Virtual Currency – Bit Coin and Others

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Virtual currencies are a variety of cryptographically generated virtual currencies. The most famous virtual currency is Bitcoin. Not backed by a government, they are seen as less real than government issues fiat currency, and taxed differently by the United States government.

Used to bypass countries with restrictive capital controls, engage in illicit business, or simply preserving anonymity for people in cashless transactions, virtual currencies are an unusual and interesting area of the tax code.

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