Bitcoin is Officially a Commodity in the U.S.

[neoneros]

So the trade can be regulated, what will this do for Bitcoin as a means of payment?

Are coins in general regarded as a Commodity?

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[LiteCoinGuy]

So bitcoin is:

    IRS: Property
    CFTC: Commodity
    Judge: Currency
    SEC: Security
    TSA: Cash

[GriffinHeart]

It will destroy American bitcoin use if they try and monopolize/regulate it.
Bitcoin isn't just American, if the U.S. tries to regulate it, they might just have adverse effects on bitcoin's ease of use and possibly price.

[coinpr0n]

So bitcoin is:

    IRS: Property
    CFTC: Commodity
    Judge: Currency
    SEC: Security
    TSA: Cash

Lol. And that's only in the US! Also, this is exactly what the Bitcoiners have been saying for quite a long time now.

[maokoto]

Most people use it as a stock or a commondity. But since it can be used to pay directly for many things, it is still currency/money.

You cannot really pay for a digital download (for example) with a fraction of an Apple/Google/Coke market share.

[Amph]

So bitcoin is:

    IRS: Property
    CFTC: Commodity
    Judge: Currency
    SEC: Security
    TSA: Cash

basically in the USA they have no idea what bitcoin is, also in Australia they want to tax it and in europe it's free of VAT

how we can think even once that bitcoin can be used more if no one have the slightest clue how to categorize bitcoin

they should come up with a new rule for cryptocurrency, would be the best solution

[tonycamp]

quite a news to me im euro nothing of that its here

[LFC_Bitcoin]

For me personally bitcoin is a store of value, a commodity, a stock almost. If we go to the moon I will use it as cash/currency.

[knight22]

It will destroy American bitcoin use if they try and monopolize/regulate it.
Bitcoin isn't just American, if the U.S. tries to regulate it, they might just have adverse effects on bitcoin's ease of use and possibly price.

Good.
Since bitcoin doesn't scale anyway it will just give more room for the rest of the non American users.

[Kprawn]

Leave it to the Americans to over regulate everything. If they can they would double or even triple TAX it. {VAT / Licensing / Capital gains tax ...}

What will we have next? .... Dividend tax or Windfall profits tax .... It's up to them, how they want to take their share of the pie. 

This will go on, until it's clearly defined what Bitcoin is. Death & Taxes ....you cannot run away from either of them.   

[dothebeats]

So bitcoin is:

    IRS: Property
    CFTC: Commodity
    Judge: Currency
    SEC: Security
    TSA: Cash

US tends to over-regulate things to let things fall into their favor. Good thing my country hasn't thought of regulating bitcoin because for the officials here, bitcoin is just another internet commodity used by tech-savvy people to buy things online. But I must agree on the commodity part; bitcoin is used mainly for storage of value, though the value itself is highly volatile which makes it hard to rely on it to keep all your assets for the future.

[Antonioz]

isn't this a good thing? I mean if it's regulated as a commodity more gold / silver investors will look into investing into bitcoin too I think

[dothebeats]

isn't this a good thing? I mean if it's regulated as a commodity more gold / silver investors will look into investing into bitcoin too I think

And with the same reason, more people who chose bitcoin because it is unregulated would make their way out so as not to be controlled. It's always a double-edged sword, you can't have it both ways. Regulate it, most people who are in it for the unregulated nature would flee, but enter those investors who are willing to make money because it is regulated. If that's the case, bitcoin would probably be held by the rich only to be used as an investment tool and not a currency which it was intended to be in the first place.

[rickadone]

isn't this a good thing? I mean if it's regulated as a commodity more gold / silver investors will look into investing into bitcoin too I think

A commodity can be anything. In forex system, USD is a commodity. So, bitcoin basically a medium of exchange. So it's obviously a commodity. So, accepting as a commodity must be good step towards strong growth.

[Meuh6879]

So the trade can be regulated, what will this do for Bitcoin as a means of payment?

try to regulate the cash ... and then, think this with bitcoin with no central point,  no emission or reception and ... no ATM.

bitcoin is like human.
free.

[dothebeats]

isn't this a good thing? I mean if it's regulated as a commodity more gold / silver investors will look into investing into bitcoin too I think

A commodity can be anything. In forex system, USD is a commodity. So, bitcoin basically a medium of exchange. So it's obviously a commodity. So, accepting as a commodity must be good step towards strong growth.

But over-regulating things, be it commodity or whatever it is tends to prevent growth. If regulation is done correctly, it may be beneficial and may help towards success, but if not, it will just go downhill and will remain history. Also, imposing regulations on a decentralized network is not a good idea.  

[Amph]

isn't this a good thing? I mean if it's regulated as a commodity more gold / silver investors will look into investing into bitcoin too I think

i think the reason why no one is investing big is not because of regulation, but because of high volatility

i don't think this regulation will solve anything

[pjsonowal]

its nice to see that bitcoin is gaining its role in the market ...sooner it will reach in countries too....i will love to see that day....

[Mickeyb]

It will destroy American bitcoin use if they try and monopolize/regulate it.
Bitcoin isn't just American, if the U.S. tries to regulate it, they might just have adverse effects on bitcoin's ease of use and possibly price.

Don't worry about it, this is exactly what they will do. American government is a control freak and looks only after its own a**. They don't care about the people, technology, innovation. They will do as they are pleased.

On the other side, look at Canadian government. Complete opposite from the America. They were willing to listen and even learn about the Bitcoin. To add, they even listened and incorporated some of the advices that Antonopoulos suggested.

[nelisky]

(...) and in europe it's free of VAT

Care to point me to where you got that information from? I would really appreciate it!