The New York Department of Financial Services announced revisions to proposed rules for virtual currencies in that state. The revised rules, which came in response to public comments, represent a small but important victory for digital currency advocates. Here is a summary of the changes. These points aren’t really changes, per se, but confusing points…
I have noticed that a lot of readers come across this site incidentally or in the process of doing research. If you are new to digital currencies, here are a few recently updated bitcoin guides and other resources that will help you on your way. Bitcoin IRS Tax Guide For Individuals Filers Investopedia’s Bitcoin IRS…
The Securities and Exchange Commission has reportedly sent letters of inquiry to numerous companies in the US digital currency community in recent weeks. The letters, an example of which can be seen here, seem to be part of a general effort to identify and crack down on companies believed to be selling unregistered securities or…
I woke up this morning to find this story waiting in my inbox. Since company failures are commonplace in the digital currency industry, I didn’t think much of it at first. Then I read this line: “Questions about the platform’s solvency began to emerge in June, when users asked for the Bitcoin Trader leadership to publish…
As an accountant in public practice and a digital currency advocate, I frequently receive inquiries from potential clients and others about digital currency audits. The high level of theft and fraud suffered by consumers in the bitcoin community and the novelty of the technology behind many of the companies that serve them have created a…
The Federal Trade Commission filed a complaint this week against bitcoin mining hardware seller Butterfly Labs, providing yet another high profile example of why the cryptocurrency community needs regulator involvement. The complaint, which alleges that the company collected between $20 and $50 million from customers while delivering hardly anything in return, cited hundreds of consumer…
What is Apple Pay? Apple has teamed up with Visa, Mastercard and American Express to offer Near Field Communication (NFC) payment capability in the iPhone 6. The announcement of the feature last week, which the company has cleverly titled “Apple Pay,” has left many bitcoiners wondering how it will impact bitcoin. I think that Apple…
One of bitcoin’s oft-touted advantages is the speed at which payments can be collected from purchasers of goods and services. While credit card or electronic check payments usually take between three and five days from the time the payment is submitted until the point at which cash is available to be spent, bitcoin payments are…
Coinbase congratulated itself this week for being insured against loss, something that nearly every business in the western world (outside the bitcoin ecosystem) considers to be the minimum standard. The bitcoin trading platform announced in a blog post that some of its customer holdings are insured against incidents of loss due to “breach of physical…
If you are looking to start a business, consolidate debt, or handle a minor emergency, or if you want to skim a return for yourself while helping people with those problems, then bitcoin lending might be worth looking into. But beware: you’ll need a healthy appetite for risk and a portfolio that can afford to…
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