|Bitcoin is NOT Money. It is a 'virtual commodity'.|
If the title of this story seems confusing, you are not alone. It confused me for a while but after several months of research and study, I have come to fully agree with how Finland and China both reached the same conclusion: Bitcoin is NOT money -- it's a commodity. Consensus is building around the globe and all indications point to Bitcoin becoming uniformally treated as such, which is good as it removes the current cloud of 'legal uncertainty' surrounding its ongoing use.
You may, then, be wondering if this makes using Bitcoin less attractive to use for, say, making on-line web payments. Quite the opposite. If you've read my previous post Use Bitcoin: Credit Cards Weren't Designed for the Internet, you'd have reached the conclusion that making payment at web merchants which accept bitcoin payment through intermediaries such as Coinbase is infinitely safer than the inherent security risk of using a credit card, for example.
The Federal Reserve has just rendered an official decision on treatment of Bitcoin -- Dietrich: