Bitcoin

[Frank H. Ellenberger]

Am 20.12.2012 04:01, schrieb Les:
> On 12/19/2012 07:26 PM, Dustin Henning wrote:
:
>> I believe bitcoin would be money more than gold would.  It isn't surprising
>> that one country would pay another for oil with gold, but on a much smaller
>> scale, paying with gold is far less feasible than paying with bitcoin.
>> Given that, and especially given the fact that gold can be used as a
>> currency in GnuCash, I think it only logical that bitcoin be usable as a
>> currency.  There are other cryptocurrencies to compete, though, and it would
>> be tough for developers to keep up with, so IMO, custom currencies is the
>> way to go.  The custom currency function would need to allow 8 decimal
>> places instead of 6 for most of the cryptocurrencies I have seen, though.
>> 	Dustin
>>
> I agree.  At least 8 digits is absolutely necessary.  As for smaller
> exchanges, silver has been the historical choice.  The problem with
> bitcoin, is it has been very erratic from a high of near 32 to the $ to
> a low of around 2.  It is now back to around 13.5.  Silver is around
> 32.00 and gold around 1665.
> I believe bitcoin is going through a period of acceptance and will take
> some time to shake out the true value, if there is one.  Commodities
> have traditionally taken several years to be officially recognized as a
> money.  Bitcoin is not there yet, but it has come a long way. 
> Les

Hi again,

just to clarify this: In the current situation currencies in GnuCash are
restricted to ISO currencies. If somebody offers a patch to implement
user defined currencies - a new namespace, ... - fine.

>From https://bugzilla.gnome.org/show_bug.cgi?id=648627#c3:
> I have requested ISO to support BTC:
> 
> 
> Please support the new Bitcoin currency code BTC in ISO 4217. For more
> information, see:
>   http://www.weusecoins.com/
>   http://bitcoincharts.com/markets/
>   https://secure.wikimedia.org/wikipedia/en/wiki/Bitcoin
>   http://www.bitcoin.org/
> 
> 
> They have declined on the following reasons:
> 
> 
> 1. The currency code is not linked to any country code.
> 2. The currency code is considered a 'private currency' and not used for tender
> in any country.
> 3. There will be no international payments denominated in Bitcoin therefore an
> ISO currency code for the Bitcoin is not applicable. 
> 4. The Institution responsible for the Bitcoin does not appear to be recognized
> internationally or have any official status. Neither Reuters or Bloomberg
> provides market data related to its use. 
> 
> 
> I have challenged all four points but without success, their reply was:
> 
> 
> The EUR is linked to a country code (EU), Bitcoin is not. The Bitcoin is a
> private currency, because there is no governmental institution or monetary
> authority supporting it. The point in case is not whether a currency is public
> or not (Facebook Credits are also public but would not get an ISO code either).
> Finally, Bitcoin may not be denominated in any other currency. We are therefore
> obliged to definitely decline your request.
> 
> 
> Please, someone provide a patch for BTC as user defined currency.

IMHO the answer of the ISO comitee is correct.
Some other alternate currency founders have been smarter. They made an
agreement with the swiss government (CHE, CHW). Something similar could
also be a way for Bitcoin.

HTH
Frank