Currency vs Commodity? Which is Better for Bitcoin startups and traders

[tkembo]

Bitcoin can either be regulated as a currency or as a commodity. What are the merits or demerits for either route for Bitcoin startups and individuals who own Bitcoin?

[LiteCoinGuy]

oh, that is a difficult question my friend. are you planing to build a company?

i guess these guys will know the answer:

https://coincenter.org/

[btc]

bitcoin is free speech

try and regulate it.


bitcoin is unregulateable, therefore it shall become a tool of the regulators.

they will not regulate bitcoin. they will use bitcoin to regulate everything that we know.

[ronnieb]

Bitcoin can either be regulated as a currency or as a commodity. What are the merits or demerits for either route for Bitcoin startups and individuals who own Bitcoin?

I'm not sure I quite follow the question. Regulation is applied to the intermediaries i.e. banks, paypal etc. and the Gov will issue guidance on new "thingz" to see where they fall with in the regulatory framework. Bitcoin Exchanges have to comply with regulation because they hold value for customers and act on their behalf. Implicitly they (exhanges) are required to comply with the regulations around such activities like KYC, AML and anything to do with being a Money Transmitter.

So when you say "Bitcoin can either be regulated as a currency or as a commodity" are you asking more about how bitcoin should be dealt with from a tax point of view?