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Bought Bitcoin Last Year? Here Is How to Save Money on Your Crypto Taxes

Saving crypto tax

You already know the serious warning of IRS which had been issued through the press releases regarding the payment of taxes on cryptocurrency profit. The statement was something like this “Taxpayers could be subjected to Criminal Prosecution if anyone convicted due to tax evasion. It is subjected to the imprisonment of maximum 5 years along with fine of $250,000”.

This statement may feel you in worry. Probably you are thinking that you are the most unfortunate person to bought bitcoin or you are finding some tricks to save lump sum money to pay as taxes. If so, then you must know the function of the bitcoin tax software to save a lump sum of money from paying as taxes.

Here are the ways which can help you to save money from paying as taxes:

Try to be the long-term investor

long term investment

Taxes on cryptocurrencies will be much lower if you are the owner of it for over a year. In a single term, it is IRS Reward Patience. It is because; if you are thinking of a strategy of making any long-term investment then shorter trading for a few days will not be sustainable at all. It is one of the most prudent strategies done by the investors with the due diligence.

Cryptocurrency is the virtual currency which is used for making capital gains through investment on the non-inventory asset. The taxes for such investment for over a year are lower than that of the tax of the investment which is less than a year. This means cryptocurrency tax is really pay off to the owner in the long-term run.

How bitcoin tax software is helpful?

The software is helpful for filing the taxes and by this way you can save a lot of money from paying taxes. For this, you have to choose the appropriate software. But finding the best software is really a daunting job. There are some considerable points you must look for before installing any software. Some of them are integration, currency support, compatibility, availability of professional help and bitcoin tax review.

All of these are the common features but the review section will make your job easier and more interesting. The review section is loaded with some features of bitcoin taxes which can be used for calculating the taxes of your Bitcoin capital gain by monitoring the defined addresses.

Try to make profitability, not in cryptocurrency

It is one of the most important points which you must know about. This trick will help you to make a huge profit and even it unnoticed by the representatives of IRS. For this at first, you have to understand the dependency of the profit. Profit on the cryptocurrency is completely depended upon the two factors- Firstly, the tax bracket of your cryptocurrency and secondly, the term of owning the cryptocurrency. You can find all the information around crypto taxes on ZenLedger website.

The long-term capital gains will have to pay tax bracket with an additional charge of 20%, 15% or 0% as the tax. You have to avoid making the profit from initial cryptocurrency. For instance, if you are making an investment and it has reached a high amount you have converted to another. This will lead you to pay double taxes as IRS will see this conversion as another purchase or sale.

Keep a track record of the transaction in detail

To avoid making payment of a large sum of money as taxes, it is best to keep the track record of all your virtual asset, investment, and transaction. You can do so by maintaining them in the spreadsheet. Important data can be extracted from the cryptocurrency wallet and thus you can easily make another website for maintaining them. But remember, you have to keep the website for your personal use.

This can save you from paying a large amount of USDs as taxes. There is software which has the process of tax filing. One of the best among them is bitcoin. tax legit. If you have this software you can easily manage your transactions as it offers the easiest way for tax filing and keeping record directly. It will definitely pay you off at the end of the month and year. Let’s see how it actually works.

You can say Bitcoin. Tax is magic software which can deal with the cryptocurrency asset perfectly. All you have to do is to select the tax package according to the preference: tax firm and tax professional. Then, you have to fill up the fields like usability number, number of transactions and others and it will calculate the tax you have to pay each year.

Hire an accountant or tax attorney

Female ACCOUNTANT

Tax filing process is helpful for saving the taxes to a great extent. Only the best bitcoin tax software provides this opportunity. It is necessary to maintain on a regular basis and really become unmanageable at the end of the hectic. If this problem persists with you then, you can hire a personal accountant or tax attorney who will do it for you.

But you have to disclose all your transaction with the accountant so that he can maintain the record perfectly for preventing you from paying a large amount of money. This is probably the best way to pay the minimum taxes to the IRS hassle-free.

It can be concluded that one can easily prevent itself from paying a large amount of money by long-term investment. If you are a newborn to this world, then you must follow the above points to save your money and maintain great profitability.…

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This Is How You Can Short Bitcoin

Undoubtedly, Bitcoin has become the king of cryptocurrencies. BTC shows itself to offer up great returns; however, it’s not always a profitable investment.

Now, due to the volatility alone, it’s one of the most dangerous investments you can make.

Majority of investors considered whether or not it’s time to get out of the cryptocurrency world.

However, most of the investors wondered how they could max out of profits from cryptocurrency.

Now if you are looking a way to leave Bitcoin world then here comes the Short-Sell Bitcoin at a profit.

So, are you wondering how to do this? Here we’ll show you some of the easiest ways to short Bitcoin and pocket the rewards.

What is Short Selling?

Basically, short selling is an investment method which helps you to make money when an asset’s price goes drop. Shorting works on a principle where you borrow an asset, such as Bitcoins, and then sell it at its current price. Later on, you again purchase the Bitcoins to pay back the person or company you borrowed them from. Confidently, when you go to repurchase the Bitcoins, the price of a BTC will drop, which will be cheaper to purchase the assets that you need to pay back.

How to Short Bitcoin

With the extreme volatility and the downward trend of BTC attract many investors wondering how to make money from its potential collapse. Now, if you want to short Bitcoins, you need to contact a trading agency or a platform and place a short sell order. The agency will then sell the BTC from their own supply, and assume in the future that you’ll repay them with an equal number of Bitcoins. Whether the price will drop or rise you have to pay an equal amount of Bitcoins which you have borrowed from the agency or a platform.

Here we have mentioned some of the ways with which you can go with for Shorting Bitcoins.

Direct Margin Trading

Margin Trading platform like delta.excahnge, is one of the easiest ways to short Bitcoins. Majority of exchanges offers this type of trading, with margin trades allowing investors to “borrow” money from a broker to make a trade. Furthermore, always remember that there may be a leverage factor, which can either increase your profits or your losses. Many Bitcoin exchange platform which allows Margin trading including, BitMex, AVATrade, and Plus500 are some of the options.

Futures Market

Assets like Bitcoins has a futures market. In a future trade, a buyer agrees to a contract to purchase security which specifies when and at what price security will be sold. Moreover, if you buy a futures contract, most probably you’ll feel that the price of the security will rise; this will ensure that you can get a good deal on the security later on.

But, if you sell a futures contract, it suggests a cranky mindset and a prediction that bitcoin will go down in price. According to the Merkle, “Selling future contracts is an excellent way to short bitcoins.” Undoubtedly, futures markets are somewhat more difficult to find.

Binary Options Trading

You can call and put options also allows people to short Bitcoins. Now if you wish to short the currency, you would execute a put order, probably with an escrow service. This means that you’re aiming to sell the currency at today’s price, even when the price goes down later on. Moreover, binary options of trading BTC are available via many foreign exchanges; however, the costs, as well as risk, are still high.

Prediction Markets

The next way in which you can consider shorting Bitcoin is Prediction Markets. Primarily, the prediction markets have not been around in the cryptocurrency world for a long time. However, it can nevertheless be an asset for shorting Bitcoins like cryptocurrencies.

“The prediction market mainly allows investors to create an event making a wager based on the outcome.” You can predict that bitcoin will decline by the certain margin or percentage, and if anyone takes you up on the bet, you will stand to profit if it comes to pass. One of the examples for prediction market for Bitcoin is Predictions.

Short-Selling Bitcoin Assets

While this might not appeal to all investors, those who are interested in buying and selling bitcoin could short-sell the currency directly. You can sell the token at the price that you’re comfortable with, you can wait until the price drops, and you can buy token again. Now, if the price doesn’t adjust as you expect, you might lose the money or lose bitcoin assets in the process.

The Conclusion – Should you Short Bitcoin?

We all know that Shorting Bitcoin is a great process to make money; however, it may be sometimes risky. The act of borrowing bitcoins, lets you selling the BTC when the price is high and then repurchasing them when the cost is low. Even you can earn money when markets are bleeding. Generally, shorting Bitcoin isn’t recommended for traders who have just started because of the high risk.

Now, if you decide to short BTC make sure always to invest money when you can afford to lose. Stay up to date with current related events. This will help you to anticipate any change in the price direction. So, do you’ve any experience with the short selling bitcoin? Let’s discuss in the comment section.…

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Are Venture Capitalists Skeptical Of ICOs?

Are Venture Capitalists Skeptical Of ICOs?

Venture capital firms have turned skeptical of fundraising from initial coin offerings (ICOs). There are already more than 1,700 digital tokens currently listed in the virtual currency exchanges like bitcoin. However, not every coin is enjoying the same kind of confidence suggesting about the existences of wilder one like that of Dogecoin or Deep Onion coin and Jesus coin. Though some experts believe that the cryptocurrency is here to say, others have still doubted whether it is a revolutionary one even as regulators are coming up with newer frameworks.

VCs Attitude

Until now the venture capitalists approach towards the digital currency can be termed as two-pronged one, i.e., elated or ridiculed. While a few of them could be regarded as more evangelists, some of them have gone deeper into Bitcoin or Ether or any other digital coins, as well as, the ICOs. So far, the sector has earned different names or attributes like better than the industrial revolution, it is the renaissance, and it is larger than the Iron Age, VentureBeat reported. Though bitcoin price plunged to less than $7,000 now from close to $20,000 in December 2017, there are people who believe that it would hit about $250,000 by the year 2022.

Interestingly, Upfront Ventures has conducted a survey early this year on the VC-heavy audience that featured about cryptocurrency boosters. The findings were mixed. The survey result pointed out that nearly 80 percent of them were skeptical about ICOs as fundraising vehicle apart from considering it as a flat-out ‘scam.’ As far as bitcoin is concerned, 57 percent of the respondents see a correction before the value reaches zero. Significantly, 62 percent of the respondents felt that it would provide a store value for the long-term.

Another key point is that 83 percent of respondents indicated that they did not have a partner with a focus on blockchain technology. However, 90 percent were highly optimistic on the blockchain for long-term impact. One of the reasons why venture capital firms continued to show more enthusiasm on cryptocurrency than others. There are big-name venture investors who are eager to park big stakes in the digital currency.

During the recent months too, venture capital firms have focused on virtual currencies, Intangible Labs raised $133 million whereas hedge funds and VC firms are putting their money into it.

Plenty of Skeptics

However, there is a lot of skeptics. For instance, Berkshire Hathaway CEO, Warren Buffett, told CNBC most recently that bitcoin was “probably rat poison squared.” On the other hand, the company’s Vice Chairman, Charlie Munger, said, “I like cryptocurrencies a lot less than you do. To me, it’s just dementia. It’s like somebody else is trading turds and you decide you can’t be left out.”

The simple reason that VC firms have is that there is no scarcity of capital for startups from either private equity or VC or corporate venture funds or for that matter any other sources. Therefore, there is no need for ICOs to fund startups. Secondly, the digital asset could be a slot machine. Thirdly, the volatility of digital tokens is high. The most significant point is that the regulatory environment is gloomy. Therefore, VCs are skeptical.…

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Dennis Rodman and his Role in Singapore’s Summit

Dennis Rodman and His Role in Singapore’s Summit

The historic summit between U.S. President Donald Trump and North Korea’s leader Kim Jong Un was invaded by Dennis Rodman and the digital currency that funded his travel, potcoin.

The former basketball star is currently backed by marijuana-themed virtual currency named potcoin that has used his image in North Korea to promote the company through a celebrity angle at the event. The Washington Post reported that Roadman has been in plans with potcoin’s team for his visit to Singapore.

 

Later, he made his trip official via his Twitter handle stating, “Thanks to my loyal sponsors from @potcoin and my team at @Prince_Mrketing, I will be flying to Singapore for the historical Summit. I’ll give whatever support is needed to my friends, @realDonaldTrump, and Marshal Kim Jong Un.”

In July 2017, Rodman was sent to North Korea by the crypto firm which made a massive spike in the value of the virtual coin. Potcoin’s official website claims that the firm aims to assist the legalized cannabis industry by facilitating transactions. It technically means that marijuana farmers and traders would not need banks to trade with dealers.

Roadman was seen in the campaign to Singapore with a “Make America Great Again” hat which looked nothing more than stupid. Meanwhile, a potcoin spokesperson named Shawn Perez stated that his company’s action is part of a peace mission which looked more like a promotional trick to many other people. Perez has further said that they fully support Rodman’s sentiments and are amazed by the influence he has had over the leaders of the two nuclear-powered nations.

Darren Rovell, an ESPN reporter, tweeted that the crypto firm was able to raise $4.1 million due to its advertisement in the meeting.

The controversial NBA star has been saying that Trump and Kim Jong Un are friends and he has been a big reason for their recent closeness. Although it is not clear, yet reports have revealed that the dictatorship is a paradise for cannabis without any criticism from international media.

For the five-time NBA champion, the trip was a huge success, but experts and analysts believe that nothing comprehensive has come out of the historical meeting. According to them, only an agreement has been signed that guarantees continued talks.

Perhaps, it is illogical to think that a pop star would have any impact on international relations. Media persons have highly criticized his plans as he has no knowledge of political diplomacy. Again, his peace mission has been regarded as part of a marketing campaign of the already frowned upon the digital coin. However, being present in the gathering and on social media simultaneously, Rodman has gained a lot of attention for himself and his sponsors.

Cleary, being a hardcore Trump supporter has finally paid for the less popular more disputed pop star. Finally, it is safe to say that the struggling crypto company has gained a lot from its desperate efforts. But, its future success cannot be guaranteed by a single representation on the world stage.…

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Paxful to Provide Academic Scholarships to Female Afghan Refugees

Paxful to Provide Academic Scholarships to Female Afghan Refugees

In another development in the #BuiltWithBitcoin charitable initiative, female refugees from Afghanistan will be receiving academic scholarships. The company has also come forward to help Rwandan nursery school that it assisted in construction.

The peer-to-peer (P2P) bitcoin marketplace chose the deserving candidates through their personal essays. One of them is Susan Naseri, who aims to provide input in nonprofit work and law, Farzana Nawabi, who wants to pursue a bachelor’s degree in nursing and Dunia Azizi, who will be attending for a mathematics degree. Each one of them was awarded $5,000 which calculates down to $2,500 per semester. Zam Zam has been made the in charge of programme’s implementation which will be continued on a yearly basis.

Susan Nazeri said, “As a recipient of the Zam Zam Water scholarship, I’d like to express endless gratitude and appreciation to Paxful and everyone involved in the donation process. Receiving this scholarship is not only an immense honor and privilege; it also eases my financial stress significantly. I’m beyond humbled and thankful for this scholarship; thank you eternally for helping me expand my education and fulfill my dreams.”

As of now, it was claimed that Paxful is managing a bitcoin volume of $40 million in Africa. The #BuiltWIthBitcoin programme was launched in 2017 after the company donated $50,000 in bitcoin for the establishment of a nursery school in Rwanda.

Recently, the firm announced its plans to increase investment in the school for modernizing the facilities, providing free lunches, new uniforms and desks to students, and supplying teachers with educational material and salaries. It has also aimed to construct a water filtration system to use water from local wells for boosting farming.

It is interesting to know that Anthem Gold, a provider of digital currencies, also funded bitcoin in the initiative that was used to establish a 35,000-liter water tank in Rwanda. The money was also used to assist the cultivation of more than eighty sustainable community gardens while giving thirty goats to two villages.

CEO of Anthem Gold, Anthem Hayek Blanchard, stated, “I am grateful to participate in a project that builds sustainable and essential projects for communities in need. We hope to use Zam Zam’s knowledge to provide people with the building blocks needed to foster and grow.”

On the other hand CEO of Paxful, Ray Youssef said that his company is impressed by the courage of these women who are desperate to improve the living conditions of people around them. He added that the campaign focuses on communities that have always been underserved. Youssef requested more people to contribute to expanding the number of beneficiaries from their initiative.

Paxful has been praised for its community-building efforts that have reflected in the popularity of the company. But, the efforts of the company cannot be discounted as deserving people in Africa and around the world have gained a lot. It would be interesting to see whether the company will get more financial help for the welfare of the people who are worthy of our support.…

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Now a Blockchain University is in the Cards

Now a Blockchain University Is In the Cards

After the prominence in establishing a platform for creating cryptocurrencies, it is now entering the University space. A first “blockchain university” is in the cards in the European Union that would be established by a group of professors from Oxford. They are keen to get full-degree of powers in the region, and it would be the first in the world to emerge. That clearly demonstrated why it is a disruptive one in the current decade or the prominence that it will enjoy in the upcoming years.

Democratize Higher Education Structure

A team of academics led by Joshua Broggi of the Oxford is behind the Woolf development. He is from the Philosophy Faculty and believes that the technology, as well as, the smart contracts could democratize the higher education’s conventional structure. This is one more instance of how the technology is gaining ground beyond the fintech sector. The technology is already finding its place in the transport sector, and a dedicated university would go a long way in meeting the growing demands too.

There is a strong feeling that the new age technology could dominate at least the next ten year. Therefore, the planned “blockchain university” would focus on individual tutorial-driven modules, which would be made available to students either online or offline. The planned university will take up the conventional Oxbridge course and collegiate structure to be focused individually. The project is designed in such a way to be “geographically agnostic” thus focusing on cross-border academic community rather than local or national ties.

The whitepaper of Woolf indicated that a blockchain-driven university could be in a position to address a number of issues that currently affect the universities around the world. This included cumbersome bureaucracy, administration costs, and sky-high tuition fees for students, apart from underpaid and precarious academic teaching positions, cointelegraph reported. The team leader indicated that Woolf is trying to get full degree-granting status from the European Union. He also disclosed that it was provided with a conduit to get full accreditation from two jurisdictions in the region.

Broggi told the media, “We are using a blockchain to enforce regulatory compliance and provide high degrees of data security so that regulators have the confidence to provide global teaching activities with accreditation in Europe. So a Woolf student in Madras with a Woolf teacher in New York will earn an EU Woolf degree.”…

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Business Schools Eager to Teach About Blockchain and Bitcoin

Business Schools Eager to Teach About Blockchain and Bitcoin

After the recent crypto boom, business schools are eager to launch courses to teach digital currencies and blockchain. But, it’s unclear to expect anything from the courses. The question arises- is it even necessary to educate about the crypto space? One should know that experts have demanded to educate students about the latest phenomena in the field of technology. Moreover, the burst on interest in bitcoin has forced educational institutions to rethink the inclusion of tuitions for virtual coins.

It currently seems like the right moment to educate about the new relationship between finance and technology which has entered the mainstream with a bang. Not only banks and governments are trying to understand the ins and outs of its development, but industry sectors like logistics and mining are also interested in understanding its framework.

 

Professor of finance and business transformation at the New York University Stern School of Business, David Yermack, said, “This is moving much faster than people expected. Business schools will have no choice but to update curriculums.” He informed that the university included education for blockchain and virtual currencies in its MBA program in 2014 and more than double the number of students have enrolled for the course this year. Yermack added, “We moved to the biggest auditorium in the school, so we would not have any limits. The growth is exponential.’’

Program director at the University of Amsterdam Business School, Jens Martin, said that rise in prices of bitcoin had made general public interested in it. The university provides tuition for crypto and blockchain technologies through its masters in international finance.

Similarly, Robert Wardrop, director, and co-founder of the Cambridge Centre for Alternative Finance stated that not only people from finance but from numerous sectors of the economy are trying to cash in the crypto boom. Thus, the demand for professionals to tackle with the technology is also emerging in Top companies like Google, Amazon, and Microsoft. Wardrop said that “The core focus of interest is growing from non-financial firms. These insights] are essential to related projects that these businesses are working on.”

On the other hand, a professor of information systems and innovation at the London School of Economics, Lee Carsten was skeptical as he thinks that the technology has not matured enough to be taught in schools. But one needs help in understanding advanced mathematics and complex statistics of finance. This sense of helplessness to understand the fundamentals of the system has paved the way for bitcoin professionals.

Additionally, it should be noticed that universities will have a hard time making pace with a briskly developing technology. Moreover, the reputed educational players are bureaucratic plus political and will take time to adjust with a wild crypto space.

The crypto space is also gearing up to take new regulations from the SEC which is intent on taming the users and exchanges due to various instances of fraud and tax evasion. It currently looks like that few individuals will be honored with the tag of crypto professional but won’t be able to make much difference in the ever-evolving sphere.…

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