A Federal judge in new York has not recognized bitcoin as money

[deisik]

My original point was a currency of some country would be useless to another country because each of their governments wont accept another country's currency to pay as tax. If the United States government started to accept BTC for tax payments try to imagine what effect that would bring to it.

Well, I actually thought you were talking about Bitcoin, after all

Another thing to discuss is its also good if the government or whoever starts accepting BTC as a currency. It would mean we could also pay our taxes with it. One of fiat's important function is to pay what we owe the government with it. Its one property that makes fiat valuable

In fact, it was my point exactly that a foreign currency would be mostly useless in any country apart from its home one, and I told you that in this respect specifically Bitcoin won't be any different from any other foreign currency out there (unless the latter is accepted as legal tender, of course). You seem to have already forgotten who has been telling what

[Przemax]

Its all comes down to a regulations that are uppon bitcoin exchanges. Thats the reason why the bitcoin must be considered as an asset. Those exchanges operates with fiat money and bitcoin/alts. The bitcoin users are to be controlled by the exchanges because it involves the fiat money, not because it involves bitcoins.

I would guess that if an exchange would work only as an exchange that trades with bitcoins and alts, it wouldn't have to comply with all the banks regulations concerning its users.

I think the bitcoin is not treated as money because the banks have nothing to with it and the money is defined as a bank notes, that are to be regulated by the banking laws. Hence its impossible to regulate bitcoin, its folly to treat it as money.

[pinkflower]

My original point was a currency of some country would be useless to another country because each of their governments wont accept another country's currency to pay as tax. If the United States government started to accept BTC for tax payments try to imagine what effect that would bring to it.

Well, I actually thought you were talking about Bitcoin, after all

Another thing to discuss is its also good if the government or whoever starts accepting BTC as a currency. It would mean we could also pay our taxes with it. One of fiat's important function is to pay what we owe the government with it. Its one property that makes fiat valuable

In fact, it was my point exactly that a foreign currency would be mostly useless in any country apart from its home one, and I told you that in this respect specifically Bitcoin won't be any different from any other foreign currency out there (unless the latter is accepted as legal tender, of course). You seem to have already forgotten who has been telling what

Hehe yeah. Anyway that was the point. Another point I was trying to make was the government's acceptance of a currency as payment for taxes, in our case its BTC, would give it more value than any future approved Bitcoin ETF investment vehicle. It wouldnt seem that way but if the US government started accepting BTC payments in payment for taxes, license registration and the like, expect the merchants to follow soon.

[Restmand]

That is great news ! I want it to not be recognised as money, because we will have to pay taxes for it, but as a commodity, just as the judge told it ! There will be a lesser hype, but who cares, if it permits us to do not give a penny out of our sales !

wonderful idea, thats the thing that I want to bitcoins, it doesnt know by the governments therefore it has no tax and they cannnot give as any accusations. but I dont think that if someday it will be remain unknown to the governments, people are get interested, they are curious, they are confuse and interested on it. I think government will discover this soon.

[deisik]

My original point was a currency of some country would be useless to another country because each of their governments wont accept another country's currency to pay as tax. If the United States government started to accept BTC for tax payments try to imagine what effect that would bring to it.

Well, I actually thought you were talking about Bitcoin, after all

Another thing to discuss is its also good if the government or whoever starts accepting BTC as a currency. It would mean we could also pay our taxes with it. One of fiat's important function is to pay what we owe the government with it. Its one property that makes fiat valuable

In fact, it was my point exactly that a foreign currency would be mostly useless in any country apart from its home one, and I told you that in this respect specifically Bitcoin won't be any different from any other foreign currency out there (unless the latter is accepted as legal tender, of course). You seem to have already forgotten who has been telling what

Hehe yeah. Anyway that was the point. Another point I was trying to make was the government's acceptance of a currency as payment for taxes, in our case its BTC, would give it more value than any future approved Bitcoin ETF investment vehicle. It wouldnt seem that way but if the US government started accepting BTC payments in payment for taxes, license registration and the like, expect the merchants to follow soon.

They don't even need that

Not that they will ever accept Bitcoin as legal tender but they should just treat Bitcoin as a foreign currency and allow banks to open accounts in it. That will suffice and will give a strong boost to Bitcoin popularity on its own. Regarding merchants, whether Bitcoin is legal tender or not is not very important presently. That possibility (of paying taxes with Bitcoin) will kick in if Bitcoin solves its issues with confirmation times and high transaction fees as well as price volatility. These seem to be the major factors preventing merchants from adopting Bitcoin as of now

[iv4n]

Bitcoin is will be hot topic for many judges over the world. New York already had couple court sessions about bitcoin and I agree with most members here that in this case people from there can use bitcoins and that will be tax-free for them, that is a good thing for bitcoin, and many people there will see this is as opportunity to avoid taxes, for me that is a gray area and there will be new verdicts about bitcoin in near future.

[pinkflower]

Bitcoin is will be hot topic for many judges over the world. New York already had couple court sessions about bitcoin and I agree with most members here that in this case people from there can use bitcoins and that will be tax-free for them, that is a good thing for bitcoin, and many people there will see this is as opportunity to avoid taxes, for me that is a gray area and there will be new verdicts about bitcoin in near future.

How can it Bitcoin trades be tax free in the US if its not classified as a currency it will be classified as a commodity? Theres no such thing as tax-free in the US if you must know. Taxation is a means of controlling the people for them.

[ASHLIUSZ]

Bitcoin is will be hot topic for many judges over the world. New York already had couple court sessions about bitcoin and I agree with most members here that in this case people from there can use bitcoins and that will be tax-free for them, that is a good thing for bitcoin, and many people there will see this is as opportunity to avoid taxes, for me that is a gray area and there will be new verdicts about bitcoin in near future.

How can it Bitcoin trades be tax free in the US if its not classified as a currency it will be classified as a commodity? Theres no such thing as tax-free in the US if you must know. Taxation is a means of controlling the people for them.

As quoted it's not taxation free. Every country has its stand on bitcoin usage with limitations and taxation system based on the transaction made. Recently Israel made a statement that there is no opposition for bitcoin usage, but same as the commodity digital gold it will be taxed. So not only US, nowhere it's tax free.

[pinkflower]

Bitcoin is will be hot topic for many judges over the world. New York already had couple court sessions about bitcoin and I agree with most members here that in this case people from there can use bitcoins and that will be tax-free for them, that is a good thing for bitcoin, and many people there will see this is as opportunity to avoid taxes, for me that is a gray area and there will be new verdicts about bitcoin in near future.

How can it Bitcoin trades be tax free in the US if its not classified as a currency it will be classified as a commodity? Theres no such thing as tax-free in the US if you must know. Taxation is a means of controlling the people for them.

As quoted it's not taxation free. Every country has its stand on bitcoin usage with limitations and taxation system based on the transaction made. Recently Israel made a statement that there is no opposition for bitcoin usage, but same as the commodity digital gold it will be taxed. So not only US, nowhere it's tax free.

Did Iv4n it wasnt going to be tax-free? Look and read the post I have quoted. He says its going to be tax-free, thats why Im asking asking him how and why he mentioned it.

Now are you claiming it isnt what hes saying or didnt you read Iv4n's post?