Everyone in their childhood had heard stories of people who were in love with each other. Some of the famous stories in the form of Romeo and Juliet, Cleopatra, and Mark have always taken place in our memories and we grew up hearing the same.
The love stories create a magical influence on someone’s brain as these are considered to be the emotional bridge between the nurturing human minds and so. It is always noticed in such types of love stories that the ending is happy and the couple lives happily ever after.
But in the real world, the reality is much far away from this result. Unfortunately, some of the love stories do not end on a happy note and leave behind suspense and excitement about the life of both after.
The love story that we are going to discuss here is about the crypto giant Bitcoin and IRS i.e. the Internal Revenue Service. This story is about their relationship that went to the summit and as time proceeded how both lost the spark among themselves.
How did it start?
Table of Contents
The chapter on Bitcoin is popular among the folks. There would be hardly anyone who has not heard the story of the invention of this cryptocurrency. The anonymity of a group of people named Satoshi Nakamoto led the trail by inventing the first-ever cryptocurrency of the world. Be it economic or physical aspect it has remarkably influenced the market trends and is at the summit at this time.
The technology not only led to the invention of digital assets but also of Blockchain. The chain of information embedded into a uniform and meaningful nature thereby making the transaction meaningful and accurate was the main goal of it. The blockchain consists of digital algorithms containing the digital signatures of both buyer and seller.
It is this signature in the form of address that makes sure that the delivery of assets is exact at both ends. The main feature of blockchain is that it is open to common people usage and anyone can alter its nature. But it is not as easy as it sounds. To know more information about bitcoin trading you can read more here.
If both were together?
The blockchain has its service in providing information of both the parties be it, sellers or buyers. The IRS as it was observed used the service to its own advantage to gain income and capital, and many transactions without consulting the user at the other end.
Some of the reports suggested that this no confirmation from the user end led to the sorting of the chain up to some extent and the IRS reported the transactions and other taxes in an incorrect manner. This led to the bitter relations between Bitcoin and the IRS.
Mt. Gox
The advent of bitcoin led to the opening of several exchanges around the world for the benefit of users and this was one of the most famous bitcoin exchanges that opened at the very first beginning of the bitcoin revolution in the country of Japan.
After its opening in 2010, it suffered a digital attack and got hacked in 2011 and it was so severe that the hackers got access to the computer of one of the auditors and made several changes and manipulations in the value of the coin and led to buying the same from many anonymous accounts. Not only this and still the digital market is a potential source of the attack.
Silk Road
Another similar source was the opening of the Silk Road. Though it lasted for only three years making many millionaires and ultimately the culprit. The relations did not go well and at a later time, Ulbricht was jailed for this manipulation of trade.
