Bitcoin now classed as a commodity in the US

  • Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the Commodity Futures Trading Commission (CFTC), which has started to clamp down on unregistered firms that trade derivatives of the cryptocurrency.
  • The CFTC stated Thursday that it had ordered bitcoin options trading platform Coinflip, and its CEO Francisco Riordan, to cease trading due to it not registering and complying with its regulations.
  • It added that it had also filed, and simultaneously settled, charges against the San Francisco-based firm.
  • This might mean a nervous couple of months for other unregistered bitcoin derivatives firms in the U.S. but also signaled that the cryptocurrency will now come under the CFTC’s scope.

Bitcoin will now be classed as a commodity in the U.S. along with gold and oil, according to the CFTC.
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Bitcoin: what you need to know

  • The two were “intrinsically linked”, according to Jeremy Cook, chief economist at currency brokers World First, but with Silk Road gone, does Bitcoin have a future?
  • A small group of hardcore users get extra Bitcoins through ‘mining’ for them: running computers which perform the calculations needed to make the currency work, in exchange for a share of the built-in inflation.
  • Bitcoins have no physical existence, although some have devised ways to spend the digital currency by printing the necessary information on paper notes.
  • The big driver in Bitcoin’s early growth was the online drug marketplace Silk Road, which took advantage of the currency’s qualities to provide anonymity to patrons.
  • But beyond access to illicit substances, for many fans Bitcoin use is a political statement: its existence proves that a currency with no centralised control is possible.

The crypto-currency is back in the news after the closure of Silk Road. But what is Bitcoin? By Alex Hern
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Coinbase CEO Says Bitcoin Exchange Will Be ‘Forced’ to Fight IRS Order

  • But the proposal still wouldn’t help the IRS to understand whether past Coinbase customers paid their taxes.
  • Armstrong also suggested an alternate way forward for Coinbase and the IRS, which he writes is for all US bitcoin users to pay their taxes: Coinbase would send a yearly tax form that is commonly used by stock brokers to report financial gains or losses to customers and the IRS, he argued.
  • People do pay taxes on bitcoin (or they’re supposed to), and according to the IRS , virtual currencies are treated like property for federal tax purposes.
  • The IRS ordered Coinbase to turn over the identities of all US customers who used the exchange between 2013 and 2015, in order to determine whether users have been paying taxes on their bitcoin.
  • Coinbase CEO Says Bitcoin Exchange Will Be ‘Forced’ to Fight IRS Order

Releasing details on customer transactions would be a breach of privacy, CEO says.
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Coinbase CEO Says Bitcoin Exchange Will Be ‘Forced’ to Fight IRS Order

Coinbase CEO says bitcoin exchange will be

  • But the proposal still wouldn’t help the IRS to understand whether past Coinbase customers paid their taxes.
  • Armstrong also suggested an alternate way forward for Coinbase and the IRS, which he writes is for all US bitcoin users to pay their taxes: Coinbase would send a yearly tax form that is commonly used by stock brokers to report financial gains or losses to customers and the IRS, he argued.
  • People do pay taxes on bitcoin (or they’re supposed to), and according to the IRS , virtual currencies are treated like property for federal tax purposes.
  • The IRS ordered Coinbase to turn over the identities of all US customers who used the exchange between 2013 and 2015, in order to determine whether users have been paying taxes on their bitcoin.
  • Coinbase CEO Says Bitcoin Exchange Will Be ‘Forced’ to Fight IRS Order

Releasing details on customer transactions would be a breach of privacy, CEO says.
Continue reading “Coinbase CEO Says Bitcoin Exchange Will Be ‘Forced’ to Fight IRS Order”

Getting Started with itcoin

  • We can help you buy bitcoins , choose a bitcoin wallet .
  • Obtaining bitcoins works just like obtaining any other currency.
  • You’re missing the point of Bitcoin if you feel left out.
  • You can ask your existing employer to pay you in Bitcoin.
  • Bitcoin.com is your premier source for everything Bitcoin related.

Buy Bitcoin, Create Bitcoin Wallets, Read Bitcoin News, and more, at Bitcoin.com
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Bitcoin Basics

  • Where To Buy Bitcoins From Reliable Bitcoin Exchanges
  • Bitcoin is a new and innovative digital currency that can be…
  • How To Send And Recieve Money With Bitcoin
  • Bitcoins are a digital currency created in 2001 by Satoshi Nakamoto….
  • bitcoin-basics.com is now Owned by Bitcoin Services Inc (BTSC)

Read the full article, click here.


@bitcoinfirehose: “Bitcoin Services Inc. Launches #blockchain”



Bitcoin Basics