user52683: Some countries view Bitcoin as a commodity, some see it as a currency (and some ban it, but that's another story).
I read a few articles, but in layman's terms, what are the main differences about a commodity and a currency?

user59612: I found this on a Quora. Hope it helps.
Property
Pro:
It is eligible for long-term capital gains tax treatment, if held for more than one years (which is a huge benefit). The US has very favorable capital gains taxes.
Con:
Every purchase made with bitcoin will be a capital gain or a capital loss that must be tracked, even if the purchase price is denominated in bitcoin.
Currency
Pro:
Money spent with bitcoin on bitcoin-priced goods & services would not give rise to a separate taxable transaction. Theoretically one could benefit from bitcoin appreciation and never be taxed upon that appreciation.
Con:
Conversion of bitcoin to other currencies would give rise to taxable income, if a gain occurs, and losses would be unrecoverable (for individuals).

I think coin.dance (your link) is not 100% up to date.

52683: <p><a href="https://coin.dance/poli#legalitybycountry" rel="nofollow noreferrer">Some countries</a> view Bitcoin as a commodity, some see it as a currency (and some ban it, but that's another story).</p>

<p>I read a few articles, but in layman's terms, what are the main differences about a <strong>commodity</strong> and a <strong>currency</strong>?</p>
 59612: <p>I found this on a <a href="https://www.quora.com/What-are-the-pros-and-cons-of-Bitcoin-being-taxed-as-property-instead-of-currency-by-the-IRS" rel="nofollow noreferrer">Quora</a>. Hope it helps.</p>
<h2>Property</h2>
<h3>Pro:</h3>
<p>It is eligible for long-term capital gains tax treatment, if held for more than one years (which is a huge benefit). The US has very favorable capital gains taxes.</p>
<h3>Con:</h3>
<p>Every purchase made with bitcoin will be a capital gain or a capital loss that must be tracked, even if the purchase price is denominated in bitcoin.</p>
<h2>Currency</h2>
<h3>Pro:</h3>
<p>Money spent with bitcoin on bitcoin-priced goods &amp; services would not give rise to a separate taxable transaction. Theoretically one could benefit from bitcoin appreciation and never be taxed upon that appreciation.</p>
<h3>Con:</h3>
<p>Conversion of bitcoin to other currencies would give rise to taxable income, if a gain occurs, and losses would be unrecoverable (for individuals).</p>
<hr />
<p>I think coin.dance (your link) is not 100% up to date.</p>
