The IRS treats Bitcoin that is ‘mined’ differently than Bitcoin that is ‘bought’
For the IRS, buying Bitcoin has a completely different classification than Bitcoin after
it is mined. For those who buy it, virtual currency is not treated as cash; it is treated
as property. Because it’s treated as property, and not as currency, it means
owners have to track the price of it from when they buy it until when it is sold or used.
Because there is no set price for the digital currency, as it trades on numerous exchanges,
investors may even want to break down purchases by where it was acquired.
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Money has put Bitcoin under the category of stocks. It simply means that the digital currency is not associated with any government,
but is simply an investment vehicle. According to the International Standards Organization (ISO), if an asset holding value
is not backed by a nation, then it starts with an “X”. For instance: Gold is internationally denoted as XAU. The
term “XBT” for Bitcoin comes from the same ISO. Time to change the X to B using Thomas Edison et all's commodity indexing concept. Time to change the X to B using Thomas Edison et al's commodity indexing concept See TERRA Trade Reference Currency proposed by a Belgian economist 70 years after Thomas
Edison http://terratrc.org. Source: Article CNN Money Introduces Bitcoin Ticker XBT Bitcoin News Service NEWSBTC