TSA Confused – Search Bag For Bitcoin – A Virtual Currency

Black Elk

A moment of divine comedy which highlights the ridiculous insanity of  authoritarian states and their blinkered  minions.

Bitcoin of course is a virtual currency and is not physically manifest, in that sense it does not exist.

If any one has the time please create a virtual coin called “The Unicorn” and a virtual note to go with it “The Emperor’s New Clothes Dollar”   the headlines would be marvellous.

BBC 3 March 2014

The UK’s tax authority has scrapped plans to charge value added tax (VAT) on Bitcoin trading.

In new guidance, HM Revenue & Customs also said it would not levy the 20% tax on the creation, or so-called ‘mining’, of the virtual currency.

The TSA search for virtual unicorns LOL.

Hat tip to www.cryptogon.com for picking this up.

March 2nd, 2014

The TSA didn’t find any Bitcoin “tokens,” but you’re about to read comedy gold.

Via: Daily Anarchist:

I turned back to the orange shirt and asked “What did the Bitcoin look like?” Bill chimed in and told the agent that what he was saying was impossible because Bitcoin is digital and doesn’t have have any physical manifestation. You can’t “see” Bitcoin. The orange shirt said they looked like medallions or tokens. I said I didn’t understand what he was talking about, and he simply repeated, in a child like way, that Bitcoins are like metal tokens. I told him that I didn’t have any tokens.

Research Credit: alvinroast

Bitcoin 101 for those that need to know.

What is a good way to concisely explain Bitcoin?

Bitcoin is a new kind of money. It’s the first decentralized electronic currency not controlled by a single organization or government. It’s an open source project, and it is used by more than 100,000 people. All over the world people are trading hundreds of thousands of dollars worth of bitcoin every day with no middle man and no credit card companies. It’s a startup currency which has never happened before.

Bitcoin is the first digital currency that is completely distributed. The network is made up of users like yourself so no bank or payment processor is required between you and whoever you’re trading with. This decentralization is the basis for Bitcoin’s security and freedom.

Email let us send letters for free, anywhere in the world. Skype lets us make phone and video calls for free, anywhere in the world. Now there’s bitcoin. Bitcoin lets you send money to anyone online, anywhere in the world for less than a cent per transaction! Bitcoin is a community run system not controlled by any bank or government. There’s no wallstreet banker getting rich by standing between you and the people you want to send and receive money from.

Bitcoin is more efficient than all competing currencies. This will drive its adoption in the same way computers were adopted, in that computers made people more efficient in competing in the marketplace. A currency has value by it being widely used. Bitcoin is a startup currency with a deflationary bootstrapping economy. Its use spreads by providing the speculator incentive.

Bitcoin is going to be the biggest opportunity for innovation that the world has seen since the industrial revolution. An idea whose time has come.