This year, for the first time, federal tax forms ask about your bitcoin and other cryptocurrency activities. Here's a look at the implications for your income taxes.
Bitcoin is a decentralized digital currency that can be exchanged directly from peer to peer created by an unknown person who went by the alias “Satoshi Nakamoto” who published the bitcoin payment system in 2009. Some of the advantages of using bitcoin is that purchases can be made without any middle men or transaction fees and can be made anonymously.
