Bitcoin

[Les]

On 12/19/2012 04:07 PM, Mike or Penny Novack wrote:
>
>>>>
>>>>     
>>> I think it would be a commodity.
>>>
>>> Michael
>>>   
>> Gold is a commodity, but it is still money and has been for several
>> thousand years.
>>
>> Les
>>
>>  
>>
> I think you meant that gold had been a currency in many places in the
> past ("money" is another concept). But the point is that NOW if you
> are keeping books using gnucash in whatever currency an account in
> gold would be handled as a commodity. Why would you expect/want a
> different treatment for "bitcoin" than "gold"?
>
> Michael
>
>
If you look in security editor, you will find xau (gold), silver and
other precious metals listed under currency.  But, this begs the
question because there is no bitcoin anywhere.  As for whether or not
gold is money and a commodity is an economic definition.  The economic
definition for money is a medium of exchange.  By that definition
anything can be money if people agree to the exchange. To prove that
gold is money, the Iranians have been selling oil to Turkey who have
been paying Iran in gold.  You can believe whatever you wish.  As for
bitcoin, I don't use it.  But there are a lot of people who do.  My
original question was out of curiosity. 
Les