When you take a look at how the IRS treats foreign currency, bitcoin doesn't have the same taxation regime. Foreign currency gains and losses generally are taxed as ordinary income.

The Cyprus Financial Crisis was a devastating blow to Cypriots and halted their banking system. Banks closed for two weeks to prevent a banking panic. When they reopened, capital controls were placed on the people's money, and customers were met by armed guards at the branches.

Bitcoin was created with security in mind. The Blockchain is Bitcoin's public ledger that records every transaction in the Bitcoin economy.

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