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Bitcoin investors beware: The IRS wants its piece of the action

Bitcoin investors beware: The IRS wants its piece of the action

Finance
If you didn't tell the IRS about your gains from bitcoin or other cryptocurrencies in the past, you might regret it this year. With bitcoin down more than 50 percent so far in 2018, there's a chance some investors have triggered (or will trigger) a tax loss this year by either selling, trading or spending their digital assets. And while those losses can be used to offset any other investment gains, it could raise eyebrows at the IRS if it's the first time the agency is hearing about your crypto holdings. "If I were in those shoes, I'd think about my past transactions and whether there were gains," said Sarah-Jane Morin, a par...
Bitcoin wallet Bitfi withdraws 'unhackable' claim

Bitcoin wallet Bitfi withdraws 'unhackable' claim

Technology
Bitfi, a cryptocurrency wallet backed by anti-virus software entrepreneur John McAfee, has issued a statement saying it will no longer describe its service as "unhackable".The announcement followed the release of evidence by a group of security researchers showing the wallet being compromised.However, Mr McAfee maintains that the claim stands.Bitfi had offered a $ 250,000 (£190,000) reward to anyone who hacked the wallet.But it stated that the Bitcoin inside must be removed from the wallet - which was controversial among the cybersecurity community as often weaknesses are identified but not acted upon.The group claimed to have hacked the wallet once before but Bitfi and Mr McAfee refused to accept their evidence.They said it didn't qualify for the ...
Bitcoin dips below $6,000 amid cryptocurrency sell-off

Bitcoin dips below $6,000 amid cryptocurrency sell-off

Finance
Bitcoin fell below $ 6,000 late Monday — for the first time since June — against a backdrop of cryptocurrencies declining in value. The world's largest digital currency by market value tumbled as low as $ 5,900 at around 10 p.m. ET, and was down around 4 percent, according to CoinDesk index data, which tracks prices from several exchanges. The cryptocurrency's price is close to its lowest point of the year. The lowest level of 2018 was reached in June 18, when it retreated to $ 5,785. Rival coins ether, the digital tok...
Crypto trader explains 3 reasons ethereum is a better bet than bitcoin

Crypto trader explains 3 reasons ethereum is a better bet than bitcoin

Finance
Bitcoin is on the decline, but ethereum might be a better bet in cryptocurrency, Brian Kelly told CNBC. Bitcoin, the most popular digital coin and largest by market cap, was priced around $ 6,400 on Friday — a staggering decline from its December highs of around $ 19,500. But cryptocurrency is still a relatively new industry, and while all eyes are on bitcoin, Kelly, founder and CEO of BKCM LLC, an investment firm focused on digital currencies, said there are other digital coins that investors might want to consider. "Just remember," Kelly sa...