It s also designed to be used as a currency, not an investment bitcoin dealers in us. â Another argument: paper currency is just as bad, so why all the fuss about Bitcoin. The blockchain can only be changed if 51% or more of the users(miners) decide they want this new blockchain as the main blockchain. âThe reality is cybercriminals will always use what is available to them,â explains Greg Day, VP and CSO, EMEA at Palo Alto Networks. It cannot be edited but only added onto with new wallets, transactions, miners etc. Didnât Think So For the readers of this article who are law-abiding citizens, the cold reality is that there is little reason to get involved in Bitcoin in the first place. For example if you have no job and suddenly bought an expensive house (with cash or bitcoin) you better have a compelling story to tell IRS. Which, at this time, it is very secure and Bitcoin itself has proved unbackable. âThose results reflect that in 2013, 807 individuals reported a transaction. This means the more people who use Bitcoin, the more secure the protocol is. As a result, every Bitcoin interaction is potentially taxable individually, leading to a paperwork headache for active Bitcoin traders.
And while itâs true that Bitcoin is not fully anonymous, many criminals are simply using a Bitcoin-based money laundering operation known as a âmixing service. It s a Ponzi Scheme and just remember that - and have fun. Like Las Vegas real estate in 2007, or Amazon. âBitcoin transactions are not very useful in casual purchases, thus there has been little mainstream consumer adoption,â admits Mikko Ohtamaa, CTO of Gibraltar-based cybercurrency trader TokenMarket. Sounds like a perfect way to gamble a couple hundred dollars and see if this Ponzi Scheme takes off turning my couple hundred into a couple thousand (or more). â Charles Stross, popular author and blogger, summed up the situation nicely. Another fallacious line of reasoning: the IRS is overstepping because theyâre looking for a needle in a haystack. â Form 8949 is the one that Bitcoin traders must use to report their activity. Guess what s better than bitcoin for that. This is why you can find multiple wallet providers with different features and security. Armstrongâs exhortation that the IRS summons implies that all users of virtual currency are evading taxes is thus an overstatement.
If Bitcoin is a scam, then the US dollar is a far greater scam. The blogosphere, in fact, is rife with related rationalizations. Yes they can make a fork of Bitcoin but it will be on a separate blockchain.Aion.. You can choose not to buy in to it but that s different from a scam. Now if you are thinking, well somebody can edit the code to steal your coins or make fake coins that is not how it works. I have made my own cryptocurrency(s**t coin if you will) for fun and to grasp a better understanding of the protocol and how it works. They are not changing the protocol itself, but telling the protocol where to send the coins and storing that info in the blockchain. â The IRS, however, is on firm ground with the John Doe summons. .Ripple.Ubiq. Bitcoin Gold.