Am I misunderstanding what "coins in circulation" means? Coins in circulation 10994200 that's 201798541 ɃTC edit: ah, it's showing USD value but putting BTC as the currency
Good catch, fixing
Realtime Bitcoin Stats
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Re: Realtime Bitcoin Stats
#22Earlier quoted context omitted.
It's the total amount of money passing trough the network. But since bitcoin transactions work by sending "change" back to yourself this value is not that relevant. In most cases 90% of the transaction amount is sent back as change. https://en.bitcoin.it/wiki/Change
So you spend your entire wallet minus the price of what you bought every time you make a purchase? If the ratio of 'money spent'/'total volume' is 1/5, does that mean that people are, on average, spending one fifth of their wallet?
You spend the results of previous transactions. Each transaction can have multiple inputs and multiple outputs, so when you make a purchase, you select enough payments that you have received to cover the cost as the inputs of the transaction, and make the purchase price (to the recipient) and whatever is leftover (back to yourself) as the outputs. (I imagine software would take care of all the complexity; and whatever is leftover, typically 0.01, is given to the miners to incentivise them to spend the processing power to authenticate the transaction.)
This means that the Bitcoins in somebodies wallet is conceptually the list of transactions that have been made to them (that haven't been spent yet). It also means that a nice big graph can be made of how money is (or isn't) flowing through the system.
Re: Realtime Bitcoin Stats
#23Very nice rwinn! But I have a question. With the fast rise of bitcoins, lets say that I now have $10m worth of coins(I don't btw). How would I convert all to gbp/usd and would the governments tax you?. With anti-money laundering controls in place in the uk, such a windfall would cause huge problems!
Well for starters, you can go crazy and start spending BTC ( bitcoins ) directly and buy stuff instead of encashing immediately.
Coming back to if withdrawn in as local currecny.
Income that is earned through the exchange of services with another person, whether in the form of bitcoins, any other currency or even barter; is included in gross income, and would be subject to income tax.
So practically bitcoins could be subject to self employment tax if BTC is considered a commodity like gold.
If considered as a currecny or a debt then the gained currency could be taxed based on market value at the end of each tax year. Also, IRS never conisders currency as long-term investement so if treated as another currency then it would be taxed as holding an account in any non-functional (foreign) currency.
All this is just assuming its your owned BTC via trading/exchanging and not via business which accepts BTC or via selling items online or via mining.
Edit : Forgot to answer your question "Where can I buy BTC?"
Here are few reliable places
https://blockchain.info/wallet/sms-phone-deposits ( Hybrid wallet + small exchange )
Re: Realtime Bitcoin Stats
#24Re: Realtime Bitcoin Stats
#25Very nice rwinn! But I have a question. With the fast rise of bitcoins, lets say that I now have $10m worth of coins(I don't btw). How would I convert all to gbp/usd and would the governments tax you?. With anti-money laundering controls in place in the uk, such a windfall would cause huge problems!
IANAL (or accountant)
I'd imagine (in the UK at least) that they would be subject to capital gains tax.
Re: Realtime Bitcoin Stats
#26Is there any way of estimating the 'real" bitcoin economy?IE, Use of bitcoin to buy & sell goods & services rather than exchanging bitcoin for cash & via versa?
I mean lot of investing/speculation is obviously going on, but is there growth in bitcoin based commerce? That's ultimately the problem I hope bitcoin will solve.
Re: Realtime Bitcoin Stats
#27Very nice rwinn! But I have a question. With the fast rise of bitcoins, lets say that I now have $10m worth of coins(I don't btw). How would I convert all to gbp/usd and would the governments tax you?. With anti-money laundering controls in place in the uk, such a windfall would cause huge problems!
Well for starters, you can go crazy and start spending BTC ( bitcoins ) directly and buy stuff instead of encashing immediately. Coming back to if withdrawn in as local currecny. Income that is earned through the exchange of services with another person, whether in the form of bitcoins, any other currency or even barter; is included in gross income, and would be subject to income tax. So practically bitcoins could be…
> All this is just assuming its your owned BTC via trading/exchanging and not via business which accepts BTC or via selling items online or via mining.
All of those would be taxable too. The only question is when: every year at their current market value, or when traded for (official) currency.
Re: Realtime Bitcoin Stats
#28Is there any way of estimating the 'real" bitcoin economy?IE, Use of bitcoin to buy & sell goods & services rather than exchanging bitcoin for cash & via versa? I mean lot of investing/speculation is obviously going on, but is there growth in bitcoin based commerce? That's ultimately the problem I hope bitcoin will solve.
Google up "bitcoin days lost", that's quite a good indicator for the traffic/volume. Also, most of the volume indicators ignore BTC trade, as that's done using the exchanges' internal systems.
Re: Realtime Bitcoin Stats
#29Very nice rwinn! But I have a question. With the fast rise of bitcoins, lets say that I now have $10m worth of coins(I don't btw). How would I convert all to gbp/usd and would the governments tax you?. With anti-money laundering controls in place in the uk, such a windfall would cause huge problems!
As far as my understanding goes for the UK tax position - if you bought the Bitcoins then you purchased an asset and then sold it again thereby creating a capital gain on which CGT would be due when you do your tax return. You could try and avoid paying tax by simply not telling the Inland Revenue - but that would appear to be tax evasion.
Not sure what the tax situation would be if you mined them - perhaps they would count as income?
The only thing I'd be sure of is that if you did have $10m worth of coins in the UK then you'd be silly not to speak to an accountant who specialises in tax planning for individuals - excellent ones do exist!
Re: Realtime Bitcoin Stats
#30I would prefer to have semi transparent graphs in background.