The Emergence of Bitcoin
By Helen Narvasa and Heather Morton | Vol . 22, No. 29 / August 2014
Of the more than 330 payment options available for Internet transactions, Bitcoin now is the most popular of available cryptocurrencies. Major online retailers Overstock.com, DISH Network, Expedia, 1-800-Flowers, TigerDirect, Newegg, Sacramento Kings and Zynga currently accept Bitcoin payments. Among issues regarding Bitcoin transactions are the facts that they are irreversible and are not insured by any entity. They also are vulnerable to loss (e.g., hard drive crashes) and to theft by hackers. State and federal officials are questioning Bitcoin taxability and regulation.
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