{"id":267,"date":"2014-05-16T00:41:00","date_gmt":"2014-05-16T00:41:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/commodity-is-right-way-to-pitch-bitcoin\/"},"modified":"2023-12-20T00:07:44","modified_gmt":"2023-12-19T22:07:44","slug":"commodity-is-right-way-to-pitch-bitcoin","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2014\/05\/commodity-is-right-way-to-pitch-bitcoin.html","title":{"rendered":"\u201cCommodity\u201d is the right way to pitch Bitcoin"},"content":{"rendered":"
(BitcoinWarrior<\/a>) A persistent meme amongst bitcoiners is the rollercoaster. There is
\nnothing like holding a stash of bitcoins and watching the price to make
\nyou hold on for dear life (HODL \u2013 the cry of many a bitcoiner) or want
\nto get off. Its volatility is also a draw for people who would never
\neven consider such a thing to take a stab at day trading. The frequent
\nswings up and down make it seem like it should be easy to simply follow
\nthe old rule of buy low and sell high. Most of those who try this,
\nthough, soon learn that it\u2019s not so easy to predict the market, time it
\nwell enough to get a return, and make enough to beat the spread and the
\nfees.<\/div>\n
<\/div>\n
There is a lurid focus on price and volatility when searching the
\nnews for Bitcoin. Price and volatility are important, of course, and the
\nprice of a bitcoin is going to need to rise astronomically in price if
\nit\u2019s going to fulfill its role as a global asset and currency. But price
\nis actually a feature of Bitcoin and not its make or break point. On
\nany given day, the fact that the price is soaring on the seeming
\nblessing of a hedge fund manager or crashing on some rumored meeting of
\nthe PBOC in a back room somewhere in China is actually fairly
\nirrelevant.<\/div>\n
<\/div>\n
When the IRS recently classified Bitcoin as a commodity for tax purposes, it may have actually gotten Bitcoin\u2019s status as of right now<\/i>
\nright. Adoption is progressing, and for sure there are more and more
\nsellers accepting Bitcoin, but many of the sellers I\u2019ve been in contact
\nwith admit that they have gotten few, if any, Bitcoin sales. Merchants
\nhave natural reasons to accept bitcoins in payment, but it isn\u2019t nearly
\nas clear to consumers what the benefits to them are. The technical
\ndifficulties, bad press, and risk of theft are great enough to easily
\noffset the advantages of saying bye bye to their bank accounts and
\ncredit cards.<\/div>\n
<\/div>\n
\"\"No,
\nBitcoin\u2019s time to act as a currency has not yet arrived. Right now it\u2019s
\na commodity with an excellent appreciation outlook. And that\u2019s how
\nBitcoin should be being pitched. Purchase one or ten or twenty bitcoins,
\nput them in a paper wallet and forget about them; that small investment
\nmay be the same as buying Microsoft stock or Berkshire Hathaway stock
\n20 or 30 years ago. Bitcoin is designed to be deflationary, and as
\nadoption increases, so will its value. Given the state of the political
\nand financial systems, for those worried about their retirement, their
\nkid\u2019s university, or just the state of the economy, Bitcoin might be the
\nbest investment there is.<\/div>\n
<\/div>\n
Eventually, though, the currency feature of Bitcoin is going to kick
\nin. When demand to hold Bitcoin as an investment has risen sufficiently
\nhigh that people stop looking at what a bitcoin is worth in terms of a
\nlocal currency and start pricing things directly in Bitcoin, Bitcoin POS
\npayments are going to take off. At this point, the fiat currency will
\nbe valued against Bitcoin rather than the other way around. At this
\npoint also, many of the concerns we currently have about regulation and
\ntaxation are going to become moot as the regulators and taxmen will have
\nto recognize the reality on the ground and adapt or die.<\/div>\n
<\/div>\n
Bitcoin is frequently being compared to the early Internet, and it\u2019s
\nan apt comparison. Bitcoin\u2019s most famous feature is as a currency, but
\nthe blockchain itself is a powerful development. Right now there are
\ncompanies and projects underway to create smart property (where you can
\nprove or transfer ownership of anything with a chip by showing
\npossession of a bitcoin \u2018marked\u2019 as that property), smart contracts
\n(where you can encode the terms of the contract to fulfill automatically
\nonce certain conditions checkable on the Internet are met), distributed
\nshares in companies, anonymous, verifiable voting, and much more. It\u2019s
\npossible that we are going to start to see some of these applications
\ngain wide adoption before most people are buying a coffee with Bitcoin.
\nPeople will come to Bitcoin, probably without meaning to, because of its
\nsimple usefulness. This will dispel some of the myths and fears
\nassociated with it. From there, people will start dropping their bank
\naccounts and credit cards in favor of saving in their own (by this point
\neasy and secure) wallets and paying for their coffee by keying in a PIN
\non their phone.<\/div>\n
<\/div>\n
The challenges of changing fiat into Bitcoin and vice versa safely
\nand easily, bad press, and security are going to dog Bitcoin\u2019s
\ndevelopment for the foreseeable future. But the trend lines are also
\neasy to see. Bitcoin is developing, expanding, and gaining in usefulness
\nevery day. So the next time someone tells you they\u2019re worried about
\ntheir retirement or their kid\u2019s education, let them know that they
\nshould do their own research and make their own choice, but that Bitcoin
\nmight just be the best investment they could make.<\/div>\n

Open your free digital wallet here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n","protected":false},"excerpt":{"rendered":"

(BitcoinWarrior) A persistent meme amongst bitcoiners is the rollercoaster. There is nothing like holding a stash of bitcoins and watching the price to make you hold on for dear life (HODL \u2013 the cry of many a bitcoiner) or want to get off. Its volatility is also a draw for people who would never even […]<\/p>\n","protected":false},"author":1,"featured_media":850,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,76,679],"tags":[764,1332],"yoast_head":"\n\u201cCommodity\u201d is the right way to pitch Bitcoin -<\/title>\n<meta name=\"description\" content=\"Find out why Bitcoin & other crypto should be considered commodities instead of currencies in this thought-provoking article from BitcoinWarrior's blog\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/holytransaction.com\/blog\/2014\/05\/commodity-is-right-way-to-pitch-bitcoin.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cCommodity\u201d is the right way to 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