BitCoin Update


Germany Won't Tax You for Buying Coffee With Bitcoin

Germany Won't Tax You for Buying Coffee With Bitcoin

Germany won't tax bitcoin users for using the cryptocurrency as a means of payment, the Ministry of Finance has said. The guidance, published Tuesday, sets Germany apart from the U.S., where the Internal Revenue Service treats bitcoin as property for tax purposes - which means that if an American buys a cup of coffee with bitcoin, it's technically considered a sale of property and potentially subject to capital gains tax.
Bitcoin exchange Coinbase is handing over user information to the IRS

Bitcoin exchange Coinbase is handing over user information to the IRS

If you’ve made thousands or even millions of dollars on cryptocurrencies, be sure to report your winnings to the Internal Revenue Service before someone else does it for you. Coinbase, one of the largest cryptocurrency exchanges, told customers Friday it will turn over 13,000 users’ data to the IRS within the next 27 days. The move comes in response to an IRS order issued in November 2016 to send records of users who bought .....
Turns out cryptocurrency investors love streetwear—and streetwear retailers love being paid in cryptocurrency.

Turns out cryptocurrency investors love streetwear—and streetwear retailers love being paid in cryptocurrency.

19-year-old Erik Finman is about to be the subject of a new CNBC documentary chronicling the lives of Bitcoin millionaires. This, he tells me, is what viewers can expect to see: “I wake up and I'm just in my blanket made of hundred [dollar bills] and I get up and they fall off my face and I jump into my Yeezys as soon as I get off the bed and brush my teeth witha Supreme toothbrush.
This Big Cryptocurrency Acquisition Could Create a Wall Street-Style Financial Giant

This Big Cryptocurrency Acquisition Could Create a Wall Street-Style Financial Giant

Circle, a cryptocurrency-focused financial-services firm, will announce today that it is buying crypto exchange Poloniex—a move that immediately makes Circle one of the largest and most influential companies in the industry. Fortune’s Robert Hackett profiles a company that hopes to leverage the technology behind Bitcoin to become the bank of the next century.
Turkey mulls 'national' bitcoin

Turkey mulls 'national' bitcoin

The alliance between Turkey’s ruling Justice and Development Party (AKP) and its de facto partner, the Nationalist Movement Party (MHP), has extended to an unlikely realm: the idea to develop Turkey's own bitcoin. Amid bitcoin’s meteoric rise last year, the Turkish government had taken an unwelcoming stance toward the cryptocurrency.
Venezuela President Claims His Country's Answer to Bitcoin, Petro, Raises $735 Million

Venezuela President Claims His Country's Answer to Bitcoin, Petro, Raises $735 Million

Despite the U.S. Treasury Department warning investors away from it, Venezuela President Nicolas Maduro says the launch of his country’s oil-backed answer to Bitcoin, Petro, raised $735 million in its first day.
Meet ‘Paypal for Crypto,’ a New Way to Pay With Bitcoin and Litecoin

Meet ‘Paypal for Crypto,’ a New Way to Pay With Bitcoin and Litecoin

The largest U.S.-based cryptocurrency exchange, Coinbase, is releasing a PayPal-like service of its own. On Wednesday, Coinbase wrote about its new platform that will make it easier for merchants to accept payments with Bitcoin, Bitcoin Cash, Ethereum, and Litecoin through Coinbase Commerce. Using the platform on an e-commerce website adds a PayPal-like button to the checkout screen.
Bitcoin tops $10,200 as cryptocurrencies extend rally

Bitcoin tops $10,200 as cryptocurrencies extend rally

Bitcoin jumped above $10,000 Thursday for the first time in two weeks, as other major cryptocurrencies climbed and regulatory fears subsided. The cryptocurrency climbed 8 percent above $10,200 in early afternoon trading New York time on Coinbase, the largest U.S. marketplace for buying major cryptocurrencies. Bitcoin also topped $10,200 on CoinDesk's bitcoin price index, recovering more than $4,000 after dipping below $6,000 last Tuesday.
Barely anyone is paying the taxes they owe on their bitcoin gains

Barely anyone is paying the taxes they owe on their bitcoin gains

A tiny fraction of Americans are reporting their cryptocurrency transactions to the IRS, according to a study from Credit Karma Tax. Fewer than 100 of 250,000 federal tax returns prepared and filed so far this year through the company have filed a Form 8949 for cryptocurrency gains and losses, Credit Karma said Tuesday. That's less than 0.04 percent of filers.
Here’s the Solution to the 3-Year-Old, $50,000 Bitcoin Puzzle

Here’s the Solution to the 3-Year-Old, $50,000 Bitcoin Puzzle

On Thursday morning, a closely watched Bitcoin wallet address known as 1FLAMEN6 had a surprise transaction that drained the account of its five bitcoins, worth nearly $50,000 at the time. This Bitcoin wallet belonged to a crypto artist who goes by @coin_artist on Twitter, but she wasn’t despairing about the lost bitcoins—in fact, she was ecstatic.


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