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Bitcoin software gets updated, USA explains Bitcoin taxation and more…News update

Underlying Bitcoin Software Gets Security Fixes

Given the recent rash of security breaches surrounding Bitcoin, it should come as no surprise that the Bitcoin community has been looking to increase the security of the currency. The Mt. Gox collapse alone is estimated to have caused the destruction and/or theft of a half million Bitcoins.

The updated core software has been branded Bitcoin Core 0.9.0. Previously, it had been known as Bitcoin QT. The software has been updated under the watch of Gavin Andresen, the chief scientist at the Bitcoin Foundation.

You can learn more and download the software here

USA: How To File Bitcoin Income On Your Tax Return

It’s tax season in the United States right now, and many people may be wondering how they should report their income earned through Bitcoin. Of course, some people believe that income from Bitcoin need not even be reported, but others feel different. Either way, you will likely be liable for reporting income from Bitcoin, should you be audited.

A tax lawyer has suggested that the safest route for reporting Bitcoin income is by reporting it as a capital gains asset. Almost certainly Bitcoin fails under that category, so you should be safe. You could also consider reporting Bitcoin as foreign currency income gains, which is taxed at a lower rate, but you might end up owing money to the IRS later on if they decide not to consider it a foreign currency.

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Warren Buffet Warns Against Bitcoin

Warren Buffet is perhaps the most respected investor in the world. Given that he is considered among the top five richest people on the planet, he’s certainly among the most successful. It should come as no surprise then that people listen closely to Mr. Buffet, and what he has to say about Bitcoin isn’t good.

Buffet has warned investors to stay away from Bitcoin and that it is a mirage, damaging words to say the least. Buffet said that Bitcoin lacks intrinsic value, but did acknowledge that it was a useful way to transfer money.

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Dorian Satoshi Nakamoto Denies being the “Satoshi Nakamoto”

Satoshi Nakamoto is not, in fact, Satoshi Nakamoto. Or at least he is not the Satoshi Nakamoto who created Bitcoin. Newsweek ran a report a few weeks ago claiming that Mr. Nakamoto was the creator of Bitcoin. Since then he has fervently denied being Bitcoin’s creator and has even claimed that he had not even heard of the currency until a month ago when the media began to bug him. Mr. Nakamoto claims that he is an unemployed electrical engineer and has been struggling to find work and is suffering from financial difficulties and recovering from cancer.

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Mt. Gox Finds 200,000 Bitcoins in Lost Wallet

Mt. Gox, the once mighty Bitcoin exchange now going through bankruptcy proceedings, has apparently found 200,000 Bitcoins in a forgotten wallet. In today’s terms, that would be worth approximately 120 million dollars, certainly a large amount of money to simply misplace. Unfortunately, however, Mt.Gox has lost a total of about 850,000 coins, so the exchange’s losses are still quite staggering.

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Suumit Shah

Thanks for such an awesome article Brian 🙂

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