Let's Bitcoin takes off. Say you lived in the US and had an online service that dealt in the equivalent of ~20,000 USD or more income for you (personally). What are the laws for income tax on a currency like this? Can you get in trouble with the IRS by simply having tons of BTC that the market values at (currently) almost 5$ per BTC?
As of the moment, I really don't think that bitcoin is taxable. In my country, whenever there is a bitcoin transaction, the reduction falls on the people who manage the wallet and not for tax. So, I don't think that bitcoin is taxable yet. In addition, the government didn't really made it legal yet.