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Tag: bitcoin

Bitcoin: 'I'm part of a crazy wave'

Bitcoin: 'I'm part of a crazy wave'

Business
In its early days, Bitcoin might have been dismissed as a quirky tech sector fad. But it is rapidly evolving into the mainstream and has already made some people rich.If once Bitcoin was seen as a tool for money launderers and drug dealers, it has recently become as commonplace a topic at middle-class dinner parties as house prices.There are advertisements on the London Underground proposing ways to invest. It's been on the newspaper front pages. There are anecdotes of taxi drivers who say they've borrowed money to buy Bitcoin. And every day, another expert cautions investors that these are just the kinds of things to watch out for if you want to avoid investing in a bubble that's about to burst.So who is still holding onto their Bitcoins, as the price continues to fluctuate?'It's been rea...
North Korea 'hacking soaring Bitcoin exchanges'

North Korea 'hacking soaring Bitcoin exchanges'

Technology
North Korea is seeking to profit from Bitcoin's surging value by hacking Bitcoin exchanges, security researchers have told Sky News.Ashley Shen, an independent security researcher, said: "We assume one of the reasons why Bitcoin is being attacked is because the price keeps increasing and we think it's reasonable for hackers (to target)."Digital currency might be easier to gain than physical currency. So I think it's reasonable."Bitcoin's value has risen dramatically over the course of 2017, but especially during the past week, peaking at one Bitcoin being worth $ 16,000 (£11,940).The currency's value is up 1,500% this year, driven by sheer speculation.Ms Shen and her colleagues have tracked attacks by hacking groups Lazarus, Bluenoroff and Andariel - suspected to be North Korean operations
Putting a price on Bitcoin

Putting a price on Bitcoin

Finance
SCENE: A pet shop with a bored looking proprietor. A customer approachesCUSTOMER: I’d like to buy a parrot.Upgrade your inboxReceive our Daily Dispatch and Editors’ Picks newsletters.OWNER: Certainly, sir. How about this one? It’s a Norwegian Blue. Beautiful plumage.CUSTOMER: It’s not moving muchOWNER: It is tired and shagged out after a long squawkCUSTOMER: Fair enough. How much is it?OWNER: $ 20,000CUSTOMER: I’ll pay with this BitcoinOWNER: Sorry, sir. On WavesDEX, the Bitcoin is only worth $ 13,500CUSTOMER: But on LocalBitcoins, it is over $ 21,500! Look at the news headlines. OWNER: Sorry, sir, but I can’t afford the risk. My rent, heat and light are all payable in dollars.CUSTOMER: But the dollar has ceased to be, it has shuffled off this mortal coil, it is an ex-currencyOWNER: S
Hey bitcoin millionaire: Give away your fortune for a tax break

Hey bitcoin millionaire: Give away your fortune for a tax break

Finance
Now that bitcoin is surging past $ 16,000, it might be time to give it to charity.It's no secret that the IRS has kept an eye on the wildly popular cryptocurrency, ruling that bitcoin and others like it are considered property for tax purposes. This means that if you cash out, you're likely on the hook to report capital gains to the Tax Man – and those gains can be substantial, particularly if you bought bitcoin back in 2010 when one unit was worth less than a dollar.There's a solution to that: Give your cryptocurrency to charity via your donor advised fund – an account that you can fund with highly appreciated assets and use for making grants to charities -- instead of cashing out. This way, you unload assets that could face steep capital gains taxes and you collect a charitable contribut
Once 'sketchy,' bitcoin is starting to become more mainstream

Once 'sketchy,' bitcoin is starting to become more mainstream

Finance
In 2010 Ashley Foster, a financial advisor in Houston, was asked by a man if he had ever heard of bitcoin. Foster said he had not, and after the man explained the cryptocurrency to him, he thought: That's the dumbest thing I've ever heard. But the conversation left Foster a little curious, so he arranged to meet a man at a nearby Starbucks to try it out. There, Foster handed the man $ 300 in cash, who in turn opened his laptop and sent him two bitcoins. As Foster drove away, he thought: That was a little sketchy.Today those two coins are worth $ 16,000. And cryptocurrencies are more mainstream.Foster and many other financial advisors are fielding more and more questions from their clients about cryptocurrencies. There are dozens of exchanges where people can buy the digital coins. The Inte...