Photo: Finance Magnates Charles Bell is a freelance writer who’s passionate about covering a number of different topics. In addition to writing about the latest technology, Charles has a soft spot for anything related to the Marvel Cinematic Universe. When he’s not researching or writing, you can find him playing Fallout 4 on his PS4.
The debate over whether Bitcoin should be classified as a currency or a commodity (or at worst, a gimmick) has been going on for years, and the world still hasn’t come to a consensus. Charles Bell Last fall, a great deal of discussion was generated by the fact that the CFTC designated Bitcoin as a commodity, specifically as opposed to currency. The designation means that Bitcoin was seen by a major trading commission as a resource in the same category as oil or precious metals, rather than as a type of money akin to the dollar or euro. It didn’t have any effect on how people could privately use Bitcoin, but it was a fairly major statement against the idea of cryptocurrency being disruptive in our everyday finances.
On the other hand, the European Union made the reverse ruling, determining that Bitcoin was more of a currency. And for its part, Bitcoin seems to have been designed for financial exchange and storage as opposed to investment. One overview of all things Bitcoin defines it specifically as “a global form of digital currency” rather than a resource or a new means of wealth storage. Thus, it was intended to function like money, and that’s the way that most of its strongest advocates still appear to think of it.
As the tug-of-war over Bitcoin’s status continues, a recent ruling by a Florida judge dealt a pretty heavy blow to those who would prefer to see it defined as […]
