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Cryptic currency

10 March 2015 / Sarah Saunders
Issue: 4492 / Categories: Comment & Analysis , Admin

The mysterious world of bitcoin


  • Bitcoin is an independently run cryptocurrency.
  • It is stored in an electronic file and traded online.
  • Questions exist about its security and probity.
  • HMRC treat bitcoin like a foreign currency for corporation and income tax.

I had always regarded bitcoin as something used by other people a long way away possibly in fictional universes.

The financial press often includes articles about bitcoin – perhaps discussing its future the fall or rise of its markets its alleged popularity among criminals rarely its tax treatment.

How many of us though can honestly say they understand what it is or have encountered it in real life?

What is bitcoin?

Bitcoin is a virtual or cryptocurrency. It has no physical existence; you cannot obtain coins or notes...

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