It’s no secret that Bitcoin’s unusual structure has completely blindsided governments and financial regulators across the globe. In fact, Bitcoin is so unlike traditional forms of money that it’s proving difficult to fit into existing tax laws. Even knowing how to broadly define the cryptocurrency to know how it should be taxed is proving problematic….
Texas-based Bitcoin miner company CoinTerra announced the release of their 1,000th machine on Friday. According to the company, their hardware now powers around 6% of the entire Bitcoin network, and accounts for 1.7 petahash of overall network performance. The company launched its highly anticipated terahash mining rig, the TerraMiner IV, last month. Although the rig…
With backers like Google Ventures and Y-Combinator behind them (not to mention Reddit founder Alexis Ohanian), it’s safe to say that soon-to-launch Bitcoin exchange Buttercoin will be taken more seriously than most. The exchange announced yesterday that it was opening up user accounts for early access, the first indication that a full launch will be…
As one of the most well-known BitTorrent clients, FrostWire is used to claims that it helps to foster online piracy. So when the developers announced an experimental mechanism to allow users to donate Bitcoins to torrent sharers, it was only natural for the community to assume that this was to allow the monetization of digital…
Following in the footsteps of Thailand, China and other countries in the region, Vietnam’s central bank issued a new warning on the dangers of Bitcoin today. The statement explained that Bitcoin and other virtual currencies are not legal tender in Vietnam, and are not permitted as a form of payment within the country. The statement…
While Bitcoin prices eroded this week due to the worsening situation at the now-bankrupt Mt.Gox, demand in China appears to be surging. According to a report on the Wall Steet Journal‘s MarketWatch, China is currently experiencing a “gold rush” for Bitcoin. On Friday, while fans in Hong Kong embraced the opening of the first bitcoin…
Mt.Gox CEO Mark Karpeles ended weeks of speculation today, formally announcing at a press conference in Tokyo that his long-troubled Bitcoin exchange will be filing for bankruptcy protection. The filing claims that Mt.Gox has an outstanding debt of ¥6.5 billion, or roughly $63.6 million. Karpeles also confirmed the loss of roughly 750,000 customer Bitcoins, as…
Earlier this month, two Florida men were charged with in an alleged Bitcoin-based money-laundering scheme. Today, an attorney for one of the men argued that the Florida law they were being charged under wasn’t applicable, noting that the law only applies to money issued by the U.S. or other countries. As a decentralized, completely virtual…
Responding to questions about the closure of Tokyo-based Mt.Gox, Japan’s Senior Vice Finance Minister Jiro Aichi told reporters that international collaboration would be necessary to regulate the currency. Aichi added that Bitcoin does not fall under his agency’s jurisdiction, as it does not involve coins or notes issued by the Bank of Japan. Under that…
In less than two years, Coinbase has gone from providing a humble 13,000 Bitcoin wallets to an eye-popping 1 million. The San Francisco-based company officially celebrated their millionth download earlier today. According to the official Coinbase blog, that’s a growth rate of 7,592.31%. Coinbase is actually the second Bitcoin wallet provider to cross the million…