Bitcoin Forum

https://m.nasdaq.com/article/bitcoin-ruled-commodity-palladium-etf-shines-cm1030552

What do you think? is this the early stages of acceptance towards cryptocurrencies?

It is bad news for all. A commodity is not treated as currency in terms of taxes and easiness of trading, thus if this is confirmed we will be exposed to a higher taxation level.

But this is also good news, it means the recognition of bitcoin. So if we could use it with easy taxation, it would be much easier and better, but still step.

I see your point, for sure, but do you not also agree that the very classification of bitcoin as anything other than a "fad" will serve all of us better in the long run?

Well, that's what I was writing about. Once bitcoin is perceived as something legal, it is already a great step in the real world for him. Right before all the major financial players wrote that this is a bubble, what is a pyramid, this method of fraud. Moreover, bitcoin was used to pay for goods and services that are usually prohibited by law. Therefore, it could simply be banned, say that it is an illegal product or tool for payment for goods.

There's also the positive side to it. As it's gotten some level of recognition that we need. Remember that it would be hard for Bitcoin to be regarded as a currency as it would compete with the various national currencies of different countries, and this is what their exact fight with Bitcoin and crypto in general. Now that's it's even valued as a commodity, that's something you know..baby steps. Soon they'll realize it's got more than that.

it is clear that we are waiting for that there is no ETF for this year, this means that there is very little possibility and our hope that crypto will go up as we imagined for the end of this year, and hopefully there is little hope for that

I agree. This is a good news imo. Any recognition is better than none. Besides, we can expect that the SEC will not be rejecting Bitcoin ETFs with previous persistence.


As for other altcoins, I'd say it'll take some time, a year or maybe more, before they turn their attention to any of them. One can say, they are really slow in making decisions, if the recognition of Bitcoin has taken so long.

altcoins never follow bitcoin because they are not even the same thing even though they may be all categorized as cryptocurrencies. bitcoin has a well established market while altcoins are still struggling with their pump and dumpers who are controlling most of the market and the price with it.

besides bitcoin has been considered as a commodity for almost 6 years now by IRS. now it is CFTC that is calling it a commodity and in reality bitcoin is a currency and more countries in the world (apart from US apparently) are calling it a currency!

IMHO this neutral news. BTC price must depends on mass adoption, not from fat cats in suits. A lot of people trading on usual markets already sending money in BTC to China. If many sellers will be accepting BTC it will be great. All this regulation is bad in my opinion. I already can't accept crypto in open way for my hobby(leathercrafts) in my country. Because there are a lot of conversations about taxation, about all this can be illegal and many others. For me was great when government forgets about crypto.

This is a bad news, it is as bad as it gets. Bitcoin is not a commodity, bitcoin is a currency.

Commodity means people will see bitcoin something like gold or silver whereas bitcoin is more like dollar or euro. People should not see bitcoin as something you can use for investment and make money, it is something you can use to actually spend and get a cup of coffee.

Haven't we all seen places like grocery store or coffee shop or whatever that accepts bitcoin? We have seen that, can you pay your coffee with gold? Does expedia takes gold for your hotel bookings ? No.

They take bitcoin and they take fiat. Bitcoin is not a commodity, it is a currency.

Do you think the SEC will accept bitcoin ETFs this December? Or postpone again until spring?

If this is true then i think this is some serious news regarding acceptance and adoption of btc, just think of gold as it is also categorized in commodity class and has trillions in trading volume, with limited supply of btc we can assume that btc will grow very very huge in terms of value in coming years.

A really great step in the right direction. The reason why we are seeing a lot of skepticism today from investors is because they do not know what the future holds and they are being very careful not to take a very huge risk.

But in this case like you said, the possibility of the fear being doused, more institutions and investors keep stepping in because the government obviously recognizes it, and then gradually we start seeing real life usage in the long run, then this simply means a good growth for the space. If we are so much worried about tax, we won't even move ahead but in this stage, everyone becomes a winner including the government.

There's no way they could call it a cash. And taxes and regulations are now required to save bitcoin and the cryptocurrencies as scammers, money launderers and terrorist are threatening the existence of crypto through their illicit activities. But with crypto, authorities would have a hard time tracking them around.

Well it is a good news for Bitcoin and this will make it more recognize by the government why other crypto are not cause all of them are ico which requires money from investors but Bitcoin isnt .

While I agree, no one can deny Bitcoin is not a currency right now, it's more digital gold so I can agree that it is a commodity at the moment.
If some of us can get very rich in the future, there is always the possibility to move to a tax friendly country such as Malta (or similar options) ;)

Quoting the bold part, no offense intended but in what world are you living? Maybe you are in Japan or such country but please think wider and worldwide, Bitcoin is very far from being a currency at the moment.
The only service I "bought" with Bitcoin is sports betting service (for me it is a good option to bet on sports, one of my hobbies). Bitcoin could become a currency but there is still a very long way to go.

Your fear of news about bitcoin being a commodity is too much. cryptocurrency actually requires other functional values, not just limited to trading tools that are easily manipulated by a group of whales. This stage actually bodes well for the cryptocurrency industry, as the tax costs that will be charged are reasonable and part of the control over the use of existing digital currencies. as free as any crypto industry, we still have to collaborate with the government

This is a horrible news, I don't know how anyone would think that this is any good for BTC. BTC is a currency and should be treated as one, recognize BTC as a commodity and make other people starting recognize it as a commodity too is the first step to beat the idea stands behind BTC in the first place. The next step will be if BTC is a commodity then it can't stand at the same bar as Fiat and by default, since BTC is not a currency then it should be taken down as the main Pair in trading a lot of steps will follow in the same direction. In my opinion, this is the first step to kill BTC and Satoshi's vision and what's more depressing is to see some people thinking that this is a good step.

Because most people are here to make money on the short term and don't eventually care if Bitcoin can actually be used as a method of payment.

Just check at the ETF and everything it implies: for sure the ETF will make Bitcoin price pump and that's what most people are waiting for, even the ETF principle is against the original mindset of Bitcoin, for obvious reasons (see Andreas Antonopoulos's opinion about it for instance).

Sad, yes. But sometimes I wonder if the original idea of Satoshi was pure utopia, but eventually impossible to implement in the real world.

Indeed, I want to support you in your statement that the government at this stage will be in the black. My opinion about the situation with Fiat money is now in the categories of the last century, firstly the inability to use without damaging the ecology of the planet, secondly it is the spread of diseases, third it is more expensive than using digital money, fourth the lack of transparency, ie the ability to use funds for tax evasion and also for use in black markets.

The information is still unconfirmed, and we do not believe in the posts on the Blogs because this may be an article to make small changes to fool the chickens. Believe the information given by the giants because the info had censored.

The Federal court recognized. so this is enough reason to draw conclusions and write in blogs.

Do not let us be negative about this, but at least look at the positive aspect of things as well. Being treated as a commodity does not necessarily mean it would be over taxed as that would depend on each government anyway and how they want to go about taxing it which I believe there would be leniency.

Nonetheless, at least the fact that the government will recognize it and then legalize it is still a step ahead as far as I am concerned. As long as we start seeing real life usage, it is just more like saying everybody wins, which includes the government and most especially the early holders.

It will help shops, merchants and service providers to use BTC as the payment method. I hope that taxes for BTC transactions will not be too big, because it may lead to creation of black market, which will not be good for economy. But still it is good news.

This to me is like a good bye to ETF and we'll never see it happen it means. BTC is a currency and they know it, but because it's in direct competition with their fiats, government regulatory agencies will used to fight it so hard to ensure it's not recognized as a currency. This is probably the reason ETF applications got denied because they've been waiting for the appropriate time to come up with the conclusion.

ETH should make something similar to recover, but I do not think that it is possible, because there are not so much Bitcoin based projects, while Ethereum is the basis for huge amount of solutions, so they should be very disturbed by such situation.

Such move is very smart, because it would be very difficult to register BTC as usual currency since it is pretty hard to track movemetnt of funds. For ETH and other altcoins it may be the last chance to improve the situation.

Now we finally have the example, so other cryptos should also try to get this status. I consider that regulations may improve overall situation within cryptocurrency market, because I was ready to loose hope after nine month of market degradation. We'll see it soon