New IRA Product Allows for Tax-Free Bitcoin Mining
Bitcoin miners just secured a windfall on tax savings.
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About Bitcoin
The world’s first cryptocurrency, Bitcoin is stored and exchanged securely on the internet through a digital ledger known as a blockchain. Bitcoins are divisible into smaller units known as satoshis — each satoshi is worth 0.00000001 bitcoin.
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How it works
Every transaction involving Bitcoin is tracked on the blockchain, which is similar to a bank’s ledger, or log of customers’ funds going in and out of the bank. In simple terms, it’s a record of every transaction ever made using bitcoin.
Keep in mind
Unlike a bank’s ledger, the Bitcoin blockchain is distributed across the entire network. No company, country, or third party is in control of it; and anyone can become part of that network. There will only ever be 21 million bitcoin. This is digital money that cannot be inflated or manipulated in any way.
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