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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Bitcoin split in two, here’s what that means

  • After ongoing debates over how to scale the digital currency called bitcoin, some people have decided to make an entirely new currency called Bitcoin Cash.
  • Currently, there are an average of about 1,700 transactions that can be saved per bitcoin block, at about three transactions per second, Manain said.
  • It will only be successful if people decide en masse to create the blocks for the Bitcoin Cash blockchain.
  • However, not all bitcoin exchanges (where people store their bitcoin) will accept Bitcoin Cash, and that could potentially hinder the widespread adoption of the new digital currency.
  • And in order for Bitcoin Cash to be used for mainstream transactions like buying coffee, businesses will have to accept it, regardless of whether they already accept bitcoin or not.

A new digital currency is born.
Continue reading “Bitcoin split in two, here’s what that means”

Bitcoin split in two, here’s what that means

  • After ongoing debates over how to scale the digital currency called bitcoin, some people have decided to make an entirely new currency called Bitcoin Cash.
  • Currently, there are an average of about 1,700 transactions that can be saved per bitcoin block, at about three transactions per second, Manain said.
  • It will only be successful if people decide en masse to create the blocks for the Bitcoin Cash blockchain.
  • However, not all bitcoin exchanges (where people store their bitcoin) will accept Bitcoin Cash, and that could potentially hinder the widespread adoption of the new digital currency.
  • And in order for Bitcoin Cash to be used for mainstream transactions like buying coffee, businesses will have to accept it, regardless of whether they already accept bitcoin or not.

A new digital currency is born.
Continue reading “Bitcoin split in two, here’s what that means”

Global cyberattack: A super-simple explanation of what happened

  • What the attack does

    Cyber bad guys have spread ransomware, known as WannaCry, to computers around the world.

  • Microsoft said it had taken the “highly unusual step” of releasing a patch for computers running older operating systems including Windows XP, Windows 8 and Windows Server 2003.
  • Apple’s Mac computers were not targeted by this ransomware attack so are clear.
  • Bad guys generally target Windows far more than Apple’s operating system because there are vastly more computers running Windows around the world.
  • A 22-year old security researcher in the U.K. discovered a “kill-switch” to initially stop the spread of the attack.

The world’s biggest-ever ransomware attack is still spreading, claiming more victims. Here’s the what, why, who and how of the story.
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