Quote from: shawshankinmate37927 on July 29, 2014, 12:49:23 AM

Quote from: beetcoin on July 28, 2014, 10:45:35 PM

Quote from: escrow.dude on July 28, 2014, 10:40:52 PM

This is a much more accurate description of what bitcoin is then how the OP describes bitcoin.

Owning bitcoin is like owing dollars, or euros, or yen. It is a currency.

it may be more accurate than OP's statement, but it's not the full story. it's like owning a currency and commodity (investment) rolled into one. there needs to be a new word for it, because that goes over most peoples' heads.

How are bitcoins a commodity? Are all currencies a commodity?

Its both a currency and a commodity. But not a stock.

But as a currency theres not really any markets that are priced in BTC. Places like newegg, the goods are still priced in USD and coinbase or bitpay does conversion for you.

I think its more similar to a commodity than currency. Trades like a commodity as well (volatile)