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Bitcoin. Its place in your wallet or in your SMSF portfolio

While bitcoin may be the most well known cryptocurrency, there are nearly 1,500 in existence. In its simplest form, a cryptocurrency is a "peer-to-peer electronic cash system", which means that the currency is not in a physical form like cash but sits in an electronic register.

What makes bitcoin work, where previous attempts at electronic cash did not, is in the magic of something called blockchain. One of the problems with earlier electronic cash was that it was possible for those with the skills to fool the system and allow multiple transactions of the same piece of currency.

Welcome to JBG Accounting's monthly tax and superannuation newsletter - you should find the information interesting, informative and easy to read.

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