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Author Topic: Difference between Bitcoin and real money?  (Read 110669 times)
mindrust
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November 17, 2016, 12:13:57 PM
 #241

Bitcoin is also a commodity. Maybe a little more liquid than a commodity. (I said maybe because while bitcoin's mobility is a plus, there are areas/people which/who have no idea about bitcoin's existance. Still if you show them gold, they will know what it is. Smiley) But not as liquid as FIAT

Bitcoin is not a commodity. Gold is a commodity, though it can also serve as money. You most likely meant to say that Bitcoin is traded like a commodity. But if something is traded like a commodity but is not a commodity in and of itself, then most certainly it is a financial asset. Just in case, this is how Bitcoin is treated in the US, for example. Commodity is basically an exchangeable (standardized) unit of economic wealth including raw materials, products and services...

Money itself is a financial asset

To become a real money, bitcoin should be liquid.

I am pretty sure everyone here knows what i mean by "liquid". Liquid=The safest choice, accepted wordwide (or countrywide)

A liquid asset means that it can be quickly sold should such a need arise. I don't think you will have any problem selling bitcoins provided you have Internet access

Even most countries haven't decided that if bitcoin is money or commodity yet you are so precise with your descripton. Impressive. To me, it is a commodity

What most countries do you refer to? In all important countries the status of Bitcoin is pretty well defined. For example, in the US Bitcoin is classified as a "convertible decentralized virtual currency" ever since 2013. In China, bitcoin is treated as an object of property rights fully legal for private ownership. In Europe, Bitcoin is basically considered along the same lines as in the US, and in 2015 the European Court of Justice ruled that it should be treated as a means of payment, i.e. money, by whatever name...

I don't think that anyone would be particularly interested in the opinion of some "4th world country" on Bitcoin

I hope you won't have to sell your bitcoins in Africa or in a 4th world country. GOLD and USD are known by everyone and on every piece of soil piece there is.

As I said, all that I would need is an internet connection. Even in Antarctica

You are wrong.

Bitcoin is defined as a commodity in the USA.

http://www.cnbc.com/2015/09/18/bitcoin-now-classed-as-a-commodity-in-the-us.html
"Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency."

https://www.equities.com/news/is-bitcoin-a-commodity-or-a-currency
"As reported by Bloomberg, the Commodity Futures Trading Commission has now ruled that bitcoin, the peer-to-peer digital currency, is a commodity. "

http://www.bloomberg.com/news/articles/2015-09-17/bitcoin-is-officially-a-commodity-according-to-u-s-regulator
"Virtual money is officially a commodity, just like crude oil or wheat."

At best, they are confused:
https://bitconnect.co/bitcoin-news/55/is-bitcoin-a-currency-or-a-commodity-us-regulators-confused/


I admit though, EU considers Bitcoin as a currency. But it is only for taxing purposes. Not because it really is. There is a big difference.

http://blogs.wsj.com/digits/2015/10/22/eu-rules-bitcoin-is-a-currency-not-a-commodity-virtually/
"Virtual currency bitcoin took another step toward legitimacy Thursday, when Europe’s top court ruled that it must be treated like a currency—not a commodity—for tax purposes."

Convinced?
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November 17, 2016, 01:11:26 PM
 #242

What most countries do you refer to? In all important countries the status of Bitcoin is pretty well defined. For example, in the US Bitcoin is classified as a "convertible decentralized virtual currency" ever since 2013. In China, bitcoin is treated as an object of property rights fully legal for private ownership. In Europe, Bitcoin is basically considered along the same lines as in the US, and in 2015 the European Court of Justice ruled that it should be treated as a means of payment, i.e. money, by whatever name...

I don't think that anyone would be particularly interested in the opinion of some "4th world country" on Bitcoin

I hope you won't have to sell your bitcoins in Africa or in a 4th world country. GOLD and USD are known by everyone and on every piece of soil piece there is.

As I said, all that I would need is an internet connection. Even in Antarctica

You are wrong.

Bitcoin is defined as a commodity in the USA

http://www.cnbc.com/2015/09/18/bitcoin-now-classed-as-a-commodity-in-the-us.html
"Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency."

I guess you'd better read the original documents from the CFTC site to better understand what they actually say about Bitcoin and not thoughtlessly follow someone else's interpretation of these documents. Below is the excerpt from the order which is referenced by the article in your link:



As you can see, they consider as commodities services, rights, interests and whatnot, but they still refer to Bitcoin as virtual currency. It is defined as a commodity for specific purposes, namely, to regulate virtual currencies derivative markets ("enforcing rules intended to prevent manipulation of these markets"). That's what this order, similar to other such orders by the CFTC, is essentially about...

Just like the European Court of Justice ruling that Bitcoin should be treated as a currency for tax purposes

mindrust
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November 17, 2016, 01:55:03 PM
 #243

What most countries do you refer to? In all important countries the status of Bitcoin is pretty well defined. For example, in the US Bitcoin is classified as a "convertible decentralized virtual currency" ever since 2013. In China, bitcoin is treated as an object of property rights fully legal for private ownership. In Europe, Bitcoin is basically considered along the same lines as in the US, and in 2015 the European Court of Justice ruled that it should be treated as a means of payment, i.e. money, by whatever name...

I don't think that anyone would be particularly interested in the opinion of some "4th world country" on Bitcoin

I hope you won't have to sell your bitcoins in Africa or in a 4th world country. GOLD and USD are known by everyone and on every piece of soil piece there is.

As I said, all that I would need is an internet connection. Even in Antarctica

You are wrong.

Bitcoin is defined as a commodity in the USA

http://www.cnbc.com/2015/09/18/bitcoin-now-classed-as-a-commodity-in-the-us.html
"Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency."

I guess you'd better read the original documents from the CFTC site to better understand what they actually say about Bitcoin and not thoughtlessly follow someone else's interpretation of these documents. Below is the excerpt from the order which is referenced by the article in your link:



As you can see, they consider as commodities services, rights, interests and whatnot, but they still refer to Bitcoin as virtual currency. It is defined as a commodity for specific purposes, namely, to regulate virtual currencies derivative markets ("enforcing rules intended to prevent manipulation of these markets"). That's what this order, similar to other such orders by the CFTC, is essentially about...

Just like the European Court of Justice ruling that Bitcoin should be treated as a currency for tax purposes

Which part of "Virtual currencies such as bitcoin are commodities." haven't you understood please tell me. I am really interested.

You are only disproving yourself with your own evidences which is even more impressive.
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November 17, 2016, 02:10:54 PM
 #244

I guess you'd better read the original documents from the CFTC site to better understand what they actually say about Bitcoin and not thoughtlessly follow someone else's interpretation of these documents. Below is the excerpt from the order which is referenced by the article in your link:



As you can see, they consider as commodities services, rights, interests and whatnot, but they still refer to Bitcoin as virtual currency. It is defined as a commodity for specific purposes, namely, to regulate virtual currencies derivative markets ("enforcing rules intended to prevent manipulation of these markets"). That's what this order, similar to other such orders by the CFTC, is essentially about...

Just like the European Court of Justice ruling that Bitcoin should be treated as a currency for tax purposes

Which part of "Virtual currencies such as bitcoin are commodities." haven't you understood please tell me. I am really interested.

You are only disproving yourself with your own evidences which is even more impressive.

It would be even more impressive to see how you are now going to continue with your claims that "most countries haven't decided that if bitcoin is money or commodity". I don't particularly object if Bitcoin is classified and regulated as commodity in the US (I hope you won't all of a sudden start claiming to the contrary), even despite the fact that the regulating bodies such as the CFTC themselves still refer to Bitcoin as a virtual currency in their official documents...

So, which countries, according to you, haven't yet decided if bitcoin is money or commodity?

mindrust
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November 17, 2016, 02:13:30 PM
 #245

I guess you'd better read the original documents from the CFTC site to better understand what they actually say about Bitcoin and not thoughtlessly follow someone else's interpretation of these documents. Below is the excerpt from the order which is referenced by the article in your link:



As you can see, they consider as commodities services, rights, interests and whatnot, but they still refer to Bitcoin as virtual currency. It is defined as a commodity for specific purposes, namely, to regulate virtual currencies derivative markets ("enforcing rules intended to prevent manipulation of these markets"). That's what this order, similar to other such orders by the CFTC, is essentially about...

Just like the European Court of Justice ruling that Bitcoin should be treated as a currency for tax purposes

Which part of "Virtual currencies such as bitcoin are commodities." haven't you understood please tell me. I am really interested.

You are only disproving yourself with your own evidences which is even more impressive.

It would be even more impressive to see how you are now going to continue with your claims that "most countries haven't decided that if bitcoin is money or commodity". I don't particularly object if Bitcoin is classified and regulated as commodity in the US (I hope you won't all of a sudden start claiming to the contrary), even despite the fact that the regulating bodies such as the CFTC themselves still refer to Bitcoin as a virtual currency in their official documents...

So which countries, according to you, haven't yet decided if bitcoin is money or commodity?

I am bored, have a nice day.
kidsrock
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November 17, 2016, 02:28:00 PM
 #246

i only know that bitcoin is not yet used in every country, real money is used by every country. bitcoin is from the online and real money is for offline. bitcoin can send it to every where without border, money needs to be convert when we want to send into other country.
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November 17, 2016, 02:56:04 PM
 #247

i only know that bitcoin is not yet used in every country, real money is used by every country. bitcoin is from the online and real money is for offline. bitcoin can send it to every where without border, money needs to be convert when we want to send into other country.

Bitcoin is already used throughout the world, maybe, even more universally than the US dollar (I mean geographically, of course, not by the bulk value). "Real money", on the other hand, is real only for the given country, all other monies in this respect are not "real" since they are just foreign currencies. I guess only a few currencies could claim to be universal and not quite "foreign" to most countries. These are the American dollar, the Euro, and, to a lesser degree, the British pound and the Swiss franc...

And I'm heavily inclined to think that Bitcoin tends to belong to the these group of currencies

I am bored, have a nice day.

Just a few minutes ago you were "really interested" and now you are bored?

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November 17, 2016, 04:28:38 PM
 #248

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?


the difference of bitcoin from real money is that you can make fast transaction and yes you can get less taxes , you can pay bills with no hassle and no one can manipulate you funds because you are not in the traditional banking system so you can have freedom with your through bitcoin . despite of it's unstable price you can still make an income from it .

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November 17, 2016, 04:32:50 PM
 #249

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?


the difference of bitcoin from real money is that you can make fast transaction and yes you can get less taxes , you can pay bills with no hassle and no one can manipulate you funds because you are not in the traditional banking system so you can have freedom with your through bitcoin . despite of it's unstable price you can still make an income from it .

Even you can trade and earn more in bitcoins just like in stocks and it is also a good investment for long term like equity stocks. Apart from that Bitcoin is also a way of earning online extra money














 

 

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Leonard2016
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November 17, 2016, 04:37:17 PM
 #250

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?


the difference of bitcoin from real money is that you can make fast transaction and yes you can get less taxes , you can pay bills with no hassle and no one can manipulate you funds because you are not in the traditional banking system so you can have freedom with your through bitcoin . despite of it's unstable price you can still make an income from it .

Even you can trade and earn more in bitcoins just like in stocks and it is also a good investment for long term like equity stocks. Apart from that Bitcoin is also a way of earning online extra money

bitcoin is different from other types of investments like stocks and others because it is a lot better than them.

it is better to compare bitcoin with some of the companies like apple for example which grew big in a short time. bitcoin is stocks of apple when it was like $1

nothing to see here...
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November 17, 2016, 04:37:39 PM
 #251

The most important different between bitcoin and money is bitcoin is not being controlled by the government or any organizations in the world. This is the most basic information you need to learn in order to join the Bitcoin world. And, Bitcoin can be also used anonymously without being followed by anyone

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nikrobi
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November 17, 2016, 04:42:00 PM
 #252

Bitcoin is a virtual currency, we can use it only on the internet to make online transactions. Real money exists on our real life, we can use it on the real world. But all of them are money, we can use both to buy things, to pay bills, anything...
I prefer btcs because it's more simple to use and as RajaJudi said, we can use it anonymously.

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November 17, 2016, 04:48:49 PM
 #253

there are a lot of diffrence between these two mode of payments but the most important diffrences are bitcoin is controled by the user but real money is controled by banks not by users. government can take actions on real money but bitcoin is same in all the times nothing will change it


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November 17, 2016, 05:10:04 PM
 #254

Actually there's a difference between bitcoin and real money:
-bitcoin can increase the price or the value of it every time and the real money is only steady
-bitcoin can only manage by the users itself (no one can manage except the users) but real money controlled either by bank nor government
-you can used bitcoin on investments for long terms

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November 17, 2016, 06:01:25 PM
 #255

The most important different between bitcoin and money is bitcoin is not being controlled by the government or any organizations in the world. This is the most basic information you need to learn in order to join the Bitcoin world. And, Bitcoin can be also used anonymously without being followed by anyone

Yeah that can be counted as a difference between real money and bitcoin, though if we see technically bitcoin is also real money because we can use it like real money, the only thing is it does not have any physical shape like fiat, otherwise it is also real money that has real uses too.
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November 17, 2016, 06:20:46 PM
 #256

i only know that bitcoin is not yet used in every country, real money is used by every country. bitcoin is from the online and real money is for offline. bitcoin can send it to every where without border, money needs to be convert when we want to send into other country.

Bitcoin is already used throughout the world, maybe, even more universally than the US dollar (I mean geographically, of course, not by the bulk value). "Real money", on the other hand, is real only for the given country, all other monies in this respect are not "real" since they are just foreign currencies. I guess only a few currencies could claim to be universal and not quite "foreign" to most countries. These are the American dollar, the Euro, and, to a lesser degree, the British pound and the Swiss franc...

And I'm heavily inclined to think that Bitcoin tends to belong to the these group of currencies

I am bored, have a nice day.

Just a few minutes ago you were "really interested" and now you are bored?

I am bored because i just waste my time while arguing with you. I wasn't really interested, i was just dramatizing the situation. It seems you are not capable to understand this too which is not surprising at all.

Back to Step 1.

Bitcoin is a commodity.

Do you agree? yes or no. Don't want anymore bullshit.
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November 17, 2016, 06:28:50 PM
 #257

I've discovered Bitcoin few days ago, but I am skeptical about few things, why would I invest money in Bitcoins at the end of the day,why would I convert money into Bitcoins?

If I want to buy stocks or invest money I can easily invest with real $. Why would I convert my $ to bitcoins?
If I want to gamble , I can simply gamble on websites that require $ as currency, why would I convert it to bitcoins?
What's the difference between Bitcoins and dolars? What does bitcoin bring to the table that real $ don't, less taxes, more income?


Too many questions  Smiley First of all nobody say you that you need to invest in bitcoin and convert your money into it. You decide it yourself. Today bitcoin is the good instrument for investment cause it's price has fast temps of grow. So if you convert some of your dollars to bitcoin in some short time you will be in plus.
About gambing I don't know really. Yes, you can gamble with dollars normally. If to talk about me I gamble with bitcoins that I made from commenting on the campaign. To me it's kind of I don't spend money from my salary for gambling and when I loose I don't regret so much.
The difference between dollar and BTC is that bitcoin doesn't have any control from government.

   
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deisik
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November 17, 2016, 06:39:59 PM
 #258

i only know that bitcoin is not yet used in every country, real money is used by every country. bitcoin is from the online and real money is for offline. bitcoin can send it to every where without border, money needs to be convert when we want to send into other country.

Bitcoin is already used throughout the world, maybe, even more universally than the US dollar (I mean geographically, of course, not by the bulk value). "Real money", on the other hand, is real only for the given country, all other monies in this respect are not "real" since they are just foreign currencies. I guess only a few currencies could claim to be universal and not quite "foreign" to most countries. These are the American dollar, the Euro, and, to a lesser degree, the British pound and the Swiss franc...

And I'm heavily inclined to think that Bitcoin tends to belong to the these group of currencies

I am bored, have a nice day.

Just a few minutes ago you were "really interested" and now you are bored?

I am bored because i just waste my time while arguing with you. I wasn't really interested, i was just dramatizing the situation. It seems you are not capable to understand this too which is not surprising at all.

Back to Step 1.

Bitcoin is a commodity.

Do you agree? yes or no. Don't want anymore bullshit.

Bitcoin is money, first and foremost. But this is irrelevant in regard to what you started your argument with. You started with claiming that Bitcoin status is undefined in most countries, i.e. whether it is a currency, commodity, or whatever. I say that in all countries that matter for Bitcoin success (the US, EU, China), its status is well defined. The CFTC defined Bitcoin and other virtual currencies as commodities for the sake of regulating these currencies derivative markets while not denying Bitcoin as being a currency...

Even most countries haven't decided that if bitcoin is money or commodity yet you are so precise with your descripton. Impressive. To me, it is a commodity

Back to your original post, is Bitcoin status defined in the US?

hurain
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November 17, 2016, 06:42:57 PM
 #259

i only know that bitcoin is not yet used in every country, real money is used by every country. bitcoin is from the online and real money is for offline. bitcoin can send it to every where without border, money needs to be convert when we want to send into other country.
yes that right to say that bitcoin is online crypto currency while fiat is our local currency, to me the use of crypto currency is increasing day to day,
Daniel91
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November 17, 2016, 06:48:24 PM
 #260

Well, difference is very simple to explain.
I can pay loan in my bank with real money but can't with bitcoin.
I can receive my salary in real money but can't in Bitcoin.
I still can't pay for my cafe or launch with bitcoin.
Right now, I can just keep my Bitcoin funds in the wallet or spend it for some digital staff only.
 

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