BITCOIN: CURRENCY, COMMUNITY OR COMMODITY?

Bitcoin: Currency, Community or Commodity?

bitcoinbulletin.com / By Patricia Estridge / August 2, 2013 5:25 pm

Is it a bird, is it a plane, nope, it’s Bitcoin. Long term fans of the virtual currency aren’t altogether bothered about the answer to this question, but as Bitcoin becomes increasingly widely known, the question, “What exactly is Bitcoin?” Is being increasingly asked.

The Thai Government reportedly banned Bitcoin last week, not because they hate the concept, but because they couldn’t figure out what to do with it. None of the existing laws in Thailand would be applicable to Bitcoin, so they banned it.*

Misunderstandings and arguments about what exactly Bitcoin is are likely to increase from now on, especially as Governments and newcomers try to make sense of it. So, is Bitcoin a Currency, Commodity, or a community, and does it really matter?

*There are reports coming out of Thailand now, which indicate that the Bitcoin in fact might not be banned, but no one is currently sure.

Is Bitcoin a Currency?

The EU and UK have recently decided that, no, Bitcoin is not a Currency, or money, and have set regulation standards as such. The US is undecided, believing that Bitcoin sits in “a money bucket, but that it isn’t money”, meaning that Taxation and reporting on Bitcoin, and how Bitcoin focused companies should be regulated is still unclear in the US – with different agencies grappling to regulate Bitcoin, we probably won’t have any conclusive decisions for some time.

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