The fortunes of Bitcoins continue to fluctuate after the Norwegian government announced that is does not count as real money. The virtual bitcoin future 2014 range has left governments throughout the world scratching their heads as it is not controlled by a government or any central bank. But a government offical in Norway, Scandinavia’s richest nation, is the latest to express doubts over the legitimacy of Bitcoins. Bitcoins don’t fall under the usual definition of money or currency,’ Hans Christian Holte, director general of taxation in Norway, said.
Instead, Norway will classify Bitcoins as an asset, subject to capital gains tax. We’ve done some assessments on what’s the right and sound way to handle this in the tax system,’ he added. Paul Ehling, associate professor in the department of financial economics at the BI Norwegian Business School, said the government’s definition of money may be too restrictive, reports Bloomberg. Currency is any agreed upon means of exchanges of goods and services, so you could have some small stones, as used in history, and if it’s accepted by a sufficiently large population, then that’s enough,’ Ehling said. These days we do mean that a much larger group of people is willing to exchange goods or services for this currency. Would you like to pay by card or phone?
The value of Bitcoins plunged earlier this month after the Chinese government questioned the legal status of the virtual currency. A joint statement from several Chinese official bodies such as the People’s Bank of China said Bitcoins are not a currency and cannot be used as a form of payment by any businesses or financial institutions. Bitcoin is a distributed peer-to-peer digital currency that functions without any central authority, such as the Bank of England. The currency was launched in 2009 and is traded within a global network of computers. Bitcoins can be bought with near anonymity, which supporters say lowers fraud risk and increases privacy. But critics say that also makes Bitcoins a magnet for drug transactions, money-laundering and other illegal activities. 17 of currency four years ago.
Germany said it will impose tax on the virtual currency. Bitcoins have also received several boosts in recent months with illegal trading platforms closed and the U. Bitcoin is an open source, peer-to-peer payment network and digital currency introduced in 2008. The first step in owning and spending bitcoins is setting up a digital wallet.
This is a piece of software that can be downloaded to your desktop, accessed online or used as an app. It contains a code for receiving bitcoins and a separate code for spending them. The Pembury Tavern pub in Hackney, London, was the first to accept bitcoins and in October the world’s first bitcoin ATM went online in Vancouver, Canada. It scans a user’s palm before letting them buy or sell bitcoins for cash. The comments below have not been moderated. We are no longer accepting comments on this article. Is the International Space Station DOOMED?
Dreading the bloat this bikini season? It’s a chronic issue affecting millions, but can a weight loss aid be the miracle solution for these real women? Many thousands of articles have been written purporting to explain Bitcoin, the online, peer-to-peer currency. Most of those articles give a hand-wavy account of the underlying cryptographic protocol, omitting many details. Even those articles which delve deeper often gloss over crucial points. My aim in this post is to explain the major ideas behind the Bitcoin protocol in a clear, easily comprehensible way. Understanding the protocol in this detailed way is hard work.
It is tempting instead to take Bitcoin as given, and to engage in speculation about how to get rich with Bitcoin, whether Bitcoin is a bubble, whether Bitcoin might one day mean the end of taxation, and so on. That’s fun, but severely limits your understanding. Understanding the details of the Bitcoin protocol opens up otherwise inaccessible vistas. I’ll describe Bitcoin scripting and concepts such as smart contracts in future posts. This post concentrates on explaining the nuts-and-bolts of the Bitcoin protocol. To understand the post, you need to be comfortable with public key cryptography, and with the closely related idea of digital signatures.