What’s a bitcoin?
Apparently, it’s not money, according to a Florida court that acquitted a guy on a money laundering charge.
Although you can turn it into cash, the IRS says that bitcoin is actually property while the Commodities Futures Trading Commission says that it’s a commodity.
The IRS does not recognize bitcoin as cash because it “does not have legal tender status in any jurisdiction.” In other words, no government recognizes it. However, if you get paid wages in bitcoin, you had better report it as income.