>> (p.1)
    Author Topic: Is Bitcoin a Currency or Commodity?  (Read 2695 times)

    • bittenbob (OP)
    Hero Member
    *****
    Offline Offline

    Activity: 560
    Merit: 500


    View Profile
    May 03, 2013, 02:26:04 AM
     #1
    I have seen this question pop up a lot lately and thought it would be interesting to run a poll to see what the public opinion is. I have stated publicly in my interview with Cliff Kule at http://www.cliffkule.com/2013/04/kule-interview-bitcoin-adam-harding.htm that I believe it is not a currency but a commodity with money like properties (similar to gold).

    Please give your answers and explain your reasoning.

  • Elwar
    Legendary
    *
    Offline Offline

    Activity: 3598
    Merit: 2386


    Viva Ut Vivas


    View Profile WWW
    May 03, 2013, 02:28:47 AM
     #2
    I do not care what you call it. As long as I can use it to buy things then that is all I need.
    First seastead company actually selling sea homes: Ocean Builders https://ocean.builders  Of course we accept bitcoin.

  • BTCisthefuture
    Sr. Member
    ****
    Offline Offline

    Activity: 364
    Merit: 250


    View Profile
    May 03, 2013, 03:14:37 AM
     #3
    As it stands right now it's much more a commodity than a currency.

    Something that isn't stable in price isn't something people use as currency. Some bitcoin fans don't like to hear that because it's true that the ultimate goal is for BTC to be a currency, it's certainly not right now though.
    Hourly bitcoin faucet with a gambling twist !  http://freebitco.in/?r=106463

  • Mike Christ
    aka snapsunny
    Legendary
    *
    Offline Offline

    Activity: 1078
    Merit: 1003



    View Profile
    May 03, 2013, 03:18:52 AM
     #4
    I got an idea: let's get into an argument over semantics Tongue
    Digital Painting, Illustration, Character Art

  • kjj
    Legendary
    *
    Offline Offline

    Activity: 1302
    Merit: 1028



    View Profile
    May 03, 2013, 03:26:39 AM
     #5
    Even if everyone votes that cats are dogs, that won't make it so.
    17Np17BSrpnHCZ2pgtiMNnhjnsWJ2TMqq8
    I routinely ignore posters with paid advertising in their sigs.  You should too.

  • kokojie
    Legendary
    *
    Offline Offline

    Activity: 1806
    Merit: 1003



    View Profile
    May 03, 2013, 03:31:03 AM
     #6
    I believe it exhibits many of the characteristics of gold, which is both a commodity and currency, but nowadays more of a commodity.
    btc: 15sFnThw58hiGHYXyUAasgfauifTEB1ZF6

  • franky1
    Legendary
    *
    Offline Offline

    Activity: 4662
    Merit: 5189



    View Profile
    May 03, 2013, 03:46:43 AM
     #7
    money: is a item owned by government used in transactions (its laymens term for FIAT)

    commody: a raw material used in the production of other materials/products that has a internationally recognised value and quality base.

    currency: anything used as a valued item in a transaction.

    bitcoins are not a commodity. you can not grind them down to make chocolate or bread. you cant melt them down to make electrical parts or jewellery. you cant cut them up to make beef steaks, or other meat products and you cant refine it to make car fuel or power generators.

    so now you know that bitcoin is not "money" as that term is reserved for fiat.. its not a commodity because of it having no other practical use, so that just leave the one thing that bitcoin is useful for.. currency.
    I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
    Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

  • Aldur1
    Member
    **
    Offline Offline

    Activity: 73
    Merit: 10


    www.bitex.co.uk - A new begining in cryptotech


    View Profile WWW
    May 03, 2013, 08:25:31 AM
     #8
    I would say Bitcoins are more a store of value, in a Similar way to gold.

    However as stated:

    Quote from: franky1 on May 03, 2013, 03:46:43 AM
    money: is a item owned by government used in transactions (its laymens term for FIAT)

    commody: a raw material used in the production of other materials/products that has a internationally recognised value and quality base.

    currency: anything used as a valued item in a transaction.

    bitcoins are not a commodity. you can not grind them down to make chocolate or bread. you cant melt them down to make electrical parts or jewellery. you cant cut them up to make beef steaks, or other meat products and you cant refine it to make car fuel or power generators.

    so now you know that bitcoin is not "money" as that term is reserved for fiat.. its not a commodity because of it having no other practical use, so that just leave the one thing that bitcoin is useful for.. currency.

    Bitcoins cannot be turned into anything else where as commodities are traditionally things that can be used to make other things.  Therefore  I put forward that it is simply a store of value, with the value being determined by supply and demand.
    Donations: 1PX1uRHtWzYLBdbbRm2nbhqS3H4QcxqDkD
    Bitcoin OTC WoT: http://bitcoin-otc.com/viewratingdetail.php?nick=aldur1
    https://www.facebook.com/BitEx.Cryptocurrency.Solutions
    https://twitter.com/bitEX_Ltd
    http://instagram.com/bitex_ltd
    http://www.linkedin.com/company/bitex-ltd
    <html>
    <a href="http://bitcoin.stackexchange.com/users/13963/hafnero">
    <img src="http://bitcoin.stackexchange.com/users/flair/13963.png" width="208" height="58" alt="profile for hafnero at Bitcoin Stack Exchange, Q&amp;A for Bitcoin crypto-currency enthusiasts" title="profile for hafnero at Bitcoin Stack Exchange, Q&amp;A for Bitcoin crypto-currency enthusiasts">
    </a>
    </html>

  • freedomno1
    Legendary
    *
    Offline Offline

    Activity: 1848
    Merit: 1096


    Learning the troll avoidance button :)


    View Profile
    May 03, 2013, 08:34:26 AM
     #9
    An item that is used as a means of exchange by definition is a currency
    However the bitcoin also contains elements of commodities
    Therefore it is both and a hybrid currency
    Believing in Bitcoins and it's ability to change the world

  • mintybits
    Newbie
    *
    Offline Offline

    Activity: 27
    Merit: 0


    View Profile
    May 03, 2013, 08:38:47 AM
     #10
    Quote from: franky1 on May 03, 2013, 03:46:43 AM
    bitcoins are not a commodity. you can not grind them down to make chocolate or bread. you cant melt them down to make electrical parts or jewellery. you cant cut them up to make beef steaks, or other meat products and you cant refine it to make car fuel or power generators.

    Could you use bitcoin to buy say virtual cacao or wheat in an MMORPG then sell said bread or chocolate after crafting it and earn a profit from providing such a service?  We do live in virtual times...

  • Brushan
    Member
    **
    Offline Offline

    Activity: 224
    Merit: 10



    View Profile
    May 03, 2013, 09:06:54 AM
     #11
    Bitcoin is Bitcoin. It has properties of a commodity, currency and a payment processor.

  • BTCLuke
    Hero Member
    *****
    Offline Offline

    Activity: 526
    Merit: 508


    My other Avatar is also Scrooge McDuck


    View Profile
    May 03, 2013, 09:07:02 AM
     #12
    All actual currencies would fluctuate too if not artificially held steady by their government's GUNS.

    Bitcoin is not held in place by deadly force. Therefore it will continue to be worth what the market demands of it forever. I'm OK with that; it will continue to get less volatile after a bit as more people use it as a currency too.

    Calling it a commodity is uniformed because it can't be used for anything else of value. (Don't give me that sending messages crap! I said of value!)

    Calling it a currency is correct, but also incomplete, because it includes a complete payment system.

    It's really a whole new thing... In my book it's better than either a currency or a commodity alone.
    Luke Parker
    Bank Abolitionist

  • Praxis
    Legendary
    *
    Offline Offline

    Activity: 1118
    Merit: 1004



    View Profile
    May 03, 2013, 02:42:05 PM
     #13
    Quote from: Mike Christ on May 03, 2013, 03:18:52 AM
    I got an idea: let's get into an argument over semantics Tongue

    Arguments over semantics are very important.
    It's important to define what we mean with words exactly.

  • acoindr
    Legendary
    *
    Offline Offline

    Activity: 1050
    Merit: 1002


    View Profile
    May 03, 2013, 02:57:13 PM
     #14
    You forgot a "both" option. What if you replaced bitcoin with gold in the question, as in has gold been a currency or commodity?

  • superduh
    Hero Member
    *****
    Offline Offline

    Activity: 602
    Merit: 500


    View Profile
    May 03, 2013, 03:20:57 PM
     #15
    coining the term curmmodity(tm)
    ok

  • Qwedcxza1
    Newbie
    *
    Offline Offline

    Activity: 43
    Merit: 0


    View Profile
    May 03, 2013, 04:37:21 PM
     #16
    No, I don't think it's a curmmodity, it's more like a commurency.

  • chronocoin
    Newbie
    *
    Offline Offline

    Activity: 39
    Merit: 0


    View Profile WWW
    May 04, 2013, 08:48:26 AM
     #17
    Glad to see "Commodity" is leading Smiley

  • wopwop
    Sr. Member
    ****
    Offline Offline

    Activity: 252
    Merit: 250



    View Profile
    May 04, 2013, 09:49:21 AM
     #18
    its an energy sink

  • franky1
    Legendary
    *
    Offline Offline

    Activity: 4662
    Merit: 5189



    View Profile
    May 04, 2013, 11:12:11 AM
     #19
    you guys still dont get it.

    what comparisons in real life.... actual real life function does bitcoin have anything to do with gold.

    and please dont say because someone gave the name of the concept of creating coins "mining"

    because satoshi could have called it vectoring (due to the eliptic curve) and then people will start thinking.. hmm drawings.. hmm art.. oh it must be an asset..

    it is NOT a commodity.

    it will not appear next to wheat, cattle or oil on the commodity columns of trading platforms. so get that out of your head. it may however appear in the forex columns and treated as a legit currency.

    however for tax purposes because of the actual ownership and store of value is much like antique/collectable art/coins it should be treated like an asset for tax purposes.

    atleast try understanding what a commodity is and realise you cant change the laws of physics, laws of tax, laws of intellect purely with enough votes on a bitcoin forum.

    P.S if you have never heard of the laws of intellect, here goes:

    3 people with an IQ of 100 do not together become twice as smart as someone with a 150 IQ
    I DO NOT TRADE OR ACT AS ESCROW ON THIS FORUM EVER.
    Please do your own research & respect what is written here as both researched opinion & information gleaned from experience. many people replying with insults but no on-topic content substance, automatically are 'facepalmed' and yawned at

  • CasinoBit
    Sr. Member
    ****
    Offline Offline

    Activity: 364
    Merit: 250



    View Profile
    May 04, 2013, 05:14:23 PM
     #20
    Quote from: bittenbob on May 03, 2013, 02:26:04 AM
    I have seen this question pop up a lot lately and thought it would be interesting to run a poll to see what the public opinion is. I have stated publicly in my interview with Cliff Kule at http://www.cliffkule.com/2013/04/kule-interview-bitcoin-adam-harding.htm that I believe it is not a currency but a commodity with money like properties (similar to gold).

    Please give your answers and explain your reasoning.

    To my knowledge bitcoin is defined as a commodity by most organizations pretty much except Paypal (it's against their TOS to sell alt currencies) and some banks.
    Pages: [1] 2 »  All
      Print  
Page 1
Viewing Page: 1

IRLBTC™ © 2025 IRLBTC.com