Brian Keegan: All is changed as cryptocurrencies catch the eye of tax authorities 

Ireland's Revenue Commissioners have turned their attention to the tax implications of cryptocurrencies such as Bitcoin

Cryptocurrency differs from other types of currency by dispensing with the need for an independent institution like a central bank to verify its issue and control its supply.

Even though they have been around for well over a decade, cryptocurrencies still have something of a mystique about them. For many of us, the workings of the likes of Bitcoin are still poorly understood. 

However, a sure sign of the success of any venture is when the tax authorities turn their attention towards it. The Revenue Commissioners have recently updated their guidance on how profits and gains involving cryptocurrencies should be taxed.