OpenRuby.com

19 Dec '12, 3am

Legality of Bitcoins-Digital Currency? via #gAtO ✅ #infosec #tor #security #cyberwar #btc #hacking #bitcoin #seguridad

Legality of Bitcoins-Digital Currency? via #gAtO ✅ #infosec #tor #security #cyberwar #btc #hacking #bitcoin #seguridad

So how does a merchant handle Digital currency if they decide to accept it for legal goods and service. For example My Book is for sale on my website using Mt.Gox BTC-Bitcoins – So how do I report my Bitcoins Sales 1.8 BTC so how does the Tax man handle the BTC-Bitcoin transaction?? If they accept Bitcoins then they are legal tender as long as I show sales and pay my Tax they now become legal tender by the State, and federal governments??? Right or is Bitcoin just like a Cash sales??? – These are the questions that need answers today, not tomorrow. I would think that governments may be losing revenue if they don’t think about how to handle virtual currencies transactions and incorporate them into the grand scheme of things (also known as red tape).

Full article: http://uscyberlabs.com/blog/2012/12/18/legality-of-bitcoi...

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