State of Confusion
| In mid-September 2016, a Federal judge in New York issued a ruling that states Bitcoin constitutes a form of money. Wow, in late July 2016, a Florida Judge ruled that Bitcoin is not money Wait a minute, in 2016, the European Parliament passed a proposal to set up a task force to monitor virtual currencies, such as Bitcoin. No real decision yet!!!! But hold on, in 2015 the Commodities and Futures Trading Commission defined Bitcoins and all cryptocurrencies as commodities in their regulatory process. Time out, in 2014, the IRS ruled that Bitcoin would be considered a taxed property. That is certainly not money. Hold on, in 2014 the Financial Crimes Enforcement Network (FinCEN) [They Have Guns] provided guidance on bitcoin exchanges and payment processors, finding that they are considered money services businesses under US law. This technology has certainly created a state of confusion!
|
Emerging Technology Status - CryptoCurrencies
| Cryptocurrencies – are a digital medium of value exchange similar to the normal currencies or money that we all know and use. These relatively new mechanism of value transfer have created a means of wealth management that is beyond restriction and confiscation of any nation or government authority. Today there are hundreds of cryptocurrencies. Mid 2015 there were over 650 active cryptocurrencies being used globally. Many are projecting new records in the cryptocurrencies will be set in 2016. In 2015, the cryptocurrency known as BitCoin was by far the most common representing 80 percent of the cryptocurrency market. In January 2016, BitCoin accelerated and reach 90 percent of the market. Bitcoin was the first cryptocurrency that was created back in 2009 by a developer that went by the name Satoshi Nakamoto. Many organizations have or are launching projects to integrate this mechanism of payment into their eCommerce systems. |
