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Commodity or currency ? Bitcoin debate rage on

Commodity or currency ? Bitcoin debate rage on

what is Bitcoin? Is it property , something to b owned? Is it a currency, something to be spent? Or is it a commodity, defined by Webster’s Dictionary as “any useful thing,”

any useful thing,” and /or “anything”, bought and sold ; any article of commerce.”

Commodity or currency ? Bitcoin debate rage on

The US internal Revenue Service think bitcoin os property; a federen judge thinks it’s a currency;, Now the commission has decreed it a commodity. That means the regulator can now bring charges against any wrongdoers trading concurrency further and option. In a statement, CTFC’s director of enforcement, Aitan Goelman, said: “While there is a lot of excitement surrounding Bitcoin and other virtual currencies, innovation does not excuse those acting in this space from following the commodity derivatives markets.”

Does the ruling change the fundamental nature of what Bitcoin is, and how its advocates will use and develop it ? “There are so many regulators in the US, and they all want more jurisdiction, which leads to a constant stream of bizarre ruling .None of them has much work to do because there’s not a whole lot of financial innovation happening in the states. So when they find a small one-man startup they can’t resist giving themselves work to Do –so they go in and whack it especially in Califinia,” Mike Hearn, a software develop specializing in Bitcoin said “this ruling is conseguential to US –based Bitcoin futures trading platform ,but it’s important not to over play the implication .These rulings concerning what Bitcoin is or is not are for certain purposes only ,but they often get taken out of context,” sail , Vill Lehdonvirta, research fellow at the Oxford Internet Institute. BLOOMBERG