Are Bitcoins US or World coins

CoinZip

I'm a little confused on how to classify them ..

LindeDad

Their numbers is what I've been told.



But I don't know if they are 1's or 0's?

EagleEye

They are a commodity.

ricko

I agree with Rick.... a commodity, and basically a 'virtual' commodity...although there are

some 'hard copies'...Cheers, RickO

LanLord

When the "bit-coin virus" gets released into the public domain, they will be a figment of your imagination.

steveben

Originally posted by: LanLord

When the "bit-coin virus" gets released into the public domain, they will be a figment of your imagination.

the same thing could happen with any bank. because we are on a fiat currency system, your bank balance is just a number on a computer.

keyman64

The founder is not from the US and the company was not started in the US. But they have of course been used in US transactions. Other/Commodity sounds about right and then at the same time, maybe not? Good question.



They could be their own category for your purposes?

LanLord

Originally posted by: steveben

Originally posted by: LanLord

When the "bit-coin virus" gets released into the public domain, they will be a figment of your imagination.

the same thing could happen with any bank. because we are on a fiat currency system, your bank balance is just a number on a computer.

Absolutely correct, I would imagine though that banks have a bit more security than the people that manage the bit-coin db, although I have no way to know that for certain.



I would also imagine banks have better backup strategies than tthe bit-coin "people".



Thirdly, that's why it's becoming more common for people to keep their money at home rather than in banks. There is no financial reason for banks (near zero interest) and lack of trust in the institutions.



Personally, I've buried my money in the back yard.

EagleEye

Any currency scheme that needs to be exchanged to be able to use to buy things is a commodity. Euros are a commodity here in the US, as is all other currencies not accepted for payment in the US. Gold is a commodity as well. Those who think of it as a currency must go to "Gold-land" to spend it without exchanging it to dollars first. Those who want to use bitcoin as a currency have to buy things where bitcoin is accepted, but you still have to convert it to dollars to "cash out".

LanLord

Originally posted by: EagleEye

Any currency scheme that needs to be exchanged to be able to use to buy things is a commodity. Euros are a commodity here in the US, as is all other currencies not accepted for payment in the US. Gold is a commodity as well. Those who think of it as a currency must go to "Gold-land" to spend it without exchanging it to dollars first. Those who want to use bitcoin as a currency have to buy things where bitcoin is accepted, but you still have to convert it to dollars to "cash out".

I tend to think of gold as a store of value as opposed to a currency or commodity.



In effect, gold maintains a similar value over the ages. The same (or similar) number of ounces of gold can buy a similar amount of "stuff" regardless which era you look. Sure, there are dips and peaks, but over time it averages out to be the value that stays pretty steady.

IrishMikey

They are privately made tokens, no different than the millions of tokens that have been produced over the years. I have never spent a bit-coin, so that process remains a mystery to me.

jayPem

I am ignorant what those things are, but I do have a nice collection of Brit coins.

They are World coins...

TwoSides2aCoin

Lighter than light side. Darker than dark side. Out of the real world and into the cyber. Hard to grade them, from my view.

CaptHenway

Not U.S. I am inclined to say not coins either.

derryb

they are not coins, they are digital promises.

MadMarty

They are tokens, but each token has a key assigned to it (usually under a safety sticker). So lets say you have a 1 BTC token. If you wanted you could input the key into a bitcoin wallet and now you are able to spend the coin. There are bullion dealers that take BTC for payment.

CuKevin

Originally posted by: LanLord

Originally posted by: steveben

Originally posted by: LanLord
When the "bit-coin virus" gets released into the public domain, they will be a figment of your imagination.

the same thing could happen with any bank. because we are on a fiat currency system, your bank balance is just a number on a computer.

Absolutely correct, I would imagine though that banks have a bit more security than the people that manage the bit-coin db, although I have no way to know that for certain.

I would also imagine banks have better backup strategies than tthe bit-coin "people".

Thirdly, that's why it's becoming more common for people to keep their money at home rather than in banks. There is no financial reason for banks (near zero interest) and lack of trust in the institutions.

Personally, I've buried my money in the back yard.

Bitcoin has an entire public ledger of transactions which has a number of fail safes.

steveben

Originally posted by: CuKevin

Originally posted by: LanLord

Originally posted by: steveben

Originally posted by: LanLord

When the "bit-coin virus" gets released into the public domain, they will be a figment of your imagination.

the same thing could happen with any bank. because we are on a fiat currency system, your bank balance is just a number on a computer.

Absolutely correct, I would imagine though that banks have a bit more security than the people that manage the bit-coin db, although I have no way to know that for certain.



I would also imagine banks have better backup strategies than tthe bit-coin "people".



Thirdly, that's why it's becoming more common for people to keep their money at home rather than in banks. There is no financial reason for banks (near zero interest) and lack of trust in the institutions.



Personally, I've buried my money in the back yard.

Bitcoin has an entire public ledger of transactions which has a number of fail safes.

also, you can download your bitcoin to a paper wallet and bury it in your backyard.