Another new year brings another tax filing season. While digital currencies didn’t replicate the banner year that they enjoyed in 2013, I like to think that both the community and the supporting infrastructure matured enough in the last year that bitcoin might actually still be a thing five years from now. However, that also means…
The Federal Trade Commission filed a complaint this week against bitcoin mining hardware seller Butterfly Labs, providing yet another high profile example of why the cryptocurrency community needs regulator involvement. The complaint, which alleges that the company collected between $20 and $50 million from customers while delivering hardly anything in return, cited hundreds of consumer…
This is the third part of a multi-part series that will explain how to use bitcoin with QuickBooks. This procedure will allow you to properly account for your bitcoin expenses and integrate those expenses into your business records as if they had originally been made in your home currency. Side note: Users of Intuit’s PayByCoin…
What is Apple Pay? Apple has teamed up with Visa, Mastercard and American Express to offer Near Field Communication (NFC) payment capability in the iPhone 6. The announcement of the feature last week, which the company has cleverly titled “Apple Pay,” has left many bitcoiners wondering how it will impact bitcoin. I think that Apple…
This is the second part of a multi-part series that will explain how to employ bitcoin as a payment method using QuickBooks or any similar small business accounting package. Accounting principles generally accepted in the United States and state and federal regulatory authorities require reporting in US Dollars. Other countries have similar requirements. This procedure…
One of bitcoin’s oft-touted advantages is the speed at which payments can be collected from purchasers of goods and services. While credit card or electronic check payments usually take between three and five days from the time the payment is submitted until the point at which cash is available to be spent, bitcoin payments are…
This is the first part of a multi-part series that will explain how to implement bitcoin as a payment method using any of the desktop versions of QuickBooks. This procedure will allow you to properly account for the full extent of your Bitcoin sales and integrate those sales into your business records as if they…
Coinbase congratulated itself this week for being insured against loss, something that nearly every business in the western world (outside the bitcoin ecosystem) considers to be the minimum standard. The bitcoin trading platform announced in a blog post that some of its customer holdings are insured against incidents of loss due to “breach of physical…
If you are looking to start a business, consolidate debt, or handle a minor emergency, or if you want to skim a return for yourself while helping people with those problems, then bitcoin lending might be worth looking into. But beware: you’ll need a healthy appetite for risk and a portfolio that can afford to…
Intuit announced last spring that it was in the test phase for a service that would allow users of QuickBooks Online to accept payment in bitcoin. Sometime later, I received an invitation to sign up for the service, which Intuit calls PayByCoin. I had the opportunity to test it out recently and I have to…
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