Ask Amy show notes: Bitcoin for beginners
Cryptocurrency is a form of digital payment and you might notice more companies are using this for common transactions. Bitcoin is the most popular form of cryptocurrency. Author and attorney Clayton Rawlings wrote the book “Bitcoin for Beginners.” He joins Amy Davis to share what he has learned in the process of buying and selling crypto.
Coinbase lays off 18 percent of workforce as CEO braces for ‘crypto winter’
Placeholder while article actions loadCryptocurrency exchange Coinbase announced it would cut 18 percent of its workforce Tuesday as fears of a recession mount and crypto values plummet, shedding sometimes thousands of dollars per share by the day. Choose your plan ArrowRight The cuts will affect roughly 1,100 workers, leaving the firm with a staff of roughly 5,000. Coinbase’s stock fell 5.4 percent in morning trading, and crypto shares continued to see volatility: Bitcoin lost 4.9 percent to trade near $22,000. The leading cryptocurrency has lost more than two-third of its value in the past seven months. Coinbase will also cover four months of health insurance for U.S. employees and four months of mental health care for international employees, Armstrong said.washingtonpost.com
Risky business: Cryptocurrency a medium of exchange, and investment
Cryptocurrency is increasingly being accepted as a medium of exchange; in fact, the nation of El Salvador last year officially adopted Bitcoin as official currency, much like the American dollar. Bitcoin’s success has led to the creation of other forms of cryptocurrency; some are pinned to the value of tangible assets such as the dollar, others are based solely on their market value. As with many assets that are on the rise, the value of cryptocurrency has been volatile. Speculation on the currency’s market value can inspire large buys, which drive up the price and spur new investors. Cryptocurrency offers an alternative for those who want such a secure medium of exchange — as long as it’s left alone.myrgv.com
Court Authorizes Service of John Doe Summons Seeking Identities of U.S. Taxpayers Who Have Used Cryptocurrency
The IRS is seeking the records of Americans who engaged in business with or through Kraken, a digital currency exchanger headquartered in San Francisco, California. “This John Doe summons is part of our effort to uncover those who are trying to skirt reporting and avoid paying their fair share.”Cryptocurrency, as generally defined, is a digital representation of value. On April 1, 2021, a federal court in the District of Massachusetts granted an order authorizing the IRS to serve a similar John Doe summons on Circle, a digital currency exchange headquartered in Boston. Today’s order from the Northern District of California grants the IRS permission to serve what is known as a “John Doe” summons on Kraken. The United States’ petition does not allege that Kraken has engaged in any wrongdoing in connection with its digital currency exchange business.justice.gov