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Bitcoins: The Taxless Currency

01 BITCOINS THE TAXLESS CURRENCY WHAT ARE BITCOINS & HOW DO THEY AVOID TAXES? WHAT Created in 2009 by a Japanese programmer, bitcoins are the first anonymous decentralized digital currency. They are digital coins that you can send through the Internet. B6.3 $49 = $14 to $17 MILLION MILLION As of May 2011 there are over 6.3 million bitcoins in existence. At current prices, it would cost over $49 million to buy these. The value of a bitcoin drastically changes during the course of a single day; however, they have generally hovered around $14 to $17 per unit. ADVANTAGES DISADVANTAGES Bitcoins are transferred directly from There are privacy and security issues that arise, since bitcoins are shared person to person. publicly online. Fees are much lower. Transactions are difficult and based on scripts contained inside them; they are executed to access the "money." They can be used in any country. Accounts cannot be frozen and no Bitcoins are the currency for many criminals online. prerequisites or arbitrary limits. HOW Bitcoins are generated all over the Internet by anybody | Bitcoins are stored running a free application called a bitcoin miner. your digital wallet, which looks similar to online banking. Mining requires a certain amount This amount is automatically adjusted by the network, your bitcoins for U.S. dollars, Euros, Yen and more. such the bitcoins are always created at a predictable and limited rate. work for each coin. Several currency exchanges exist where you can trade TAX EXAMPLES Bitcoins are produced without the involvement of | You can purchase or barter video games, gifts, books governments or banks, thus avoiding taxes. Instead, and servers. You may say this is simply cash. In some they are generated by software and are stored in an ways it is similar, but cash is limited to a physical online e-wallet, similar to cash. exchange. Bitcoin exchanges are somewhat like the practice of tipping; it uses an honor system. tip WHY A RISE IN VALUE? Expected future bitcoin supply* For now, a cap of 21 million bitcoins has been issued, which drives the value of a single bitcoin up. Take a look at the expected growth of coins over time: 21 18 15 *For 10-minute issuance frequency TAKING AIM AT BITCOINS O PASSWORDS USERNAMESO OE-MAILS On June 19 of this year, a security breach of the Mt. Gox | In a separate incident, an unknown criminal allegedly Bitcoin Exchange caused the leakage of usernames, transferred or stole 25,000 BTC, worth approximately emails and passwords of over 60,000 users into the $500,000, out of an unsuspecting user's wallet. public domain. TurboTax SOURCES: symantec.com, 2011 // guardian.co.uk, 2011 // bitcoin.org, 2011 weusecoins.com, 2011 // eweekeurope.co.uk, 2011 Choose Easy. 2026 2024 2022 2020 2018 2016 2014 2012 2010 TOTAL COINS (millions) 01 01010 BITCOINS THE TAXLESS CURRENCY WHAT ARE BITCOINS & HOW DO THEY AVOID TAXES? WHAT Created in 2009 by a Japanese programmer, bitcoins are the first anonymous decentralized digital currency. They are digital coins that you can send through the Internet. B6.3 $49 = $14 to $17 MILLION MILLION As of May 2011 there are over 6.3 million bitcoins in existence. At current prices, it would cost over $49 million to buy these. The value of a bitcoin drastically changes during the course of a single day; however, they have generally hovered around $14 to $17 per unit. ADVANTAGES DISADVANTAGES Bitcoins are transferred directly from There are privacy and security issues that arise, since bitcoins are shared person to person. publicly online. Fees are much lower. Transactions are difficult and based on scripts contained inside them; they are executed to access the "money." They can be used in any country. Accounts cannot be frozen and no Bitcoins are the currency for many criminals online. prerequisites or arbitrary limits. HOW Bitcoins are generated all over the Internet by anybody | Bitcoins are stored running a free application called a bitcoin miner. your digital wallet, which looks similar to online banking. Mining requires a certain amount This amount is automatically adjusted by the network, your bitcoins for U.S. dollars, Euros, Yen and more. such the bitcoins are always created at a predictable and limited rate. work for each coin. Several currency exchanges exist where you can trade ТАХ EXAMPLES Bitcoins are produced without the involvement of | You can purchase or barter video games, gifts, books governments or banks, thus avoiding taxes. Instead, and servers. You may say this is simply cash. In some they are generated by software and are stored in an ways it is similar, but cash is limited to a physical online e-wallet, similar to cash. exchange. Bitcoin exchanges are somewhat like the practice of tipping; it uses an honor system. tip BBB WHY A RISE IN VALUE? Expected future bitcoin supply* For now, a cap of 21 million bitcoins has been issued, which drives the value of a single bitcoin up. Take a look at the expected growth of coins over time: 21 18 15 *For 10-minute issuance frequency TAKING AIM AT BITCOINS O PASSWORDS USERNAMESO OE-MAILS On June 19 of this year, a security breach of the Mt. Gox | In a separate incident, an unknown criminal allegedly Bitcoin Exchange caused the leakage of usernames, transferred or stole 25,000 BTC, worth approximately emails and passwords of over 60,000 users into the $500,000, out of an unsuspecting user's wallet. public domain. TurboTax SOURCES: symantec.com, 2011 // guardian.co.uk, 2011 // bitcoin.org, 2011 weusecoins.com, 2011 // eweekeurope.co.uk, 2011 Choose Easy. 2026 2024 2022 2020 2018 2016 2014 2012 2010 TOTAL COINS (millions) 01 01010 BITCOINS THE TAXLESS CURRENCY WHAT ARE BITCOINS & HOW DO THEY AVOID TAXES? WHAT Created in 2009 by a Japanese programmer, bitcoins are the first anonymous decentralized digital currency. They are digital coins that you can send through the Internet. B6.3 $49 = $14 to $17 MILLION MILLION As of May 2011 there are over 6.3 million bitcoins in existence. At current prices, it would cost over $49 million to buy these. The value of a bitcoin drastically changes during the course of a single day; however, they have generally hovered around $14 to $17 per unit. ADVANTAGES DISADVANTAGES Bitcoins are transferred directly from There are privacy and security issues that arise, since bitcoins are shared person to person. publicly online. Fees are much lower. Transactions are difficult and based on scripts contained inside them; they are executed to access the "money." They can be used in any country. Accounts cannot be frozen and no Bitcoins are the currency for many criminals online. prerequisites or arbitrary limits. HOW Bitcoins are generated all over the Internet by anybody | Bitcoins are stored running a free application called a bitcoin miner. your digital wallet, which looks similar to online banking. Mining requires a certain amount This amount is automatically adjusted by the network, your bitcoins for U.S. dollars, Euros, Yen and more. such the bitcoins are always created at a predictable and limited rate. work for each coin. Several currency exchanges exist where you can trade ТАХ EXAMPLES Bitcoins are produced without the involvement of | You can purchase or barter video games, gifts, books governments or banks, thus avoiding taxes. Instead, and servers. You may say this is simply cash. In some they are generated by software and are stored in an ways it is similar, but cash is limited to a physical online e-wallet, similar to cash. exchange. Bitcoin exchanges are somewhat like the practice of tipping; it uses an honor system. tip BBB WHY A RISE IN VALUE? Expected future bitcoin supply* For now, a cap of 21 million bitcoins has been issued, which drives the value of a single bitcoin up. Take a look at the expected growth of coins over time: 21 18 15 *For 10-minute issuance frequency TAKING AIM AT BITCOINS O PASSWORDS USERNAMESO OE-MAILS On June 19 of this year, a security breach of the Mt. Gox | In a separate incident, an unknown criminal allegedly Bitcoin Exchange caused the leakage of usernames, transferred or stole 25,000 BTC, worth approximately emails and passwords of over 60,000 users into the $500,000, out of an unsuspecting user's wallet. public domain. TurboTax SOURCES: symantec.com, 2011 // guardian.co.uk, 2011 // bitcoin.org, 2011 weusecoins.com, 2011 // eweekeurope.co.uk, 2011 Choose Easy. 2026 2024 2022 2020 2018 2016 2014 2012 2010 TOTAL COINS (millions) 01 01010 BITCOINS THE TAXLESS CURRENCY WHAT ARE BITCOINS & HOW DO THEY AVOID TAXES? WHAT Created in 2009 by a Japanese programmer, bitcoins are the first anonymous decentralized digital currency. They are digital coins that you can send through the Internet. B6.3 $49 = $14 to $17 MILLION MILLION As of May 2011 there are over 6.3 million bitcoins in existence. At current prices, it would cost over $49 million to buy these. The value of a bitcoin drastically changes during the course of a single day; however, they have generally hovered around $14 to $17 per unit. ADVANTAGES DISADVANTAGES Bitcoins are transferred directly from There are privacy and security issues that arise, since bitcoins are shared person to person. publicly online. Fees are much lower. Transactions are difficult and based on scripts contained inside them; they are executed to access the "money." They can be used in any country. Accounts cannot be frozen and no Bitcoins are the currency for many criminals online. prerequisites or arbitrary limits. HOW Bitcoins are generated all over the Internet by anybody | Bitcoins are stored running a free application called a bitcoin miner. your digital wallet, which looks similar to online banking. Mining requires a certain amount This amount is automatically adjusted by the network, your bitcoins for U.S. dollars, Euros, Yen and more. such the bitcoins are always created at a predictable and limited rate. work for each coin. Several currency exchanges exist where you can trade ТАХ EXAMPLES Bitcoins are produced without the involvement of | You can purchase or barter video games, gifts, books governments or banks, thus avoiding taxes. Instead, and servers. You may say this is simply cash. In some they are generated by software and are stored in an ways it is similar, but cash is limited to a physical online e-wallet, similar to cash. exchange. Bitcoin exchanges are somewhat like the practice of tipping; it uses an honor system. tip BBB WHY A RISE IN VALUE? Expected future bitcoin supply* For now, a cap of 21 million bitcoins has been issued, which drives the value of a single bitcoin up. Take a look at the expected growth of coins over time: 21 18 15 *For 10-minute issuance frequency TAKING AIM AT BITCOINS O PASSWORDS USERNAMESO OE-MAILS On June 19 of this year, a security breach of the Mt. Gox | In a separate incident, an unknown criminal allegedly Bitcoin Exchange caused the leakage of usernames, transferred or stole 25,000 BTC, worth approximately emails and passwords of over 60,000 users into the $500,000, out of an unsuspecting user's wallet. public domain. TurboTax SOURCES: symantec.com, 2011 // guardian.co.uk, 2011 // bitcoin.org, 2011 weusecoins.com, 2011 // eweekeurope.co.uk, 2011 Choose Easy. 2026 2024 2022 2020 2018 2016 2014 2012 2010 TOTAL COINS (millions) 01 01010 BITCOINS THE TAXLESS CURRENCY WHAT ARE BITCOINS & HOW DO THEY AVOID TAXES? WHAT Created in 2009 by a Japanese programmer, bitcoins are the first anonymous decentralized digital currency. They are digital coins that you can send through the Internet. B6.3 $49 = $14 to $17 MILLION MILLION As of May 2011 there are over 6.3 million bitcoins in existence. At current prices, it would cost over $49 million to buy these. The value of a bitcoin drastically changes during the course of a single day; however, they have generally hovered around $14 to $17 per unit. ADVANTAGES DISADVANTAGES Bitcoins are transferred directly from There are privacy and security issues that arise, since bitcoins are shared person to person. publicly online. Fees are much lower. Transactions are difficult and based on scripts contained inside them; they are executed to access the "money." They can be used in any country. Accounts cannot be frozen and no Bitcoins are the currency for many criminals online. prerequisites or arbitrary limits. HOW Bitcoins are generated all over the Internet by anybody | Bitcoins are stored running a free application called a bitcoin miner. your digital wallet, which looks similar to online banking. Mining requires a certain amount This amount is automatically adjusted by the network, your bitcoins for U.S. dollars, Euros, Yen and more. such the bitcoins are always created at a predictable and limited rate. work for each coin. Several currency exchanges exist where you can trade ТАХ EXAMPLES Bitcoins are produced without the involvement of | You can purchase or barter video games, gifts, books governments or banks, thus avoiding taxes. Instead, and servers. You may say this is simply cash. In some they are generated by software and are stored in an ways it is similar, but cash is limited to a physical online e-wallet, similar to cash. exchange. Bitcoin exchanges are somewhat like the practice of tipping; it uses an honor system. tip BBB WHY A RISE IN VALUE? Expected future bitcoin supply* For now, a cap of 21 million bitcoins has been issued, which drives the value of a single bitcoin up. Take a look at the expected growth of coins over time: 21 18 15 *For 10-minute issuance frequency TAKING AIM AT BITCOINS O PASSWORDS USERNAMESO OE-MAILS On June 19 of this year, a security breach of the Mt. Gox | In a separate incident, an unknown criminal allegedly Bitcoin Exchange caused the leakage of usernames, transferred or stole 25,000 BTC, worth approximately emails and passwords of over 60,000 users into the $500,000, out of an unsuspecting user's wallet. public domain. TurboTax SOURCES: symantec.com, 2011 // guardian.co.uk, 2011 // bitcoin.org, 2011 weusecoins.com, 2011 // eweekeurope.co.uk, 2011 Choose Easy. 2026 2024 2022 2020 2018 2016 2014 2012 2010 TOTAL COINS (millions) 01 01010 BITCOINS THE TAXLESS CURRENCY WHAT ARE BITCOINS & HOW DO THEY AVOID TAXES? WHAT Created in 2009 by a Japanese programmer, bitcoins are the first anonymous decentralized digital currency. They are digital coins that you can send through the Internet. B6.3 $49 = $14 to $17 MILLION MILLION As of May 2011 there are over 6.3 million bitcoins in existence. At current prices, it would cost over $49 million to buy these. The value of a bitcoin drastically changes during the course of a single day; however, they have generally hovered around $14 to $17 per unit. ADVANTAGES DISADVANTAGES Bitcoins are transferred directly from There are privacy and security issues that arise, since bitcoins are shared person to person. publicly online. Fees are much lower. Transactions are difficult and based on scripts contained inside them; they are executed to access the "money." They can be used in any country. Accounts cannot be frozen and no Bitcoins are the currency for many criminals online. prerequisites or arbitrary limits. HOW Bitcoins are generated all over the Internet by anybody | Bitcoins are stored running a free application called a bitcoin miner. your digital wallet, which looks similar to online banking. Mining requires a certain amount This amount is automatically adjusted by the network, your bitcoins for U.S. dollars, Euros, Yen and more. such the bitcoins are always created at a predictable and limited rate. work for each coin. Several currency exchanges exist where you can trade ТАХ EXAMPLES Bitcoins are produced without the involvement of | You can purchase or barter video games, gifts, books governments or banks, thus avoiding taxes. Instead, and servers. You may say this is simply cash. In some they are generated by software and are stored in an ways it is similar, but cash is limited to a physical online e-wallet, similar to cash. exchange. Bitcoin exchanges are somewhat like the practice of tipping; it uses an honor system. tip BBB WHY A RISE IN VALUE? Expected future bitcoin supply* For now, a cap of 21 million bitcoins has been issued, which drives the value of a single bitcoin up. Take a look at the expected growth of coins over time: 21 18 15 *For 10-minute issuance frequency TAKING AIM AT BITCOINS O PASSWORDS USERNAMESO OE-MAILS On June 19 of this year, a security breach of the Mt. Gox | In a separate incident, an unknown criminal allegedly Bitcoin Exchange caused the leakage of usernames, transferred or stole 25,000 BTC, worth approximately emails and passwords of over 60,000 users into the $500,000, out of an unsuspecting user's wallet. public domain. TurboTax SOURCES: symantec.com, 2011 // guardian.co.uk, 2011 // bitcoin.org, 2011 weusecoins.com, 2011 // eweekeurope.co.uk, 2011 Choose Easy. 2026 2024 2022 2020 2018 2016 2014 2012 2010 TOTAL COINS (millions)

Bitcoins: The Taxless Currency

shared by ColumnFive on Jul 23
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In today’s economy, the value of the dollar is weaker than ever and the thought of a digital currency is becoming more of a reality with the recent introduction of bitcoins. Bitcoins can be compared...

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Intuit

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Economy
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