Bitcoin is a new currency that was created in 2009 by an unknown person using the alias Satoshi Nakamoto. Transactions are made with no middle men – meaning, no banks! There are no transaction fees and no need to give your real name. More merchants are beginning to accept them: You can buy webhosting services, pizza or even manicures. Why Bitcoins? Bitcoins can be used to buy merchandise anonymously. In addition, international payments are easy and cheap because bitcoins are not tied to any country or subject to regulation.
Small businesses may like them because there are no credit card fees.
Some people just buy bitcoins as an investment, hoping that they’ll go up in value. Bitcoins are stored in a “digital wallet,” which exists either in the cloud or on a user’s computer. The wallet is a kind of virtual bank account that allows users to send or receive bitcoins, pay for goods or save their money. Unlike bank accounts, bitcoin wallets are not insured by the. It’s a fair question and, with the intense scrutiny directed at the “crypto-currency” of late, an increasingly common one. But the real question is not whether Bitcoin functions as money today, nor whether Bitcoins themselves are a good speculative investment. The real question – and the only important question when considering whether Bitcoin could be a viable alternative currency – is, “can Bitcoin ever function well enough as money to matter? ” And that answer, I fear, is no. Whether something is “money” has nothing to do with the source of production, whether it’s issued by a government or a private company or spontaneously generated by a community, whether it’s minted or mined or printed or issued electronically. Money is well, money to the degree to which it enables transactions, to the degree that you can use it to purchase things. No matter how efficient or liquid a market is, unless it can be used to purchase things, it’s not money; it’s a commodity. By that measure, BitcoinTime Inc., publisher of e. g. for People, Sports Illustrated, InStyle and Time, now accepts bitcoin as a payment. read more 11 Dec 2014 Microsoft accepts Bitcoin It can be used to buy apps, games, and other digital content from Windows, Windows Phone, Xbox Games, Xbox Music, or Xbox Video stores. Be aware, that Money added to the Microsoft account using Bitcoin cannot be refunded. read more 22 Jul 2014 German Newspaper taz accepts Bitcoin The German Newspaper taz , also called die tageszeitung , now accepts Bitcoins as donations.
All the content on taz.de/ is available for free, based on their model of donations.
So far, more then 10 BTC got donated, which is a lot, compared to the approx. 10 000€ donations (in German), received in June. read more 22 Jul 2014 airBaltic - World’s First Airline To Accept Bitcoin Latvian airline airBaltic has become the world’s first airline to accept Bitcoin as payment for its tickets to 60 destinations in Europe, Middle East, Russia and the CIS. readI’m co-founder and Managing Partner at RSR Research. I’m a lifelong retailer and have been involved in retail tech for more than 30 years both as an IT practitioner and as a tech analyst. It’s a great time to be me, as consumers drive retailers to re-create the customer experience and ultimately re-invent retail. I received my MBA in 1991 from Northeastern University, with a major in management of High Technology firms and was nominated to the Beta Gamma Sigma honor society. I’m active in a variety of organizations supporting human growth and development. I’m also an amateur photographer. You can follow me on Twitter @paula_rosenblum. [Updated 12:56PM EST ] Saturday January 25, marked the start of the Miami Bitcoin conference. When I first told my partners I planned to attend, one asked “Why go to a conference when you can read about it on Wikipedia?” There were two answers to that question. One: the Wikipedia reference is pretty much incomprehensible to a non-technical human, and Two:Bitcoin[note 5] is a payment system invented by Satoshi Nakamoto,[note 6] who published the invention in 2008 and released it as open-source software in 2009. The system is peer-to-peer; users can transact directly without needing an intermediary.:4 Transactions are verified by network nodes and recorded in a public distributed ledger called the block chain. The ledger uses its own unit of account, also called bitcoin.[note 7] The system works without a central repository or single administrator, which has led the US Treasury to categorize it as a decentralized virtual currency. Bitcoin is often called the first cryptocurrency, although prior systems existed.[note 8] Bitcoin is more correctly described as the first decentralized digital currency. It is the largest of its kind in terms of total market value. Bitcoins are created as a reward for payment processing work in which users offer their computing power to verify and record payments into the public ledger. This activity is calledBitcoin is an innovative payment network and a new kind of money. Bitcoin uses peer-to-peer technology to operate with no central authority or banks; managing transactions and the issuing of bitcoins is carried out collectively by the network. Bitcoin is open-source; its design is public, nobody owns or controls Bitcoin and everyone can take part. Through many of its unique properties, Bitcoin allows exciting uses that could not be covered by any previous paymentIRS: Bitcoin is not currency The Internal Revenue Service today issued a notice providing answers to frequently asked questions (FAQs) on virtual currency, such as Bitcoin. These FAQs provide basic information on the U.S. federal tax Bitcoin 101: How is Bitcoin different from the dollar? A Bitcoin is a decentralized digital currency. Unlike the dollar or Euro, it is backed by nothing more than its own ability to hold value, in the same way gold has for most of its history.
A look at key differences between Bitcoin and the dollar. The federal government will tax digital money such as Bitcoin like property, not currency, the IRS said Tuesday in its first significant guidance on the virtual coin.
Although Bitcoin may operate like coin and paper currency and can be used to pay for goods and services, no country accepts it as legal tender, the Internal Revenue Service said in its notice. Virtual currency is treated as property for U.S. federal tax purposes, the notice said.