Ninjastic
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Re: Legal revision of the new bitcoin.org
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HiveLibrary
on 30/03/2013, 05:36:31 UTC
Quote from: HELP.org on March 10, 2013, 03:00:15 AM
Quote from: sunnankar on March 10, 2013, 02:28:21 AM

REASONS
Notice the weasel words, 'what some consider'. Bitcoin.org should not assert that Bitcoin or bitcoins are a currency. 'Currency' is a legal term of art and like the word 'funds' can invoke some nasty sections of law. Currently, Bitcoin and bitcoins are clearly neither 'currency' nor 'funds' under applicable statutes, like 31 USC 5103, because the standard to be 'currency' and 'funds' is usually that is must be legal tender.


I don't see any legal definition of currency, only United States currency.  Bitcoin is obviously a currency.

A currency is a current, a flow of economic energy. Bitcoin is no such thing. Bitcoin is a security service for transactions. These could be money or it could be data transfers in a power plant. It is a security service. The coins could be used as an instruction rather than a reward.