The Emergence of Bitcoin

The Emergence of Bitcoin

By Helen Narvasa and Heather Morton | Vol . 22, No. 29 / August 2014

NCSL NewsOf the more than 330 payment options available for Internet transactions, Bitcoin now is the most popular of available cryptocurrencies. Major online retailers, 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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