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About The Author. Leave a Comment Cancel Reply Your email address will not be published. Join YouGov. Payment method — Amazon. Join X-Surveys. Bitcoin Mining. Join CryptoTab. Ojooo Review. Payment method — Bitcoin, Ethereum. Join OjoooWad. Makeculous Review. Join Makeculous. BTC clicks Review. Join BTCclicks. Freebitcoin Review. Payment method — Bitcoin Wallet, Electronics, e-Vouchers.
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Too many bitcoin exchanges have experienced spectacular heists, such as NiceHash and Coincheck , or outright fraud, such as Mt. Gox and Bitfunder. Hackers are getting into the act. Even ordinary buyers are flouting the law. Tax law requires that every sale of cryptocurrency be recorded as a capital gain or loss and, of course, most bitcoin sellers fail to do so. The IRS recently ordered one major exchange to produce records of every significant transaction.
It stayed alive during a very difficult time when there was the Silk Road mess, when Mt. Gox stole all that Bitcoin It takes about an hour for a bitcoin transaction to be confirmed, and the bitcoin system is limited to five transactions per second. MasterCard can process 38, per second. Bitcoin is absurdly wasteful of natural resources.
In what rational universe could someone simply issue electronic scrip — or just announce that they intend to — and create, out of the blue, billions of dollars of value? It makes no sense. But ordinary people are investing some of their life savings in cryptocurrency. One stock brokerage is encouraging its customers to purchase bitcoin for their retirement accounts! William H. Harris Jr. Harris has founded several companies, including XTec, a cybersecurity company, and PassMark Security, a consumer authentication company.
Earlier in his career, he served in various senior positions with Intuit Inc. Support Vox's explanatory journalism. Every day at Vox, we aim to answer your most important questions and provide you, and our audience around the world, with information that empowers you through understanding.
Bitcoin is the greatest scam in history.