LIVE: Bitcoin Expert on Security, Taxes and Exchange Rates
On today’s SiliconANGLE’s Live NewsDesk Show, (see embed feed below or visit youtube.com/siliconangle to watch on-demand), we’ll discuss how Bitcoin has come under scrutiny over it’s plausibility as a currency, and the fact Canada now wants to deploy taxes on Bitcoin transactions.
Joining us now to tell us more about all of the recent Bitcoin news is SiliconANGLE’s Founding Editor Mark ‘Rizzn’ Hopkins. (See the live broadcast, embed below ~ if you missed today’s topic, check our YouTube channel for archived clips.)
A study by Computer scientists Tyler Moore (from the Southern Methodist University, Dallas) and Nicolas Christin (of Carnegie Mellon University) of the Bitcoin exchange industry has found that 45 percent of exchanges fail. That means that not only do the users not get the other fiat currency they desired, but their Bitcoin currency is gone too. For those services that do still work, they also carry the greatest risk of cyber attack. Further proving Bitcoin’s volatility is that the Canada Revenue Agency says users of Bitcoins will have to pay tax on transactions in the upstart digital currency. Things are looking messy for Bitcoin right now, so let’s get you caught up.
Some of the things we’ll be discussing with Hopkins include, his thoughts on Bitcoin taxation and the volatility in exchanges, security of Bitcoins as a currency, other countries approach to taxing Bitcoins, whether the taxing of Bitcoins a good thing or a bad thing, and whether taxation give Bitcoins more weight and legitimacy as a currency.
Image credit: Endgadget
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