Cryptocurrency is a type of virtual currency that uses cryptography to secure transactions that are digitally recorded on a distributed ledger, such as a blockchain. A transaction involving cryptocurrency that is recorded on a distributed ledger is referred to as an “on-chain” transaction; a transaction that is not recorded on the distributed ledger is referred to as an “off-chain” transaction.
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What is Virtual Currency?
Virtual currency is a digital representation of value that functions as a medium of exchange, a...
Tax Consequences
The sale or other exchange of virtual currencies, or the use of virtual currencies to pay for...
How is virtual currency treated for Federal income tax purposes?
Virtual currency is treated as property and general tax principles applicable to property...
How do I determine if my gain or loss is a short-term or long-term capital gain or loss?
If you held the virtual currency for one year or less before selling or exchanging the virtual...
How do I calculate my gain or loss when I sell virtual currency for real currency?
Your gain or loss will be the difference between your adjusted basis in the virtual currency and...
