Bitcoin is surrounded by questions. While I can’t answer most questions, I can answer the questions related to tax. The most important answer is yes – bitcoin is entirely taxable and no it is not anonymous.The beauty of bitcoin is that it’s distributed and there’s a public record of every transaction. Thus, every transaction is […]
On 3-18-13 FinCen decided the individual states would regulate btc exchanges as money transmitters, according to Jared Kenna in a speech at Inside Bitcoin in Las Vegas on 12-1202-13. This includes 48 states with the exception of SC and NM who do not regulate money transmitters. Bitcoin4Biz talked with regulator, Jim Burns, with the Idaho […]
Dallas Bitcoin Meetup shows off the Bitcoin Magazine’s recently provided by Coin Publishing. Pictured are Brett Sager, Sarah James, Micheal Lewellen, organizer William F., who secured the magazines, Yasir Choundhury and Steel Rose, seated. The group meets at The Free Man Cajun Cafe at 2626 Commerce Street in the Deep Elum Arts district just east […]
Would “Bit Coins” potentially be a functional currency under which financial statements can be prepared? This was a question posed to the Financial Accounting Standards Board during the board’s meeting with its Small Business Advisory Committee SBAC Nov. 7. As an auditor I thought I’d better start asking, said one SBAC member: what’s the accounting […]
Robert Cho, VP of SecondMarket described the Bitcoin Investment Trust (BIT) to me during the Inside Bitcoin event in Las Vegas on 12-11-2013. BIT formed for sophisticated investors in September of this year. “The fund is modeled after the SPDRS Gold (GLD) ETF. The BIT, launched as a vehicle for sophisticated investors to get into […]
The following is a small portion of the blog posted by Justus Ranvier that recounts Bitcoin losses. Link to the complete story to see the full study and proposed remedy. In July of 2011, the owners of popular web wallet service and payment processor MyBitcoin.com absconded with all customer funds, almost 79 thousand bitcoins, and […]
You can add Matt Mellon, descendant of the famed banking family, to the ranks of the Bitcoin believers. The 49-year-old former chairman for the New York Republican Party’s Finance Committee decided in April that he wanted to get in on the Bitcoin frenzy and called the Winklevoss twins for advice. They linked him up with […]
Gavin Andresen has joined Coinbase as an advisor. For those of you who don’t know him, Gavin is the head developer of Bitcoin as an open source software project. He said: “Coinbase has become a critical piece of the Bitcoin infrastructure in the U.S., giving people a trustworthy and easy way to buy, sell, trade […]
With a certain amount of excitement I headed over to eBay when I learned they were selling Bitcoin, only to find overpriced Bitcoins, wallets, alt-coins and physical coins. Of course with the market moving so quickly this is what I should have suspected. Here are three of the listings and the link, if you want […]
As China announces Bitcoin is not a currency for bank use in China, Bank of America Merrill Lynch issues a 14 page report suggesting the maximum value of Bitcoin has not been reached. “We believe Bitcoin can become a major means of payment for e-commerce and may emerge as a serious competitor to traditional money […]