When the Internal Revenue Service (IRS) issued its guidance on digital currency a few weeks ago, it seemed that Bitcoin investing had gotten some very good news.
See, the IRS had just issued a ruling in which the tax agency said it intended to treat the radical new digital currency as property, not currency.
The Bitcoin market ended the week as it began - trying to sort out how far the Chinese central bank will go in its crackdown on the Chinese exchanges, and how that might affect Bitcoin prices everywhere else in the world.
Mainstream Chinese news outlet Caixin Online was the first to report last week that the People's Bank of China (PBOC) was planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15.
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As the rumors of a crackdown by the People's Bank of China have solidified over the past few days, Bitcoin prices have been hit hard.
Last week, we told you that China's central bank was rumored to be planning to force Chinese banks to close any accounts they have with Bitcoin exchanges by April 15.
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One of the main obstacles holding back mass adoption of Bitcoin is that it's not all that easy for the average person to buy it.
That is quickly changing, however, with the spread of Bitcoin ATMs. The few hundred Bitcoin ATMs scattered around the world right now will bloom into tens of thousands over the next few years, and eventually hundreds of thousands. (There are about 2.2 million conventional ATMs in the world.)
That kind of accessibility will prove key to the wider adoption of Bitcoin. But the machines also need to be easy to use, a consideration the Bitcoin ATM pioneers already seem to understand.
Bitcoin news today: The Internal Revenue Service (IRS) has finally released its guidance on how Bitcoin should be treated for tax purposes - and it's bound to make the digital currency harder to use.
The IRS has decided that Bitcoin is to be treated as property - not currency - for the purposes of taxation.
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Now that the Mt. Gox exchange has gone dark, speculation is running rampant over the future of Bitcoin. Is it dead, or is this just another crisis that the digital currency will brush off, as it has so many others? In the world of Bitcoin,
things are not always what they seem...
