Depending on the use of the cryptocurrency, Bitcoin can act as a currency, a security or as a commodity. ..lol
Bitcoin has been on the centre-stage of attention after providing people with a mind-boggling return that reached a value of around $20,000 from a humble $900 within a single year in 2017. However, many people still doubt Bitcoin as a true asset, and part of this doubt stems from the fact that Bitcoin has never been categorised as a specific financial instrument ever.

One of the most common doubts about Bitcoin people have is whether Bitcoin is a Currency, a Security or a Commodity? While answering the question is tricky, but as the popular commentary on Marketplace suggests, Bitcoin is all of what could be termed by people depending on how they use it.

Bitcoin is a Currency:
Although the word currency often reminds us of a good-smelling, fresh and psychologically green paper note, with changing times and requirements, many types of digital currencies that do have value but are usually not printed on paper have taken the digital landscape by storm.
Unlike common fiat currency, Bitcoin, however, does not have centralised governing authority, and to everyone’s pleasure, it is also not tied to any country or geography as fiat money usually are. The cryptocurrency is also not generated as and when required, but in fact, a complex mathematical cryptographic technique is required to unlock or ‘mine’ Bitcoin, the total units of which is limited to 21.5 million.
Like all other currencies we usually come across, Bitcoin can also be traded, exchanged and used to buy goods and services. The mechanism of Bitcoin transactions is purely digital in nature, and it is run via a technological ledger known as Blockchain. Therefore, in short, although not a physical currency, Bitcoin is an accepted form of digital currency that can act as an alternative to fiat money provided the transactions are done digitally.

Bitcoin is a Security:
Bitcoin is also a security because it is fungible, a negotiable financial tool that has a monetary value. Bitcoin can be used as a variant of stock, such as in case of ICOs; as a bond provided the governmental bodies accept it as legal, and as an option. Bitcoin does provide a sense of ownership of an asset of a financial promise that can be used to recover a financial value in future. Although, the SEC chairman recently said that Bitcoin is not a Security because it is not secured by a third party, the point to note is that, like stocks, it does provide a promise to pay in future according to the market value, and that is a kind of security for Bitcoin enthusiasts.
Although a bank or a third party do not back the security, it is accepted in the crypto community that the value of Bitcoin will remain available, transparent and exchangeable depending on the market position of the cryptocurrency based on demand.

Bitcoin is a Commodity:
What is a commodity actually? According to Investopedia, “a commodity is a basic good used in commerce that is interchangeable with other commodities of the same type.” Therefore, Bitcoin can be considered as a digital commodity because it is used in commerce in the Crypto-economy, and it is interchangeable with other digital and sometimes fiat currencies. Also, Bitcoin remains the same thing wherever it is mined, and therefore, it can be used as a commodity with the same properties and value anywhere on this earth.
The Idea is Basically in how Bitcoin is used.
While it is clear that Bitcoin can act as a currency, a security or a commodity, the real issue with the classification of the cryptocurrency is that its attributes are often prevalent during its use. Therefore, if Bitcoin is used or treated as a currency, it takes the form of a currency. This is applicable to other forms of financial classifications, such as security and commodity too.
Since the very core idea of Bitcoin when it was created was kept versatile so that it can be used as an asset class mentioned above, the cryptocurrency obtained features that resemble securities and commodities, apart from being a currency. It is just a matter of understanding that Bitcoin can have different attributes that define various financial classes that are usually built around different classifications for currencies, securities, and commodities in case of fiat money.
As the Marketplace commentary suggests, it is not the reason of transactions that makes Bitcoin a currency, commodity or a security, but in fact, it is the use of the cryptocurrency or the user that makes it a member of any defined financial classification. Although, some may doubt the real value of such a versatility that does not make it a true member of any specific financial class, it is a matter of great advantage for all users because it reduces the need for three different ideas, and sums up as a single entity that can serve as a currency, a security, and a commodity at the same time.

Yes oooo!..  congratulations to us in here and the entire cryptocurrencies communities, it hasn't been easy keeping up with the storm! It's has a wild experience sinceo first learnt about it in 2015, no regrets at all! Thank you to everyone that help me to know about bitcoin and thanks to Satoshi Nakamoto!

Lol...you are funny friend...money(fiat) is what it is today because we they people choses to accept it...fiat or money as you may know it is just a function of the faith we have in it...infact is even a bigger Ponzi Scheme!...something of value is supposed to be in limited supply...any day and any time, the US government and federal reserve can decide to print more money hence bringing down the value of it...bitcoin and crypto are different....they are all in limited supply!

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Who Is The REAL Satoshi Nakamoto?
The true identity of Bitcoin creator Satoshi Nakamoto is something that has boggled the minds of many a crypto enthusiast since 2008. Despite having been unmasked by the NSA, there are very few people outside the Department of Homeland Security who know Satoshi’s real name.
Suspect List
1) Dorian Prentice Satoshi Nakamoto
In 2014, Newsweek famously named Dorian Prentice Satoshi Nakamoto, a 64-year-old Japanese American with a fondness for model trains, as Bitcoins creator. While originally supporting the narrative, Dorian Nakamoto later denied he was the founder of bitcoin. Mr. Nakamoto divorced his first wife, remarried and had a further five children with his second wife Grace Mitchell, 56, who lives in Aubodon, New Jersey. (source)

2) Elon Musk
The tech entrepreneur behind SpaceX denied the long standing rumour after a former SpaceX intern compared his writing style. The results showed that Musk was telling the truth, and after hackers used Tesla to mine cryptocurrencies we think it’s even less likely!(source)

Elon Musk, Tesla Motors

3) A Russian or Chinese agent
The Obama administration was concerned that Satoshi was an agent of Russia or China — that Bitcoin might be weaponized against us in the future. Knowing the source would help the administration understand their motives.

4) Craig Steven Wright
An Australian who claimed to be Satoshi Nakamoto in 2015, withdrew from public life after supplying false evidence and later failing to provide new evidence to support his claims. His assertions were initially met with skepticism and not following through with the promised evidence leaves many wondering if he is, in fact, the elusive creator of bitcoin. (source)

Now, two publications once again claim to have outed Satoshi as an Australian computer scientist and entrepreneur named Craig Wright. Websites Wired and Gizmodo claim to have a series of emails, old blogposts and eyewitness accounts that, in Wired’s words, show that “either Wright invented bitcoin, or he’s a brilliant hoaxer who very badly wants us to believe he did.” (source)

Related Post: Man Claiming To Have Invented Bitcoin Faces $10 Billon Lawsuit

Craig Wright

5) David Kleiman
A popular choice in forums, David Kleiman, was Craig Wright’s best friend, an Army veteran, a paraplegic, and a computing wizard sometimes consulted by national TV networks for his expertise in computer forensics and security. According to a month-long Gizmodo investigation published in 2015, Kleiman may also have been deeply involved with Bitcoin. Documents and on-the-record interviews obtained by Gizmodo and Wired in separate investigations show that Craig Wright, an Australian CEO whose home and office were raided hours after the stories were published, repeatedly claimed in private that he and Kleiman were part of Bitcoin’s creation. Gizmodo wrote a very interesting article on Kleiman. (source)

Related Post: 15 Mind Blowing Facts About Satoshi Nakamoto Every Crypto Enthusiast Should Know

6) The CIA/NSA
A group named CIA Project claims that bitcoin is a creation of the CIA or NSA. While the group provided “evidence,” such as stating the name, Satoshi Nakamoto, roughly translates to “Central Intelligence” in Japanese, their perspective is considered to be no more than a conspiracy theory. (source)

7) Nick Szabo
A reclusive American, deeply involved in the bitcoin project, released a blog expressing interest in the technology before Bitcoin’s release, but later reposted it to alter the publishing date. After the blog post about bit gold was determined to be from before bitcoins release, researchers at Aston University compared his writing style to Satoshi Nakamoto’s. According to Jack Grieve, a lecturer who led the project effort, the similarities were “uncanny.” (source)

Hal Finney
Many people believe that Hal Finney, the first person to receive a bitcoin transaction, was actually Satoshi Nakamoto. If so, the mystery of the founder’s identity may never be solved, as Finney passed away in 2014 from ALS. (source)

9) A Group of Companies
Some bitcoin users have suggested (jokingly) that Satoshi Nakamoto could actually be a group of four Asian technology companies: Samsung, Toshiba, Nakamichi, and Motorola. The name can be created by taking the “sa” from Samsung, “toshi” from Toshiba, “naka” from Nakamichi, and “moto” from Motorola. (source)

Have we forgotten someone?
What do you think? Have we found our Nakamoto, or is there someone not mentioned in this list that you believe is a contender for the crypto industry’s most elusive persona? Let us know by commenting below!

Conclusion
Whoever he/she/they are, the real Satoshi Nakamoto has many good reasons for wanting to stay anonymous. The most obvious reason would be potential danger; being worth over $10B USD could make Nakamoto a target, especially with recent news reports showing Bitcoin thieves threatening real violence for this virtual currency.

Satoshi Nakamoto is it you?

Yes...it will surely happen, just i personally think it will take ages for a payment chip to be implanted in the body!...so many religious leaders and bodies will fight it...let us be sincere too...we probably may not need it since bitcoin and crypto currencies works well....anyway no one can accurately predict the future!

Yes sir! A very dangerous virus...Religion was the greater error that has happened to mankind....and to be sincere, it is a very powerful force and it is actually a good thing...just that most so called religious leaders have use it to manipulate people for their own selfish gains! Political parties and politicians use it as a means of wining an election....it's more frequent in Africa!
Hence we all need to collectively fight this trend and to preach more of humanity! Is really disheartened to see someone been killed because of following a different religion or a different believe system!

Lol...funny time and patience is what is needed in the cryptocurrencies space to create real and massive wealth...imagine what has really happened to binance coin now..lol

I konw u have probably learnt your lessons...

Hint; look for a good project you believe in...secure a good position and forget it!

I love satoshi..great man! Is very simple, he is a very straightforward person and a very expressive person!
.when he speaks believe it or not...he is done! No time to try to convince doubting Thomas! ...lol bitcoin has come to stay whether the world and respective national governments likes it or not!

Yes ....so true ! A friend once had check back issues after receiving cash through a bank transfer which he has rendered service...it was a bad experience for him! Since that ugly incident...me and my co networks are very careful as to where payments are coming from....

Adopting bitcoin 100% as a national currency by a country will not stop the collection of tax revenues....infact it will make even more effective! There are many hands though mostly in Africa countries where tax officials collect fiat and it never get to the government's accounts but  with bitcoin any tax payer will make payments and keep all proofs to show upon requested! Adopting cryptocurrencies by countries is a great way to go similarly bitcoin is not going to ruin a country, bitcoin is providing opportunities to its people for investment and trading, so bitcoin can be a good tool to increase the status of a country economically. i think if government take  serious step about bitcoin and regulate it  then they can also impose tax on it and will certainly collect good tax from  bitcoin.

I sincere think that KYC is needed; in other to reduce financial fraud and money laundering....thanks for the idea of KYC in my own humber opinion it has really help in monitoring the movement of financial...just that am in total support for the need for ICOs platforms to collect less data as possible but must be accurate and containing some key details incase of subsequent cases of fraud...more than a regulatory requirement, the KYC has become an essential component of the customer experience. The digitization of company / customer exchanges requires that customers be given an easy and fast accreditation or identification experience. At the same time, the reinforcement of identification rules forces the company to manage and control an increasing number of channels, making the customer journey more complex. Solving this equation is therefore strategic!
For the end customer, this procedural burden of collecting and processing identification documents can be perceived as a real challenge, which can lead to a reduction in satisfaction associated with the complexity and length of registration which could lead to abandonment.
For the company, this abandonment is catastrophic: the identification becomes a position of costs, consumer of human resources, in constant growth.
On the basis of this finding, the outsourcing of KYC to specialized providers deserves to be examined - but i think is ok!!

Bitcoin is a write-uncontrolled, read-uncontrolled database. That means anyone can write a new block into the chain, and anyone can read a block in the chain.

Blockchains allow different parties that do not trust each other to share information without requiring a central administrator. Transactions are processed by a network of users acting as a consensus mechanism so that everyone is creating the same shared system of record simultaneously.

The value of decentralized control is that it eliminates the risks of centralized control. With a centralized database, anybody with sufficient access to that system can destroy or corrupt the data within. This makes users dependent on the administrators.
A permissioned blockchain, like a centralized database, can be write-controlled and read-controlled. That means the network or the protocol can be set up so only permissioned participants can write into the database or read the database-banks are operating base on this model making it very vulnerable!!....of course it will take some time for massive adoption....notwithstanding all the great features of decentralisation and a permissionless mechanisms it will definitely take some time for some major changes to take place...for now move with the two( banks and cryptocurrencies) is the way forward.....gradually one will die on the way!! Lol thank u!

Thank you so much....it did some fundamental shift in my mentality!!

Lol...cool !! It's a great idea! More people going into mining is a great way forward; just that currently, mining isn't really profitable for the individual miner....except of course institutional....group of wealthy guys can decide to form partnership and go into mining btc or eth and get some really profits....i will recommend you just look buy some good crypto and hold for the long....bitcoin must be in your portfolio with good amount invested in some altcoins......if possible invest in some good ICOs....

No sir...not recommended...putting all your eggs on one basket is not cool....please use different wallets for btc and on different device...if possible get paper wallet for long term hodl...
Meanwhile is some wallets recommendations for ethereum network!!
Hardware wallets such as Ledger and Trezor are the best and offer the highest security but cost around $70-$150.

Software wallets like Enjin, Trust and ImToken are great free alternatives but with the Private Key being on your smartphone, they come in second place to the hardware wallets.

Browser extensions like MetaMask are good also but being browser based, their attack surface could be considered higher than software wallet apps. Also MEW is most commonly compromised by phishing attacks so please either use with caution or avoid.

As always, have a back up of your private key or seed words. If you lose your crypto wallet and don't have the backup somewhere safe, you lose all your tokens.

If in doubt, ask. We are here to help!

Yes sir ...so long your machine is in great shape!! ...but be sincere...i see no reason why you should have multiple btc wallet on a single machine...why not choose the best in terms of safety and user friendly....anyway is your choice!! Though i have used so many Bitcoins wallet on my PC...i never had any problems with it...but currently i have choose to stick to one wallet...May be some other time ..i wil recommend the one am using!!...let me add this- for security reasons; why not a paper wallet for long term hodl and probably keep the coins you will need to spend frequently on a mobile wallet !!...anyways using multiple wallet on PC won't constitute any problems!!!

To be sincere  ...these are all wonderful projects which  has really done great things to mankind ..the impacts are yet to be recover from !!..comparing bitcoin and ethereum; to me is not supposed to be so..since this ledger were created to serve different purposes and use cases!! And again i think Bitcoin is a great store of value and it will continue to lead in the market!
Meanwhile i have them all in my holdings...lol

Yes sir!!!. Can be frustrating most of the time!!...i believe with time exchanges and cryptocurrencies trading platforms will serve us better....for now they aren't 100%; but u see ? In most cases, users of the exchange normally cause problems....a major issue could be kyc and probably when the exchange is doing major updates on wallet....new technologies usually suffers at the initial stage...but with time and patience ..the system usually gets better...so pls let's us all give cryptocurrencies exchanges some grace.....i want to believe and am seeing it already, new exchanges are coming out to improve on some of the issues with the current ones!!...it's now a matter of small time....the bitcoin ecosystem will mature!

Lol....aren't afraid of KYC ..to me personally; only criminals wouldn't want to subject themselves to KYC procedures!!
And the issue of saying that you don't want to do kyc because your personal data can be stolen isn't a good reason! Proposing and suggesting ways in which ICOs platforms can safeguard kyc data is the way to go!!!...kyc is a great way to go if really we are really about massive adoption for cryptocurrencies!...there are so many institutions and individuals who have invested in ICOs with illicit proceeds- which is really bad!! Kyc is the way to go!!!