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Blockchain Technology Allows Digital Investment in Precious Metals

December 1, 2016 in Crypto Currency, Currency, Digital Currency, Education, Gold, History, News, Numismatica, Numismatics, Opinion, Precious Metals, Royal British Mint, Virtual currency

By: Kendall Bailey News.CoinUpdate.com (Coin Update News)

blockchain-main-img

This morning there was a post on LinkedIn that caught my eye. It was a piece from the Telegraph that talked about how the Royal Mint is going to begin offering gold trading using blockchain technology.

If you’re asking yourself what “blockchain” means, I’m sure you’re not alone. I knew the term was somehow related to cryptocurrency, but that was all. I spent a couple of hours reading and bouncing ideas off my three-year-old, always a good sounding board, and decided to write a little bit about it.

Blockchain Technology

This is the technology that Bitcoin is based on. Don’t let words like… Full article at the source>

Source: News.CoinUpdate.com (Coin Update News)

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Bitcoin Set to Overtake eBay’s PayPal in Transaction Volumes

May 26, 2014 in Bitcoin, Currency, Digital Currency, E-commerce, Ebay, Investing, News, Virtual currency

By: Jerin Mathew. May 24th, 2014 (http://www.ibtimes.co.uk/) (international Business Times)

Bitcoin

Bitcoin

Popular digital currency bitcoin is expected to overtake e-commerce giant eBay’s payment processor PayPal in terms of US dollar transactions in the near future.

California-based hedge fund Laureate Trust says that bitcoin is fast establishing itself as the currency to use globally and instantly to make purchases or payments over the internet recording nearly $300m (£178m, €220m) daily in transactions.

“Whenever you have an instrument that trades over 300 million US dollars a day, it must be recognized,” Peter Tasca, CEO of Laureate Trust, said in a statement.

“The digital currency works, Bitcoin has greater volume transactions than Western Union and we anticipate it will overtake PayPal later this year.”

PayPal processes payments totalling $315.3m every day, according to Statistic Brain.

“In the next one or two years, Bitcoin can surpass the dollar transaction volumes of other established payment companies including Discover, and even American Express, MasterCard, and Visa,” said SmartMetric CEO Chaya Hendrick.

Bitcoin was launched in 2008 and is traded within a global network of computers. They can be transferred without going through banks or clearing houses, reducing fees involved in the services significantly.

Full article at the source>

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Judge orders Mt Gox CEO Mark Karpeles to US over missing bitcoins

April 3, 2014 in Bitcoin, Digital Currency, News, Virtual currency

Reuters | Apr 2, 2014 (http://timesofindia.indiatimes.com/)

Bitcoin

Bitcoin

The chief executive of Japan’s Mt. Gox, once the world’s leading bitcoin exchange, was ordered to the United States to answer questions related to its US bankruptcy case, filed after the company lost $400 million of customers’ digital currency.

US Bankruptcy Judge Stacey Jernigan has ordered Mark Karpeles to appear on April 17 in Dallas at the offices of Baker & McKenzie, the law firm that represents Mt. Gox.

Mt. Gox customers want its chief executive and majority owner, Karpeles, to explain why the exchange shut down in February and what happened to their 750,000 bitcoins, which the company said were stolen in a computer hacking attack.

Full article at the source>

Related posts

http://numismatica.com/mt-gox-ceos-blog-hacked-alleged-bitcoin-balances-posted/

http://numismatica.com/mt-gox-finds-116-million-worth-of-bitcoins/

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IRS rules Bitcoin will be taxed as property, not as currency

March 25, 2014 in Bitcoin, Currency, Investing, News, Taxes, Virtual currency

By Adrianne Jeffries on March 25, 2014 (http://www.theverge.com)

The IRS previously admitted it wasn’t sure how to tax Bitcoin, but today it’s reached a decision. Bitcoin and other virtual currencies are considered property, not currency, according to a notice posted today. That means Bitcoin owners may have to pay taxes on the income they gain as Bitcoin increases in value, and may be able to deduct a loss if Bitcoin loses value, just as if Bitcoin were a stock.

“In some environments, virtual currency operates like ‘real’ currency,” the IRS writes, “but it does not have legal tender status in any jurisdiction.” Therefore, “virtual currency is treated as property for U.S. federal tax purposes” and “general tax principles that apply to property transactions apply to transactions using virtual currency.”

The ruling takes effect immediately and failure to comply will result in fines. However, the agency says it will allow leniency for failure to file in the past if there is “reasonable cause.” (Presumably the absence of a rule would qualify.)

The ruling takes effect immediately and failure to comply will result in fines

Full article at the source>

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Mt. Gox finds $116 million worth of bitcoins

March 22, 2014 in Bitcoin, Digital Currency, News, Virtual currency

The exchange filed for bankruptcy protection stating that 850,000 bitcoins had disappeared

By: By John Ribeiro | March 21st, 2014  IDG News Service (http://www.infoworld.com)

Mt. Gox has said it found 200,000 of the bitcoins it claimed may have disappeared as a result of a software flaw.

In a statement on its website Thursday, the failed exchange said it found 200,000 bitcoins in an old-format digital wallet, reducing the number of bitcoins missing to 650,000.

The finding may be a glimmer of hope for Mt. Gox’s customers, although bankruptcy proceedings in Japan and the U.S. are unlikely to result in a speedy determination of which creditors get paid first. The 200,000 bitcoins were worth about $116 million at market price Friday.

Wallets are software programs for holding and transferring bitcoins, and other payments applications. The wallet in which the bitcoins were found were used in the past and the exchange thought it no longer held any bitcoins, wrote Mark Karpelès, Mt. Gox’s CEO.

Full article at the source>

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Amazon Coins Now Available for Customers in the US, UK and Germany to Buy, Spend and Earn On Android Devices

March 20, 2014 in Digital Currency, News, Press Releases, Virtual currency

Customers’ Coins balances automatically transfer to their Android device to spend on over 100,000 apps and games in the Amazon Appstore

SEATTLE–(BUSINESS WIRE)–Feb. 19, 2014– (NASDAQ: AMZN)—Amazon today announced that customers in the US, UK and Germanycan now buy, spend and earn Amazon Coins on their Android phones and tablets. Previously available for use exclusively on Kindle Fire tablets, Amazon Coins can now be used to buy the latest apps, like Ridiculous Fishing, purchase extra lives within Candy Crush, or unlock Red’s amazing Super Roaster in Angry Birds GO directly from their Android device. Customers simply need to download the latest version of the Amazon Appstore and their existing Coins balances automatically appear. Existing Android customers can upgrade to the latest version of the Amazon Appstore on their mobile device by visiting www.amazon.com/updateappstore and new customers can download the Amazon Appstore on their mobile device by visiting www.amazon.com/getappstore.

“Since the launch of Amazon Coins, we’ve been amazed by the number of customers using Coins, as well as how many Coins they’re spending on apps and games,” said Mike George, Vice President, Amazon Appstore and Games. “Because customers can earn Coins when they buy apps in Amazon’s Appstore, and because they can buy Coins themselves at up to a 10% discount, customers love the extra value they get when shopping in our Appstore.”

Customers will find that earning extra Amazon Coins is easy and fun, whether it’s by downloading specific apps or by reaching achievements within certain games. The full selection of apps where customers can earn Coins is available by visitingwww.amazon.com/earncoins. Here’s what customers have to say about Amazon Coins:

“Amazon Coins are such a simple, easy idea I’m excited for the future of it. Plus with the money you save it’s a no brainer.” – Dan, Amazon Coins customer

“I bought these Coins so I don’t have a lot of little charges on my credit card. I balance every single purchase I make, so writing down a silly 99 cent purchase my kids make can be annoying. I buy $10 worth of Coins every few months and I save 50 cents and I also don’t have to write down little purchases, so this is a win, win for me.” – J, Amazon Coins customer

“My daughter and I both have the Kindle Fire HD and the Coins are a great way for us to stay on a budget. At the beginning of the month we each buy our Coins for the month.” – Devon, Amazon Coins customer

“Very good deal on Coins, I got at least 1 game paid for by Amazon and my money’s worth! Love Amazon and my Kindle.” – Nikki, Amazon Coins customer

Full press release at the source>

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Bitcoin Site Shuts Down After Being Robbed Of Every Single Coin It Held Online

March 6, 2014 in Bitcoin, News, Virtual currency

By: Joe Weisenthal. March 4th, 2014 (http://www.businessinsider.com/)

Another Bitcoin site disappears.

This time Flexcoin — which called itself a bitcoin bank — has announced that it’s going out of business after a huge theft that has wiped it clean.

This is the announcement. There’s no sugarcoating it. Somehow all the bitcoins were just taken.

On March 2nd 2014 Flexcoin was attacked and robbed of all coins in the hot wallet. The attacker made off with 896 BTC, dividing them into these two addresses:

1NDkevapt4SWYFEmquCDBSf7DLMTNVggdu

1QFcC5JitGwpFKqRDd9QNH3eGN56dCNgy6

Full article at the source>

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Mt. Gox files for bankruptcy, hit with lawsuit

February 28, 2014 in Bitcoin, News, Virtual currency

By Yoshifumi Takemoto and Sophie Knight TOKYO Fri Feb 28, 2014. (http://www.reuters.com)

(Reuters) – Mt. Gox, once the world’s biggest bitcoin exchange, filed for bankruptcy protection in Japan on Friday, saying it may have lost nearly half a billion dollars worth of the virtual coins due to hacking into its faulty computer system.

The collapse caps a tumultuous few weeks in which the company has remained virtually silent after halting trades of the crypto-currency, shaking the nascent but burgeoning bitcoin community.

Wearing a suit instead of his customary T-shirt, Mt. Gox’s French CEO Mark Karpeles bowed in contrition and apologized in Japanese at a news conference at the Tokyo District Court, blaming his firm’s collapse on a “weakness in our system”, but predicting that bitcoin would continue to grow.

“First of all, I’m very sorry,” he said. “The bitcoin industry is healthy and it is growing. It will continue, and reducing the impact is the most important point.”

Full article at the source>

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How Mt.Gox went down

February 26, 2014 in Bitcoin, Investing, News, Virtual currency

By Jose Pagliery  @Jose_Pagliery February 26, 2014 (http://money.cnn.com/)

NEW YORK (CNNMoney)

Bitcoin skeptics say the digital currency is doomed. They’re wrong. But the failure of Mt.Gox shows the agony of an evolving industry without any government oversight and led by tech entrepreneurs with zero financial experience.

The shutdown of Mt.Gox — one of the world’s largest bitcoin exchanges — and the potential loss of more than $350 million worth of bitcoins is the result of abysmal mismanagement at the company.

By its own account, Mt.Gox collected only $380,450 in revenue during most of 2012. The next year, U.S. government agents seized $5 million from its accounts. Such a massive loss would cripple any business, but Mt.Gox remained open in Tokyo, taking people’s cash for bitcoins.

Full article and video at the source>

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Shutdown of Mt. Gox Rattles Bitcoin Market

February 26, 2014 in Bitcoin, Investing, News, Virtual currency

Closure Raises Concern About the Future of Unregulated Virtual Currency

By Robin Sidel, Michael J. Casey and Eleanor Warnock. February 25th, 2014 (http://online.wsj.com/)

The virtual currency bitcoin suffered the biggest setback in its five-year history after a major exchange shut down on Tuesday, stoking concern about the future of a digital form of money traded by professional investors and ordinary people, but regulated by no one.

The abrupt closure of Tokyo-based Mt. Gox underscored the risks of a virtual currency that has seen a meteoric rise in the past year. Unlike a U.S. bank failure, in which deposits are insured by the government, there may be little recourse for people whose money is locked up in the shuttered exchange.

Federal prosecutors in Manhattan subpoenaed Mt. Gox this month, asking the bitcoin concern to preserve certain documents, among other things, according to a person familiar with the matter.

Full article at the source>

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Why Bitcoin Matters

February 11, 2014 in Bitcoin, Digital Currency, Investing, Opinion, Virtual currency

By MARC ANDREESSEN Another View January 21st, 2014 (http://dealbook.nytimes.com)

Editor’s note: Marc Andreessen’s venture capital firm, Andreessen Horowitz, has invested just under $50 million in Bitcoin-related start-ups. The firm is actively searching for more Bitcoin-based investment opportunities. He does not personally own more than a de minimis amount of Bitcoin.

A mysterious new technology emerges, seemingly out of nowhere, but actually the result of two decades of intense research and development by nearly anonymous researchers.

Political idealists project visions of liberation and revolution onto it; establishment elites heap contempt and scorn on it.

On the other hand, technologists – nerds – are transfixed by it. They see within it enormous potential and spend their nights and weekends tinkering with it.

Eventually mainstream products, companies and industries emerge to commercialize it; its effects become profound; and later, many people wonder why its powerful promise wasn’t more obvious from the start.

What technology am I talking about? Personal computers in 1975, the Internet in 1993, and – I believe – Bitcoin in 2014.

Full article at the source>

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These four charts suggest that Bitcoin will stabilize in the future

February 4, 2014 in Bitcoin, Investing, News, Virtual currency

By: Timothy Lee. February 3rd, 2014 (http://www.washingtonpost.com/)

In recent weeks, something interesting has happened to the price of bitcoins: It hasn’t changed very much. In December, Bitcoin prices gyrated wildly, but since the start of the year it’s gradually gotten less volatile.

Bitcoin’s declining volatility is part of a recurring cycle the Bitcoin economy has experienced repeatedly over the past three years. It starts when a wave of publicity attracts new Bitcoin speculators and pushes Bitcoin prices to unprecedented highs. That creates an unsustainable price bubble. The bubble pops, leading to plummeting prices and high volatility. But then the price gradually stabilizes, settling on a “new normal” price.

This pattern suggests that the extreme price volatility that has bedeviled Bitcoin since its inception is likely to prove a temporary phenomenon. Bitcoin prices become volatile when a wave of media attention attracts a swarm of new users. As the Bitcoin economy grows and matures, these growing pains will become less frequent and less severe.

Full Article at the source>

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International bitcoin scam costs investor big

February 4, 2014 in Bitcoin, News, Virtual currency

By: By Christena T. O’Brien Leader-Telegram staff Monday, February 3, 2014 (http://www.leadertelegram.com/)

An Eau Claire man has reported losing more than $150,000 in an international Internet scam using a different kind of money.

Jamie Russell, a 34-year-old software engineer who lives in Eau Claire, first invested in bitcoin — digital currency exchanged through a peer-to-peer network — in August 2012. He purchased hundreds of bitcoins in their infancy for $5 per coin. Since then the currency has increased in value to more than $800 apiece.

Concerned about the security of his digital bitcoins, Russell agreed to digitally submit 201.7 bitcoins to a man in the United Kingdom for 190 physical bitcoins, or tokens with a bitcoin digital key hidden behind a tamper-proof strip. (Russell actually has some of the physical currency, which he keeps in a safe place outside his home.)

Between Dec. 9 and 11, Russell transmitted digital bitcoins worth $151,275 to the digital wallet of a man who identified himself as David Williamson, according to an Eau Claire police report. The men met through the website bitcointalk.org and had been in contact for more than a year, and Russell came to trust Williamson.

Full article at the source>

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The Definitive History of Bitcoin

December 19, 2013 in Bitcoin, Digital Currency, Education, History, Investing, Virtual currency

An infographic by Visual Capitalist Dec. 13th, 2013.

In 2008, the aftermath of the Subprime Mortgage Crisis created the perfect storm for the emergence of Bitcoin. Here is the definitive history of the famous crypto-currency. –

Full Infographic at the source>

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Greenspan Says Bitcoin a Bubble Without Intrinsic Currency Value

December 10, 2013 in Bitcoin, Currency, Digital Currency, Investing, Money, US Federal Reserve, Virtual currency

By Jeff Kearns  Dec 4, 2013 (http://www.bloomberg.com) (Saving and Investing)

Former Federal Reserve Chairman Alan Greenspan said Bitcoin prices are unsustainably high after surging 89-fold in a year and that the virtual money isn’t currency.

“It’s a bubble,” Greenspan, 87, said today in a Bloomberg Television interview from Washington. “It has to have intrinsic value. You have to really stretch your imagination to infer what the intrinsic value of Bitcoin is. I haven’t been able to do it. Maybe somebody else can.”

Bitcoins, which exist as software and aren’t regulated by any country or banking authority, surged to a record $1,124.76 on Nov. 30. The currency has rallied on growing interest from investors, while merchants are starting to accept Bitcoins and U.S. officials have told lawmakers such payments could be a legitimate means of exchange.

Full article and video at source>

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What are gold, silver and bitcoin doing to each other?

December 4, 2013 in Bitcoin, Digital Currency, Gold, Investing, News, Precious Metals, Silver, Virtual currency

Author: Jan Skoyles* 02, December, 2013 The Real Asset CO (http://www.mineweb.com/)

A momentous thing just happened. Bitcoin hit $1,000. (Note: By numismatica.com it is $ 1,200.00 as per the posting time 10:24 am EST)

Is it a bubble? Who knows, but one thing is for sure, you can buy a lot more gold and silver with one bitcoin than you could a year ago.

There are many parallels between bitcoin and gold, both are alternatives to fiat money, both are faceless currencies and both have limited supplies. However, in the last two years one has seen its price climb from $7 to $1000, the other has fallen from $1,900 to $1200.

Debating if bitcoin is the new gold.

We don’t see it like that. Instead, bitcoin is another alternative to fiat money. If it is a safe haven or a hedge against inflation, as gold and silver are so often seen to be, we won’t know for a long time.

However what we can see right now is that people are choosing to park their wealth in the virtual currency as they speculate on its continued rise. They can spend bitcoin and they can save in gold and silver. Both the precious metals and bitcoin seem to have one thing in common – they are viewed as sounder money.

So how much would it cost if you wanted to spend your bitcoin on the ultimate sound money?

Full article at source>

*Jan Skoyles is Head of Research at The Real Asset Company –www.therealasset.co.uk

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The $11 million in bitcoins the Winklevoss brothers bought is now worth $32 million

November 11, 2013 in Bitcoin, Investing, News, Virtual currency

By: Timothy B. Lee The Switch. Nov, 9th, 2013. (http://www.washingtonpost.com)

A lot of people laughed at Tyler and Cameron Winklevoss when they announced in April that they had acquired $11 million worth of bitcoins. The announcement came on April 11, the day after the virtual currency hit a record high of $266 and then plummeted to $120. Over the next few days, it would fall as low as $50, cutting the value of the brothers’ bitcoin stake in half.

But since then, their investment has paid off big-time. A source close to the Winkelvoss brothers says they haven’t sold any of their Bitcoins since April. Bitcoins are now worth $350, almost three times the $120 the New York Times quoted in its April 11 story. So that $11 million worth of bitcoins is now worth around $32 million.

Full Article at source>

 

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Bitcoin wallet service hacked, 4,100 Bitcoins stolen

November 9, 2013 in Bitcoin, Investing, News, Theft, Virtual currency

08 November 2013. Zeljka Zorz (http://www.net-security.org)

Bitcoin

Bitcoin

A daring hack and heist targeting online Bitcoin wallet service Inputs.io has resulted in the theft of 4,100 Bitcoins (currently over $1.3 million) and has left some of the users extremely disgruntled. Indeed, some of them are even accusing the owner of being behind the hack himself.

Wired reports that the owner, apparently a youngster from Australia who goes by the online handle “TradeFortress”, has waited nearly two weeks to notify the affected users and the public about the two breaches (one was executed on October 23 and the other on October 26).

“The attacker compromised the hosting account through compromising email accounts (some very old, and without phone numbers attached, so it was easy to reset). The attacker was able to bypass 2FA due to a flaw on the server host side,” he explained in a post on the service’s main page, adding that Inputs.io is unable to pay all user balances.

Full article at source>

 

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Record bitcoin payment of $1 million spent on new mining hardware

October 30, 2013 in Bitcoin, Digital Currency, Investing, News, Virtual currency

James Niccolai, IDG News Service@jniccolai Oct 29, 2013 (http://www.pcworld.com)

Bitpay, a company that lets businesses accept payments in the Bitcoin virtual currency, has just processed its first $1 million transaction.

The money was spent on new bitcoin mining hardware sold by Butterfly Labs, a company in Kansas City that makes specialized computers used to unlock new bitcoins and help manage the bitcoin network, Bitpay said on Tuesday.

The order was only a down payment on a forthcoming order, which will be worth more than the million dollars just spent, said Jeff Ownby, a spokesman for Butterfly Labs.

It was placed by a U.S. corporation that’s an existing Butterfly customer, Ownby said. Butterfly will disclose the customer’s identity in the next day or so, he said, but Butterfly appeared to have been caught off guard by Bitpay’s announcement and wasn’t prepared to do so yet.

Full article at source>

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Man Forgets About Buying $27 of Bitcoin, Is Now Worth About $1 Million

October 30, 2013 in Bitcoin, Digital Currency, Investing, News, Virtual currency

By:  Ashley Feinberg. 10, 29Th 2013 (http://gizmodo.com)

Four years ago, Oslo-man Christopher Koch’s girlfriend scoffed at his purchase of $27-worth of Bitcoin. Chances are she was singing a decidedly different tune last April, when Koch checked back in on his investment and found out it was worth $886,000. And over a cool million today.

Back in 2009, Koch was working on a thesis paper about encryption, which introduced him to the relatively unknown world of Bitcoin. On little more than a whim, he decided to throw down $27 for 5,000 Bitcoins because the encryption process fascinated him and because why not. Koch then promptly forgot about the purchase—until Bitcoin started popping up in the news four years later, that is.

Remembering his offhand investment, Koch frantically searched for the password to his wallet and was floored to find that, by last April’s standards, he was sitting on an $886,000 nest egg. After trading in just one-fifth of his total purchase, he was able to buy himself an apartment in Toyen, one of the wealthiest areas in Oslo.

Full article at source>

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CoinX Is A New Bitcoin Exchange That Actually Takes Financial Compliance Seriously

October 15, 2013 in Bitcoin, Digital Currency, Investing, Money, News, Virtual currency

By: DYLAN LOVE OCT. 13, 2013 (http://www.businessinsider.com)

CoinX is a brand new Bitcoin exchange that just opened its doors, and we caught up with founder Megan Burton at the Money2020 conference in Las Vegas to learn what her company is all about.

Burton came from an IT and security background and took the opportunity to throw her skills into the increasingly weird world of money.

Operating out of Atlanta, Ga., CoinX is all about turning conventional money into the anonymous digital currency called Bitcoin, and Bitcoin into conventional money. It’s also the first to actually take financial compliance seriously.

Full article at source>

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Winklevoss twins: Bitcoins better than gold

September 20, 2013 in Bitcoin, Digital Currency, Gold, Investing, News, Virtual currency

By Maureen Farrell   @CNNMoneyInvest  (http://money.cnn.com) September 17, 2013

NEW YORK (CNNMoney)

Tyler Winklevoss, one half of the duo known in popular culture as the Winklevii, thinks that the cybercurrency Bitcoin may be a better long-term bet than gold.

“It’s gold 2.0,” he said in a presentation at the Value Investing Conference in New York Tuesday.

Tyler and his brother Cameron, who shared the stage, outlined the bull case for bitcoins. They have been investors and are aspiring Bitcoin entrepreneurs. The twins recently filed paperwork with the SEC for a Bitcoin exchanged traded fund.

Full article at source>

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Australians can now buy beer in bitcoin at Sydney pub

September 17, 2013 in Bitcoin, Currency, News, Virtual currency

September 16, 2013 By: Louise Goss (http://www.coindesk.com)

One of Sydney’s more ancient and traditional pubs is the unlikely place to be trialling one of the newest and innovative technologies of the modern day.

Forget sleek, contemporary and stylish, The Old Fitzroy is as character-filled as they come and is now Australia’s first known pub to start accepting bitcoin.

Publican Garry Pasfield will start taking bitcoins at the bar from 29th September, at a launch event he is dubbing ‘Beer for Bitcoins.’

He made the decision to accept the currency after hearing so much about it from his brother, and learning about it from members of Sydney’s bitcoin meetup groups. He is now hoping to capitalise on the Sydney market by becoming the first bricks and mortar business in the city to take a virtual currency.

Located in the heart of the former working-class neighbourhood of Wooloomooloo, the pub is steeped in history and operates as a hotel as well as having a small theatre out the back.

Full article at source>

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What’s the Deal with Bitcoins Anyway?

September 16, 2013 in Bitcoin, Currency, Digital Currency, Education, Money, Virtual currency

Short video 2:05 Min that explains what Bitcoin is: (By: Ebay Deals)

If you want to dig a little deeper check Numismatica.com category Bitcoin by clicking here

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Germany recognizes Bitcoin as ‘private money’

August 19, 2013 in Bitcoin, Currency, Digital Currency, Investing, News, Virtual currency

August 18, 2013 (http://rt.com)

Bitcoin has been recognized for legal and tax purposes in Germany, making it the first country to take an official stance on the status of using the online currency as money.

Berlin has acknowledged the virtual tender as a “currency unit” and “private money,”according to German newspaper Die Welt.

The classification means that some commercial profits on Bitcoin related endeavors may be taxable, but personal use of the currency will remain tax-free, the paper reported.

The recognition was laid out in a Finance Ministry response to a query from Frank Schaeffler, a member of parliament’s Finance Committee.

“For the first time, the federal government recognizes Bitcoins as private money,” said Schaeffler.

Full article at source>

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