Bitcoin is not a currency

The digital cash lacks most of the features economists value in a currency,.Bitcoin in itself does not have the fundamental attributes needed to be a currency that could meet modern economic development needs, Sheng Songcheng said.Notice 2014-21. SECTION 1. PURPOSE. example of a convertible virtual currency.

Rise of Bitcoin: Is the digital currency a solution or a

Goldman Sachs thinks that bitcoin believers need to take a cold shower, drink some coffee, and sober up.

As the number of bitcoin users continue to rise, more and more countries have started looking at regulating digital currency.At the federal level, FinCEN, the agency within the treasury department that handles crime, has been aggressively trying to clamp down on illegal activity using bitcoin.As it stands on September 12, a single Bitcoin is valued at.This convenience is why people moved from barter to currencies (and then from metal to paper, from paper to plastic, and from plastic to electronic bits).

For comparison, over the same month, the exchange rate between the euro and the U.S. dollar had an average daily change of less than 1% and only changed 3% over the entire month.

Why Bitcoin Is Worthless: The Definitive Guide

Notice 2014-21 SECTION 1. PURPOSE

This credo, ably explained by Steve Forbes here (among many places), is vital for a developing country economy to attract the investment it needs.Via Forbes: Over the past year and a half Bitcoin has been on a spectacular run, rising in value 140% in 2016 and now an additional 49% in just the past month.However, people should stop expecting it to become a currency that ordinary people use for ordinary transactions.

Legality of bitcoin by country or territory - Wikipedia

Here is a list of the biggest names accepting bitcoins as a currency.

Bitcoin is not currency, and payments received in Bitcoin will be taxed as property, according to a comprehensive briefing released Tuesday by the IRS.

IRS Will Tax Bitcoin, Says It's Not Currency - Entrepreneur

Future of DECENTRALIZED Currency Is Not Bitcoin — Steemit

In fact, because of a limit on the number of transactions which can be completed in a day, it sometimes takes days to complete a simple transaction.

Initial coin offerings involve selling a number of crytographic tokens to investors at the launch of a project.Resistance to changing these rules from people who mostly like the anonymity and untraceability of Bitcoin mean that Bitcoin cannot become a widely-used currency.This is consistent with the view of the Canadian Revenue Service.What was once referred as a geek currency is flourishing at.

Warren Buffett: Bitcoin Is Not A Currency | [H]ard|Forum

Jamie Dimon claims cryptocurrency is only fit for use by drug dealers, murderers and people living in North Korea.There are two big problems with bitcoin as a currency: its value is unstable and its transaction processing is too slow.Bitcoin is a global digital currency based on distributed computing instead of gold.Given these drawbacks, the only reasons to own Bitcoins are not to use them as a currency, but to either speculate on their asset value or use them to shield transactions from others.Currency solves those problems meaning I can buy groceries without having to sell economic services to the supermarket.A Florida judge has decided in favor of a bitcoin vendor charged with violating local money-laundering laws, because, she found, the cryptocurrency is not money as...

A major bitcoin exchange has decided to stop selling the digital currency that was supposed to transform money on the internet.

'Bitcoin Can Be an Asset But Not a Currency,' Says People

Why Bitcoin Is Doomed as a Currency -- The Motley Fool

Regulators have been grappling with how to address bitcoin as more Americans adopt it.Virtual currencies like bitcoin are assets but bitcoin in itself does not have the fundamental attributes needed to be a currency that could meet modern economic.Bitcoin Currency Code Bitcoin is not recognized by the ISO and therefore does not have an official ISO 4217 code.