Tax Trouble May Burst The Bitcoin Bubble For Merchants – Forbes
Trending February 24, 2014 Comments Off on Tax Trouble May Burst The Bitcoin Bubble For Merchants – Forbes 18When Bitcoin first emerged in 2009, it quickly became the currency of choice for illicit, black market dealings that took place in the shadows of the Darknet. Relatively untraceable, it provided exactly the anonymity and international acceptance that underworld buyers and sellers needed to conduct business outside the watchful eye of law enforcement and taxing agencies.
However, it didn’t take long for legitimate merchants to take notice of the Bitcoin opportunity. Lured by the lack of exchange rate complications and costly transaction fees that plague the credit and debit card industries, a wide variety of online merchants and service providers quickly jumped on the Bitcoin bandwagon. Now some of the biggest names on the web accept the virtual currency as a form of payment, including Overstock.com OSTK, TigerDirect, WordPress and Reddit.
As a result, the number of Bitcoin transactions has skyrocketed over the past two years, surging to a record high of more than 100,000 transactions per day during the 2013 holiday shopping season and hitting an estimated $487 million (USD) in Bitcoin sales on Cyber Monday 2013 alone.
via Tax Trouble May Burst The Bitcoin Bubble For Merchants – Forbes.
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