Are nonfungible tokens the new Bitcoin?

Fungibility is the ability of an asset to be easily and readily interchanged for another like its kind. A $5 bill is fungible, whereas an owned home or a car is nonfungible. Due to the asset’s inability to be interchanged, it makes it one-of-a-kind, or unique. So, what are nonfungible tokens? Don’t miss: QR codes …

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Is increased cryptocurrency regulation on the horizon?

The last few years have brought cryptocurrencies far more into the mainstream, thanks in large part to the meteoric rise in asset value for many of the coins. Such mainstream attention has already brought additional cryptocurrency regulation and IRS scrutiny – in 2014 the IRS began asking taxpayers directly on their Form 1040 whether or …

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FTC: How to avoid a Bitcoin blackmail scam

When I received the August 21 Consumer Alert from the Federal Trade Commission (FTC) via email, I was amazed to find out that the FTC was forwarding instructions on, “How to avoid a Bitcoin blackmail scam.” Had the FTC had found a way to make us always behave in an appropriate manner? Or maybe they …

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Tax implications of Bitcoin transactions

Cryptocurrencies are making a big splash in today’s economy. The most popular cryptocurrency is the Bitcoin. The price has skyrocketed in 2017 from $1,000 to over $5,000 U.S. dollars. This is because the Bitcoin is becoming more prevalent in use and many companies are beginning to recognize and accept it as a payment system. Most …

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