The Bitcoin Tax Act Bill Number: H. R. 1

cardinal college students attending UCSD, Jeff and Robbie, argon victorious a walk done campus hanging out and chew out about current word and school beds. Jeff says to Robbie, hey man lets apprehension a bite to cancel out over there at the Hub! They turn bear out really huge food and it is a quietude place. I wanted to talk to you about this new schnoz being passed about that Bitcoin matter we were talking about! Oh yea! That sounds really sakiing entirely I really train no idea what that is. What is a Bitcoin? What is the bill named and what is it going to do? says Robbie. Well it really goes in depth and there is so much I have to explain for it to make sniff out so lets grab a table and Ill go over e rattlingthing, said Jeff.\nThese 2 college students atomic number 18 taking an interest in the current issue of the new online plenty to people trading property. Bitcoin is a peer-to-peer retribution system and digital currency introduced as open extension software in 2009. It is a so-called cryptocurrency because it uses cryptography to control the creation and transfer of money. proceedings are made with no middlemen, meaning no banks or stock funds to disembowel in the way. There are no transaction fees and no need to give up your real name, entirely minutes are recorded in a public record of names of buyers and sellers but only their wallet IDs are revealed, never a name. This makes it very hard to trace back something that someone sells or traffics and is the agreement why it has become the currency of choice for people online buying drugs, weapons, trading child porn, hiring assassins, acquiring illegal commodities, or separate illicit activities. More and more(prenominal) merchants are beginning to bury them; you can buy webhosting services, pizza, and early(a) hard goods with them. At start when the Bitcoin was created, it was used mainly to trade for illegal things such as drugs and weapons on the online black m arket on websites such as The Silk Road and The Underground. It on...