NYC bar owner making historic bitcoin bet: 'I've been looking for an exit strategy'
A New York City bar owner has put his two Manhattan establishments up for sale for the asking price of 25 bitcoins, telling FOX Business Network Monday that he believes the cryptocurrency is “here to stay.”
Bitcoin bull advises caution as cryptocurrency reaches record highs
Bitcoin’s surge to record levels has become “unsustainable,” according to one Wall Street pro.
Bitcoin can hit $146,000 as gold plays factor: JPMorgan
Bitcoin's record run may continue in 2021.
Square's Jack Dorsey opposes Bitcoin regulation
Regulators have bitcoin all wrong, says Twitter, Square CEO Jack Dorsey.
Bitcoin rallies above $30,000 for first time
The price of the world’s most popular cryptocurrency traded as high as $31,824 early Saturday, with almost all other markets closed over the first weekend in 2021.
Blockchain firm Ripple plans to fight approaching SEC lawsuit
Ripple, the blockchain payments company associated with the cryptocurrency XRP, said on Tuesday it would oppose a lawsuit against it by the U.S. Securities and Exchange Commission.
IRS will make you disclose cryptocurrency on newest tax forms
The Internal Revenue Service (IRS) explicitly asks taxpayers to disclose their cryptocurrency transactions on the newest tax form, making it easier for the federal government to tamp down on fraud or tax evasion later down the line.
Bitcoin hits record $20,000, sheds bad actor image
Bitcoin hits record in 2020 as its global acceptance grows.
IRS sending inaccurate letters to cryptocurrency traders saying they owe thousands in taxes
The IRS is sending inaccurate letters to cryptocurrency traders saying they owe thousands of dollars in taxes due to discrepancies with tax forms.
Bitcoin rally catches Wall Street, Hollywood's attention
'Game of Thrones' star Maisie Williams asked her 2.7 million followers if she should "go long on bitcoin." Here's what happened next...
Bitcoin reaches $16K, highest level since 2018
Bitcoin on Thursday reached a record valuation of $16,118, its highest level since 2018. The cryptocurrency is up 123% year-over-year and 50% this quarter, according to data from the California-based digital currency exchange Coinbase.
DOJ seizes bitcoin valued at more than $1B related to Silk Road
The seizure is the largest in history.
Paypal to roll out new service allowing customers to buy, sell and hold cryptocurrency
The feature will roll out in the U.S. in the coming weeks and to Venmo and select international markets in the first half of 2021
Crypto CEO shows workers who disagree with ‘apolitical’ mission the door
Five percent of workers have opted to take an exit package made available.
IRS may revise 1040 to coax taxpayers into reporting crypto transactions
Taxpayers who fail to pay taxes on virtual currency transactions may face penalties and interest.
Rapper T.I. charged by SEC in cryptocurrency scam
The regulator said in its complaint that T.I. -- whose real name is Clifford Joseph Harris -- sold cryptocurrency tokens using his Twitter account and encouraged his followers to invest in the 2017 FLiK initial coin offering.
IRS updates cryptocurrency tax guidance
The agency clarifies that virtual currency received for small tasks on a crowdsourcing platform is taxable.
Fed partnering with MIT to develop "hypothetical digital currency"
The Fed is investigating whether a central bank digital currency (CBDC) would be safe and efficient for widespread use
Apple co-founder suing Google, YouTube over cryptocurrency scams
Apple co-founder Steve Wozniack is suing Google and YouTube for leaving up Bitcoin scams and profiting from ads on fraudulent videos.
Why hackers use bitcoin and why it is so difficult to trace
Although it hasn’t found success as a mainstream, transactional currency, it is increasingly used in scams. Purporting to be former President Obama, Bill Gates and Kanye West, hackers steered Twitter followers to send $1,000 in bitcoin, promising $2,000 in return. They drew more than $100,000 before the scam was shut down.
Cryptocurrency FAQs
What is Cryptocurrency?
Cryptocurrency, or crypto, is a form of digital asset that is secured by cryptography and the blockchain. The most notable example of a cryptocurrency is bitcoin, though thousands of other similar assets exist. Cryptocurrencies are regarded by many as the money tech of the future due to their accessibility and un-censorable nature.
How do cryptocurrencies work?
Cryptocurrency networks, or blockchains, are independently verified by a matrix of computers that record all transactions and ensure a consensus throughout the chain. This means that all network information is recorded immutably and permanently; transactions cannot be prevented, blocked, or changed. Network participants can thus trust each other and transact without the need for a centralized intermediary.
How can I buy a cryptocurrency?
There are many markets for cryptocurrencies where you can exchange USD for the cryptocurrency of your choice. These include centralized exchanges and services such as Coinbase and PayPal, or decentralized alternatives like UniSwap where you can swap between crypto-assets. To use a centralized exchange, you’ll need to submit personal information such as your passport or driver’s license. Note that the price of digital assets can change rapidly, so timing your purchases well is essential.
Where can I keep my crypto coins?
Cryptocurrencies can usually be held with the exchange or business you bought them from. However, as these exchanges can be hacked, it is advisable to move your assets to your own personal wallet. These wallets are more secure and can be accessed from your laptop, phone, or other mobile devices.
What can I buy with crypto?
Real work adoption of crypto is still ongoing. However, more businesses are accepting crypto and you can buy goods and services as diverse as real estate, stocks, travel, gambling, websites, and much more. This trend should continue over time as cryptocurrencies become better known, accepted and trusted.
Pros and cons of investing in a cryptocurrency
You may have read the news that crypto has broken all-time highs recently. This is the main advantage, that we are early in the asset’s history and prices have generally gone rapidly upwards. However, you should be aware that volatility is significant and you can similarly lose money quickly if your timing is poor. Security is also a major issue and you must ensure you secure your crypto and transactions well or you could become a victim of theft or fraud.