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Bitcoin vs Bitcoin XT: why the future looks unstable

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Bitcoin suffers an identity crisis

Just as its popularity has increased in Europe, boosted by Greece's economic travails, the future of bitcoin looks unstable. The original bitcoin code was "forked" by software engineers in late August to create bitcoin XT - a copy of the original with better processing capabilities.

The development has split the bitcoin community, with no consensus as to whether the two currencies will merge or exist separately.

bitcoin

Bitcoin XT aims to be able to process more transactions per second than the original currency, which critics say will reach its physical limits by early 2017.

The new features are projected to be in place by January next year but only if 75% of bitcoin "miners" switch to the new currency.

A trust in vehicles

Charter Hall's newly launched Direct Automotive Trust is an investment vehicle that indirectly invests in vehicles. The unlisted retail property trust is seeking to raise $55 million to acquire three car dealership sites in Sydney and Brisbane.

They are leased by the listed Automotive Holdings Group. Charter Hall is calling for a minimum investment of $20,000 for an initial six-year term. The portfolio is estimated to be valued at $102 million, with annual income forecast to be 7.5%. The offer's closing date is June 30, 2016.

Deductions app

Filing your tax return is about to get a whole lot easier. The tax office's new myDeductions app allows you to file your tax deductions on-the-go through the year. You can use your smartphone's camera to capture receipts, which can be stored on the app and used to reference claims.

You can file claims on the app for car expenses, general travel, clothing, self-education, mobile phone and internet, gifts and donations, and even your annual tax return expenses. Claims will be pre-filed to your 2015-16 tax return, making it easier to keep track of deductions.

But beware: the ATO doesn't have a great track record with technology (search on the internet for "myGov problems" and you'll see why), so you should regularly back up your smartphone in case of technological issues.

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Steph Nash was a staff writer at Money until 2017.
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