10 results for tag: Bitcoin
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 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 ...
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 cryptocurrency, 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 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 ...
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...
Let me explain
After a few short years of investing in cryptocurrency and preaching its gospel, it appears that some venture-capital experts are finally listening.
Some may still believe that investing is driven primarily by “Greed and Fear”, at Morris+D’Angelo we view this as an old and misused concept; investing is not about greed, greed is a human constant and a commonly misused phrase.
“Speculating” might be a better word to describe this old-fashioned motivation and notion (Greed and Fear). Investors exchange sweat, toil, money, ideas, Intellectual Property, etc. in the hopes of a return (economic, social, psychological, ...
Money is a funny thing. It means so much to so many. "Money is the lubricant of commerce." Or is it?
Ever wonder what money is? Is it value? Is it merely paper or metal with old pictures and sayings on it? Does money change over time?
Money for Commerce: I Have a Complex Wallet
I am a world traveler. What is the real value of the dollars (or Pound Sterling, Swiss Francs, or Euros) in my wallet today?
Why does a retailer (Business Owner) accept a piece of plastic with a bunch of numbers on it and then proceed to provide me with goods and services of my choosing? Ever wonder what and where the intrinsic value of money came from? ...
Transacting in blockchain backed currencies like Bitcoin or Ethereum is becoming increasingly common. Over 300,000 daily transactions are occurring using Bitcoin. Add to these numbers other alternative blockchain currencies and that leads to over 500,000 unique transactions per day and rising. Another way to look at this is 6 transactions a second.
Malls now have Bitcoin ATM machines where people can purchase and exchange Bitcoins for other paper currencies or other paper currencies into Bitcoins.
The digital generation (under the age of 30) account for 65% of bitcoin users (and growing) while the GenX (up to 40) account for another 25% of ...
When our clients first began discussing Bitcoin a few years ago, I wasn't sure what they were talking about. I had never heard of Digital or Cryptocurrency. Fast forward a few years and these conversations have moved mainstream. I was sharing with my wife in Portland, Oregon the other day that Malls (Clackamas Town Center) now have Bitcoin ATM machines where people can purchase and exchange Bitcoins for other paper currencies or other paper currencies into Bitcoins. I wouldn't have imagined this 10-years ago.
However, many of you remain unfamiliar with Bitcoin and its various cousins of Virtual Currency.
For ease of discussion, ...
When my clients first began discussing Virtual Currency Bitcoin, I had a quizzical look on my face. I wasn’t sure what they were talking about and I had never heard of digital or cryptocurrency. Fast forward a few years and the conversations have moved mainstream. However, many remain unfamiliar with Bitcoin and its various cousins.
Virtual Currency: Bitcoin Basics
For ease of discussion, I’ll use Bitcoin to include all similar cryptocurrencies. Most versions of these competing currencies often called “altcoins” are derived from the Bitcoin open source code project and share many common attributes. A worldwide network of enthusia...