New IRS rules make using bitcoins a fiasco

When the Internal Revenue Service ruled that bitcoins are property, not currency, spending them became a lot more difficult for those who use the virtual currency.
 
CNNMoney reports the ruling has made paying for everyday items complicated, because users will now need to keep detailed records of every purchase and then calculate how much the value of the bitcoins changed between initial acquisition and when they are spent.
 
The rule is intended to make it possible to tax any gains in the value of bitcoins. CNNMoney reports this is going to be a headache for bookkeepers because of how wildly the value of bitcoins fluctuates.

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