/Tag:Bitcoin

Can the taxman identify owners of cryptocurrencies?

Capital gains obtained through transactions using Bitcoin and other cryptocurrencies gradually become subject to taxation in more and more countries all over the world. Taxable persons in those countries are required to declare transactions with cryptocurrencies in their annual tax returns. A failure to do so may result in heavy sanctions. However, can the taxman effectively [...]

Gibraltar accepts bitcoin as a trading currency

What is bitcoin? Bitcoin is a virtual currency. In comparison with traditional currencies, bitcoin is not controlled by any central authority (e.g., a central bank). New bitcoins are generated by a decentralized process called mining. It involves the processing of bitcoin transactions by using specialized hardware.People who would like to start generating bitcoin have to use [...]

CAN I PAY MY TAXES WITH BITCOIN?

A new controversial currency, bitcoin, is a widely discussed topic nowadays. While the bitcoin skeptics point towards the vulnerability of the system and criticize the lack of a central authority, the adherents claim bitcoin to be the currency of the future. For example, Bill Gates advocates this new type of money by stating that“bitcoin is better [...]