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

ii college students attending UCSD, Jeff and Robbie, argon victorious a walk by campus hanging out and lecture about current password and school effects. Jeff says to Robbie, hey man lets press stud a bite to eat up over there at the Hub! They stupefy really commodious food and it is a heartsease place. I wanted to chide to you about this new bill poster being passed about that Bitcoin topic we were talking about! Oh yea! That sounds really gratifying just now I really eat 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 m early(a) wit so lets grab a table and Ill go over e very(prenominal)thing, said Jeff.\nThese two college students atomic number 18 taking an interest in the current issue of the new online batch to people trading silver. Bitcoin is a peer-to-peer hire system and digital specie introduced as open citation software in 2009. It is a so-called cryptocurrency because it uses cryptography to regard the creation and transfer of money. legal proceeding are made with no middlemen, meaning no banks or stock funds to discover in the way. There are no transaction fees and no need to give up your real name, lonesome(prenominal) proceedings are recorded in a public put down of names of buyers and sellers but only their wallet IDs are revealed, never a name. This makes it very hard to trace seat something that someone sells or conducts and is the cause why it has become the currency of choice for people online acquire drugs, weapons, trading child porn, hiring assassins, getting illegal commodities, or other illicit activities. More and much merchants are beginning to borrow them; you can buy webhosting services, pizza, and other hard goods with them. At front when the Bitcoin was created, it was used mainly to trade for illegal things such as drugs and weapons on the online black commercialise on websites such as The Silk Road and The Underground. It on...