The Treasury is planning a Bitcoin crackdown in an aim to prevent money laundering and tax evasion. But what are the tax rules as they stand? The price of Bitcoin recently surged to over $18,000, meaning nearly all those who bought the digital currency and still hold it have made a gain. Some have taken the opportunity to bank profits as the price of the digital currency has climbed – although exchange crashes have caused difficulties for many attempting to sell. With profits, comes tax - but how exactly does the taxman treat profits from Bitcoin and other cryptocurrencies? Your Bitcoin gains are likely to be taxable HMRC has so far not kept pace with Bitcoin fever. The last guidance it issued on the taxation of cryptocurrencies was more than three years ago in March 2014 – when the price of Bitcoin was a mere $630. That guidance is not clear. It says that cryptocurrency gains and losses... To continue reading this article … [Read more...] about Do I have to pay tax on Bitcoin profits (and what will happen if I don’t)?
INVESTORS trying to cash in on Bitcoin’s surge claim to have lost thousands of pounds after falling prey to a firm using fake Facebook ads featuring Martin Lewis. Last week, the city watchdog issued a warning about the unregulated company known as “Chemmi Holdings Max CFD”, which is based in London. The firm advertises online and has a professional-looking website and ask investors deposit cash in an account using credit or debit cards. It claims to be a leading trading platform, giving investors “the safest, most convenient and all around best trading experience ever”. But when investors request to withdraw cash, they claim their applications are refused and as they wait the balance dwindles to nothing as they are charged inactivity fees by the firm. Angry customers – some who have handed over thousands of pounds - have taken to websites like Trustpilot to complain about being ripped off. One wrote: “I saw an ad on Facebook supposedly of … [Read more...] about Warning over Bitcoin firm using Martin Lewis image to dupe investors
Bitcoin continues to attract enormous attention from investors, but it is not the only cryptocurrency in existence. As fears grow that Bitcoin's rapid growth was little more than a bubble, more and more people are starting to consider its rivals. There are now hundreds of cryptocurrencies and, while they have significant differences, all are based on blockchain technology. A blockchain is a method of record-keeping that uses a network of individual computers to store a log of transactions, and verify new transactions, without the involvement of a central organisation such as a bank. The top five largest currencies change regularly as prices of individual currencies fluctuate, but these are some... To continue reading this article Start your free trial of Premium Access all Premium articles Subscriber-only events Cancel any time Free for 30 days then only £2 per week Try Premium Access one Premium article per … [Read more...] about Ethereum, Bitcoin Cash, Ripple and Litecoin: here are four of Bitcoin’s closest rivals
Rapper 50 Cent is correcting the record after a wave of January media reports that claimed that the artist held around $7 million worth of Bitcoin. 50 Cent announced this week that reports that he held 700 Bitcoins after accepting the dominant cryptocurrency during the sale of his 2014 album, Animal Ambition, were not correct.Although 50 Cent accepted Bitcoins for the 2014 album, new court documents filed by the rapper disclose that 50 Cent never truly pocketed the cryptocurrency. All album sales made with Bitcoin were immediately converted to U.S. dollars based upon the exchange rate at the time of purchase. All online transactions involving my brand were handled by an independently owned and operated third part, Central Nervous LLC.. the limited bitcoin transactions that occurred online were processed and converted to U.S. Dollars contemporaneously, based upon the then-existing exchange rate… In a statement, 50 Cent said that he typically doesn’t correct false … [Read more...] about 50 Cent Corrects the Record, Admits He Has Never Owned Bitcoin
Share Tweet Share Email Comments Print Four local residents accused of taking part in a large-scale fake ID manufacturing and distribution ring were indicted Thursday by a federal grand jury. Mark Alex Simon, 34, of the 4700 block of Stengel Avenue; Sarah Alberts, 34, of Perrysburg; Aaron Kuns, 33, of the 3700 block of Delawn Drive, and Benjamin Stalets, 28, of the 2200 block of Parkwood Avenue each were indicted on charges of production of false identification documents, transfer of false identification documents, and possession of document-making implements and authentication features. The charges were filed in U.S. District Court in the wake of their arrest last month following a lengthy investigation by state and local authorities. The indictment alleges that between June, 2013 and February of this year, the group created and transferred fake driver’s licenses and personal identification cards that appear to have been issued by the states of Ohio, … [Read more...] about Federal grand jury indicts four in local fake ID, Bitcoin case