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Introduction
I.
Attention Getter: What would your reaction be if I told you that there is a
form of currency now worth over $1,000 USD per unit?
II.
III.
Thesis Statement: Today you will learn about Bitcoin, a new form of ecurrency that has been in the news over the past year.
IV.
Speakers Credibility: I learned about Bitcoin a few years ago, and have been
reading frequently about it since.
V.
Preview of Main Points: In this presentation you will learn a short history of
Bitcoins development, what Bitcoin is, and about two recent developments
concerning Bitcoin.
Transition/Connective to Body: I will now move onto some of the history of Bitcoin.
Body
I.
Transition: Now that you know some of the history of Bitcoins development, I will now
move onto a description of what Bitcoin is.
II.
Transition: Now that you understand what Bitcoin is, you should know about two recent
developments concerning the new e-currency.
III.
ii. Mark Karpeles, CEO of Mt. Gox, stated after the crash, There
was a weak area in the system, and, as a result, we lost Bitcoins. I
am deeply sorry that I have caused trouble to everyone (Virtual
Bitcoins worth $425 million disappear).
B. The second major development concerning Bitcoin is the IRS ruling that
took place earlier this year.
i. Earlier this year in March, the Internal Revenue Service ruled that
Bitcoin will be considered property rather than currency for all
legal and taxation purposes (Biggs).
ii. According to John Biggs Techcrunch article "IRS Rules Bitcoin Is
Property, Not Currency", The IRS has officially stated that bitcoin
is a property similar to any other valuable commodity rather
than a currency. What does this mean? Not much. In short, if you
pay someone in bitcoin in the same way you could pay them in
gold the wages are taxed accordingly. It is also not considered
legal tender but a capital asset (Biggs).
iii. In its ruling, the IRS wrote that In some environments, virtual
currency operates like real currency but it does not have legal
tender status in any jurisdiction, while for U.S. tax purposes, A
payment made using virtual currency is subject to information
reporting to the same extent as any other payment made in
property (United States of America).
Conclusion
I.
Restate Thesis: Today you have been informed about Bitcoin, an electronic
currency.
II.
Review Main Points: I covered the history of Bitcoin, what Bitcoin is, and two
recent developments.
III.
Closing Remarks: Perhaps my talk today has sparked an interest for some of
you. Thank you for listening.
Bibliography
AmherstMedia. Making Money- Gavin Andresen @ Ignite Amherst. Video recording,
YouTube. YouTube, 17 Feb. 2011. Web. 4 Nov. 2014.
Andresen, Gavin. "Andresen on BitCoin and Virtual Currency." Interview by Russ
Roberts. Audio blog post. Library of Economics and Liberty. Liberty Fund, 4 Apr.
2011. Web. 3 Nov. 2014.
Biggs, John. "IRS Rules Bitcoin Is Property, Not Currency." Web log post. Techcrunch.
AOL Inc., 25 Mar. 2014. Web. 5 Nov. 2014.
Bitcoin Project. "Frequently Asked Questions." FAQ. Bitcoin Foundation, n.d. Web. 05
Nov. 2014.
Virtual Bitcoins worth $425 million disappear. PBS Newshour. PBS. KPBS, San
Diego. 28 Feb. 2014. Television. Transcript.