ARTICLE · 11 DECEMBER 2013

Bitcoin And Taxation Under Turkish Legislation

Herdem Attorneys at Law

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Bitcoin is a form of digital currency, created and held electronically.

TurkeyTax

Ceren Savaser

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Bitcoin is a form of digital currency, created and held electronically. In other words, it is an open source peer-to-peer electronic money and payment network introduced in 2009 by a software developer called Satoshi Nakamoto. Bitcoin is called a cryptocurrency because it uses cryptography-secret code to secure transactions and the idea was to produce a currency independent of any central authority, transferable electronically with very low transaction fees.

How to acquire bitcoin?

There are two ways to acquire bitcoins. One option is to "mine" them yourself, by using software programs that follow a mathematical formula to produce bitcoins. The mathematical formula is freely available for everyone. The other way and may be the best way is to purchase them with a conventional currency. Web sites known as exchanges let people trade bitcoins for conventional currencies with other users.

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