Whilst we may not fully comprehend the idea of Cryptocurrency we understand it as an intangible financial medium. . .
However, that may be a thing of the past thanks to Utah man Mike Caldwell.
Caldwell has provided us a palpable means of carrying around the digital key that contains the value of our Bitcoin wallet.
The Key can be used to redeem the value of the Bitcoins online; However, the hologram sticker leaves a honeycomb mark when peeled back, so you'll know if your Bitcoins have been tampered with.
Created by Caldwell tied to the peer-to-peer, open source digital currency, each Casascius Bitcoin, made of brass with gold electroplating has a unique Bitcoin address and a redeemable "private key" under a hologram on the coin which plays a role comparable to a gift card with a magnetic strip.
The existence of things like the Casascius Bitcoin point of sale system, is based on Self-contained, computerized equipment that performs all tasks of a store checkout counter; allowing payments via bank or credit cards.
Many online companies use this form of technology as it verifies transactions, provides sales reports, coordinates inventory data, and performs several other services normally provided by employees.
U.S. statutes prohibit the creation of a currency that competes with the American dollar.
A North Carolina district court earlier this year convicted a man who among other criminal acts designed and minted "Liberty Dollars", issuing and passing coins "intended for use as current money; and of conspiracy against the United States
Until the release of the Casascius Bitcoin, Bitcoin has only been a digital currency and BitCoin Wiki has been able to argue
“...in general trading in any commodity, including digital currency like Bitcoin, game currencies like World of WarCraft gold or Linden dollars, is not illegal"
So what does that mean now?
In Australia where crypto-currency is not taxable any item purchased with Cryptocurrencies such as Bitcoin will enquire a Capital Gains Tax.
Let me know what the regulations will mean in your country or any thoughts you may have on this topic.
