Guidelines on How the IRS is Dealing with Virtual Currencies

As our world has become more and more “digital,” it was only a matter of time before cryptocurrencies were developed.  One of the first of these virtual currencies was Bitcoin, and the Bitcoin network came online in 2009. Since then, additional cryptocurrencies have been developed.

Cryptocurrencies are generally utilized for transactions by tech-savvy individuals and have a comparable value in real currency or take the place of real currency. These virtual currencies can be purchased with or exchanged into U.S. dollars, euros and other real or virtual currencies.  (more…)