Category Archives: Bitcoin

Bitcoin and Venezuela: Stocks Crash - Weekly Market Wrap Up
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If you dont know anything about the Bitcoin market, know this: you can use the digital currency as a form of payment on sites like Overstock.com, Amazon, and even Victorias Secret.

Bitcoin demand is very real. In fact, the digital currency is so popular that the Internal Revenue Service decided to get involved.

In March, the IRS made its first major ruling on digital currencies, including Bitcoin. The agency ruled that digital currencies are not actual currency but rather a form of property and, as such, are susceptible to capital gains tax. Naturally, this decision was met with feelings of anger and curiosity. But for the average Bitcoin enthusiast one important and very practical question surfaced: How on earth am I going to pay my taxes?

I had a chance to speak with Jake Benson the founder and CEO of LibraTax an online accounting software company that helps individuals prepare their Bitcoin taxes.

Who is using Bitcoin?

Benson:More and more people believe in digital currencies as a technology and Bitcoins as a representation of that technology.Very large and reputable companies such as PayPal are now enabling Bitcoin as a payment rail for digital goods.Granted, some users are still crypto-anarchists, libertarians, and criminals, but overall, the digital currency market is evolving quickly and becoming much more mainstream.

Last year the IRS ruled that Bitcoins are considered property and not currency. How will this impact the Bitcoin market and taxpayers in general?

Benson:The immediate knee-jerk reaction was a disaster. How on earth are people going to keep track of all their trading activity? Bitcoins are now considered a form of property so you need to apply capital gains tax to every single transaction you make, no matter the size. Whether you are using Bitcoins to buy a cup of coffee or buy a house, you still need to log that transaction. Its seemingly impossible to keep these records manually, and there can be a lot of math involved in calculating the right tax.

LibraTax automates this process and makes accounting easy for the Bitcoin user.

What is LibraTax all about?

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Bitcoin taxes, now unavoidable

HYDERABAD: The slump in gold prices has pushed a small group of investors to look at non-traditional alternatives like Bitcoin, which is yet to get a formal nod from the Reserve Bank of India.

According to officials at Hyderabad-based Bitcoin exchange BTCX India, investors from towns and tier 2 cities, especially in A.P., are curious about bitcoins, which is actively traded on a daily basis in many countries across the globe.

Curiosity and the possibility to make windfall gains when Bitcoin price appreciates are motivating factors to invest, say BTCX India representatives. However, post the recent decline in gold prices, investors are looking to diversify their investments, they said.

Decrease in prices should ideally prompt people to buy more gold. Those looking to invest in bitcoins at this time are defying the trend, said Sivakameshwar Rao, CEO and MD of BTCX India. Mr. Rao said investors in Vijayawada, Visakhapatnam and Nellore are leading the pack. He said that while Bitcoin is yet to be adopted in a big way in India, the developments this year have been positive.

At a seminar organised in Prodattur in Kadapa district recently to create Bitcoin awareness, 70 potential people evinced interest. Many who turned up said they were considering bitcoins as opposed to gold as they apprehend the yellow metal may not appreciate in the near future.

Bitcoin is a virtual currency that can be used for transaction in a limited number of countries. In most countries, however, they can be traded.

The gold market is not doing well now. I have been following Bitcoin prices for a while. Though it has seen lows in the recent past, its price has been rising for a few days now. I intend to invest after learning more about it, said C. Venugopal Yadav, a gunny merchant.

Adds G. Gurumohan Reddy, who too has been buying and selling bitcoins for about six months now, We expect gold prices to go down further. So investing in gold is not an option. Bitcoins have the potential to appreciate in the present time. Besides, storage of gold is risky. Bitcoin is digital with a small storage risk, he explained.

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