What The IRS’s Interest In Your Bitcoins Says About The Future Of Cryptocurrencies

What The IRS's Interest In Your Bitcoins Says About The Future Of Cryptocurrencies

getty The U.S. Internal Revenue Service (IRS) is considering the introduction of a box on the first page of the 2020 tax returns asking contributors specifically if they have sold, received, sent, exchanged or acquired any financial interest in any virtual currency during the financial year in question, that taxpayers must answer unequivocally by ticking … Plasma Group, the developers of Layer 2 scaling solutions, have recently made an announcement. This announcement was in regard to it launching the testnet: Optimistic […] The U.S. Internal Revenue Service (IRS) is considering the introduction of a box on the first page of the 2020 tax returns asking contributors specifically if they have sold, received, sent, exchanged or acquired any financial interest in any virtual currency during the financial year in question. Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round. Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group. “It’s very complicated to manage […] Kelta, the self-described “first multi-cryptocurrency mining platform on the market,” will be hosting the SLOBLOCO cryptocurrency congress in Slovakia, in November 2020, according to a […] Cryptofully.com is offering Nigerian investors from around the world to transfer money to Nigeria in a simple two-step process through Bitcoin. 12 September 2020, Lagos. Cryptocurrency owners can now send funds across the world to Nigerian Naira accounts without the requirement of registering on a new platform. The offer is available for all major banks […]

Close-Up Of Data On Computer Screen

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The U.S. Internal Revenue Service (IRS) is considering the introduction of a box on the first page of the 2020 tax returns asking contributors specifically if they have sold, received, sent, exchanged or acquired any financial interest in any virtual currency during the financial year in question, that taxpayers must answer unequivocally by ticking either the “Yes” or “No” box.

The question, which first appeared on the 2019 return but in a section not all taxpayers had to answer, now moves to a place of full prominence, right at the beginning, under the fields for name and address. The question has a clear purpose: in addition to investigating the extent of the use of cryptomonies among, it aims to make it easier for the IRS to win cases against taxpayers who have not declared their cryptomoney assets, who will no longer be able to argue that they were unaware of the obligation to pay taxes on them. In 2009, the IRS used that same strategy to curb deposits in offshore accounts, which has made possible the regularization of more than $12 billion since.

The measures taken by the IRS coincide with other initiatives in other parts of the world that aim to make crypto-currencies increasingly official: China’s strategy, prepared ahead of the upcoming launch of its official crypto-currency, is based not only on leveraging the advantages of electronic currencies, but also to increasing control over the activities of its citizens. Beijing has already been working on an ambitious public transaction infrastructure based on blockchain (BSN), which is integrated into six public chains: Tezos, NEO, Nervos, EOS, IRISnet and Ethereum. 

The European Union last week outlined a regulatory framework for assets in crypto- and stablecoins. In other parts of the world, such as Africa, the use of cryptocurrencies such as bitcoin is growing significantly because it protects users from losing money from fluctuations of their currencies’ to the dollar, which has led to monthly transfers of cryptocurrencies to and from Africa of less than $10,000, usually by individuals and small businesses, increasing by more than 55% in one year, to reach $316 million last June, while the number of transactions grew by 50% to around 600,000.

The signs are that crypto currencies are entering a new stage: while many crypto-currencies continue to be declining, due to instability and schemes to manipulate them, others, particularly some stablecoins such as Tether, are becoming more commonplace and are used profusely to evade control over capital movements, while Facebook’s ambitious Libra, has been rejected by regulators because of the company’s poor record on privacy.

Bitcoin is particularly interesting: this week, we learned that 88% of all bitcoins that will ever circulate have been mined, a milestone that could indicate a progressive stabilization of its value in the long term: taking into account that the total supply of bitcoins is limited and predefined in the Bitcoin Protocol at 21 million, the reward given for mining one decreases over time (the Bitcoin reward is divided by 2 every 210, 000 blocks, approximately every four years), and that some bitcoins in circulation are likely to be lost forever or unusable due to errors such as lost passwords, incorrect output addresses or errors in the output scripts.

The optimism of bitcoin whales such as the Winklevoss brothers, who claim that the value of a single bitcoin will surpass half a million dollars, contradicts more conservative views such as that of the Omaha oracle, Warren Buffett, who claims that cryptocurrencies are worthless, or the Nobel Prize winner in Economics, Joseph Stiglitz, who thinks we should shut them all down, something that would be completely impossible due to the decentralized management of many of them. If one thing is certain, it is that, as the MIT Tech Review said in December 2019, cryptomonies will soon make us feel uncomfortable, and that in reality, as my esteemed colleague Mauro Guillén states in his book “2030: How Today’s Biggest Trends Will Collide and Reshape the Future of Everything”, we have barely scratched the surface of its full potential.

Meanwhile, if you have assets in cryptocurrencies, think about what you are going to do when your government asks you to declare them. From ignoring their existence to wanting to tax them tells us what comes next: cryptocurrencies are here to stay.

Source: otcpm24.com

Author: News Bureau


Layer 2 Testnet For Ethereum Launched, Optimism On The Rise

Layer 2 Testnet For Ethereum Launched, Optimism On The Rise

Plasma Group, the developers of Layer 2 scaling solutions, have recently made an announcement. This announcement was in regard to it launching the testnet: Optimistic Ethereum, which is set to deploy on an array of projects in dire need of scaling solutions.

At long last – light at the end of the tunnel. Welcome to the first phase of the Optimistic Ethereum Testnet ⛅️. https://t.co/cjfhB0WU98

— Optimism (@optimismPBC) September 25, 2020

The Layer 2 scaling solution focuses primarily on taking the workload off the root chain in order to allow for faster transaction and data processing. The team at Plasma Group has managed to develop a system called OVM, which is a fully-featured Ethereum Virtual Machine (EVM) compliant execution environment designed for L2 systems.

The Unipig L2 decentralized exchange from Uniswap was the first to test the OVM, and launched as a demo back in late 2019.

Optimistic Ethereum will see itself be rolled out in a number of phases, gradually bringing in early adopters to the testnet. This will allow the team to support each project on an individual basis.

Synthetix stands as an on-chain synthetic assets DeFi Protocol, and will be one of the first protocols to trial the solution. Synthetix is offering rewards worth 200,000 SNX for the users that take part in this testnet. Alongside this, the team had made it clear that the testnet is open for public use, currently, but it won’t be open for public contract deployment yet. The reason for this, is due to a few bugs still needing ironing out on that front.

The first phase, Phase A, of this testing, will involve tokens being airdropped to various participants. This, in turn, will allow participants to mint and burn sUSD, which is the native stablecoin of Synthetix, and subsequently, claim rewards. This process, in particular, will be carried out within Görli Ethereum, another testnet.

Phase B will see deposits be enabled, including an airdrop of Layer 1 Görli SNX tokens to various participants. They will then be able to increase their respective stakes, should they perform a deposit. Phase C, in turn, will allow for withdrawals. Participants are mandated to complete a withdrawal in order to receive their testnet rewards on the mainnet, as well.

Optimistic Ethereum stands as the only L2 solution for Ethereum that is generalized. What this means, is that there is no specific functionality required in order for it to support existing L1 solutions, as well.

Synthetix even tried to help users wanting to take part in the test, sending out a small guide in order to help them along their path.

Source: insidebitcoins.com

Author: FOLLOW ON


What The IRS's Interest In Your Bitcoins Says About The Future Of Cryptocurrencies

What The IRS’s Interest In Your Bitcoins Says About The Future Of Cryptocurrencies

getty

The U.S. Internal Revenue Service (IRS) is considering the introduction of a box on the first page of the 2020 tax returns asking contributors specifically if they have sold, received, sent, exchanged or acquired any financial interest in any virtual currency during the financial year in question, that taxpayers must answer unequivocally by ticking either the “Yes” or “No” box.

The question, which first appeared on the 2019 return but in a section not all taxpayers had to answer, now moves to a place of full prominence, right at the beginning, under the fields for name and address. The question has a clear purpose: in addition to investigating the extent of the use of cryptomonies among, it aims to make it easier for the IRS to win cases against taxpayers who have not declared their cryptomoney assets, who will no longer be able to argue that they were unaware of the obligation to pay taxes on them. In 2009, the IRS used that same strategy to curb deposits in offshore accounts, which has made possible the regularization of more than $12 billion since.

The measures taken by the IRS coincide with other initiatives in other parts of the world that aim to make crypto-currencies increasingly official: China’s strategy, prepared ahead of the upcoming launch of its official crypto-currency, is based not only on leveraging the advantages of electronic currencies, but also to increasing control over the activities of its citizens. Beijing has already been working on an ambitious public transaction infrastructure based on blockchain (BSN), which is integrated into six public chains: Tezos, NEO, Nervos, EOS, IRISnet and Ethereum. 

The European Union last week outlined a regulatory framework for assets in crypto- and stablecoins. In other parts of the world, such as Africa, the use of cryptocurrencies such as bitcoin is growing significantly because it protects users from losing money from fluctuations of their currencies’ to the dollar, which has led to monthly transfers of cryptocurrencies to and from Africa of less than $10,000, usually by individuals and small businesses, increasing by more than 55% in one year, to reach $316 million last June, while the number of transactions grew by 50% to around 600,000.

The signs are that crypto currencies are entering a new stage: while many crypto-currencies continue to be declining, due to instability and schemes to manipulate them, others, particularly some stablecoins such as Tether, are becoming more commonplace and are used profusely to evade control over capital movements, while Facebook’s ambitious Libra, has been rejected by regulators because of the company’s poor record on privacy.

Bitcoin is particularly interesting: this week, we learned that 88% of all bitcoins that will ever circulate have been mined, a milestone that could indicate a progressive stabilization of its value in the long term: taking into account that the total supply of bitcoins is limited and predefined in the Bitcoin Protocol at 21 million, the reward given for mining one decreases over time (the Bitcoin reward is divided by 2 every 210, 000 blocks, approximately every four years), and that some bitcoins in circulation are likely to be lost forever or unusable due to errors such as lost passwords, incorrect output addresses or errors in the output scripts.

The optimism of bitcoin whales such as the Winklevoss brothers, who claim that the value of a single bitcoin will surpass half a million dollars, contradicts more conservative views such as that of the Omaha oracle, Warren Buffett, who claims that cryptocurrencies are worthless, or the Nobel Prize winner in Economics, Joseph Stiglitz, who thinks we should shut them all down, something that would be completely impossible due to the decentralized management of many of them. If one thing is certain, it is that, as the MIT Tech Review said in December 2019, cryptomonies will soon make us feel uncomfortable, and that in reality, as my esteemed colleague Mauro Guillén states in his book “2030: How Today’s Biggest Trends Will Collide and Reshape the Future of Everything”, we have barely scratched the surface of its full potential.

Meanwhile, if you have assets in cryptocurrencies, think about what you are going to do when your government asks you to declare them. From ignoring their existence to wanting to tax them tells us what comes next: cryptocurrencies are here to stay.

Follow me on Twitter or LinkedIn. Check out my website or some of my other work here. 

Source: www.forbes.com

Author: Enrique Dans


Multis is a business bank account for cryptocurrencies – TechCrunch

Multis is a business bank account for cryptocurrencies – TechCrunch

Meet Multis, a French startup that is building business bank accounts, except that it lets you store, send and receive cryptocurrencies. The startup just raised a $2.2 million seed round.

Investors in today’s funding round include White Star Capital, Y Combinator, Coinbase Ventures, eFounders, Greenfield One and Digital Currency Group.

“It’s very complicated to manage crypto as a company. As soon as you want to hold crypto or start paying employees and contractors, it’s a giant mess,” co-founder and CEO Thibaut Sahaghian told me.

If you’re familiar with startups working on business banking, such as Qonto, you already know what to expect from Multis. It’s a software-as-a-servie product designed for teams.

Image Credits: Multis

After creating a Multis account, you can add other team members and set permissions and limits. Behind the scene, Multis is a multisignature Ethereum wallet. The company doesn’t control the keys, which means Multis can’t access your funds.

“From a regulatory point of view, it’s been very useful because we don’t hold assets and we can’t review and block transactions,” Sahaghian said.

Thanks to the multisignature design, you can create an approval workflow so that each transaction needs to be approved by a certain number of people on the team.

Multis supports Ethereum-based ERC20 tokens, which means you can also use stablecoins, such as USDC and DAI. This way, you’re not exposed to cryptocurrency volatility when you choose to keep all your assets in USDC for instance. You can swap tokens from Multis directly.

Once you have assets in your Multis account, you can issue payments to employees, contractors, partners, suppliers, etc. You can save addresses and other relevant information to streamline payments in the future.

Centralizing all your crypto transactions on Multis can be useful when you need to file your taxes. You can export all your transactions and hand them over to your accountant.

And if you have too many assets on your hands, you can invest some assets and earn interests thanks to DeFi products. The company uses Compound for that feature.

Right now, Multis clients are mostly companies working on blockchain products, generating revenue in cryptocurrencies or paying people using stablecoins. But the company wants to simplify its product by adding EUR and USD accounts with cards and IBANs.

Multis could act as a bridge between fiat currencies and cryptocurrencies. Companies with offices in multiple countries could use it to save money on intercompany fees. The startup is still working on those new features, but it could lead to some interesting use cases.

Source: techcrunch.com

Author: Romain Dillet

@romaindillet
/
11 hours


Kelta to Hold SLOBLOCO Cryptocurrency Congress in Slovakia This November

Kelta to Hold SLOBLOCO Cryptocurrency Congress in Slovakia This November

Kelta, the self-described “first multi-cryptocurrency mining platform on the market,” will be hosting the SLOBLOCO cryptocurrency congress in Slovakia, in November 2020, according to a press release from the group.

This will be one of the first post-lockdown congresses, the release notes, considering Slovakia has one of the lowest COVID cases in Europe. This event will be livestreamed as well, appealing to around 50,000 people both online and offline, and be held at the X-BIONIC Sphere Resort, “a welcoming and luxurious congress space just 30 minutes from Bratislava,” the release continues again.

The release also reads:

“The key theme of the congress is the use of blockchain in everyday life and business, especially in the food and pharmaceutical industries. The speakers and guests will discuss aspects ranging from taxation, security, and legal issues in blockchain to trading, wallets, and crypto ATMs.

Here are just a few of SLOBLOCO’s partners:

– Covidax – a biotech firm developing the first independent COVID-19 vaccine

– Lyra – a premium chocolate brand that uses blockchain to monitor its production process

– Marble Cards – a platform for creating and trading unique collectible ERC20 tokens based on real URLs

– Crypto Heads – a fast-paced feature film about crypto trading

– Lamassu Bitcoin Ventures – the manufacturer of the most affordable Bitcoin ATM on the market”

Source: insidebitcoins.com

Author: FOLLOW ON


Transfer Money in Nigeria Instantly with Cryptocurrencies using Cryptofully.com

Transfer Money in Nigeria Instantly with Cryptocurrencies using Cryptofully.com

Transfer Money in Nigeria Instantly with Cryptocurrencies using Cryptofully.com

Cryptofully.com is offering Nigerian investors from around the world to transfer money to Nigeria in a simple two-step process through Bitcoin.

12 September 2020, Lagos. Cryptocurrency owners can now send funds across the world to Nigerian Naira accounts without the requirement of registering on a new platform. The offer is available for all major banks operating in the African country. Receivers can immediately receive the money in Naira according to the latest Naira/Bitcoin exchange rate provided on the Cryptofully website.

Bitcoin and to some extent other cryptocurrencies are the next frontier of investment around the world. Millions of people potentially own and transact with cryptocurrencies effectively. However, Bitcoin is not just an asset reserved for investment alone. Bitcoin can also act as an effective tool to help send remittances for overseas populations. 

Nigeria has one of the largest expat/overseas populations in the world. The major destinations for this culturally important and affluent diaspora are the United States, United Kingdom, Canada, Italy as well as various other considerable populations in Europe and Middle East as well. 

Many of these overseas citizens have family back home and they use various means to send their money to the country which is problematic to say the least. Conventional banking channels are difficult to manage, slow, non-transparent and fees are very high. Not to mention if a Nigerian living at home or abroad has to send money to a local Naira account, he/she has to first convert to the local currency of the country of residence which takes some time and then they have to sell it through these ineffective banking channels. The process is inefficient and may take days to be successfully executed. 

Cryptofully is offering a practical option that users can avail directly and with the help of which one can send money using crypto directly without the need for conversions and such. Just go to Cryptofully, enter account details of the receiving person, select bank, Account Name/Title, and the amount you need to transfer to that person’s account. The latest exchange rate is visible and after that you can press transfer. 

A bitcoin wallet address is generated for this particular transaction and you can send the bitcoin directly to it. Wasting no time, the platform handles the rest and transfers the money directly to the selected person’s Naira account without any fuss. 

Conventional crypto payment outlets are a problem faced by many users who wish to liquidate a part of their assets and send local fiat money. They have constant registration requirements and signing up on them takes a lot of time. By the time you are done, your acceptable Bitcoin rate may become a thing of the past. Fees are high as well and quite often, hidden charges pile up that ruin the transaction for you. 

With Cryptofully, there is simply no need to open an account. Just fill in the details on the form-like interface on the home page, send the Bitcoin and you are ready to go. The

Cryptofully Team is dedicated to offer universal, easy-to-access, crypto payment solutions to users around the world, starting with the home country of Nigeria. 

Visit the official platform: https://www.cryptofully.com

Source: cryptomoneyteam.co

Author: By TeamMMG


What The IRS's Interest In Your Bitcoins Says About The Future Of Cryptocurrencies


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