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  #61 (permalink)  
Old 01-12-2013, 9:20 PM
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In God we Trust, all others pay cash or CC!
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  #62 (permalink)  
Old 01-12-2013, 10:58 PM
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  #63 (permalink)  
Old 01-13-2013, 4:31 PM
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I prefer to use Paypal.
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  #64 (permalink)  
Old 01-14-2013, 5:23 AM
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Default Let's keep it to $.

I don't need another form of currency to deal with.
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  #65 (permalink)  
Old 01-17-2013, 9:13 AM
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Default Interesting article about Bitcoin and alternative currency

Ripple Credit System Could Help or Harm Bitcoin - IEEE Spectrum
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  #66 (permalink)  
Old 01-23-2013, 9:24 PM
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Quote:
Originally Posted by radioman2001 View Post
Bitcoins are underground money, plain and simple,and that's why you see them used for illegal drugs, illegal guns and hit men. (Most people don't even know what the DarkNet is) There is no bank, no record at all other than in your computer which you control, and nothing traceable to an individual or entity. I don't even know how you would reconvert to actual money. I'm sorry, I don't know what Linsay is up to, but I wouldn't want to be on the other end of a DHS investigation as to why you are using a highly questionable money source in a legitemate business here in the U.S. I can think money laundering real quick, and I am sure DHS an DOJ would think the same.

And before anybody here gets all hoity toity, Linsay asked for comments and I have given you mine.
In the financial and legal system Bitcoin and similar currencies are already well defined. Legally, Bitcoin is a "Community Currency." Specifically, the financial world would call it a "cryptocurrency." These types of currencies are not federally regulated, and only in Illinois are they illegal.

Bitcoin trading is not legal on the open market as it is not considered "money" by the SEC. In order to trade Bitcoin for goods and services it must be done privately. An unintended consequence of the way Bitcoin works, is that it is only traded privately, anyway.

Community Currency's have no value, other than what we assign to it, which is why if they are simply kept contained within the community, they are perfectly legal. (outside of Illinois, of course).

http://en.wikipedia.org/wiki/List_of..._United_States

Last edited by rexgame; 01-23-2013 at 9:29 PM..
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  #67 (permalink)  
Old 02-06-2013, 10:15 PM
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Personally, I would not use it, however, It wouldn't be a bad idea in making it an option. Even if you get a few people who are willing to use it, it would probably be worth it. Could only help business.
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  #68 (permalink)  
Old 03-26-2014, 10:57 AM
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WASHINGTON — Virtual currencies like bitcoin will be taxed like property — not currency, the Internal Revenue Service said Tuesday.

The IRS says bitcoin is not legal tender. You can't use it to pay your taxes.

However, if you receive wages in bitcoin, you have to pay taxes on it just like you would if you got paid in dollars. Or if you got paid in chickens.

The IRS issued a series of 16 questions and answers Tuesday to clarify the tax treatment of virtual currencies like bitcoin. In general, the IRS says it will apply the same rules that govern other barter transactions.

If you receive wages in bitcoin, they would be taxed at their fair market value at the time you were paid, the IRS said. If you use bitcoins to pay for goods or services, the vendor must report the income, using the fair market value of the bitcoins at the time of the transaction.

For investors, bitcoins will be treated like other commodities, the IRS said. If they increase in value, you have to pay capital gains taxes after you sell them. If they lose value, you can recognize a capital loss.

Created in 2009, bitcoin is an online currency that allows people to make one-to-one transactions, buy goods and services and exchange money across borders without involving banks or other third parties. Bitcoins have become popular with libertarians, tech enthusiasts and speculators.

Regulators worry about criminals using them to avoid detection.

In February, one of the largest bitcoin exchanges, based in Tokyo, filed for bankruptcy, adding to mistrust of the currency. Supporters say problems at the exchange were isolated.

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  #69 (permalink)  
Old 03-26-2014, 3:00 PM
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I'd accept bitcoins. They're only going up, up, up in value.

Well..until the bubble pops and they're worth nothing.
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