GET Protocol announces new user for its blockchain-based ticketing solution

 

GET Protocol, the leading blockchain-based ticketing solution, is expanding in usage and adoption with the integration of a second ticketing company:

ITIX. Smart tickets issued by ticketing companies who make use of GET Protocol are digitally programmable and registered on the blockchain, bringing transparency and accountability to the ticketing industry. The protocol has issued over 200.000 tickets to date, none of which have been re-sold by scalpers.

For each issued ticket, the GET crypto token is needed as a fuel within the protocol. This GET is then bought up from the open market. To read more about GET Protocol or the GET token, read up on the GET Medium blog. Currently, ITIX handles ticketing for 23 theaters throughout the Netherlands and sells more than 2 million tickets per year. Their ambition is to continuously grow and offer innovative services to their clients, of which honest tickets are a notable example.

From GET Protocol CEO, Maarten Bloemers:

Our partnership with Dutch ticketing company ITIX is very exciting in various ways. Not only will we learn how to make the technical onboarding for ticketing companies as easy as possible with a committed local partner, also the opportunity costs for choosing not to service theaters directly but through an established brand are virtually non-existent. GET Protocol is extremely committed in helping ITIX grow in market share with our unique features, to both our benefit.

The integration of these honest tickets issue by GET Protocol for the clients of ITIX will be done in phases. Starting later this quarter, ITIX will offer their clients the possibility to provide consumers the comfort and benefits of GET Protocol’s digital tickets.

Article Produced By
The Editorial Staff

https://www.investinblockchain.com/get-protocol-announces-new-user-for-its-blockchain-based-ticketing-solution/

Thomas ClaimCo.in

2019 China Mining Industry Summit – Recap And Summary

 

Recap And Summary

BEIJING, June 5, 2019 – BitDeer.com’s premier industry event wrapped up successfully in Beijing. 2019 China Mining Industry Summit has brought together the biggest names of the Chinese mining ecosystem. Prominent Chinese blockchain and tech media attended the event and reported on the significant industry announcements. With the leaders of the Chinese blockchain mining group in one conference, they began to discuss the potential of computing power sharing platforms such as Bitdeer.com, and new trends and emerging patterns in the mining industry.

The conference saw the likes of the following crypto mining industry leaders:

  • Celine Lu – Founder & CEO, BitDeer.com
  • Zhuoer Jiang – CEO, BTC.TOP
  • Xiaojun Fan – Head of APAC Sales, Bitmain
  • Zhong Zhuang – CEO, BTC.com
  • Xin Tian – Co-Founder, AntPool
  • Fa Zhu – COO, Poolin.com
  • Jiazhi Jiang – Senior Blockchain Developer
  • Baoqing Liang – CTO, Bitmain Data Center
  • Yao Li – Vice President, Cobo Wallet
  • Qingfei Li – CMO, F2Pool
  • Xiao Su – Chief Representative for China, Bitcoin.com
  • Yang Tong – Partner, Jinse
  • Qiuwei Gao – CMO, RiskHash
  • Feifan Li – Co-Founder, ChainDD
  • Lei Chen – Founder & CEO, BitWhale

As the world’s leading computing power sharing platform, BitDeer.com has achieved great success with 80% repurchase rate contributed by over one million monthly active users in 223 regions since entering the market six months ago. The platform also witnessed a 300% revenue growth within three months. Its market share ranks among the top 3 in the computing power sharing industry, and will continue to be the fastest growing platform.

Empowering Win-Win Relationships

In retrospect, cryptocurrencies had lost 80% of market value from the highs of 2017 to lows of 2018. Coming into 2019, the market is giving positive signals: Hashrates have hit historic highs; and the numbers of active Bitcoin addresses is rebounding rapidly with the number of Bitcoin wallet users beginning to surge.

As an innovative creation in fintech, Bitcoin is becoming increasingly accepted by users and merchants worldwide. In addition, traditional finance and internet giants such as JP Morgan, Goldman Sachs, Microsoft, Google and Facebook are beginning to enter the nascent cryptocurrency industry. Celine Lu, CEO of BitDeer.com, sees this as a must-take opportunity. In her keynote speech “Computing Power Sharing: Ecological Synergy Accelerator”, Lu mentioned since 2018, computing power sharing no longer relied on bubble prices in the bear market. Instead, it focuses on providing the best service to users by leveraging global resources in the areas of technology, operations, and management. At present, the computing power sharing industry is at a new starting point where BitDeer stands in the core of resource aggregation. Teamed with respectable industry business partners, BitDeer.com will bring higher value to its global users and build a well-developed ecosystem to fuel the whole industry.

Lu shared valuable statistics from BitDeer for the first time at the conference. The net profit of BTC mining for BitDeer’s users exceeds RMBï¿¥6 million (USD $0.87 million) per day, with 4 orders placed monthly on average. The platform’s biggest spender who invested a total of RMBï¿¥50 million (USD $7.24 million) is expecting a profit of the same amount. Eight of BitDeer’s partner mining pools have achieved a hash rate of over 3,000P and ten of BitDeer’s partner mining facilities have achieved a total sales revenue of over RMBï¿¥300 million (USD $43.39 million). More than 20 of BitDeer’s global sales partners have received tens of millions in profit sharing. As the competition in the market turns white-hot, building a diversified, healthy and stable business ecosystem is an irresistible trend. “BitDeer has initially established a partnership mechanism,” said Celine, while presenting BitDeer’s latest partnership plans to attendees.

Lu also introduced BitDeer’s computing power partnership models with various industry members:

  • Mining pools can join BitDeer’s global users to obtain computing power, and receive additional services to promote their brands and share user traffic.
  • A lower entry barrier is now available for mining facilities and rigs, who can now start mining with only hundreds of mining machines. BitDeer will sell their computing power on consignment to achieve a better cash flow and thus maximize the value of their assets.
  • For sales partners, BitDeer provides three different collaboration models: traffic, affiliate sales and agent. With BitDeer.com, sales partners are able to share millions of active traffic and profits.
  • Partnering with third parties, BitDeer.com is working on building cryptocurrency payment and “coin to coin” exchange system.

Standing at year one of BitDeer.com, Lu believes an open mind is essential to connect partners from mining facilities, mining pools, sales, technology, traffic and service providers. BitDeer is building a computing power ecosystem community by leveraging its resources and utilizing its competitive advantages. In his speech, Bitmain’s Head of APAC Sales Xiaojun Fan shared his thoughts and experience of working together with BitDeer.com. He was impressed with the computing power possessed by BitDeer and its strategic vision. In addition, the latest firmware for Antminer S9 miners made its debut at the summit. Alongside representatives from eight strategic partners, BitDeer.com’s founder & CEO Celine Lu kicked off the mining ecosystem launching ceremony, signaling a new era for China’s crypto mining industry.

Computing Power Sharing Industry Standard

Since its 2014 birth, the Computing Power Sharing industry has been chaotic. As the leading platform, BitDeer will guide the industry in compliance with business development and environment. To begin the second half of the conference, Celine Lu read out content of the first ever ‘Computing Power Sharing Industry Standard Draft’ issued by BitDeer. She stated that she would love to invite all partners to join a discussion of the Draft and the formation of an effective mechanism to help users and practitioners. The Draft regulated three key indexes: transparent computing-power; open and fair modes; and reasonable fluctuations. It also unified the access standard of mining pools, facilities and rigs.

On the one hand, from the three dimensions of traceable, controllable and hash-rate mining pool, we can determine whether the hash rate is true and transparent, which is very crucial, according to Celine. On the other hand, the model needs to be open and transparent. Users can independently choose the mining pool, switch the mining pool, check the hash rate of their orders in the mining pool. While mining pools can regularly remit to users directly, which can be inquired from the information chain of the payment transaction. In addition, the fluctuating value should be up to the standard. In terms of fluctuating standard-reaching rate for hash rate of POW currency, the fluctuation of hash rate within 3% should account for more than 98%, and the fluctuation of hash rate within 1% should account for more than 85%. Based on the research and calculation of BitDeer, should the hash rare be not within the standard range, users will suffer from the loss of the mining earnings.

Last but not least, the criteria for access to mines are mainly reflected in three dimensions: it is a must to ensure that there is sufficient power to maintain 98% mining machinery and equipment under normal operation and normal network communication at least 98% of the time. There are strict network firewall settings, perfect fire prevention and disaster prevention facilities and the positive response from operation and maintenance personnel. And in terms of the access criteria of mining machine, the fluctuation of its hash rate is not more than or less than 5%. The equipment can operate normally under severe environmental conditions, such as high temperature, low temperature, humidity, dryness and sand. At least two spare mining pools should be set up to actively support the exploration of mining pools. Should there be something wrong with the current connected mining pools, they can be switched quickly. The life cycle of mining pools can be maintained for more than six months.

According to Celine Lu, data in the draft were extracted from key indicators in the operation and maintenance process of BitDeer.com, which has teamed up with four of the major mining pools in the world: ViaBTC, BTC.com, AntPool and F2PooL. The partnered mining pools account for more than half the worldwide the computing power which provides up-to-date accurate data for BitDeer. Not only does it provide valuable reference in standardizing industry data, improving the operation systems, regulating market, and establishing industry benchmarks, but also it proposes a perfect direction guiding the crypto industry to develop in a healthy and orderly way.

New Challenges and Opportunities

It is agreed by all panelists that, in the age of Blockchain 2.0, members of the mining ecosystem are expected to strengthen the capabilities to integrate resources in order to better serve and bring more value to the users. As a pioneer of the industry, BitDeer is believed to have provided a white-glove service to global individual miners, significantly reduced mining costs and thus lowered the barrier to entry. BitDeer.com has enlisted an army of talents and professionals, and leveraged global resources so that constrained parties could be better prepared and contribute to the mining ecosystem in the next bull market.

Miners, the most essential party in the mining ecosystem, are driven by profitability. In order to maximize mining profits and solve the operations management problems faced by mining facilities, Bitmain is soon launching a cloud monitor platform with joint efforts from BitDeer.com. Baoqing Liang, CTO of Bitmain Data Center, believes that the intelligent connectivity of cloud will ensure a stable output of computing power. The new cloud monitor platform will connect mining pools, profits and the management and operations. According to Qiuwei Gao, CMO of RiskHash, mining profitability is directly affected by the price and mining difficulty, and sense of risk control cannot be overemphasized in

the mining process.

“By partnering with BitDeer.com, the platform connecting computing power providers and individual miners, costs beared by mining pools are relatively more stable. Individuals miners are able to increase their risk resistance capabilities as well.”

Cobo Wallet VP Yao Li stated that as one of the top three wallet service providers, Cobo Wallet is looking forward to collaborating with BitDeer.com to connect the underlying payment system and support instant transfers. He believes the partnership will speech up the growth of crypto mining economy. In terms of the influence brought to the mining ecosystem by the halved Bitcoin price, panelists believe mining will continue to be a sound investment strategy. However, individual miners are still faced w th costs to run professional facilities. BitDeer’s computing power sharing model will provide an easier solution. The 2019 China Mining Industry Summit has shed light on the new mining ecosystem led by BitDeer and brought the leading computing power sharing platform’s competitive advantages as well as its potentialities to the crypto mining community.

Article Produced By
The Editorial Staff

https://www.investinblockchain.com/2019-china-mining-industry-summit-recap-and-summary/

Thomas ClaimCo.in

DeFi is too ‘noisy’ MyEtherWallet CEO says

Hype can be hectic and unorganized.

The crypto space's decentralized finance niche has reached frenzied status within the crypto industry, signaled by exuberant price highs and rampant speculation.

"DeFi is the new overhyped concept in Ethereum," MyEtherWallet, or MEW, CEO and founder Kosala Hemachandra told Cointelegraph in an interview. "The noise is too much, so everyone is just like running around trying to figure out what the next big thing is and then putting a ton of money inside without doing enough research," he said.

Back in 2019, DeFi likely brought to mind different concepts than what we see today. DeFi, at its core, existed as a way for people to borrow, loan and store funds based on their crypto holdings. Over the course of 2020, however, DeFi has ballooned, spurring projects created out of nowhere, gaining significant attention while speculators move their funds around in search of the best profit on coin price speculation and interest-bearing vehicles. Hemachandra's comments refer to this newer hype movement.

The MEW founder explained that DeFi boasts losers and winners, with the winners adding further hype to the movement. As a byproduct of the hype, Ethereum network transaction fees have skyrocketed in recent weeks, at times costing users between $40 and $80 per transaction.

"That's the main cause of the Ethereum gas price issue, as of right now," said Hemachandra. He noted, however, that the present situation is an opportunity for the industry to scale up to the challenge and improve solutions around Ethereum, explaining that tension can spur growth.

Others have noted that another potential problem with DeFi stems from Ethereum's low transaction-per-second numbers.

 

written by Benjamin Pirus

https://cointelegraph.com/news/defi-is-too-noisy-myetherwallet-ceo-says

Thomas ClaimCo.in

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

The Sun Never Sets On Bitcoin Mining: Decentralization Continues As China Flounders

With some of its highest hash rates ever, the Bitcoin mining industry has weathered a harsh 2020 and increasingly moved away from China.
Bitcoin miners have successfully survived the 2020 Halving and COVID-19, and the network is now seeing some of its highest hash rates ever as these operations power up new equipment and reach new levels of decentralization going into the second decade of bitcoin mining.

Bitcoin Mining Is Decentralizing

China still dominates the bitcoin mining space, although the percentage of the hash rate coming from the country has dropped recently, from around 65 percent in early 2020 to about 50 percent more recently as Chinese mining farms are weathering a particularly difficult monsoon season and the government is sending mixed signals that Bitcoin may be under attack as part of a campaign to promote the new digital yuan.

Meanwhile, the U.S., Russia, Iceland, Central Asia and South America, among other regions, are all seeing continued growth in mining as miners benefit from plentiful, cheap, stranded energy in these regions — principally hydroelectric power, wind power or oil and gas, depending on the location. In addition, Kazakhstan has been in the news lately as its government partnered with miners through a $715 million investment fund. The following graph from a report prepared by BitOoda for Fidelity Digital shows an estimated breakdown of hash power around the world, indicating that China contributes 50 percent of the world’s hash power, while the U.S. is in second place with 14 percent.  It should be noted though that other analyses have placed China’s share as high as 65 percent of the total hash rate, with the U.S. at 7.2 percent and Russia at 6.9 percent.

Chinese Operations Are Looking Westward

The U.S. and Canada make up 21 percent of the global hash rate, at least in BitOoda’s analysis, second only to China. And that share is expected to go up by many in the industry. In a recent live stream hosted by Bitcoin Magazine, Elsa Zhao, the marketing manager for Chinese mining giant Whatsminer, confirmed that her company is focusing its expansion plans outside of China. In an announcement officially coming soon, the company, second only to Bitmain in its singular ability to influence bitcoin mining, will offer details about its new mining equipment manufacturing plant planned for the U.S..Bitmain, a Chinese operation that is still the largest mining equipment manufacturer in the world, is weathering its own storm: a company feud between co-founders Micree Zhan and Jihan Wu that may split the company in half. Bitmain has two manufacturing locations — one in China for the Chinese market and one in Malaysia for international sales. As far as it’s mining operations, Bitmain seems poised to continue its expansion into the U.S.

In a recent interview with Bitcoin Magazine’s John Riggins, Bitmain’s head of operations for North America, Raymond Walintukan, said that he sees more decentralization out of China in Bitmain’s future, with the company building on its current operations in North America. Walintukan works from a mining farm in interior Washington State, where stranded hydroelectric power is plentiful and cheap. Bitmain also has mining farms in Texas and Tennessee. He stressed that Bitmain is now an international company, as much as it is a Chinese company. Ryan Porter, head of business development for mining consultants BitOoda, told Bitcoin Magazine in an interview that more investors, including some from China, are inquiring about new mining opportunities in North America.

“We certainly see a reason to believe that a significant portion of hash power will migrate to North America,” said Porter. “The existing infrastructure, cost of power and regulatory stability here is competitive globally.” And the decentralization of hardware manufacturing could become a major factor for continued migration in the near future. “China has been a real industry innovator in producing the leading ASIC manufacturers,” Porter added. “However, with TSMC (Taiwan Semiconductor Manufacturing Company) planning to build a plant in Arizona, there could be domestic hardware manufacturers that emerge, which would also be a catalyst for hash to migrate outside of China.”So, despite more expensive power pricing — averaging from 3.5 to 4 cents per kWh, which is higher than in places like Central Asia and South America — North America is still considered a desirable hub for bitcoin mining because of the relative stability of the political environment and the ability to lock in multi-year power contracts (China averages just under 1 cent per kWh).

The Importance (And Ongoing Challenge) Of Bitcoin Mining Decentralization

In a recently released Coinmetrics report, researchers noted that the distribution of mining and hash rate is the most important factor in “sustaining a secure, censorship-resistant payments and savings system.”It noted that mining is the anchor and the “effective decentralization” that provides security for the Bitcoin network. The report uses a metric it called the “Nakamoto coefficient,” which measures the number of pools that would need to collaborate to launch a 51 percent attack on the network. For instance, iIn 2014, mining pool GHash.io controlled over half of the network’s hash power for about a day, giving Bitcoin a Nakamoto coefficient of 1.

The researchers concluded that bitcoin mining has become increasingly decentralized, with a Nakamoto coefficient of four. Like most profitable enterprises within the legacy financial system, the natural pull of bitcoin mining is toward more control and organization by one or a relatively small number of controlling bodies. At this point in the early history of Bitcoin, it is inevitable that a small and informed group of early adopters, like Bitcoin Core developers, will move the system forward in an organized fashion. But, as Coinmetrics’ researchers argue, it’s important to have significant bitcoin mining take place in different parts of the world.

And even though there are some signs that Bitcoin mining is becoming more decentralized, especially with Chinese operations moving some of their has power to North America, there is still a long way to go before this industry can be considered truly international. Coinmetrics noted that, even as hash power migrates from China, Bitcoin mining is still at risk of centralization through possible state level coercion and vertical and horizontal integration. “While Bitcoin mining is distributed, it’s still at risk of centralization through state-level coercion and vertical and horizontal integration. Several exchanges, including Binance, OKEx, and Huobi, operate mining pools. BitMAIN, a hardware manufacturer, owns both BTC.com and AntPool, and is the only investor in ViaBTC,” noted the report.

And, in China, mining pools continue to grow despite a particularly difficult year. As long as there is cheap power, the incentive to build economies of scale in China will grow. New China-based mining pool Lubion, which has China and Iran as its principal sources of hash power, only came onto the scene in March 2020 but is already in the top-ten of pools by hash, rivalling longer-standing pools like F2Pool (also based in China).

Still, there is reason for mining decentralization advocates to remain optimistic.Samson Mow, CSO for Blockstream, which has mining farms in Quebec, Canada and Adel, Georgia, sees continuing growth and sophistication as hash derivatives come on the market, making ownership more diverse and therefore more decentralized. Noting that Kazakhstan could be on track to become one of the world’s largest Bitcoin mining hubs as the country sets up a $715 million development fund, Mow said: “Bitcoin mining will become a strategic investment sector for many nation states. Slowly at first, and then all at once.”

Article Produced By
Jessie Willms

Jessie Willms is a planet earth based former government and political researcher and communications officer helping to document the FinTech revolution and its impact on traditional institutions and governments.

https://bitcoinmagazine.com/articles/the-sun-never-sets-on-bitcoin-mining-decentralization-continues-as-china-flounders

Thomas ClaimCo.in

How To Calculate Taxes on Crypto Best Crypto Tax Software

How To Calculate Taxes on Crypto (Best Crypto Tax Software)

 How To Calculate Taxes on Crypto (Best Crypto Tax Software)

Crypto tax

Cryptocurrencies brought four main groups together: investors, traders, miners, and thieves.

As the cryptosphere gained more traction, revenue authorities came knocking and started talking about the need for crypto traders and investors to pay tax.

  Crypto Tax software compared  
Crypto tax tool Tax loss harvesting Notes
TokenTax Yes TurboTax Integration
Koinly NA Supports all major exchanges
Cryptotrader.tax Yes Supports USA & Australia
Zenledger Yes TurboTax partner
Cointracker (Recommended) Yes US, UK, Canada, Australia
Blox NA  
Beartax NA  
 

Then I realized: Ah, so Benjamin Franklin was right when he said nothing is certain in this world except death and taxes. As a crypto trader & investor, you need to pay taxes on your crypto income. If not, the tax collectors will come out looking for you. The question is, where do you start? Just like you, I had the same headache when I realized I had to start reporting my crypto activities for taxation. As a guide, I created this simple yet resource-packed piece to help you navigate the crypto taxation space.

So what’s inside this guide? 

  • Why should you worry about crypto taxation?.
  • Understand the crypto trading and investment activities that attract taxes and those that don’t. 
  • You will know the nuances of how to report your crypto revenue for taxation (no CPA needed). 
  • Above all, I’ll present you with the right tools and platforms to help you calculate and report your taxes hassle-free. Some tools we’ll explore together include: 
    • TokenTax
    • Zenledger 
    • CoinTracking
    • Bitcoin Taxes
    • Coin Tracker 
    • Koinly

Ready? Let’s get started.

Why should you be worried about taxes in crypto?

Whether you are obliged to pay tax on your crypto activities or not depends on where you find yourself. Crypto taxation is a serious topic when you live in the US, Australia, UK, Japan, and France. These countries have clear-cut regulations on the taxes crypto traders are supposed to pay. The table below shows countries with crypto tax rules, how they classify cryptocurrencies, and the type of tax you’re obliged to pay as a trader. 

Crypto tax regulation

Which of your crypto activities are taxable

Living in any of the countries mentioned above doesn’t mean you will pay tax on every crypto engagement under the sun. These are the cryptocurrency trading and investment activities that require you to pay tax. These activities cut across almost all countries. 

  • When you sell your cryptocurrency for fiat (USD, GBP, AUD, JPY, EUR…)
  • Exchanging your cryptocurrency for another cryptocurrency
  • Using your crypto assets to pay for goods or services
  • When you receive cryptocurrency as earnings (either through mining or as payment for services offered to a third party)

Non-taxable crypto activities. 

Not all cryptocurrency engagements attract taxes. Here are the activities you need to pay taxes on: 

  • When you move your cryptocurrency from one wallet to another or between crypto exchanges. 
  • Donating cryptocurrency to a non-taxable charity organization
  • When you buy crypto with fiat 
  • When you give cryptocurrency as a gift to a friend or family. 

How to determine the amount of tax you owe from your crypto earnings

Calculate tax on crypto earnings.The amount of tax you pay on your crypto engagements depends on the activity you undertake. (This is largely based on the tax regulations by the IRS in the US).

Capital Gains Tax

Buying and holding a crypto asset and then selling it at a future date attracts a capital gains tax. For example, if you buy bitcoin at $10,000 and sell it at a later date for $13,000, you’re required to pay a capital gains tax on the gains realized, which in this case is $3000. The percentage you pay as crypto capital gains tax, however, depends on whether you held your crypto assets for less than a year or over a year. This brings us to the two types of taxes in this category: Short-term and long-term capital gains tax (this part focuses on capital gains tax because crypto activities are currently, largely dominated by buying and selling). Remember, however, that there are other activities that attract tax like making a purchase with crypto or when you get paid in crypto for providing services and more).

For short-term capital gains tax

You’re obliged to pay a short-term capital gains tax when you make gains from the sale of your crypto assets after holding it for less than a year. In the United States, the percentage you pay on short-term capital gains taxes largely depends on whether you’re single, married or head of a household. The table below summarizes tax rates and the different percentages that apply to each group. 

For crypto traders in the US, the IRS has a full list of the tax rate that applies to short-term traders and investors.

For long-term capital gains 

You’re obliged to pay a long-term capital gains tax when you make gains from the sale of your cryptocurrency after holding it for over a year. The table below illustrates the tax rate for a long-term holder.

Essentially, the rates for long-term capital gains tax are lower and favorable to traders and investors compared to short-term capital gains tax rates. Thus, the tax system rewards those who hold their assets for a long time. hodl on for dear life.

Crypto taxation in the UK

If you’re a crypto trader in the UK,  you are obliged to pay capital gains tax or income tax depending on the crypto activities you undertake. Buying and selling crypto attracts a capital gains tax and receiving crypto as payment for services offered or as earnings from mining activities attracts an income tax. 

If you earn between £0 and £12,500 on your crypto activities annually, you’re exempted from paying tax. For traders earning between £12,501 and £50,000, you will pay 20% on your crypto earnings. Her Majesty’s Revenue and Customs’ (HMRC) policy paper, describes in detail the nature of crypto activities and taxes in the UK. 

6 Crypto taxation Tools & Apps

By now, you have an idea about crypto taxation in your country, how to determine the income taxable from your trading and investment, and the tax rates that apply to your activities. 

  • But do you have to go looking for a tax expert or a CPA to determine your tax and report it on your behalf?
  • Can you afford the fees that come with consulting with a third party?

If your answer to these questions is a big NO, then read on. This part of the post will take you through 5 cryptocurrency tax software that you can use to import and manage your trading data from crypto exchanges, calculate and report taxes on your crypto activities, all by yourself. Plus some bonus tools. 

Here are the tools you’ll discover: 

  • TokenTax
  • Koinly
  • Cointracking
  • Zenledger
  • CoinTracker
  • Bitcoin Taxes. 

Let’s see what each software can offer you in terms of calculating and reporting on your tax obligations.

Best Crypto tax reporting and calculation software:

1. TokenTax

TokenTax is one of the most extensive tax calculation and reporting software out there for any crypto trader. The platform has made the entire process hassle-free by integrating with almost every crypto exchange out there. It also works with thousands of cryptocurrencies, so you don’t have to worry about your altcoin not being part of the TokenTax calculation and reporting dashboard.  If you’re a crypto trader bent on minimizing your losses and maximizing your gains, you’ll be amazed by the minimization algorithm provided by TokenTax. This feature will recommend the coins that you should sell in order to minimize the tax you pay your crypto activities and helps you make optimum use of both your portfolio and the tax system. 

Notable features of TokenTax

  • Support for many file types, including Schedule C, 8938, FBAR, and 8949, among others. 
  • TokenTax is globally accessible. No matter your location, you can use it for tax reporting. 
  • It provides support for margin trading from Bitmex, Poloniex, and many other platforms. 
  • As a trader, TokenTax allows you to import data from your wallet or exchange automatically.
  • You can also integrate your tax reports with standard accounting tools such as CCH, Drake Accounting, and TurboTax among others.

2. Koinly

Koinly is another great tool for crypto traders and miners looking to do their taxes. It provides support for traders, investors, and miners in over 100 countries. If you’re looking for a modern portfolio tracker and crypto tax calculator, Koinly is a tool to check out. In calculating taxes, Koinly considers the accounting system of all supported countries.  This makes reporting and tax calculation simple no matter the country you’re. Even if your country is not listed, Koinly is ready to support you when you need help calculating your taxes. The best thing about Koinly is that it can generate country-specific tax forms such as the Form 8949 and Schedule D if you are in the USA or the K4 in Sweden or Capital gains summary if you are in the UK and so on. This means you can simply print out the report and send it to your tax authority instead of having to copy/paste figures onto a form by hand.

When it comes to exchanges, traders have many options to choose from. It also makes integrating with an exchange or wallet simple for any trader using secure read-only API connections. In total, Koinly supports 68 wallets such as Exodus, Trezor, Ledgers etc, over 300 exchanges, and more than 6000 cryptocurrencies. If you can’t find your exchange among the hundreds supported by Koinly you can simply download and import CSV or Excel files instead. Koinly can import such files without having to make manual changes to them. Tracking your trades and calculating taxes on Koinly is really very simple and easy.

Key features of Koinly

  • Modern and user-friendly UI that makes it really simple to use even for beginners.
  • Integrates with more than 300 exchanges and wallets via API or CSV files.
  • It allows you to track trades and transactions in real-time with profit/loss graphs and complete portfolio overview.
  • Supports Average Cost, FIFO, LIFO, and Specific Identification (Multiple Depot) accounting methods
  • Traders can generate tax reports based on the accounting system of their countries. 
  • Traders can export their crypto reports to general tax tools such as Xero and TurboTax. 
  • Generates legal tax documents for traders, including Form 8949 for US customers and K4 for Swedish traders. There’s also Rf1159 for Norwegian traders and many other country-specific documents.

3. CoinTracking

CoinTracking is another great and long-standing tool for all your crypto tax calculation and reporting. It is a crypto portfolio management platform that also provides great tax tools, giving you access to a comprehensive set of data in one dashboard. It tracks your crypto balances and trading milestones to help you make better decisions. 

Notable features of CoinTracking

  • CoinTracking provides support for many exchanges, including legacy support for closed exchanges like Mt. Gox.
  • It gives you access to real-time reports on profits, losses, and asset value. 
  • CoinTracking has support for over 6000 crypto assets, so even your shitcoin that just launched last 2 months might be there. 
  • Allows you to import data from exchanges and wallets with support for JSON, PDF, CSV, Excel, and XML file formats.

Also read: CoinTracking Review: How To Use CoinTracking App (+ Expert Tips)

4. Zenledger

If you’re a professional crypto investor in need of a reliable tax calculator, Zenledger might be a perfect fit. It supports many exchanges, crypto assets, and fiat currencies. Zenledger’s dashboard is simple, making it easy for a non-technical person to navigate the platform and calculate their tax without any trouble.

Features to look out for in Zenledger 

  • Zenledger takes every minute detail into account, so you don’t have to worry about overpaying your taxes. 
  • It comes with great CPA tools to help accountants who are into the crypto taxation ecosystem. 
  • It can automatically generate different tax reports using the data you provided in minutes. 

CoinTracker is another great tool for any crypto trader looking for simple and intuitive crypto tax software. Its user-friendly dashboard makes it easy for you to calculate and report tax even if you’re a beginner. Apart from its tax tools, CoinTracker also has great crypto investment analysis tools to help you make better trading decisions. 

Great features of CoinTracker

  • CoinTracker has partnered with Coinbase and TurboTax to streamline the tax reporting process for you. 
  • The platform has support for margin trading on major crypto exchanges 
  • It allows you to seamlessly connect your wallets to your exchanges, which gives you access to tax calculation and reporting tools and a portfolio management section, all in a single dashboard.

Blox is a comprehensive crypto tool for any trader or investor looking to organize their daily activities. As an all-in-one tool, Blox comes with almost everything you’ll need as a trader, from a tax calculator to a bookkeeping platform. Blox’s crypto management tool allows you to track your portfolio and manage your daily activities. It also has a bookkeeping tool for accounting purposes and helps you classify your transaction and earnings.  Essentially, the platform is built for exchanges, accounting firms that are into crypto, cryptocurrency financial advisors, individual traders, and institutional investors.

Some great features of Blox

  • You have a complete dashboard to track all your transactions and automatically synchronize them with your preferred crypto wallet or exchange.
  • Allows you to generate all the financial reports you’ll need, including accounts and transaction details, asset classification, and mining income, among others.
  • Blox also comes with an API to help developers seamlessly integrate the crypto portfolio management tool with wallets and exchanges.

Additional great crypto tax tools

  • BearTax – Supports referral affiliate calculation for crypto taxation.
  • Koinly

Do you need a CPA after you have calculated your crypto taxes?Crypto taxation is not that complicated. After you’ve compiled your crypto activities, your next step is to list your trades on the resource provided by your country’s revenue authorities (if you’re in the US, that’s the IRS form 8949). After this, you need to transfer your total gains to your 1040 Schedule D form (same procedure for stocks). Luckily, all the crypto tax resources listed in this guide make the entire process simple.

 

How are you calculating Cryptocurrency taxes?

As the cryptocurrencies are becoming mainstream and governments have started classifying Bitcoin and crypto earnings for tax purposes, it is important to become mindful of your crypto earnings.

TThe questions that I have for you:

  • Are you calculating taxes on crypto?
  • How are you doing tax calculations on crypto trading and investing?
  • What crypto tax software are you using?

Also, if you are aware of crypto tax rules for your country, do share that as well in the comment section below.

Article Produced By
Harsh Agrawal

About Harsh Agrawal:

An award-winning blogger with a track record of 10+ years.  He has a background in both finance and technology and holds professional qualifications in Information technology. An international speaker and author who loves blockchain and crypto world.

https://coinsutra.com/

Thomas ClaimCo.in

Hacker steals 15M after degens pile into unreleased Yearn Finance project

Eminence, an unreleased project being built by Yearn’s Andre Cronje has been drained of $15 million.

The decentralized finance (DeFi) community's insatiable appetite for unaudited code has once again ended in tears and the loss of millions.

Eminence, an unfinished “economy for a gaming multiverse” being built by Yearn Finance's Andre ‘I test in production’ Cronje, was discovered by DeFi sleuths after the developer posted art teasers for the project to Twitter. He then headed to bed on September 28.

Excitement for the upcoming project quickly reached a fever pitch, with the community FOMOing roughly $15 million into the EMN protocol. However, the protocol was quickly exploited and drained … before the hacker bizarrely opted to transfer $8 million of the funds back to Cronje’s yearn deployer account by the time the developer had woken up:

Noting that he has received “a fair amount of threats” Cronje announced that the Yearn treasury will assist in refunding users back the $8 million he received from the hacker according to a snapshot of EMN balances prior to the hack.

Cronje emphasized that neither Eminence’s contracts nor ecosystem are final, highlighting that he wasn’t planning on releasing the project for at least another three weeks.

Cointelegraph will follow the story as it unfolds and update this article accordingly.

 

written by Samuel Haig

https://cointelegraph.com/news/hacker-steals-15m-after-degens-pile-into-unreleased-yearn-finance-project

 

Thomas ClaimCo.in

Ethereum Fees CBDC In Bahamas Filecoin’s Liftoff Ebang’s Crypto Bang More News

Ethereum Fees, CBDC In Bahamas, Filecoin's Liftoff, Ebang's Crypto Bang + More News

Ethereum Fees, CBDC In Bahamas, Filecoin's Liftoff, Ebang's Crypto Bang + More News 101
Get your daily, bite-sized digest of cryptoasset and blockchain-related news – investigating the stories flying under the radar of today’s crypto news.

DeFi/Ethereum news

  • Long-suffering ethereum (ETH) users have cause to celebrate, while DeFi enthusiasts will be dismayed to hear that the craze may be subsiding – after median transaction fees on the Ethereum blockchain network dropped again. Per BitInfoCharts statistics, the median Ethereum transaction fee currently stands at USD 1.3 – down from staggering median fees of USD 8.48 recorded on September 2.
  • But it may well be too early to call time on DeFi, with one project showing signs of rude health: The lending platform Aave has debuted a governance platform that it said will allow its community vote on whether they wish to upgrade its LEND to AAVE. In a blog post, the London-based Aave (formerly ETHlend) stated that the proposal would seek to “make AAVE the new governance token of the Aave Ecosystem,” proposing rates of 100 LEND tokens to 1 AAVE.
  • The announced Spadina Ethereum 2.0 will go live on September 29 at noon UTC. Spadina is a mainnet-configuration test network, which will run for three days, and in parallel to Medalla, which was launched in August, said ETH 2.0 developer Danny Ryan. The main objective is to give developers another chance "to go through one of the more difficult and risky parts of the process – deposits and genesis – before we reach mainnet. If all goes well, it should give us greater peace of mind before we jump into the real deal later this year," Ryan wrote.

CBDCs news

  • The Bahamas is set to pip leading economies such as China, the United States and EU nations to the digital currency post as it releases a central bank digital currency (CBDC) late next month. In an official release, the Central Bank of The Bahamas stated that it will “gradually release a digital version of the Bahamian dollar nationally, outside of the pilot regions of Exuma and Abaco, through authorized financial institutions” on October 20. The central bank has dubbed the new token the Sand Dollar – and full rollouts across the public and private sectors are slated for 2021.

Blockchain and DLT news

  • Decentralized storage network Filecoin, one of the top ICOs of 2017, said that it estimates to launch its mainnet around October 15 and after a few days of monitoring and problem solving they will hold "Filecoin Mainnet Liftoff: a week of events from October 19-23 celebrating Filecoin’s mainnet launch."
  • Major professional services firm EY has launched its EY OpsChain Network Procurement, a solution built on the EY OpsChain platform that allows companies to run private, end-to-end procurement activities on the Ethereum blockchain. The beta version of this solution is now available free for individual users, said the company.
  • Regulated financial institution for digital assets Nexo has become an official credit partner to the Litecoin Foundation. The goal of the partnership, said the emailed press release, is to bring greater access to financial services to both of their communities, as well as to promote crypto and blockchain adoption as the way to have a fairer finance marketplace.

Exchanges news

  • Ebang, Nasdaq-listed Bitcoin (BTC) mining hardware manufacturer, confirmed that they are at an initial preparatory stage of launching "blockchain-enabled financial business by establishing cryptocurrency exchange(s) and online brokerage(s) and by combining the blockchain-enabled financial businesses with the traditional ones to capture the entire value chain of the blockchain industry." As previously reported, the company is planning to launch an offshore exchange for digital assets in 2020. Meanwhile, in the first half of this year, total revenues of the company dropped by 50.6% to USD 11m, compared to the same period in 2017. Net loss decreased by more than 60% to USD 7m.
  • Bitfinex Derivatives has announced the launch of perpetual contracts for Europe 50 (EUROPE50IXF0:USTF0) and Germany 30 (GERMANY30IXF0:USTF0), both of which went live on September 28. According to the emailed announcement, each contract will offer users up to 100x leverage and will be settled in tether (USDT). Markets will remain open over the weekend, but price limits will be put in place to increase price stability, said Bitfinex.

Investments news

  • Wave Financial Group, a digital asset investment manager, said it partnered with Singapore based digital securities firm InvestaX in order to attract a broader investor base for its Wave Kentucky Whiskey 2020 Digital Fund. Wave plans to complete the fund raise for this year’s fund "soon."

Article Produced By
Sead Fadilpašić

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/ethereum-fees-cbdc-in-bahamas-filecoin-s-liftoff-ebang-s-cry-7837.htm

Thomas ClaimCo.in

KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin

KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin

KuCoin Hack Shows Key Difference Between Altcoins and Bitcoin 101
Unprecedented" moves by altcoins in the aftermath of the KuCoin hack showed that the old adage "not your keys, not your coins" might be true in the case of decentralized cryptocurrencies such as bitcoin (BTC) only.

As reported, following several abnormal transactions first noticed on September 25, KuCoin experienced a leakage of its private keys tied with its hot wallets, which resulted in a hack of millions USD worth of customer funds. Per an update by the KuCoin team, with the release of additional suspicious addresses, it now seems that there's been more than USD 200 million in funds lost, and it could go higher if more such addresses are revealed. What the updates also revealed is that, a number of projects have swapped, frozen, invalidated, or otherwise 'interfered' with their tokens, as well as the token transfers. Such activities include:

  • Ampleforth (AMPL) disabling transfers from the attacker (AMPL 14m (USD 9.5m))
  • Tether freezing a total of 22m USDT tokens
  • VIDT_Datalink (VIDT) freezing the 14.5m tokens (USD 6.2m) transferred to the suspicious address
  • Covesting (COV) freezing 3.12m tokens (USD 563,000)
  • Velo Labs (VELO) announcing re-deployment and replacement of each of the VELO tokens transferred to the suspicious address – VELO 122m (USD 71.65m) affected will be invalidated
  • Silent Notary (SNTR) re-issuing new SNTR, and replacing 78.9bn affected SNTR tokens (USD 99,000)
  • NOIA Network (NOIA) reissuing NOIA via a new smart contract, replacing the NOIA 81m (USD 3m) affected; it has completed the token swap
  • Aleph.im (ALEPH) re-issuing the tokens via a new smart contract, rendering obsolete the previous tokens, including some 8.5m stolen tokens (USD 1.25m)
  • Orion (ORN) completing the token swap of ORN 3.82m (USD 8.98m)
  • KardiaChain (KAI) completing the token swap of KAO 525m (USD 9.2m)
  • Opacity (OPQ) accelerating the planned token swap.

"The market has shown unprecedented reaction to recent KuCoin hack," commented ICO Analytics. However, these are also moves that many argue can't be made with BTC. "If you can freeze it, it isn't 'crypto'," said Growth lead at major crypto exchange Kraken, Dan Held. "It’s completely fucking centralized." Changpeng Zhao, CEO of another major crypto exchange Binance, however, used the chance to reiterate his previous statements that decentralization is not "binary black or white," but that the reality is "usually a bit more grey." After Binance was hacked in May of 2019, Zhao also mentioned a possibility to roll back some of the BTC transactions in order to recover the lost funds and "teach [hackers] a lesson." This prompted a heated debate in the Cryptoverse, showing that, in theory, this would be technically possible but it would be as likely as "all miners stop mining Bitcoin and let it die" because "there’s a huge collective incentive to not change history."

Also, after the infamous Ethereum (ETH) DAO hack in 2016, the ETH community controversially decided to hardfork the ETH blockchain in order to restore virtually all funds to the original contract and return DAO token holders’ ether. Meanwhile, the above-mentioned projects have made their arguably centralized moves faster than a traditional, centralized authority is often able to – which speaks both of the technology's superiority in a way, but also of the potentially worrying fact that it's possible for an individual / team to make these decisions and exert this much control over the project in the first place. It can be argued then, that the only thing that stands between the projects using their power for something that could be interpreted as a good cause (e.g. stopping a hacker) and using it for their own 'not as good' goals is the benevolence of the authority.

Article Produced By
Sead Fadilpašić

Sead is a staff journalist at Cryptonews.com who covers cryptocurrency and blockchain news daily, writes analysis pieces, tests blockchain and cryptocurrency products. He's based in Sarajevo, Bosnia and Herzegovina. Prior to joining Cryptonews.com he was a freelance, also was a journalist for Al Jazeera web. He spends his free time in music studios, recording songs for movies and cinema. Loves to break gadgets so he could fix them, enjoys exploring new music and loves tasty and equally unhealthy food.

https://cryptonews.com/news/kucoin-hack-shows-key-difference-between-altcoins-and-bitcoi-7834.htm

Thomas ClaimCo.in

KuCoin hackers keep moving stolen tokens to the largest DeFi exchange

Are the KuCoin hackers DeFi noobs?

After a major hack at KuCoin cryptocurrency exchange, cybercriminals continue to move stolen crypto to decentralized exchanges, or DEXes.

According to data from crypto transaction tracking service Whale Alert, KuCoin hackers keep sending thousands of dollars worth of Synthetix Network Token (SNX) to Uniswap — the largest decentralized finance (DeFi) protocol by total value locked.

On Sept. 28, the hacker completed another batch of transactions moving stolen funds from KuCoin and to major DEX Uniswap. According to data from Whale Alert, the hackers sent at least $1.2 million worth of stolen SNX tokens to the DEX in a series of four transactions today.

Alongside using Uniswap to send stolen SNX tokens, KuCoin hackers also moved $5 million in Chainlink (LINK) and SNX to unknown wallets today, according to Whale Alert data. A spokesperson at Whale Alert elaborated to Cointelegraph that at least $4.2 million out of this amount have been actually converted into Ether (ETH) using Uniswap and Kyber.

Analysts at Whale Alert have been able to identify at least three ETH addresses containing dirty ETH coming from the KuCoin hack. “I don't think they realize how visible their tracks are,” a spokesperson at Whale Alert said.

Following the KuCoin hack on Sept. 26, a number of centralized exchanges have taken urgent measures to prevent hackers from withdrawing the stolen funds, freezing up to $129 million out of the estimated $200 million lost.

Dovey Wan, founding partner at blockchain-based investment company Primitive Ventures, believes that the KuCoin hackers were apparently “DeFi noobs” because they first tried to sell the stolen tokens on the world’s largest centralized exchange, Binance. “The hacker who hacked Kucoin apparently is a Defi noob, tried to sell on Binance and didn’t swap the tainted USDT on Curve,” Wan said.

Wan said that DeFi could be a handy tool for hackers because DeFi infrastructure is actually composed of natural cryptocurrency mixers — services that allow users to “mix” their coins with other users in order to preserve their privacy:

“All Defi infra are natural mixers with ultra low slippage […] Hackers with normal IQ will soon figure out, this is not some alpha leak and Defi infra is designed to serve all purposes […] If a hacker can hack a CEX, no point he/she has no idea how to successfully liquidate via DEX.”

 

written by Helen Partz

https://cointelegraph.com/news/kucoin-hackers-keep-moving-stolen-tokens-to-the-largest-defi-exchange

Thomas ClaimCo.in

XRP Price Prediction 2020 XRP Will Test 02800 if it Crosses the Accumulation Zone Bull Rally Might be Cut Short Today September 26th 2020 XRP Ripple XRP Has Been Trading in the Green for the Last Few Days as Market Recovery Kicks In XRP Cam

XRP Price Prediction 2020 – XRP Will Test $0.2800 if it Crosses the Accumulation Zone, Bull Rally Might be Cut Short Today – September 26th, 2020 

XRP

 Ripple XRP Has Been Trading in the Green for the Last Few Days as Market Recovery Kicks In

  • XRP Came Close to the Accumulation Zone Before it Moved Lower Against the USD

  • The Next Time the XRP Token Tests the Accumulation Zone, it Will Set Sights at $0.2800

XRP Price Prediction 2020 – XRP had been moving higher like Bitcoin BTC, Ethereum ETH, and all the other tokens in the market over the last two days. For the first time in weeks, XRP managed to gather enough bullish momentum to attempt a break into the accumulation zone. The token has been struggling to hold the line above the $0.2000 level and the bulls took control of the market eight after it tested the $0.2190 low. Since then, XRP has moved higher against the USD breaking several resistances along the way.

 

XRP Price Prediction 2020 – XRP Might Reach the Accumulation Zone Soon 

At the time of writing, the XRP token was trading at $0.239804. It was up by 0.42% against the USD and up by 1.60% against Bitcoin BTC. The trading volume over a 24 hour period was $1,738,462,725 and the market capitalization was $10,814,509,407. The token moved near the resistance at $0.2600 but the bears quickly moved in dragging the XRP token away from the accumulation zone where the bulls would have taken full control of the market. The current consolidation of the XRP token is part of the market-wide rally. Bitcoin BTC is rising and the other tokens are rising at the same time. Bitcoin is currently trading at $10,723.14. It is up by 0.98% against the USD and up by 2.16% against Bitcoin BTC. The trading volume over a 24 hour period was $54,272,760,048 and the market capitalization was $198,382,623,662.

If the price of Bitcoin BTC rises above the $11k level, it will make higher highs near-term. If the XRP token doesn’t get to the accumulation level soon, it might move back to the $0.2200 level before it sees another major uptrend. One analyst has said that the XRP token will rally by 20% to the $0.28 level near-term. The rise above the $0.28 level will allow XRP to retest the $0.30 level for the first time in weeks. As reported

by NewsBtc;

“XRP: The market is overly bearish, but the markets are actually on some impressive support zones to accumulate some positions. Similar to XRP. Patience pays. Looking at some longs here, which could be towards $0.28 first in the next month.”

XRP isn’t out of the woods yet despite the price action of the token in the last two days. In the next few days of trading, we will know what direction the XRP token will take in the next few days.

Article Produced By
Max Mayer

 

Max writes about blockchain projects and regulation with a special focus on United States and China. He joined Smarterum after years of writing for various media outlets.

https://smartereum.com/188848/xrp-price-prediction-2020-xrp-will-test-0-2800-if-it-crosses-the-accumulation-zone-bull-rally-might-be-cut-short-today-september-26th-2020/

Thomas ClaimCo.in

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