Each year, the majority of people throughout the United States must file their taxes. While this isn’t something that everyone enjoys, it’s imperative that your taxes are done correctly. If not, you could find yourself dealing with a wide range of problems. That being said, many people are now wondering how cryptocurrency affects their tax returns. In this post, you’ll learn what cryptocurrency is and how it applies to your taxes.
The Invention of Cryptocurrency
Cryptocurrency is a digital currency that’s far different from traditional forms of payment. The standard form of currency that people use to make purchases is controlled by some type of financial institution. However, this isn’t the case with cryptocurrency. Instead, this digital currency is simply backed by those who are carrying it. This form of digital currency was invented by Satoshi Nakamoto in 2008. Nakamoto wanted a way to enable a type of peer to peer currency. He was inspired by popular file sharing plat