Earnr AI, your new tax assistant, is here. Check it out now!
Stressed by tax?
Get Earnr Pro





Bitcoin is the most popular cryptocurrency. It is designed to be a global decentralised currency that is hard to manipulate by any one party.

More detail:

Bitcoin is a decentralised digital currency (also known as a Cryptocurrency) that was created in 2009 by an anonymous individual or group of individuals using the pseudonym Satoshi Nakamoto.

Bitcoin transactions are recorded on the blockchain, a decentralised network that is maintained by a network of computers around the world. This makes Bitcoin transactions secure, transparent, and difficult to hack. Bitcoin can be bought and sold on a variety of online exchanges, and can also be used to purchase goods and services from merchants who accept it as payment.

New Bitcoins enter circulation through the process of "Mining"

Bitcoin has a limited supply of 21 million bitcoins, which means that as demand for Bitcoin increases, its value may also increase. However, Bitcoin is a highly volatile asset, and its value can change rapidly based on market conditions.

It is likely that the use and adoption of Bitcoin will continue to grow in the coming years as it becomes more accessible and more use-cases are found.

Mining Bitcoin is considered Income and is subject to Income Tax. You may be liable to Capital Gains Tax if you sell you Bitcoin for a Profit.

Back to Taxionary

You might also like...

decorative image for a blog

Submit your 22/23 Tax Return Before January 31st

January 31st is the deadline for submitting 2022/23 tax returns. It's a good idea to complete your tax return ahead of this deadline to avoid mistakes and potential penalties. This article shows why its a good idea to submit your tax return early and how Earnr can help you if you are stuck.

Read more
decorative image for a blog

We asked Earnr AI why you should use Earnr…. here’s what it said…

We recently introduced our newest addition to the Earnr team; our AI chat bot, Earnr AI. In this article we put Earnr AI to the test and asked it why you should use Earnr as your tax companion, bookkeeping tool and tax return assistant. Read it's excellent response!

Read more
decorative image for a blog
December 20, 2023
Tax essentials

Why should you submit your tax return over the Christmas period?

The festive period is often thought of as the busiest time of the year with the run up to Christmas and New Year. Whilst this period can feel hectic at times, it can also be seen as the perfect time to complete your tax return. In this article we explain why this Christmas time is the best time to submit your 22/23 tax return.

Read more
Earnr logoDownload earnr