IRS says Bitcoin is taxable property, not a currency

  • On Tuesday, the IRS notice said payments worth at least $600 and made with bitcoins will be taxed the same way the agency treats property transactions.
  • “A payment made using virtual currency is subject to information reporting to the same extent as any other payment made in property,” the IRS said.
  • The IRS admits Bitcoin and other electronic tokens sure function like a real currency.
  • The IRS’ notice serves as one of the first attempts by the U.S. government to regulate the digital money.
  • The IRS notice says bitcoins must be valued at their “fair market value” at the time you acquire it.

The IRS says it can tax Bitcoin, describing it as a property — not a currency.
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Finance Modernised By Bitcoin

  • A secure environment for those interested in investing in clear as crystal firms, in addition to providing user-friendly services delivering decentralised business registries is developed as a result.
  • By using self-enforcing contracts on electronic mediums, insurance companies of the future can actually become insurance markets of P2P nature.
  • The insurance industry Insurance fraud will also be decreased through developing markets of transparent insurance, and all this is made possible by enhancing transparency by both sides, being the customer and the insurance company.
  • Through the decentralisation of which companies can actually provide insurance, we will be enjoying an established insurance with fair market value.
  • It will become impossible for people in the future to not know (even willingly) how they have spent their money.

After discussing how bitcoin is modernising finance as we know it and digging deep into the impact on the banking industry, how we are paying for goods and services, and the decentralisation of exchanges made between individuals and businesses, we are set to get into more details about the future of bitcoin in our way of life.
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