Gadgetory

is Bitcoin a currency or not well the IRS has made its decision because hey they just want to text something on the adrianne jeffries and this is 90 seconds on the verge after previously saying it was unsure how to tax Bitcoin the IRS this week decreed that virtual currencies will be treated as property and taxed accordingly ultimately any income earned due to Bitcoin increasing in value will be taxed much like stocks and bonds likewise losses can be deducted if bitcoin loses value Bitcoin and other similar virtual currencies act much like digital cash using cryptography to control the transfer and creation of money however bitcoin is proven to be very volatile so far going from 100 US dollars last June all the way up to a thousand dollars this past January while this IRS ruling does legitimize virtual currency as a real financial assets it's a far cry from being a replacement for cash the IRS acknowledges that Bitcoin can and does it times operate like quote real currency but also notes that no country or jurisdiction currently accepts virtual currency as legal tender now although bitcoin is the largest and most well-known cryptocurrency it's certainly not the only virtual currency being used in the real world members of the reddit sub-community dogecoin which dedicates itself to the cryptocurrency based on a popular internet meme pool of money together to sponsor a NASCAR driver Josh wise a previously sponsor lyst driver after less than a week the group surpassed its goal raising almost 45 thousand dollars in the virtual currency for more about virtual currencies check out the verge calm coming up next I purchase my very first dogecoin can I get a receipt please