Charles Bell is a freelance writer who’s passionate about covering a number of different topics. In addition to writing about the latest technology, Charles has a soft spot for anything related to the Marvel Cinematic Universe. When he’s not researching or writing, you can find him playing Fallout 4 on his PS4.
The debate over whether Bitcoin should be classified as a currency or a commodity (or at worst, a gimmick) has been going on for years, and the world still hasn’t come to a consensus.
Last fall, a great deal of discussion was generated by the fact that the CFTC designated Bitcoin as a commodity, specifically as opposed to currency. The designation means that Bitcoin was seen by a major trading commission as a resource in the same category as oil or precious metals, rather than as a type of money akin to the dollar or euro. It didn’t have any effect on how people could privately use Bitcoin, but it was a fairly major statement against the idea of cryptocurrency being disruptive in our everyday finances.
On the other hand, the European Union made the