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DetlefK

(16,423 posts)

3. That's the point: Bitcoin isn't currency. It's a bartered good.

Reply to lettucebe (Original post)

Mon Feb 8, 2021, 02:47 PM

Feb 2021

Currency has been issued by some sort of organization. But Bitcoin is an object, a piece of code, that is not tied to the oversight of any organization or bank or state.

For example: If counterfeiters find a way to make counterfeit coins or bills or if the integrity of the currency is threatened in any way, then there is someone responsible for taking care of this and ensuring the value of the currency. But Bitcoin is static. Bitcoin is fixed. If something goes wrong with Bitcoin, there is no authority-figure who takes the responsibility for fixing it.

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Bitcoin is taxable. Trouble is no one mentions that [View all] lettucebe Feb 2021 OP

I think some people mention the tax aspect. lol BSdetect Feb 2021 #1

that's why I keep it simple qazplm135 Feb 2021 #2

That's the point: Bitcoin isn't currency. It's a bartered good. DetlefK Feb 2021 #3

Message auto-removed Name removed Apr 2021 #4