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Bitcoin => Bitcoin Discussion => Topic started by: notbatman on September 20, 2016, 11:43:54 AM



Title: Bitcoin is Now Officially Money!
Post by: notbatman on September 20, 2016, 11:43:54 AM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE


Title: Re: Bitcoin is Now Officially Money!
Post by: Senor.Bla on September 20, 2016, 12:48:37 PM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

this is just new york. in another state it is not money. this also goes for nations. in some it is money in other it is not. so my take away is that they are at least seeing bitcoin as something worth talking about. but it will still take some time until we have some kind of set of rules we can rely on.


Title: Re: Bitcoin is Now Officially Money!
Post by: Fraxinus on September 20, 2016, 12:50:03 PM
Guess another good news in reference to BTC,but this has to happen in a lot of more cities really,but at least we're making progress


Title: Re: Bitcoin is Now Officially Money!
Post by: beamforming2 on September 20, 2016, 12:51:51 PM
A good news! i believe more state will follow!


Title: Re: Bitcoin is Now Officially Money!
Post by: Carlton Banks on September 20, 2016, 12:52:38 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: crairezx20 on September 20, 2016, 01:01:28 PM
Yes thats a good and im sure that the next they will accept bitcoin also locally. we are hearing more news about the adoption for bitcoin this following months or year..


Title: Re: Bitcoin is Now Officially Money!
Post by: bitbunnny on September 20, 2016, 01:03:28 PM
This only refers to one state but it is something for the start. This lack of unique attitude towards Bitcoin is the problem. I don't think that there will ever be standard regulation of Bitcoin that could be applicable anywhere in the world. Somwhere is money, somwhere is property, somwhere is nothing because some countries don't have any kind of regulation at all.


Title: Re: Bitcoin is Now Officially Money!
Post by: Red-Apple on September 20, 2016, 01:15:44 PM
bitcoin was always money regardless of government accepting the fact or not. but it is a good news for businesses trying to adopt bitcoin and also a good news for the tax man to take taxes from all those businesses so this particular good news is not without a side effect ;)


Title: Re: Bitcoin is Now Officially Money!
Post by: raphma on September 20, 2016, 01:48:11 PM
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.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.


Title: Re: Bitcoin is Now Officially Money!
Post by: Rubberduckie on September 20, 2016, 01:51:52 PM
A good news! i believe more state will follow!

That's a good point and I think it's even better that it is New York. States will for
sure follow. Had it been Rhode Island or Montana or something I wouldn't expect
most states to notice but New York is a big deal.


Title: Re: Bitcoin is Now Officially Money!
Post by: franky1 on September 20, 2016, 01:58:00 PM
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.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

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


Title: Re: Bitcoin is Now Officially Money!
Post by: randy8777 on September 20, 2016, 02:04:27 PM
this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.


Title: Re: Bitcoin is Now Officially Money!
Post by: franky1 on September 20, 2016, 02:06:11 PM
this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

bitcoin has always been currency.. that good for many many reasons compared to defining and pigeon holing it as money..
money is the stuff the bankers want/create/and want more, that comes with rules

the problem is 99% of the world doesnt understand "money" which is why the 1% reign supreme.
we should be trying to teach the 99% what money is so that they move away from it.
rather than letting bitcoin become money so the 1% can extort it


Title: Re: Bitcoin is Now Officially Money!
Post by: Hazir on September 20, 2016, 02:11:36 PM
this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.
Furthermore, this court judgment is only valid in New York. In every other state bitcoin might be considered something else.
US really should push things up and appoint a committee to once and for all codify cryptocurrencies legal status.


Title: Re: Bitcoin is Now Officially Money!
Post by: Carlton Banks on September 20, 2016, 02:47:11 PM
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.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

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

For once, you know what you're talking about. +1


Title: Re: Bitcoin is Now Officially Money!
Post by: randy8777 on September 20, 2016, 02:49:29 PM
this isn't doing much for me since i treated bitcoin as money from the beginning. that people come up with this and say that bitcoin is money, makes me only wonder why it took so long for them to realize this.

bitcoin has always been currency.. that good for many many reasons compared to defining and pigeon holing it as money..
money is the stuff the bankers want/create/and want more, that comes with rules

the problem is 99% of the world doesnt understand "money" which is why the 1% reign supreme.
we should be trying to teach the 99% what money is so that they move away from it.
rather than letting bitcoin become money so the 1% can extort it

isn't this one of the reasons of why poor people getting poorer, and rich people getting richer? this has been going on for such a long time that it makes me think whether or not there is really something that we can use to get the attention of these 99% with.


Title: Re: Bitcoin is Now Officially Money!
Post by: Kprawn on September 20, 2016, 03:02:51 PM
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. I know of

some gaming sites on the internet, that does not want to accept Bitcoin, because it's not regulated as a currency in their country. So once

Bitcoin is accepted as a currency, it would be easier to get merchants and services to accept it without 3rd parties.  ;)


Title: Re: Bitcoin is Now Officially Money!
Post by: bitcointank on September 20, 2016, 03:06:16 PM
Good news. Most of countries do not admit bitcoin is money, the future is bright, we should wait patiently.


Title: Re: Bitcoin is Now Officially Money!
Post by: LFC_Bitcoin on September 20, 2016, 03:14:50 PM
People might say 'so what it's only in NY' but it's a good thing for bitcoin to be recognised & accepted as money in NY as it's one of the richest cities in the world.


Title: Re: Bitcoin is Now Officially Money!
Post by: electronicash on September 20, 2016, 03:31:57 PM
if its going to be considered money then should we expect bitcoin to be on the FOREX later?
i guess the rest of us are going to be on that side of business if it does happen. and i mean we all see usd/btc on exchanges so we'd probably see GBP/BTC and JPY/BTC on forex trading platform.


Title: Re: Bitcoin is Now Officially Money!
Post by: Carlton Banks on September 20, 2016, 03:43:28 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: unamis76 on September 20, 2016, 04:30:05 PM
Wow, amazing! ::) So now that someone supposedly known for being an authority of some kind considers Bitcoin money and it starts being money just because of that! Cool. Only on mainstream media... ::)

Another interesting fact is a owner of a website that used Bitcoin says that Bitcoin isn't money! Anything to defend their wrongdoings (that are, at its core, non Bitcoin related...)

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.

err... almost everyone?
dude, i agree with you that right now bitcoin investors doesnt care much about that but if we want to see bitcoin been used as a real currency(daily use) we will need these offices/officials.

f*ck the government, f*ck the banks, i dont care about them... but the majority of the population cares so unfortunatelly we will need their support.

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

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.


Title: Re: Bitcoin is Now Officially Money!
Post by: entrepmind23 on September 20, 2016, 04:47:54 PM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

This is good news because it means that bitcoin is making progress and it is slowly making a name in the financial sector. Later on,many people will see its value and its advantages compared to banks and then slowly they will adopt bitcoin which means a higher demand. Because bitcoin is only limited it would mean lower supply and higher demand which can lead to higher price and the early adopters of bitcoin will celebrate because they were able to get in when its not that popular yet.


Title: Re: Bitcoin is Now Officially Money!
Post by: olubams on September 20, 2016, 04:52:56 PM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

In as much as this is a good development but this is not actually the main reason as one of the fundamental factor for any thing to be money is acceptability in as much as that is established, then it is money so whether the judge says it or not, if its not accepted by the larger community then its not money to them and vice versa


Title: Re: Bitcoin is Now Officially Money!
Post by: serjent05 on September 20, 2016, 04:57:16 PM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

this is just new york. in another state it is not money. this also goes for nations. in some it is money in other it is not. so my take away is that they are at least seeing bitcoin as something worth talking about. but it will still take some time until we have some kind of set of rules we can rely on.

Yes one state maybe but it is a start of bitcoin being acknowledged as money.  Soon other state will follow.  Then the whole  America, and china and other  countries in other part of the world.  This one state decision will impact bitcoin and can be the start  of bitcoin  being recognized by every country as currency.


Title: Re: Bitcoin is Now Officially Money!
Post by: Daneric on September 20, 2016, 05:09:01 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: krishna1 on September 20, 2016, 05:31:22 PM
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


Title: Re: Bitcoin is Now Officially Money!
Post by: Carlton Banks on September 20, 2016, 05:39:38 PM
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

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


Title: Re: Bitcoin is Now Officially Money!
Post by: traderethereum on September 20, 2016, 05:52:01 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: hasiramasenju on September 20, 2016, 06:09:07 PM
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


Title: Re: Bitcoin is Now Officially Money!
Post by: mobnepal on September 20, 2016, 06:30:41 PM
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.  ;)


Title: Re: Bitcoin is Now Officially Money!
Post by: calkob on September 20, 2016, 07:07:34 PM
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 ;D


Title: Re: Bitcoin is Now Officially Money!
Post by: Barbut on September 20, 2016, 07:14:00 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: Robertqueen2 on September 20, 2016, 07:16:32 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: richardsNY on September 20, 2016, 07:20:55 PM
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.

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.


Title: Re: Bitcoin is Now Officially Money!
Post by: Superways on September 20, 2016, 08:12:16 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: Kprawn on September 20, 2016, 08:16:10 PM
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.  ::)


Title: Re: Bitcoin is Now Officially Money!
Post by: Conus on September 20, 2016, 08:28:40 PM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: smoothie on September 21, 2016, 06:35:46 AM
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?


Title: Re: Bitcoin is Now Officially Money!
Post by: beerlover on September 21, 2016, 07:04:21 AM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: PokerFace3 on September 21, 2016, 07:08:11 AM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: Ybalevia on September 21, 2016, 07:10:48 AM
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?


Title: Re: Bitcoin is Now Officially Money!
Post by: Doms on September 21, 2016, 07:19:35 AM
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.


Title: Re: Bitcoin is Now Officially Money!
Post by: Gahs on September 21, 2016, 08:47:37 AM
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 ???


Title: Re: Bitcoin is Now Officially Money!
Post by: Wendigo on September 21, 2016, 08:52:58 AM
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?


Title: Re: Bitcoin is Now Officially Money!
Post by: marleybobthedog on September 21, 2016, 10:34:19 AM
Yo so another good news i guess. 1 step is enough to make next steps automatically happen in Other country. Since developed country accept bitcoin as money so next developing country would file the same and finally we'll have bitcoin as money and no one can spot l stop ya from earning bitcoin.


Title: Re: Bitcoin is Now Officially Money!
Post by: Doamader on September 21, 2016, 11:12:51 AM
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?

Well thats a big step to take and implement instant, but knowing that they recognize bitcoin as money its already the best thing to happen, but till it achieve merchants and the market it may take a bit more.


Title: Re: Bitcoin is Now Officially Money!
Post by: davis196 on September 21, 2016, 11:27:54 AM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE

Bitcoin was money before that.

A judge can`t decide wether or not bitcoin is money or no.

Anyway,it`s good that a judge admits that bitcoin is money.


Title: Re: Bitcoin is Now Officially Money!
Post by: Pursuer on September 21, 2016, 11:45:09 AM
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?

I don't know, the article is not about judge declaring bitcoin as official money in a sense to regulate it or not. OP is not providing enough information and i don't think much people here read the article itself. it is about the judge saying it is official money to be able to prosecute someone who was using bitcoin for his business.


Title: Re: Bitcoin is Now Officially Money!
Post by: xJuturna on September 21, 2016, 01:32:21 PM
Well this is interesting for sure but I've always liked the basis that bitcoin's worth comes from the user-base and can be used for many other things other than just being "money". Anyway it's just a state ruling and not anything at federal level so not exactly ground-breaking or anything like that.


Title: Re: Bitcoin is Now Officially Money!
Post by: Velkro on September 21, 2016, 01:47:34 PM
this is just new york.
Exactly, one state in one country and one ruling.
It takes more than that to bitcoin be recognized as anything but it is a step in a good way.


Title: Re: Bitcoin is Now Officially Money!
Post by: vero on September 21, 2016, 02:02:07 PM
since it first appeared bitcoin is money in the form of digital because now era information anything carried in digital form.


Title: Re: Bitcoin is Now Officially Money!
Post by: Xester on September 21, 2016, 02:09:09 PM
A very good news.  It would be only on that state but having declared and ruled by the judge at the most busy state New York, people will finally got interested and curious about bitcoin.  People will not be afraid anymore using it or engaging with it.  My friends will not ask if it is legal or a scam.  It will really help the bitcoin community.  If many people will demand bitcoins then its price will surely kick as more people demands it then there would be a little supply of it.  I mean it would be hard for people to have some bitcoins just like that.


Title: Re: Bitcoin is Now Officially Money!
Post by: johnnyyash on September 21, 2016, 02:11:35 PM
This a good news...sounds good.....but also look forward to it in my country...... I just hope it will here officially too..


Title: Re: Bitcoin is Now Officially Money!
Post by: audaciousbeing on September 21, 2016, 02:41:24 PM
This a good news...sounds good.....but also look forward to it in my country...... I just hope it will here officially too..


For mere pronunciation by the judge does not mean its now a legal tender as it still has to go through various process to make it one and fully function as money....


Title: Re: Bitcoin is Now Officially Money!
Post by: TraderETH on September 21, 2016, 02:48:43 PM
It is good news if bitcoin be considered money and not gold on internet because there is fees or taxes for mining bitcoin on every countries. And i think it will there is taxes for trading if all of countries adopted it.


Title: Re: Bitcoin is Now Officially Money!
Post by: zimmah on September 21, 2016, 04:54:53 PM
It always was money, and arguably better money than fiat money.

It's just that the government only realized that just now. (or at least declared it so that they can get more favorable taxes or whatever).


Title: Re: Bitcoin is Now Officially Money!
Post by: Gutembergin on September 21, 2016, 04:56:45 PM
That's pretty cool if you ask me. an epic milestone going largely unspoken of...


Title: Re: Bitcoin is Now Officially Money!
Post by: haankoammu on September 21, 2016, 07:06:21 PM
I think the government did recognize BTC at least as a commodity "taking taxes on it and the FBI selling it", This is a development though considering they declare it as money rather than just a commodity..


Title: Re: Bitcoin is Now Officially Money!
Post by: Dudeperfect on September 22, 2016, 05:44:37 AM
This is just for a single corner of the world. In my country bitcoin is not yet categorized so it could be a currency, digital goods or computer software. In my opinion the laws around the world should see it through single glass and consider it a single entity so that it will be easier to transact on international through legal point of view.


Title: Re: Bitcoin is Now Officially Money!
Post by: groll on September 22, 2016, 05:51:17 AM
Definitely a good news.  Even if many here say that it is only in New York still it is a good thing that it was recognized by a busy state in the USA.  Hold on your seats because we will see a drastic change in bitcoin world.  Many investors and people will starting to invest bitcoins.  People will be open to it and would not worry about bitcoin since some people thought that bitcoin is a scam and is for illegal doings.


Title: Re: Bitcoin is Now Officially Money!
Post by: pooya87 on September 22, 2016, 05:58:14 AM
this only sounds like a good news but it has nothing to do with the actual regulation of bitcoin and announcing it as an official money. it is just a one case basis kind of thing that one judge ruled it as money and it is only restricted to one nation not the whole world or even country.


Title: Re: Bitcoin is Now Officially Money!
Post by: 1Referee on September 22, 2016, 06:03:35 AM
This is just for a single corner of the world. In my country bitcoin is not yet categorized so it could be a currency, digital goods or computer software. In my opinion the laws around the world should see it through single glass and consider it a single entity so that it will be easier to transact on international through legal point of view.

In an ideal world that would be a good thing, but with countries including corrupt third world countries, and countries such as Russia, that's not possible. There always have to be some countries being different and way more harsh on Bitcoin than others. That being said, I am quite satisfied with how things are right now here in Europe.


Title: Re: Bitcoin is Now Officially Money!
Post by: Teraboy on September 22, 2016, 06:15:39 AM
"Bitcoin qualifies as money, a federal judge ruled on Monday"


Source: http://www.reuters.com/article/us-jpmorgan-cyber-bitcoin-idUSKCN11P2DE
And they're just who understand if bitcoin is equal with the fiat currency or in this day called by money at this time. I don't think so...
And at the bitcoin is get their gold moment in the $1000+ where them?what they're doing?
Bitcoin is already currency for the global the digital civilians.
And so what the another will go out?
too late for recognize if bitcoin is money or the correct is equal to money.


Title: Re: Bitcoin is Now Officially Money!
Post by: interbtc on September 22, 2016, 06:30:38 AM
I dont think we should celebrate too much on that. The consequences are that now all laws and regulations that are associated with fiat could apply to bitcoin as well. I could be just pesimistic,but i dont place much trust in the rulings they make,and think most are made with certain agendas. Time will show in either case.