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Is bitcoin officially money according to the US government?

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  • Is bitcoin officially money according to the US government?

    Is bitcoin officially money according to the US government?
    I can't seem to find a clear answer on this issue?

    Is there an actual law that says yes or no?

  • #2
    Re: Is bitcoin officially money according to the US government?

    I wish to inform you that IRS had issued a guidance regarding bitcoin and has classified it as a property in dealing with tax matters. It may therefore be regarded as property.

    AFF

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    • #3
      Re: Is bitcoin officially money according to the US government?

      It is not an official system recognized by the US government. But it is considered as a commodity and taxed as a property.

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      • #4
        Re: Is bitcoin officially money according to the US government?

        Originally posted by NAN 392 View Post
        Is bitcoin officially money according to the US government?
        I can't seem to find a clear answer on this issue?

        Is there an actual law that says yes or no?


        At least one US judge has ruled that it IS currency but one court case certainly does not make it absolute law. It may be an indicator of where the consensus is headed though.

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        • #5
          Unfortunately not yet, but as far as I know, Bitcoin and other cryptocurrencies are becoming more and more popular these days. The government plans to introduce its cryptocurrency that will be recognized as the official payment method and the dollar. The project is currently under elaboration, but I think they won't let us wait too long till this happens.

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          • #6
            There has been talk about this for a long time, I do not know if it is a good idea to make bitcoin a new currency. Although, I think that it will come sometime.

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            • #7
              I do not know how in the USA, but I know that Bitcoin is digital money all over the world. Physically, this currency does not exist, there are only special registries that keep records of how many bitcoins someone has and who transfers them to where. In fact, it is not a currency, there is no currency, but there is a code that costs money. This is Bitcoin. It is called a currency for convenience, because you can buy goods and services for bitcoins, as well as bitcoin has a Blockchain, it is a payment system. In general, there is no answer in the law of the USA and other countries. Officially, it is not a currency, but for everyone it is a currency, because it has the functions of a currency. Also, the difference between bitcoin and other currencies is that bitcoin is not tracked and has a bitcoin tumbler that allows you to remain anonymous.

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              • #8
                I think there is no consensus on this issue.

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                • #9
                  As far as I know, the US government has started taxing bitcoins. But the fact is that many other cryptocurrencies are not taxed at the moment, and their movement cannot be tracked.

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                  • #10
                    As far as I know, the US government has started taxing bitcoins. But the fact is that many other cryptocurrencies are not taxed at the moment, and their movement cannot be tracked. In other words, cryptocurrencies and crypto trading are still an uncontrolled sphere. In other countries, the state does not even bother to develop legal acts that would regulate the activities of these financial assets. I have engage in crypto trading myself. Initially, it was challenging to understand the terms and concepts, but such sources as https://cryptobuyingtips.com/guides/...shiba-inu-shib helped me learn more. In a couple of decades, I think that we will probably approach the popularity of cryptocurrencies.

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                    • #11
                      Even the fact that bitcoin is taxed does not prevent it from remaining the most common currency that many try to acquire. One of my acquaintances suggested I read about r/cryptomarkets. Says I'll find everything I need to start working with cryptocurrency. You can read the same if you're interested.

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