15 results for tag: Bitcoin

The U.S. $1 Trillion Infrastructure Package Spotlights Crypto Transactions / Crypto Taxes

It appears that the U.S. Senate is moving closer to passing a $1 trillion infrastructure package recently after lawmakers from both parties came together and voted to clear a key procedural hurdle. The measure would provide a massive injection of federal money for a range of public works programs, from roads and bridges to broadband Internet access, drinking water, and more. This occurred over this weekend in a rare showing of bipartisanship. For those of us who are paying attention, especially for our Customers, there is a provision, tucked inside this massive infrastructure bill that would require tax reporting for transactions similar to ...

The IRS and Cryptocurrency Transactions

Both digital currencies and cryptocurrencies have been around for several years (Bitcoin since 2009), but only in the past couple of years has the IRS begun to really focus its enforcement on cryptocurrency transactions. So far the IRS approach has been focused on Enforcement and Punishment, rather than amnesty and voluntary prior year disclosure, a “Stick” approach (punishment) without the “Carrot” (reward). The current IRS approach presents both taxpayer risk and opportunity. In 2014 the IRS issued Notice 2014-21 that rules virtual currencies (Cryptocurrency Transactions) are to be taxed as property. This establishes a reporting ...

Today, The Future of Bitcoin was Determined in Lerwick, Scotland

Today I was in the village of Lerwick, Scotland (bay of clay), the largest city and main port of the Shetland Islands, a group of several hundred islands between the mainland of Scotland and Norway. These islands are home to some of the largest and longest standing fisheries along with Europe’s second-largest oil production plant. Lerwick is a wonderful return to a quieter time when like the theme to the TV Series Cheers proclaimed, “… Everyone knows your name…” Let’s Go Shopping My wife and I were shopping at a local store in Lerwick, Scotland; with family-operated values were a wonderful pleasure to experience. My grandparents ...

Another Cryptocurrency Primer of Our Cyber Universe: Who, What, and Why They Differ

Who are the major players I think you should be aware of What’s a DAO (Decentralized Autonomous Organization)? If Cyber Currency is so Great, Why are there so many challenges in the Community? My Crystal Ball The crypto exchange, or digital currently world is complex with a few core leaders and hundreds, if not thousands, of related active alternatives. All are predicated on the concept of the Blockchain or often referred to as the Distributed Ledger Technology (DLT). While the core history of Bitcoin and its related alternatives is fairly accessible via a simplified web search, popular media, and even “analog” books, I have ...

I Am Crypto

I am Crypto and Need to be Free Please, allow me to introduce myself, I am Crypto. I have many names: Bitcoin, Ethereum, Dash, and many others. I am a currency and so much more yet the IRS wants to call me Property. I am fluid and mobile; volunteers freely created me, and I am free to use. I cross borders at the speed of light. I make so many happy yet there are a powerful few who want me caged (forced into a box). I am nimble and evolving. My fans love and embrace me. My detractors want to enslave me with their “Traditional” ways (old fashion). I need to be free. Free to grow, mature, expand, and change as my friends and ...

Cryptocurrency: New Business Model Implementations, Not for Amateurs

The modern world of economics now includes cryptocurrencies where there are lagging, coincident and leading indicators. In the arena of new business model implementations, there are innovators, early adopters, the late majority and the laggards. In the stampede to understand (and hopefully take advantage) cryptocurrencies for financial gain (e.g. Bitcoin, LiteCoin, Ethereum, etc.), I’d suggest the leading indicator for you to be aware of might be that the innovators are cashing out at the expense of the early adopters. This past week when I was in New York City, I overheard a group of doormen and associated service providers discussing “buy...