[GNC] Bitcoin is legal currency in El Salvador - why not

[davidcousens49 at gmail.com]

Kalpesh,

John's answer is pretty explicit. It is not, at least yet, a "true " currency
and as such does not obey the "rules" that financial regulation applies to true
currencies that allow their treatment as currencies. There needs to be a
regulated international system of financial exchange which does not yet exist
for bitcoin. At present it is regulated in only one or two countries not the
rest of the world. It is more appropriate to describe it as a stock or mutual
fund at this point in time.

David Cousens

On Tue, 2021-12-07 at 14:19 -0500, Kalpesh Patel wrote:
> Why not to set this up as a true currency in GNC, instead of Stock or Mutual
> Fund?
> 
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> Message: 8
> 
> Date: Tue, 7 Dec 2021 12:42:21 +0000
> 
> From: Eric Coates <TwistedWood at talktalk.net
> <mailto:TwistedWood at talktalk.net> >
> 
> To: gnucash-user at gnucash.org <mailto:gnucash-user at gnucash.org> 
> 
> Subject: Re: [GNC] Bitcoin is legal currency in El Salvador - why not
> 
>                 add BTC?
> 
> Message-ID: <6bc32ed3-ac6b-5924-1990-f852c6829d1e at talktalk.net
> <mailto:6bc32ed3-ac6b-5924-1990-f852c6829d1e at talktalk.net> >
> 
> Content-Type: text/plain; charset=utf-8; format=flowed
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> 
> Hi
> 
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> 
> To (slightly) misquote John Ralls
> 
> "Bitcoin is neither a major nor a minor currency. It's not a currency at
> all:...[it is]? a speculation vehicle, not a currency."
> 
> but as shares are also "speculation vehicles" a possibility arises.
> 
>  
> 
> Starting from Dustin Henning's comment, some trivial experimentation shows
> that it is possible to set up a Bitcoin account in GnuCash by classifying it
> as a Stock (although Mutual Fund may be more appropriate as, I understand,
> fractional parts of Bitcoin are possible) and setting up Bitcoin as a
> security. And (somewhat to my surprise) it is possible to get on-line quotes
> by specifying the Symbol/abbreviation as BTC-GBP and using Yahoo as JSON as
> the source in the Single source drop-down. 
> 
> (BTC -USD is also available, others may be - I haven't checked).
> 
>  
> 
> So (probably after some experimentation) Bitcoin can already be handled
> within GnuCash!
> 
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> 
> "They knew not how well they built"
> 
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> 
> Take care
> 
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> 
> Eric
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