no secure system, even bitcoins can be hacked, through an unsecured exchange.

As long at is not banned in your country, yes it is. Because if the government treated it an illegal currency then they will confiscate it for sure and then you'll get in prison if you are very unlucky. So if that is the scenario, you better not tell anyone about it and the one you call  a safehaven can put you to hell anytime. Or just get out of that country and enjoy earning in bitcoin.

Yes bitcoin have plenty of advantages that is very helpful to each and everyone of us who really support bitcoin from the start of it's discovery until now.
Many are buying bitcoin already and as you can see the price is keep on increasing though there are a little drop but in the following days it will increase again.

I haven't invested LTC in the past but I am sure LTC has a future especially that it belongs to the top 10 in coinmarketcap.

1) If they is a military war, someone can easily move out of their respective country with Bitcoin. Cash, gold, silver is much harder to deal on.

2) The only one Currency not controlled by a government or bank.

3) I will have to ask a general question? Why many governments are classing Bitcoin as a property & not a Currency.