Adventure Ausrama Blog

Everyone thought that bitcoins would remain untraceable and out of the reach of national revenue collections. This belief has proved to be fairyland. The Australian Tax Office now values bitcoins as assets to be included on your yearly income tax form. If you have millions of these things when there value increases you will have to give part of it to the Australian Tax Office (ATO) if you reside in Australia. Don't think that this is the end - it is just the beginning. Other countries are looking at making bitcoins taxable income. BitPos an Australian company which arranges an exchange and purchasing service for people dealing in bitcoins say owners have to pay the Goods and Service Tax (GST) on the full value of coins not just on the fee. This is when buying the actual "currency" itself. Because dealers say bitcoin it is not a currency it opens the door for countries to interpret it as they like. It is possible some jurisdictions will class it as c...

The Internet has disrupted the security of ordinary money. The economic system controlled by the banks for centuries is now under threat. Bitcoin is an example of new money. Its mere presence in feared by the banks. Money, or at least its value, depends on people having faith that it can easily be exchanged for different goods. In Germany before WWII security in money was severely challenged. There was rampant inflation, so much so that people had to push barrow loads of  cash to a shop to get a loaf of bread. New money is everywhere: PayPal has taken the banking world by storm. These bank-like services are being offered by Google, Apple and eBay. To get Followers on Twitter, many sites are offering seeds. Though the websites deny trading for followers, this is exactly what it is. Google's Wallet is really a bank service. Smartphones can be swiped in store terminals to buy goods. The problem is most money does not really exist it is just recorded in books as they used...