Bitcoin continues to capture the attention of venture capitalists, retail businesses, government regulators, the media, and politicians over five years after its inception. Despite the recent shutdown of Mt. Gox (formerly the largest Bitcoin exchange), and subsequent drop in the Bitcoin exchange rate, the crypto-currency is still growing in acceptance and use. More and more businesses are starting to accept them in-lieu of traditional currency, and the United States is starting to issue regulations and guidelines concerning their use as a currency. However, many legal issues lurking behind crypto-currencies remain, and untangling them is still a work in progress. This article will cover the basic legal issues of accepting Bitcoin for your business.
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