Bitcoin Classification around the World – Is It A Commodity or A Currency?

Dec 26, 2017 Admin Currencies

What is Bitcoin?

Bitcoin is a cryptocurrency, a form of currency used digitally to execute transactions by people and businesses all over the world. Bitcoin is not paper money like dollars, pounds, euro or yen. They are devoid of regulation as there is no centralized body to enforce regulations – there are no government authorities like the central banks to control the availability of money in the global market.

Bitcoin was invented by Satoshi Nakamoto (his identity is yet to be known) and was published in 2008. Bitcoin can be gotten online by using a set of computing rules to generate this cryptocurrency known as mining.

Bitcoin as a commodity

There has been a debate hovering over Bitcoin regarding whether it is a commodity or a currency. The head of South Korea’s central bank has made a claim that Bitcoin is a commodity and not a currency. Bitcoin as a currency has not been recognized despite its increasingly wide adoption for performing online transactions.

It is widely...

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