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BTC: Currency or Commodity?

BTC: Currency or Commodity?

evandentremont

January 10, 2018
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  1. What is Bitcoin?
    Commodity or Currency?

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  2. What is a Commodity?

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  3. What is a Commodity?
    “From the taste of wheat it is not possible to tell who produced it, a Russian serf, a
    French peasant or an English capitalist.” - Karl Marx
    “A commodity is a basic good used in commerce that is interchangeable with other
    commodities of the same type.” - Investopedia

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  4. Why does a Commodity have Value?
    “From the taste of wheat it is not possible to tell who produced it, a Russian serf, a
    French peasant or an English capitalist.” - Karl Marx
    “A commodity is a basic good used in commerce that is interchangeable with other
    commodities of the same type.” - Investopedia

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  5. Why does a Commodity have Value?

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  6. Why does a Commodity have Value?
    “From the taste of wheat it is not possible to tell who produced it, a Russian serf, a
    French peasant or an English capitalist.” - Karl Marx
    “A commodity is a basic good used in commerce that is interchangeable with other
    commodities of the same type.” - Investopedia

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  7. What is a Currency?

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  8. What is a Currency?
    Currency is an intermediary store of value
    Instead of trading three chickens for a cow

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  9. What is a Currency?
    Currency is an intermediary store of value
    Instead of trading three chickens for a cow you trade three chickens for a
    currency for a cow.
    Once upon a time, that currency had intrinsic value, and was usually a
    commodity.

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  10. What is a Currency?
    Currency is an intermediary store of value
    Instead of trading three chickens for a cow (and needing that market to exist)
    you trade three chickens for a currency for a cow.
    Now, it has value because we say it does.

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  11. What is a Currency?
    Currency is an intermediary store of value
    Instead of trading three chickens for a cow (and needing that market to exist)
    you trade three chickens for a currency for a cow.
    Now, it has value because we say it does…

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  12. What is a Currency?
    Currency is an intermediary store of value
    Instead of trading three chickens for a cow (and needing that market to exist)
    you trade three chickens for a currency for a cow.
    Now, it has value because we say it does…

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  13. What is a Currency?
    Currency is an intermediary store of value
    Instead of trading three chickens for a cow (and needing that market to exist)
    you trade three chickens for a currency for a cow.
    Now, it has value because we say it does.

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  14. Which is BTC?

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  15. Which is BTC?

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  16. Which is BTC?
    That depends where you’re at, and who you’re talking to.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
    ● “Intangible asset” under the Personal Property Security Act
    ○ Treated the same as patents, copyright, trademarks, etc.
    ○ Gets complicated on native reserves - can’t be taxed by non-indians.
    Canada:
    1 in 204
    Commodity

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  17. Which is BTC?
    That depends where you’re at, and who you’re talking to.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
    ● It’s not a currency it’s a “digital means of payment”
    Japan:
    1 in 59
    Currency

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  18. Which is BTC?
    That depends where you’re at, and who you’re talking to.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
    ● Not illegal, but currency surrogate.
    ● Central bank is categorically against regulating it as a currency.
    Russia:
    1 in 52
    Commodity

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  19. Which is BTC?
    That depends where you’re at, and who you’re talking to.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
    ● The U.S. Treasury classified bitcoin as a convertible decentralized virtual currency in 2013.
    ● The Commodity Futures Trading Commission classified bitcoin as a commodity in September 2015.
    ● Per IRS, bitcoin is taxed as a property.
    USA:
    1 in 23
    Both

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  20. Which is BTC?
    That depends where you’re at, and who you’re talking to.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
    ● Not legal tender
    ● No businesses approved to use or trade.
    India:
    1 in 6
    Neither

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  21. Which is BTC?
    That depends where you’re at, and who you’re talking to.
    https://en.wikipedia.org/wiki/Legality_of_bitcoin_by_country_or_territory
    ● Legal, for now, within the country though regulations in the pipeline for trading and mining
    ● Illegal to convert yen to a foreign currency and move it out of the country (currency flight)
    China:
    1 in 5
    Currency

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  22. Which is BTC?
    In reality:
    ● It’s not as pretty as Gold
    ● It’s “mined”
    ● it’s a store of value
    ● it has limited availability
    ● it’s difficult to find someone who accepts it at retail;
    ● but easily converted to cash
    It most closely resembles Silver when compared to
    existing currencies and commodities.

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  23. Fini
    Questions?
    Comments?
    https://github.com/evandentremont
    [email protected]

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