- NY Credits : 3.0
- TX Credits : 3.0
What is used for buying, selling and investing and is untraceable, anonymous and technologically confusing? The answer uses different terms, but mean basically the same thing: cryptocurrency, virtual currency, digital currency, cryptocoin. All describe a relatively new medium of economic exchange used for buying, selling, exchanging and investing. Bitcoin is, by far, the most popular and accepted form of virtual currency. While some view these types of funds as an advanced form of monetary exchange, others see this wave as a technologically confusing method for scammers to drain money from unsuspecting victims. There is some truth to this as hackers have proven successful in draining certain markets and with the anonymity feature of virtual currency, prosecution and recovery is almost impossible. Regulators like the IRS struggle to keep up with issuing guidance to prevent taxpayer fraud. Still, the number of different types of virtual currency explodes. Bitcoin still leads the parade, but there are many others gaining popularity. This course is updated to reflect the most recent news, rules and regulations. However, this particular topic is a dynamic one with changing information being released daily. Reference to state and federal regulators is highly recommended.
This basic level course is most beneficial to professionals new to digital currencies like Bitcoin who may be at the staff or entry level in organization but also for a seasoned professional with limited exposure to this topic.
Upon successful completion of this course, the user should be able to:
recognize the definitions of the unique technical terms associated with virtual currency,
identify the guidance from the IRS,
recognize the process through which virtual currency is validated and transactions are processed,
recognize the tax and legal issues with this type of currency,
determine vulnerabilities of virtual currency and where fraud and abuse occur,
identify different types of virtual currency, and
recognize the online platform exchanges used to trade different forms of virtual currency.