Understanding the mechanics of how transactions are initiated, how verifications occur for BTC transactions, and how the process of Bitcoin Mining Works is important for anyone trying to wrap their head around how the entire Bitcoin investment process works.  It helps to have a clear idea about the entire Bitcoin Scheme.

Now many of them are actually clear about having a wallet going to an Exchange and buying one.  However, when it comes to cashing out, there comes the idea of taxes, gains, and losses. Bitcoin is already popular with speculators and traders who are interested in making a quick buck off its volatility.

The IRS looks at Bitcoin as property and they tax it as such. US taxpayers are required to report BTC transactions for their tax purposes.  When someone buys or sells goods using BTC as a medium of transaction it incurs capital gains tax.

Those who are mining Bitcoin are subject to capital gains tax.  And, it will be possible for them to make business deductions for their equipment.  Any kind of gifts, donations, or inheritance of bitcoin are treated at par with property transactions.

The growing importance of bitcoin transactions is hard to deny for countries.  How the cashing out of BTC and cryptocurrencies happen and how the taxation process happens varies from one country’s jurisdiction to another.

Michael Saylor recently expressed, “If your CFO is struggling with the dilemma of whether to surrender your capital, assume debt to leverage up cash flows, or engage in risky, dilutive acquisitions in order to grow, Bitcoin offers a compelling solution to strengthen your balance sheet.

On Thursday, July 1 at 4 pm EDT, the Bitcoin Mining Council will distribute its Q2 2021 Briefing, clarifying actual Bitcoin Electricity Usage, to be followed by a briefing for the general public at 5 pm.

Questions about the Council:  How was the council formed? Was there an income or wealth requirement? Is it self-regulated? Is it open to any miner that wants to participate and clarify its usage?

Bitcoin council = collaboration of miners = problems. Thank you on behalf of everyone who understands that the Bitcoin Mining Council = centralization. Decentralization is crying in the corner.

Best to make sure the doors are open for all sessions. In fact, you might want to just remove all doors on-premises

Bitcoin is financial innovation – whoever is sensible about handling it will be at advantage in the long term.