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Author Topic: [2015-04-06] Investopedia: Are There Taxes On Bitcoins?  (Read 338 times)
pawel7777
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April 06, 2015, 01:34:17 PM
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Are There Taxes On Bitcoins?

http://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

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Bitcoin is a virtual currency that uses cryptographic encryption system to facilitate secure transfers and storage. Unlike a fiat currency, bitcoin is not printed by a central back, nor is it backed by any. Bitcoins are generated by what is called mining—a process wherein high-powered computers, on a distributed network, use an open source mathematical formula to produce bitcoins. It takes real high-tech hardware and hours or even days to mine bitcoins. One can either mine bitcoins or buy them from someone by paying cash, using a credit card, or even a PayPal account. Bitcoins can be used like a fiat world currency to buy goods and services.
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April 06, 2015, 02:06:42 PM
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I do not believe owning bitcoin itself is taxable. Bitcoin income, profit from Bitcoin trading, capital gains, and purchases with Bitcoin are. Governments are poor and they will not miss another tax opportunity. I believe Bitcoin is already taxable in the US.
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