Friday, 30 August 2013


Bitcoin wins over Germany amid US digital currency probe by RT News Channel SOCIAL SEND

"Germany has recognized the online currency bitcoin as a legal unit of currency. The move improves the virtual currency's image, but also means the people who have bitcoins will have to answer to the tax man.

From food to toilet paper, and drugs to weapons - everything is available on the Internet and, increasingly, purchases are paid with virtual currencies such as bitcoin.

The German Finance Ministry has recently recognized bitcoin as a currency unit and as private money, subjecting holdings of bitcoins to German tax laws.

The move has somewhat polished up bitcoins still dubious image, putting Internet trading in the currency on a legal footing and allowing the exchange of the virtual currency into real dollars or euros. Online currency conversion sites determine the value of Bitcoins according to supply and demand.

Currently, one bitcoin is valued at about $110 (82 euros) with overseer group Bitcoin Foundation limiting the total number of currency units to 21 billion.

Taxable income

However, since bitcoin was not universally recognized as a currency it remained private money, the German Finance Ministry said. Nevertheless, the cyber currency was subject to German tax laws, the ministry said, including value-added tax on sales and income tax on profits garnered from bitcoin business."

"Growing Bitcoin buzz: In-person Bitcoin exchanges make a splash in Berlin

Published time: August 24, 2013 16:58 Edited time: August 26, 2013 17:52

Supporters of Bitcoin spent Saturday engaging in personal exchanges in Berlin, taking place in a mobile art space which supports the cryptocurrency. Its official recognition by the German state earlier this month is only aiding its expansion.

Bitcoin first burst onto the global scene in 2008 and has since been gaining rapid momentum. Germany is fast becoming a hotbed of exchanges, with August 16 marking its official recognition by the country under the term “Rechnungseinheiten,” which roughly translates to “units of account.”

“It’s a real step towards it becoming a universally, accepted, legitimate other option to state-issued currencies,” said RT’s Peter Oliver in Berlin. In some places in the German capital, people even use the parallel currency to pay for simple commodities such as food and drink. Numerous small online merchants also accept it.

Bitcoin Exchange Berlin hosted their third meeting on Saturday at the city’s Platoon Kunsthalle (Platoon Art Hall) to launch a European hub where people can both buy and sell a selection of products using Bitcoin and buy and sell the currency itself in a stock-exchange type climate.

“We’ve got many innovative people here from all over the world, coming together," Aaron Koenig, founder of Bitcoin Exchange Berlin, told RT. "Berlin has always been a place to try out new things. Did you know that the computer was invented in Berlin? So I think that it’s just natural that Bitcoin is very strong here.”

Buyers attend with notebooks or electronic devices in order to create an account with the currency and buy it. People attending the gatherings are actively encouraged to set up a ‘wallet’ through which transactions can take place.

Germany’s “BXB” (Bitcoin Exchange Berlin) site lists as its intention the provision of the opportunity for members of the Bitcoin community “to meet and collaborate on ideas” in the hope of broadening the community itself and bringing the currency to higher prominence within “Berlin, Germany, Europe and around the world.”

Only one thing left for it! GET STUCK IN **TODAY**!

Bitcoin drive gains currency in Germany by Al Jazeera English

Even the ex-top lawyer from the WORLD BANK wants you to!

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