Is Bitcoin Money?

updated from 22/08/2013

Bitcoin is a global trading system with no intermediaries, decentralized and increasingly widespread.

In recent weeks, judges, ministers and media have discussed Bitcoin and its consideration as currency, money, value storage and even as a financial instrument.

Bitcoin

Understanding the concept of Bitcoin and cryptocurrency is difficult for many politicians and economists; the fact that there is no central authority to manage the network is one of the conceptual barriers that few can cross. Those who manage the concept of P2P networks and Free Software (in the sense of freedom) can understand more easily what the Bitcoin network is and how it is a distributed system that is based on mutual agreement.

A feature to highlight about the Bitcoin is that it is used voluntarily.

The following headline must be analyzed with caution:

<<Germany officially recognize bitcoin as “private money”>>

As a careful reading of the original article in CoinDesk might show, the terms used to refer to Bitcoin were chosen wisely.

“The German finance minister has officially recognized Bitcoin, mentioning when answering a parliamentary inquiry.”

“The minister has not classified as electronic currency Bitcoin or as functional currency, or can be understood as foreign currency; it has categorized under the term “Rechnungseinheit” as a financial instrument. ” So she said Martin Chaudhuri made in an interview with CoinDesk.

“Unit value”, “units of account”, “accounting unit” are the most approximate translations we have found the reference by the German Minister of Bitcoin. So for us the title would be:

Germany recognizes Bitcoin as Value Units.

Undoubtedly, the first country to have the ability to adopt and somehow introduce Bitcoin in their regulations without distorting it will have a strategic advantage over the rest.

Now in 2016 Bitcoin is allowed in many countries all over the world. You  can see in this MAP.

 

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