Bitcoin is a virtual currency. It doesn’t exist in the kind of physical form that the currency and coin we’re used to exist in. It doesn’t even exist in a form as physical as Monopoly money. It’s electrons – not molecules.
Is bitcoin money or property? To the IRS, at least, it isn’t money.
The crypto-token ether sure seems like a currency. But ether isn’t a currency. Because most people who trade it don’t really understand or care about its true purpose, the price of ether has bubbled and frothed like bitcoin in recent weeks.
Cryptocurrency is a digital asset used mainly as a medium of transaction to secure financial transactions, control creation of additional assets and verification of any asset transfers with the help of a strong cryptographic technology. It is also…