Many people are talking about Bitcoin and for very good reason, an industry known as cryptocurrency which are a collection of digital assets designed to work as a medium of Exchange that uses cryptography to secure transactions have now totally become a thing.
The dream of becoming a Bitcoin millionaire or for young developers to start their own blockchain is no longer only the ultimate goal for nerds and cypherpunks exclusively, the cryptocurrency Bonanza is now starting to reach for the mainstream consciousness especially in places like mass media and Wall Street.
The cryptocurrency atmosphere is dynamic and ever-changing. 3 months watching crypto in the cryptocurrency bubble can feel like a year, it is my belief that time becomes compounded when a user is extra focused on crypto as of the sheer amount of information available are a definite distraction cryptocurrencies provide for the mind. The way I described cryptocurrency almost sounds therapeutic or romantic nevertheless cryptocurrency presents a range of challenges and being one of the most dynamic valued Industries in the world there are so many details to understand about cryptocurrency from the perspective of a technical analysis to the development of new protocols all the way across the spectrum to the laws that govern these kinds of advancements in technology. For any new person jumping into cryptocurrency for the first time or for a group of developers who are considering tackling problems presented by other blockchains when trying to innovate their own, can often be found scratching their heads trying to understand cryptocurrency law and ponder how it applies to governments around the world and in the US. These laws can difficult to try and interpret when trying to release a new ICO or when trying to establish a blockchain and considering how this will affect users in a given region of the US and the laws applying to that kind of a venture.
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US Constitution has clearly not yet properly defined blockchain or cryptocurrency boundaries or requirements and this constitution often contradicts itself where digital currencies are concerned. For residents living in the United States who want to access a new resource directly related to digital currencies can now log on to Bitcoinlawhub.com a website that is a bare bones legal resource that does not offer airtight legal advice however if used as a guideline can be very helpful for gaining perspective when information is not readily available or easy to find. Although this is just an introduction to US law and the way it affects cryptocurrency this resource is still an excellent starting point for amateurs who desire to be educated about the topic.
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The website Bitcoinlawhub.com was created by a husband-and-wife team, Dave and Susan Berson. Susan is a tax attorney and Dave is an cryptocurrency Enthusiast who spent over 20 years as a business and banking attorney. The couple have a rich history in relation to digital currency when back in 2013 Susan authored the very first article on digital currency that was published in the American Bar Association Journal magazine. Susan has also put in a great deal work on the American Bar association's subcommittee for virtual currency of its official tax comments about the IRS guidance of the taxation for virtual currencies. Needless to say this is a resource that would not hurt to bookmark just in case share with your friends if they are ever looking for some basic knowledge about the do's and don'ts for cryptocurrency from a legal perspective.
This resource is not meant to replace the advice of a specialist attorney so people who are running an ICO should not rely on this information exclusively, nevertheless this is a great place to start for anybody who has pondered a blockchain based Venture in the United States. The site Bitcoinlawhub.com includes information pertaining to bankruptcy, Commodities, estate planning, Securities and tax. With the SEC starting a Witch Hunt for tokens that are wolves dressed in sheep's clothing masquerading as a utility, nobody wants to end up like Localbitcoins.com who recently ran into some trouble and are being prosecuted for operating without a money transmitting licence, realistically there has not been a better time for this kind of a resource to emerge. In conjunction with the latest US tax law amendments, which have a bearing on bitcoin holders , brushing up on cryptocurrency law is never going to be a bad idea. One day this information could save your business, as well as your Bitcoin investment more importantly.
Check out: http://bitcoinlawhub.com/
If you have any other resources for understanding cryptocurrency law, or you have any general feedback, I look forward to reading your comments in the section below
Thanks for taking a second check out this post all the best in the New Year's for 2018
Awesome post. This is something that's going to be very relevant for every US citizen trading in the crypto space - whether they like it or not. :(
If no one pays it will be hard to enforce laws.
People should not accept this kind of robbery from governments. Why should anyone pay tax for risking their own taxed money?
This is yet another test by govs to see how well their citizens respond to the constant hypnotism by way of repetition and peer pressure. We’ve been conditioned to think government is looking out for our best interests, but are they going to pay you back for losses!? NO they just want a cut of the profits. Reminds me of some mob stories.
To those who plan on complying with these tax regulations, tread carefully for those whom give up some rights or freedoms for security, deserve neither.
I couldn't agree more. This is good info, people have to come read up posts like this.
Very good point, crypto can be a scary place without a flashlight.
Haha, I like that metaphor.
I'm from Croatia & here, as I know, the laws are a bit lighter.
But, there's an example of paying off to yourself the so-called "capital gain" of the crypto currency trade on the online exchange markets, the government, by the law, has the right to take 45 % taxes. It is crazy! & it is your obligation, when you pay off to yourself in the local money "kuna" directly to the bank account, to report the transaction & to pay this taxes.
Anyway, If you never change any of the crypto currencies in the any form of the any state's official money directly on the bank account, the government cannot follow the money flow & the can't never ever demand the paying of taxes cause there is no proof for them that the transaction ever happened.
For example: If you have 1 000 Steem $ & buy a camera online with the Steem $, they cannot trace the transaction & are not able to take the taxes!
Weeeeeeeeeeeeeee :)
Thanks for the resource, with all of the uncertainty and grey area, it can be hard to know how to navigate these new waters!
great post, nice information about bitcoin
Law is strong about everything
It seems to me that the information on http://bitcoinlawhub.com/ is outdated. There has recently been changes made to 1031 tax code that dis-qualify crypto as "real property"; therefore, the following statement made at the site is incorrect (at the very least, lacking details):
Besides "for cash" and "for product", it will also include "for other crypto".
"this is just an introduction to US law and the way it affects cryptocurrency, this resource is an excellent starting point for amateurs who desire to be educated about the topic"
good post.bos I want times can be a lot of dollars or help promote I have a boss
Thank you for yor visit...
ths is so good i mean i am gathering information about crypto and this helpme alot thanks
Learn how to use google and do a search for # BTC