IRS will make you disclose cryptocurrency on newest tax forms
The Internal Revenue Service (IRS) explicitly asks taxpayers to disclose their cryptocurrency transactions on the newest tax form, making it easier for the federal government to tamp down on fraud or tax evasion later down the line.
Bitcoin hits record $20,000, sheds bad actor image
Bitcoin hits record in 2020 as its global acceptance grows.
IRS sending inaccurate letters to cryptocurrency traders saying they owe thousands in taxes
The IRS is sending inaccurate letters to cryptocurrency traders saying they owe thousands of dollars in taxes due to discrepancies with tax forms.
Bitcoin rally catches Wall Street, Hollywood's attention
'Game of Thrones' star Maisie Williams asked her 2.7 million followers if she should "go long on bitcoin." Here's what happened next...
Bitcoin reaches $16K, highest level since 2018
Bitcoin on Thursday reached a record valuation of $16,118, its highest level since 2018. The cryptocurrency is up 123% year-over-year and 50% this quarter, according to data from the California-based digital currency exchange Coinbase.
DOJ seizes bitcoin valued at more than $1B related to Silk Road
The seizure is the largest in history.
Crypto CEO shows workers who disagree with ‘apolitical’ mission the door
Five percent of workers have opted to take an exit package made available.
IRS may revise 1040 to coax taxpayers into reporting crypto transactions
Taxpayers who fail to pay taxes on virtual currency transactions may face penalties and interest.
Rapper T.I. charged by SEC in cryptocurrency scam
The regulator said in its complaint that T.I. -- whose real name is Clifford Joseph Harris -- sold cryptocurrency tokens using his Twitter account and encouraged his followers to invest in the 2017 FLiK initial coin offering.
IRS updates cryptocurrency tax guidance
The agency clarifies that virtual currency received for small tasks on a crowdsourcing platform is taxable.
Fed partnering with MIT to develop "hypothetical digital currency"
The Fed is investigating whether a central bank digital currency (CBDC) would be safe and efficient for widespread use
Apple co-founder suing Google, YouTube over cryptocurrency scams
Apple co-founder Steve Wozniack is suing Google and YouTube for leaving up Bitcoin scams and profiting from ads on fraudulent videos.
Why hackers use bitcoin and why it is so difficult to trace
Although it hasn’t found success as a mainstream, transactional currency, it is increasingly used in scams. Purporting to be former President Obama, Bill Gates and Kanye West, hackers steered Twitter followers to send $1,000 in bitcoin, promising $2,000 in return. They drew more than $100,000 before the scam was shut down.
Why bitcoin fraud is nearly impossible to recover
Bitcoin lost to fraud is nearly impossible to recover because its blockchain is "permissionless."
Twitter bitcoin hack: List of affected accounts includes Elon Musk, Bill Gates
The hacked accounts sent out tweets soliciting the public to send bitcoin to a specific address.
SEC sends billion-dollar message to Telegram
Telegram will return $1.2 billion to investors in its canceled crypto token offering and pay an $18.5 million fine.
‘Casino Jack’ Abramoff charged in $5M cryptocurrency fraud
The scheme drew at least $5.6 million from 2,400 investors.
Soccer teams turning to virtual ‘fan tokens’ to raise money
More soccer clubs are entering the world of blockchain with blockchain-based fan tokens as a way to raise money and enhance fan engagement.
Barcelona FC generates $1.3 million with virtual 'fan tokens'
Barcelona generated 1.2 million euros ($1.3 million) with its inaugural sale of “fan tokens” on Monday.
Winklevoss twins to co-produce 'Bitcoin Billionaires' film adaptation
The film explores how the twins bounced back from their legal battle over Facebook.
Cryptocurrency FAQs
What is Cryptocurrency?
Cryptocurrency, or crypto, is a form of digital asset that is secured by cryptography and the blockchain. The most notable example of a cryptocurrency is bitcoin, though thousands of other similar assets exist. Cryptocurrencies are regarded by many as the money tech of the future due to their accessibility and un-censorable nature.
How do cryptocurrencies work?
Cryptocurrency networks, or blockchains, are independently verified by a matrix of computers that record all transactions and ensure a consensus throughout the chain. This means that all network information is recorded immutably and permanently; transactions cannot be prevented, blocked, or changed. Network participants can thus trust each other and transact without the need for a centralized intermediary.
How can I buy a cryptocurrency?
There are many markets for cryptocurrencies where you can exchange USD for the cryptocurrency of your choice. These include centralized exchanges and services such as Coinbase and PayPal, or decentralized alternatives like UniSwap where you can swap between crypto-assets. To use a centralized exchange, you’ll need to submit personal information such as your passport or driver’s license. Note that the price of digital assets can change rapidly, so timing your purchases well is essential.
Where can I keep my crypto coins?
Cryptocurrencies can usually be held with the exchange or business you bought them from. However, as these exchanges can be hacked, it is advisable to move your assets to your own personal wallet. These wallets are more secure and can be accessed from your laptop, phone, or other mobile devices.
What can I buy with crypto?
Real work adoption of crypto is still ongoing. However, more businesses are accepting crypto and you can buy goods and services as diverse as real estate, stocks, travel, gambling, websites, and much more. This trend should continue over time as cryptocurrencies become better known, accepted and trusted.
Pros and cons of investing in a cryptocurrency
You may have read the news that crypto has broken all-time highs recently. This is the main advantage, that we are early in the asset’s history and prices have generally gone rapidly upwards. However, you should be aware that volatility is significant and you can similarly lose money quickly if your timing is poor. Security is also a major issue and you must ensure you secure your crypto and transactions well or you could become a victim of theft or fraud.