Tom
Bitcoin is an internet-based, decentralized payment system. Bitcoin’s anonymity and transactions being tracked on the blockchain database in coexistence with others. It makes hacking for bitcoin a difficult task to do successfully. There won’t be no central point of failure where hackers can attack first before they get hacked back by other network pirates sharing information about potential hacks and how to defend against them spontaneously.
Bitcoin was created because of the 2008 economic crisis. It didn’t become popular until 2013 because people were afraid their banks could go bankrupt again, like during the recession when Lehman Brothers went bust under heavy debt at $613 billion, then Merrill Lynch failed shortly after that, making over 100 years worth of financial history gone overnight.
Taxes depend on the country. “In the US, IRS considers it property and every transaction needs to be calculated as a capital gains tax. There are a lot of services out there that simplify this process– I recommend Node40’s blockchain accounting service for calculating taxes.
A good friend of my family is a bitcoin enthusiast who has been purchasing items with his bitcoins for years. However, he recently had an experience which involved paying in the cryptocurrency: “I paid for my doctor’s visit in bitcoin because his physician is also a bitcoin investor,” says Mike. It was quick and easy to pay online using their website as long as they are set up on Coinbase; all you need now is your phone number or email address so that they know how to contact you!
The first real estate transaction was a single-family home in Austin, Texas. The seller wanted the bitcoins converted to dollars, so they used BitPay, a global bitcoin payment service provider that converts Bitcoin into U.S Dollars on behalf of sellers and buyers alike at an agreed upon conversion rate for each individual sale – reducing risk for both parties involved in the transaction.
Buying real estate with bitcoin,” says Mike, “is that once everything’s signed-off by both parties – there is no more waiting around.” With traditional currencies like USD needing people hours (sometimes days) just finalizing deals. Bitcoin solves these problems because all payments are instant.
Experts recommend going through proper channels before investing money into anything – especially like property ownership which is irreversible thanks to Bitcoin being decentralized and unregulated by banks and governments.
