Bitcoin is Now Officially Money!

[PokerFace3]

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.

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[Ybalevia]

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?

[Doms]

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.

[Gahs]

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

[Wendigo]

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?

[marleybobthedog]

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.

[Doamader]

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.

[davis196]

"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.

[Pursuer]

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.

[xJuturna]

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.

[Velkro]

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.

[vero]

since it first appeared bitcoin is money in the form of digital because now era information anything carried in digital form.

[Xester]

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.

[johnnyyash]

This a good news...sounds good.....but also look forward to it in my country...... I just hope it will here officially too..

[audaciousbeing]

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....

[TraderETH]

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.

[zimmah]

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).

[Gutembergin]

That's pretty cool if you ask me. an epic milestone going largely unspoken of...

[haankoammu]

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..

[Dudeperfect]

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.