{"id":84,"date":"2016-02-23T12:04:00","date_gmt":"2016-02-23T12:04:00","guid":{"rendered":"http:\/\/blog.holytransaction.com\/bitcoin-is-commodity-not-currency\/"},"modified":"2022-03-03T17:55:23","modified_gmt":"2022-03-03T15:55:23","slug":"bitcoin-is-commodity-not-currency","status":"publish","type":"post","link":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html","title":{"rendered":"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court"},"content":{"rendered":"<p><a style=\"clear: left; float: left; margin-bottom: 1em; margin-right: 1em;\" href=\"https:\/\/4.bp.blogspot.com\/-aJu--8TNrfo\/VsxKbMP0PZI\/AAAAAAAAAOI\/ztT_o_cpq24\/s1600\/Scale.png\"><img decoding=\"async\" src=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png\" border=\"0\" \/><\/a><\/p>\n<div dir=\"ltr\" style=\"line-height: 1.38; margin-bottom: 0pt; margin-top: 0pt;\"><\/div>\n<div style=\"text-align: justify;\">Some days ago an American judge for the Northern District of California stated that bitcoin is a property and not a real currency.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">This happened during a case in which US Bankruptcy Court for the Northern District of California heared HashFast, a bitcoin mining service that declared bankruptcy in 2014.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The case sees a fiduciary suing the HashFast promoter, Mark Lowe, because he wants his 3,000 BTC bank, amount that is said to have been illegally transferred to Lowe himself.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\"><b>Bitcoin: property or currency?<\/b><\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">The main problem turned to be the classification of bitcoin as a currency or a property: should <a href=\"https:\/\/holytransaction.com\/page\/what-is-bitcoin\">bitcoin<\/a> be considered as a currency, Lowe would have to return the 3,000 BTC at the value they held when he received them (almost $360,000).<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">But judge Dennis Montali on February 19th decided that bitcoin is a property, so Howe must return about $1.3m.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">These were his words:<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\"><i>\u201cI understand how the parties acted, but that doesn&#8217;t make them dollars\u201d.<\/i><\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Montali said that he would return to the question, if required and Lowe would transfer the 3,000 bitcoins or the equivalent dollar amount.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<h3 style=\"text-align: justify;\">Pasted cases and decisions<\/h3>\n<div style=\"text-align: justify;\"><\/div>\n<div style=\"text-align: justify;\">Previously the US Commodity Futures Trading Commission (CFTC) and the Internal Revenue Service (IRS) stated that bitcoins are a commodity too. But in October, 2015, the European Union\u2019s Court of Justice decided that bitcoins are a currency and they are tax free so exchanges don\u2019t have to pay VAT.<\/div>\n<div style=\"text-align: justify;\"><\/div>\n<div><\/div>\n<p style=\"text-align: right;\"><em><u style=\"background-color: rgba(255, 255, 255, 0.498039); color: #333333; font-family: verdana, sans-serif; font-size: x-small; text-align: right; white-space: pre-wrap;\">About the author:<\/u> <a style=\"color: #6699cc; text-decoration: none;\" href=\"http:\/\/twitter.com\/ametomasicchio\/\">Amelia Tomasicchio<\/a> is a writer and a journalist of Bitcoin-related news and articles. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.<\/em><\/p>\n<p>Open your free digital wallet <a href=\"https:\/\/holytransaction.com\/app#!\/signup\">here<\/a> to store your cryptocurrencies in a safe place.<\/p>\n<!-- AddThis Advanced Settings generic via filter on the_content --><!-- AddThis Share Buttons generic via filter on the_content -->","protected":false},"excerpt":{"rendered":"<p>Some days ago an American judge for the Northern District of California stated that bitcoin is a property and not a real currency. This happened during a case in which US Bankruptcy Court for the Northern District of California heared HashFast, a bitcoin mining service that declared bankruptcy in 2014. The case sees a fiduciary [&hellip;]<!-- AddThis Advanced Settings generic via filter on get_the_excerpt --><!-- AddThis Share Buttons generic via filter on get_the_excerpt --><\/p>\n","protected":false},"author":2,"featured_media":516,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[37,61,76,140,170,197,220,323,383,408,410,441],"tags":[749,764,826,853,876,899,1000,1048,1069,1071,1099],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v19.6 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court -<\/title>\n<meta name=\"description\" content=\"The main problem is the classification of bitcoin as a currency or a property: should bitcoin be considered as a currency?\" \/>\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\/2016\/02\/bitcoin-is-commodity-not-currency.html\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court\" \/>\n<meta property=\"og:description\" content=\"The main problem is the classification of bitcoin as a currency or a property: should bitcoin be considered as a currency?\" \/>\n<meta property=\"og:url\" content=\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/facebook.com\/holytransaction\" \/>\n<meta property=\"article:author\" content=\"facebook.com\/ameliatomasicchiomarketing\" \/>\n<meta property=\"article:published_time\" content=\"2016-02-23T12:04:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2022-03-03T15:55:23+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png\" \/>\n\t<meta property=\"og:image:width\" content=\"400\" \/>\n\t<meta property=\"og:image:height\" content=\"229\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/png\" \/>\n<meta name=\"author\" content=\"Amelia Tomasicchio\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@ametomasicchio\" \/>\n<meta name=\"twitter:site\" content=\"@holytransaction\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Amelia Tomasicchio\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html\",\"url\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html\",\"name\":\"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court -\",\"isPartOf\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#primaryimage\"},\"image\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#primaryimage\"},\"thumbnailUrl\":\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png\",\"datePublished\":\"2016-02-23T12:04:00+00:00\",\"dateModified\":\"2022-03-03T15:55:23+00:00\",\"author\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/eface1991a1e60913be2fff06e08e42c\"},\"description\":\"The main problem is the classification of bitcoin as a currency or a property: should bitcoin be considered as a currency?\",\"breadcrumb\":{\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#primaryimage\",\"url\":\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png\",\"contentUrl\":\"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png\",\"width\":400,\"height\":229},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/holytransaction.com\/blog\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"bankruptcy\",\"item\":\"https:\/\/holytransaction.com\/blog\/tag\/bankruptcy\"},{\"@type\":\"ListItem\",\"position\":3,\"name\":\"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/holytransaction.com\/blog\/#website\",\"url\":\"https:\/\/holytransaction.com\/blog\/\",\"name\":\"\",\"description\":\"HolyTransaction&#039;s Blog - Your crypto blog\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/holytransaction.com\/blog\/?s={search_term_string}\"},\"query-input\":\"required name=search_term_string\"}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/eface1991a1e60913be2fff06e08e42c\",\"name\":\"Amelia Tomasicchio\",\"description\":\"Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.\",\"sameAs\":[\"facebook.com\/ameliatomasicchiomarketing\",\"https:\/\/twitter.com\/ametomasicchio\"],\"url\":\"https:\/\/holytransaction.com\/blog\/author\/amelia\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court -","description":"The main problem is the classification of bitcoin as a currency or a property: should bitcoin be considered as a currency?","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html","og_locale":"en_US","og_type":"article","og_title":"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court","og_description":"The main problem is the classification of bitcoin as a currency or a property: should bitcoin be considered as a currency?","og_url":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html","article_publisher":"https:\/\/facebook.com\/holytransaction","article_author":"facebook.com\/ameliatomasicchiomarketing","article_published_time":"2016-02-23T12:04:00+00:00","article_modified_time":"2022-03-03T15:55:23+00:00","og_image":[{"width":400,"height":229,"url":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png","type":"image\/png"}],"author":"Amelia Tomasicchio","twitter_card":"summary_large_image","twitter_creator":"@ametomasicchio","twitter_site":"@holytransaction","twitter_misc":{"Written by":"Amelia Tomasicchio","Est. reading time":"1 minute"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html","url":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html","name":"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court -","isPartOf":{"@id":"https:\/\/holytransaction.com\/blog\/#website"},"primaryImageOfPage":{"@id":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#primaryimage"},"image":{"@id":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#primaryimage"},"thumbnailUrl":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png","datePublished":"2016-02-23T12:04:00+00:00","dateModified":"2022-03-03T15:55:23+00:00","author":{"@id":"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/eface1991a1e60913be2fff06e08e42c"},"description":"The main problem is the classification of bitcoin as a currency or a property: should bitcoin be considered as a currency?","breadcrumb":{"@id":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#primaryimage","url":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png","contentUrl":"https:\/\/holytransaction.com\/blog\/wp-content\/uploads\/2016\/02\/Scale.png","width":400,"height":229},{"@type":"BreadcrumbList","@id":"https:\/\/holytransaction.com\/blog\/2016\/02\/bitcoin-is-commodity-not-currency.html#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/holytransaction.com\/blog"},{"@type":"ListItem","position":2,"name":"bankruptcy","item":"https:\/\/holytransaction.com\/blog\/tag\/bankruptcy"},{"@type":"ListItem","position":3,"name":"\u201cBitcoin is Property, Not Currency\u201d, stated California Bankruptcy Court"}]},{"@type":"WebSite","@id":"https:\/\/holytransaction.com\/blog\/#website","url":"https:\/\/holytransaction.com\/blog\/","name":"","description":"HolyTransaction&#039;s Blog - Your crypto blog","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/holytransaction.com\/blog\/?s={search_term_string}"},"query-input":"required name=search_term_string"}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/holytransaction.com\/blog\/#\/schema\/person\/eface1991a1e60913be2fff06e08e42c","name":"Amelia Tomasicchio","description":"Amelia Tomasicchio is a content writer and marketer of Bitcoin-related news and fintech startups. She started writing about Bitcoin in 2014 and she graduated in Rome with an essay about movie industry related to Bitcoin.","sameAs":["facebook.com\/ameliatomasicchiomarketing","https:\/\/twitter.com\/ametomasicchio"],"url":"https:\/\/holytransaction.com\/blog\/author\/amelia"}]}},"_links":{"self":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts\/84"}],"collection":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/comments?post=84"}],"version-history":[{"count":2,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts\/84\/revisions"}],"predecessor-version":[{"id":4686,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/posts\/84\/revisions\/4686"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/media\/516"}],"wp:attachment":[{"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/media?parent=84"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/categories?post=84"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/holytransaction.com\/blog\/wp-json\/wp\/v2\/tags?post=84"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}