Bitcoin News

coinbase complaints

Coinbase Customer Complaints on the Rise

Bitcoin exchange Coinbase has been the recent target of the ire of many of its customers. The meteoric rise in Bitcoin’s price, the huge increase in Coinbase’s user base, and the lack of support staff to handle that influx have all led to a series of snafus that have many Coinbase users furious. First and foremost among those problems is that of Coinbase customers being charged multiple times for transactions that have already occurred. In some cases that resulted in [...]

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Congress and Regulators Continue to Take On Cryptocurrencies

This week saw Congress and regulators taking another look at cryptocurrencies, both a sign of the increasing importance of cryptocurrencies and a worrying sign that Congress is setting its sights on cryptocurrency markets. No Congressional committee wants to be left out of the cryptocurrency action, so this week saw two new committees tackling the issues facing Bitcoin and cryptocurrencies. Wednesday saw the House Committee on Science, Space and Technology hold a joint subcommittee hearing looking into the prospective future uses [...]

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Midweek Cryptocurrency News Roundup

This week has been another busy one in the cryptocurrency world. Here are some of the top news items making the rounds today. Deputy Treasury Secretary Calls for Global Cryptocurrency Regulation Acting Deputy Treasury Secretary Sigal Mandelker recently called for the international community to enact stronger global cryptocurrency regulations. Mandelker, who is Treasury’s Under Secretary for Terrorism and Financial Intelligence, made the remarks at an anti-money laundering (AML) conference sponsored by the Securities Industry and Financial Markets Association (SIFMA). Her remarks [...]

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tax on cryptocurrency

It’s Tax Time for Cryptocurrencies

There are only two things in life that are inevitable: death and taxes. And as with any new and growing market, governments are increasingly targeting cryptocurrencies to ensure that they are able to take their cut from the market’s growth. Those who thought they could get rich without the government getting its share of the profits will find out the hard way that they were sorely mistaken. The Icelandic government is mulling the idea of taxing cryptocurrency mining, as miners [...]

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Bitcoin Prices Back on the Upswing

After a month of price decreases that had many Bitcoin investors wondering when prices were going to stop dropping, Bitcoin’s price seems to have bottomed out and is beginning to appreciate yet again. Intraday prices last week saw Bitcoin drop to below $6,000. At the time of writing, Bitcoin’s price had increased to nearly $8,700. Fears of regulatory crackdown have been one of the major drivers of Bitcoin’s price decline this year. The government crackdown that began in China last [...]

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cryptocurrency tax

What It Will Take for Bitcoin to Ultimately Succeed

Bitcoin has the ability to shake up the world financial system, and everyone who has invested in it certainly hopes that it will succeed. But there is one step that, if it occurs, will guarantee Bitcoin’s ultimate success. That would be for Bitcoin to be accepted as payment for taxes. If that were to occur, it would ensure Bitcoin’s ultimate success as a digital currency. The key for any currency to succeed is to be accepted as a payment for [...]

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China’s Bitcoin Crackdown: Is It All Over?

Not content to shut down domestic cryptocurrency exchanges and ban initial coin offerings (ICOs), the Chinese government has recently taken steps to block access from China to websites overseas that offer cryptocurrency trading or ICO investments. Many Chinese cryptocurrency companies moved their operations to Hong Kong or to various other countries offshore in the aftermath of the government’s previous moves, for instance setting up operations in the Caribbean. Many Chinese continued to use those services after the previous bans. Now [...]

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US Senate Tackles Cryptocurrencies

The US Senate Banking Committee recently held a hearing entitled “Virtual Currencies: The Oversight Role of the U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission.” The hearing featured testimony from SEC Chairman Jay Clayton and CFTC Chairman Christopher Giancarlo. It’s interesting, and telling, that the Committee used the term virtual currencies rather than digital currencies or cryptocurrencies. Virtual currency is a term that has hardly seen any use since the advent of cryptocurrencies. It conjures up [...]

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Credit Card Issuers Continue Crypto Crackdown

Following fresh on the heels of Coinbase warning its customers that cryptocurrency purchases made with credit cards would be treated as cash advances rather than as credit purchases, Bank of America and JPMorgan Chase have just recently forbidden their credit card customers from using their cards to purchase cryptocurrencies. According to reports, the companies were concerned about the ability of customers to pay for their cryptocurrency purchases, as well as the potential for fraud. JPMorgan Chase apparently feared that its [...]

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Royal Mint Launches Gold-Backed Cryptocurrency

After over a year of development, the UK’s Royal Mint has finally launched its gold-backed cryptocurrency, known as Royal Mint Gold (RMG). RMG offers investors a new way to invest in gold by offering the ability to own units of a cryptocurrency that is backed by gold. Each unit of RMG represents one gram of gold, held in the form of Good Delivery bars (~400 ozt) or smaller gold bars kept in segregated storage. The Royal Mint claims that only [...]

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