If you heard about bitcoin early, it was likely 2011. At first, the public’s impression of bitcoin was positive: a digital currency, imbedded in a string of code, which could be transmitted and verified without cost across a peer-to-peer network using open source software. Readers of this column may recall, “Will Your Law Firm Accept Bitcoin?” from September 2011. A Google Trends search depicts our increasing interest in “bitcoin” over the last three years however the major spikes of attention were premised on bad news : hacking of wallets, ban in China, and the closure of the Mt. Gox exchange.
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Bitcoin has also been negatively associated with the Silk Road drug trafficking website, fraud charges, and even (so far, speculative) links to terrorist financing. The concern is that bitcoin can be transmitted (somewhat) anonymously without oversight, regulation, or tax. A dark perception of bitcoin does not match its bright potential.
Few people understand that every bitcoin transaction is verified by broadcasting the details across the network and the information is then posted on a public ledger. By tracing the ledger and IP addresses, law enforcement does not appear significantly hampered by bitcoin anonymity. Fewer people understand the reliability of the bitcoin protocol or that blockchain technology has an array of alternate, fascinating uses; in March 2014, UBS boldly praised the “robust and secure way of securing customer funds” yet that report drew scant attention.
Not surprisingly, the combination of money, instability of an emerging technology, and the specter of criminal behavior has drawn the attention of civil lawyers, prosecutors, as well as state and federal agencies which are grappling with how to make claims, bring charges, oversee, regulate, and tax. A landmark in bitcoin’s development will be its final legal definition: is it a currency? Property? Something else? Here is a summary of how various agencies presently categorize bitcoin:
Florida Office of Financial Regulation
The Florida OFR issued a March 2014 alert which cautioned consumers about unpredictable value and security, noting that “oversight of virtual currencies has not been thoroughly developed.” The Florida OFR Commissioner was appointed to the Conference of State Bank Supervisors’ task force which is expected to issue guidance to state regulators later in 2014. Florida OFR has issued at least one money transmitter license for a bitcoin ATM. Verdict: currency.
Financial Crimes Enforcement Network
In March 2013, FinCEN cautioned that an “administrator” or “exchanger” of bitcoin must register as a money services business (MSB) and comply with the Bank Secrecy Act (antimony laundering laws). Ordinary “users,” who use bitcoin to purchase goods and services, do not. This guidance has led bitcoin ATMs as well as some “miners” to register with FinCEN; typically, federal registration is coupled with state licensing. Verdict: currency.
GAO and IRS
In May 2013, the Government Accountability Office issued a report indicating that, while the IRS had described the taxable consequences of virtual economy transactions in 2009, the IRS should now explain the tax reporting requirements for virtual currency.
Ahead of the April 2014 filing date, the IRS held that bitcoin was property. This creates bookkeeping headaches and may lead states to apply sales tax – also be aware of confusion due to the IRS’s and FinCen’s contradictory definitions. Verdict: property.
Federal Election Commission
Political candidates angling for the “tech vote” have been interested in accepting bitcoin contributions (much like candidates in prior elections took to social media). The FEC considered the issue in November 2013 but deadlocked. As of early 2014, FEC is considering alternative proposed advisory opinions on whether a PAC could accept and transact bitcoins. Proposed “draft A” confirms that a PAC could accept bitcoin as in-kind contributions as well as buy and sell with limitations. Draft B limits bitcoin contributions to $100, same as cash, and disallows exchanging for goods or services. The FEC postponed its April 2014 vote. Verdict: (likely) currency.
Avoid confusing criminals who use bitcoin and the criminal use of bitcoin . On April 24, 2014, a U.S. Attorney announced an anticipated guilty plea to drug conspiracy charges after a man was caught selling drugs on Silk Road. Despite use of Tor anonymizer and bitcoin, the government tracked their international suspect, made an arrest in Florida, and cashed in bitcoin for over $3 million dollars. Bitcoin was a nominal feature to that case — in the 7-page information, there are three references to bitcoin.
On the other hand, bitcoin can be the centerpiece of criminal charges, such as the case of two Florida men who allegedly sought to use bitcoin to buy stolen credit card numbers. They were charged under anti-money laundering statutes (trading in currency in excess of $10,000) as well as for acting as unlicensed money transmitters. Defense counsel reportedly challenged that bitcoin was not “money” and therefore the statutes did not apply.
In a case of first impression, a district court in Texas held, in SEC v. Trendon Shavers et al. , that, under federal securities laws, bitcoin “is a currency or form of money.” That said, this 3-page order from August 2013 was merely a jurisdictional finding from a single court. Verdict: currency.
not currency (April 2014). New York: undetermined but accepting applications for virtual currency exchanges: currency (March 2014).
The Dutch, meanwhile, take a more elegant view of bitcoin: it is not money but more like a property item which once experienced a frenetic jump in value: tulip bulbs.
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Golden Cherry is available in English and French. No restrictions whatsoever referring to certain territories are posted on the Golden Cherry website – they only require that the players make sure online gambling is legal in ther country of residence.
As an online casino focusing especially on slots, Golden Cherry offers its most attractive welcome bonus to slot machines enthusiasts: a 300% match on the player’s first deposit up to the amount of $3,000. It’s a play bonus – it can’t be cashed out. It also has its wagering requirements – only games played on i-Slots, Video Slots, 3 Reel Slots, Scratch Cards and Keno (excluding progressive slots) will count towards the wagering requirements.
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Golden Cherry accepts VISA, MasterCard and a series of e-wallet services for deposits and withdrawals. Speaking of withdrawals – the minimum amount that can be withdrawn is $100, and the maximum is $2,500 per week. For first time withdrawals the company requests further confirmations, as well as in case of switching to another withdrawal method.
Golden Cherry has a fast and helpful customer support service, available by telephone, email and live chat 24 hours a day every day.
Playing Bitcoin bingo is definitely one of the most popular things to do these days as more people realize that gambling with bitcoins is more practical. The rules that you need to follow where these bingo facilities are concerned are not too different than the standard ones although it would be useful to know how to go about the differences. Bingo lovers would be glad to know that they can now play anonymously anytime they wish and all they have to do is just purchase Bitcoins, a digital currency which is becoming more popular with online. Since the use of bitcoins are fairly new, there are still a lot of questions as to their usage and just to be cautious, it is vital to have some advanced knowledge of what you need to be on the lookout for in an online bingo facility.
Bonuses. To those who are not strangers to online casinos, it only makes sense why you need to check out the bonuses that you can avail of. These days, a lot of online casinos offer them and it would be a huge mistake to settle for a gaming platform that doesn’t give these perks. These bonuses are also very helpful in expanding your bankroll and it surely makes the game more enjoyable.
In an era where quality is highly emphasized through cryptocurrency gambling, you should not cheat yourself of the chance to enjoy a place thoroughly while getting a lot of help from customer service support should you need it. You need to be sure that the casino gaming site that you are playing bingo in will be there to help you if you ever run into any problems. There is no denying that there are sites which allow you to fend for yourself if there are issues such as bugs, lost bitcoins, etc. and it would be such a pain to do business with companies such as these.
Whether you are playing in a land based casino or one which is in the digital world, you would be drawn to the design and how things are presented. There is something about these things that could invite you or push you to look for another place for a game. In fact, this is one of the things that you have to pay attention to when you are shopping for the best sites such as casinofair.com you can get an idea whether the casino site is a scam or not depending on its appearance although this is not a definite measure. Common sense will surely tell you that you a site with a sophisticated interface and cool functionalities is more likely a good gaming site as the owners spent a significant amount on it.
The Pot/ Winnings
When you are gambling, winning is certainly one of the things that you have in mind and you cannot deny that it would be awful if you do not get your rewards. One way to gauge if a site is for you is to see the amount of money that you can win from the casino to see if it is within the range that you had in mind. Decent winnings will surely make it more attractive to choose a certain bingo site and this will give you a pretty good idea on how much you stand to win.
Playing bingo online is becoming to be more attractive these days because of the convenience and all the additional features. Plus, you can always socialize with other people who are on the same site and even make some friends while having fun online. Nevertheless, an initial survey of possible gaming sites should be your top priority.
When you pay with digital currency, you possibly can get your cash back if the merchant sends it back. Before you purchase something with cryptographic money, know a dealer’s standing, where the vender is found, and how to contact somebody if there is an issue.