Bitcoin Forum

Last Friday, China’s official newspaper People’s Daily released an article Bitcoin, a New Form of Digital Gold by Yang Wang. And in an interview, Yang says that after talking with people from the central bank, he believes that the government will define btc as commodity or futures. It is in conflict with the RMB system. And when the PBOC released its own digital currency, most cryptocurrencies would be obsoleted and bitcoin or blockchain startups will move to mobile payment.
http://news.8btc.com/chinas-official-newspaper-peoples-daily-defines-bitcoin-as-digital-gold

nobody cares what the banks or government do or think about bitcoin. they can call it whatever they want. US calls bitcoin as a commodity (for tax purposes i guess).

but since bitcoin is decentralized, it is what these peers on the network think that defines what it really is. and the peers know it is a currency that is gaining value over time with more adoption.

and i assure you that when the banks start their own altcoins nothing will become obsolete because it won't even be anything like the cryptocurrencies that we know today, it will be centralized and many other differences.

But in today's current turn of events, it appears that bitcoin is being treated more of a commodity rather than a currency like fiat. Bitcoin is very versatile; you can have it as your life savings and everyday pocket money as well, so long as you have these shops ready to accept your btc. Banks and the governments on the other hand still looks down on bitcoin due to the fact that once it gains traction, their scams and control on the people won't work any longer.

Why the hell do journalists think that everyone is going to suddenly switch to whatever fiat currency is issued by a government body from something that is decentralized and far better at doing what it does than whatever they can come up with? It's starting to piss me off that they completely believe this.
Glad to see they're calling it digital gold, but it may be for the wrong reasons. Not worth paying attention to.

EDIT: Fixed my formatting. Lazy fingers.

you buy bitcoin at X dollar and when price goes up to 2X dollar you go to a shop and spend some of it on your daily needs instead of selling it for fiat (lose some money) and then go buy something with it.

you see, bitcoin is both. it is a currency (in addition to being an investment) and that is why it is gaining value, otherwise nobody would have ever bought some numbers on the computer screen!

the term commodity is mostly used by the government and the tax man to make it easier for them to take taxes on bitcoin :)

If it becomes a reality then this news will be able to help the development of bitcoin in china country, we know that china is country with biggest population in world. Of course this could have a good impact on bitcoin in the world market. The increasing acceptance of bitcoin in a country will make the development in other countries improve.

They can now also maintain there own wealth in the digital world. Because when the day comes that all countries recognized cryptocurrency, most currency would now be in digital and you cant now really count anyone's networth once it is now in an outsource wallet. The net worth might be indicated but the hidden digital goods won't be counted or revealed. All countries has it's own convertion of money and it's up them now to adopt it in there own.

No doubt that it will be having a very much positive impact on the bitcoin. we also know that the Chinese people are the most interested one in using the bitcoin so, keeping the pressure of public in mind the Chinese government will act accordingly. I am hopeful that the Chinese government will soon accept it for knowing the fact that the bitcoin can have a great impact on the Chinese economy as well.

Have the two of you read the article ?


The article is not too bitcoin friendly but it also does slams eth

They say the total number of bitcoin is fixed, but ETH is like an oilfield and when it is running out, you can always go find another oilfield.

Well, at least that makes me happy cause it might wake up a few daydreamers about the whole eth scheme.

Yeah this is true as long as the bitcoin is good and beneficial for the users the number of people adopting and accepting it will be increasing. No one cares what the government is saying about it, if they treat it as a commodity or a currency but the truth about the Bitcoin cannot be denied that it is a modern age currency. So, people holding and using the bitcoin will not care because they know the fact what really the bitcoin is from them.

It may be good news for you guys, but I don't want the Bitcoin community to receive any sort of support from the Communist terrorists. The People's Daily is owned by the Communist Party of China, which is responsible for the deaths of more than 100 million people. We don't know their real intention. Perhaps they are trying to monopolize the Bitcoin sector.

Well the question here is are they wrong in saying bitcoin is equivalent to digital gold? Bitcoin in the past few months has become rigid as gold, hard to move and hard to keep people's eye off from. The Scaling issue is getting no where, The alternative is to use wallets like coinbase and xapo, which offer fast sql based transactions but the users are not in control of their coins thus making it an equivalent of a bank, destroying bitcoin's true purpose. For now i agree with Them, Bitcoin has become Digital Gold instead of being Digital Cash.

Some disagree that bitcoin to be the digital gold. This is just because of​ the backing found behind the​ assets. Gold is entirely a physical commodity backing asset, whereas our bitcoin is entirely dependent on technology. For this reason though bitcoin has grown higher than gold it's never described as gold. I consider it an asset better than gold.

It is a very good omen for BTC to receive China's government attention. It means one thing that something good is in the pipeline for the future of BTC worldwide government.