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CFTC Ruling Defines Bitcoin and Digital Currencies as Commodities

The US Commodity Futures Trading Commission (CFTC) has issued its first action against an unregistered bitcoin options trading platform, ordering the startup to cease operations and simultaneously settling the case. How to multiply your Bitcoins

The CFTC charged San Francisco-based startup Coinflip Inc, which does business under the name Derivabit, and CEO Francisco Riordan with conducting activity related to commodity options, without registering with the agency or meeting rules for exemption.

Ending speculation. In its ruling, the CFTC offered clarity as to the ruling, stating that Section 1a(9) of the CEA defines commodity to include "all services, rights, and interests in which contracts for future delivery are presently or in the future dealt in."  bitcoin investment site

"The definition of a 'commodity' is broad... Bitcoin and other virtual currencies are encompassed in the definition and properly defined as commodities," the agency wrote.

Bitcoin Investment

Bitcoin is a form of digital currency, created and held electronically. No one controls it. Bitcoins aren’t printed, like dollars or euros – they’re produced by people, and increasingly businesses, running computers all around the world, using software that solves mathematical problems.

It’s the first example of a growing category of money known as cryptocurrency.

Who created it?

A software developer called Satoshi Nakamoto proposed bitcoin, which was an electronic payment system based on mathematical proof. The idea was to produce a currency independent of any central authority, transferable electronically, more or less instantly, with very low transaction fees. bitcoin investment

What is bitcoin based on?

Conventional currency has been based on gold or silver. Theoretically, you knew that if you handed over a dollar at the bank, you could get some gold back (although this didn’t actually work in practice). But bitcoin isn’t based on gold; it’s based on mathematics.

Around the world, people are using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available, so that anyone can check it. how to invest bitcoin

The software is also open source, meaning that anyone can look at it to make sure that it does what it is supposed to.