Tuesday, May 7, 2013

Will Bitcoin Taxation Be the End of its Anonymity? - Breaking Analysis (video)

Since it's creation Bitcoin has come under scrutiny over its plausibility as a currency. Now Canada wants to deploy taxes on Bitcoin transactions. Joining us to provide his breaking analysis surrounding Bitcoin's infrastructure is SiliconANGLE Founding Editor Mark "Rizzn" Hopkins.

Just in time for Canadian tax season, the Canada Revenue Agency says that users of Bitcoins will have to pay taxes on their Bitcoin transactions stating there are two separate tax rules that apply to the electronic currency, depending on whether they are used as money to buy things or if they were merely bought and sold for speculative purposes. Mark there's been much debate about whether Bitcoin even counts as a legitimate currency. What are your thoughts on the taxation of Bitcoins? Is this fair?

How have other countries approached Bitcoins when it comes to taxes?

Is the taxing of Bitcoins a good thing or a bad thing? Does it give more weight and legitimacy to the currency or will it turn those users away who find the appeal of Bitcoin in its anonymity?

A study of the Bitcoin exchange industry has found that 45 percent of exchanges fail. The study conducted by computer scientists Tyler Moore and Nicolas Christin followed 40 exchanges on the web and concluded that of the 40, 18 have gone out of business -- 13 of which closed without warning, and five closing after suffering security breaches. Four other exchanges suffered serious attacks but remained open. Mt Gox, the largest Bitcoin exchange, is one of those exchanges, recently falling victim to a huge number of DDoS attacks over the past month during a Bitcoin surge. Mark, do you think Mt Gox is becoming a weak link in Bitcoin's infrastructure?

We know all investments inherently come with a deal of risk, but does Bitcoin come with more risks than potential for rewards?

How is Bitcoin doing at the moment?

Will Bitcoin Taxation Be the End of its Anonymity? - Breaking Analysis

[ Related posts ]:
  1. IRS may soon create department to deal with growing Bitcoin currency
  2. US Regulators Eye Bitcoin Supervision
  3. Ridiculousness: IRS Takes A Bite Out Of Bitcoin
  4. Bitcoin Dealers Are Running Into Problems In Canada - Biggest Bank Froze accounts

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