SECTION 2. BACKGROUND

SECTION 2. BACKGROUND 

The Internal Revenue Service (IRS) is aware that “virtual currency” may be used to pay for goods or services, or held for investment. Virtual currency is a digital representation of value that functions as a medium of

exchange, a unit of account, and/or a store of value.

In some environments, it operates like “real” currency -- i.e., the coin and paper money of the United States or of any other country that is designated as legal tender, circulates, and is customarily used and accepted as a medium of exchange in the country of issuance -- but it does not have legal tender status in any jurisdiction.

Virtual currency that has an equivalent value in real currency, or that acts as a substitute for real currency, is referred to as “convertible” virtual currency. Bitcoin is one example of a convertible virtual currency. Bitcoin can be digitally traded between users and can be purchased for, or exchanged into, U.S. dollars, Euros, and other real or virtual currencies. 

For a more comprehensive description of convertible virtual currencies to date, see Financial Crimes Enforcement Network (FinCEN) Guidance on

the Application of FinCEN’s Regulations to Persons Administering, Exchanging, or Using Virtual Currencies

(FIN-2013-G001, March 18, 2013).

Any questions or comments? Enter below:

Click here for SECTION 3 (not ready yet)

IRS Notice 2014-21

To get started, you should get your own copy of IRS Notice 2014-21. You can do that now by clicking here.

Now that you have your own copy, lets move forward with covering the Q&A. Each section will be posted and open for questions and feedback. AfriCoin will submit your questions to the right party listed in SECTION 5. DRAFTING INFORMATION. Once we receive the answers, they will be posted where the question was asked. There will be some of you that have a great deal of knowledge in this area. I say, move on to a section that's more interesting or stay and help others that need your input.

Notice 2014-21 

SECTION 1. PURPOSE

This notice describes how existing general tax principles apply to transactions using virtual currency. The notice provides this guidance in the form of answers to frequently asked questions.

There it is. Does anyone have any questions or comments about section 1? This is important stuff and it will be of great benefit to stay ahead of the curve.

Click here for SECTION 2. BACKGROUND

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AfriCoin Wallet QT

 

 

Welcome to AfriCoin, the Open Source Society

 

AfriCoin QT (Desktop Digital Wallet)

The AfriCoin QT is a digital wallet and allows you to make financial transactions with other AfriCoin Society users. The AfriCoin wallet provides you with the ability to store your AFC and keep track of your balance, so that you can send and receive AfriCoin AFC. It's as easy as sending and receiving email. Before you get started, you will want to read some important information first. AfriCoin was developed from the cryptocurrency trail blazer, Bitcoin! 

Bitcoin is here to stay and AfriCoin leverages Bitcoin technology to provide its services. If you are new to cryptocurrency and have little to no knowledge of the program, click here to gain the important knowledge you will need. While you are learning about the Bitcoin wallet and  how it works, follow their steps, download the Bitcoin QT and install.

This is important because AfriCoin trading transactions are accomplished by trading Bitcoin for AfriCoin. By learning from the creators of Bitcoin, you will have no problem in comprehending AfriCoin.

If you are already versed in Bitcoin, you may click the link below to reach and download your AfriCoin QT wallet.

AfriCoin QT

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AfriCoin Source Code

 Welcome to AfriCoin, the Open Source Society

The AfriCoin developers used Bitcoin to create AfriCoin. Two years ago, a developer in Africa created the first form of AfriCoin and for whatever reason, did not complete it. Five month ago, the AfriCoin developers recreated new code for the coin and its now available.

We welcome you to join in on creating new applications for AfriCoin. Wallets, ATM machines, cold storage devices; whatever your heart desires and mind creates, we can't do it without you.

Immediate Needs:

• Wallet QT for the Mac
• Mining client for the Mac 
• Smart Phone wallet

 Click Here For AfriCoin Source Code

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