Crypto Tax in 2020: A Comprehensive Guide

Paying crypto taxes is becoming increasingly difficult in 2020, as government tax authorities around the world continue to change their minds on how digital assets should be handled. To make things easier, we’ve put together a comprehensive guide to bring you up to speed on the latest changes. Crypto-assets have entered the mainstream in the past few years, attracting the attention of tax authorities in leading economies. Following a boom in trading and prices, theRead More The post appeared first on Bitcoinist.com.

36% of U.S SMEs Now Accept Cryptocurrency Payments

About one-third of US-based small and medium-sized enterprises (SMEs) accept cryptocurrency as a payment for their goods and services, according to a survey commissioned by American insurer Hartford Steam Boiler (HSB), a subsidiary of German Munich Re. Newer Companies Are More Crypto-Friendly HSB’s survey found that newer companies are twice as likely to accept cryptocurrency payments and trade in digital credits. Specifically, 47% of businesses accepting cryptocurrencies have been around for five years or less,Read More The post appeared first on Bitcoinist.com.

Bitcoin Solves This: Bill Gates Talks About the US Wealth Gap

Bill Gates, the world’s second-richest person, recently published a blog post reflecting on 2019, in which he noted that his extreme wealth is unfair. Here’s why Bitcoin fixes this. US Tax System Needs Reform Bill Gates is still among the richest people in the entire world — second richest, with a net worth of $108.8 billion, according to Forbes. However, in his blog he recently noted that his net worth shows that the current USRead More The post appeared first on Bitcoinist.com.

Is Bitcoin Surging Because of Tensions in Iran and the Middle East?

Bitcoin prices have jumped almost 6% over the past couple of hours as news emerges of a US airstrike on Iranian military personnel. Bitcoin Price Surges $400 A huge green candle has just appeared on the hourly BTC chart sending the asset surging back above $7,000. According to Tradingview.com bitcoin had slid back to its lowest level for over two weeks at $6,850 during the Asian trading session today. That movement was rapidly reversed whenRead More The post appeared first on Bitcoinist.com.

Will China Win the Blockchain Race Leaving the US Behind?

china win blockchain race

China is the clear blockchain tech leader at the moment and the US is in danger of missing out entirely if it doesn’t even get off the starting line. China Leading the Way There have been no mistaking China’s intentions when it comes to blockchain technology. President Xi Jinping’s public endorsement of digital ledgers sent crypto markets skyrocketing in late October though there were subsequent efforts to quell the fever for digital assets which Beijing

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Bitmain Lawsuit Heats Up, Plaintiffs Fight Motion to Dismiss

Bitmain US court motion to dismiss denied

United Corp, a Florida-based cryptocurrency company that sued Bitmain in December 2018, contested the mining giant’s motion to dismiss the case in a US court this week.  A cryptocurrency company United American Corp claims that China-based Bitmain should not be dismissed from the United States’ antitrust suit, as the mining gear maker requested. The issue arose when Bitmain accused the United Corp of missing a deadline to serve the China-based firm. United Corp denied the

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US Court Allows IRS to View Bitstamp Customer Information

Us court allows IRS snooping

US federal judge allowed the IRS to demand information about users’ assets from Bitstamp crypto exchange, although the agency was also ordered to reduce the number of requests. The IRS’s involvement with the cryptocurrency industry continues to increase. This, in turn, has irked quite some crypto users. One resident of Washington even sent a request to the Washington County District Court, asking for a court order that would stop the IRS from receiving information about Bitstamp

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Alibaba, OneConnect Leads China’s Blockchain Patent Race

alibaba files blockchain patent

Alibaba and OneConnect scored the highest in China’s recent Blockchain Patents list after they both filed IPO prospectuses at the same time. The development of blockchain technology continues to rage on across the world, and countless corporations are struggling to take the lead. A little over a week ago, on November 18th, BlockData published a new report titled China Blockchain Patents Report 2019 and the Comprehensive Strength list of China’s Blockchain Patents 2019. The report

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Bitcoin Price Dips Despite Positive U.S. China Trade Talks

bitcoin price us china trade deal

Bitcoin price slipped today as trade talks between the United States and China took a positive turn. According to reports, China may ease tariffs against US imports suggesting that a limited trade deal is in the works. Bitcoin Price Slacked Off from the $9,500 Level The Chinese Commerce Ministry announced Beijing and Washington had reached an agreement to lift tariffs between the two nations in stages, reported CNBC. The first phase of the agreement would

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Binance CEO: A US Crypto Ban Would Not Shatter The Industry

President Trump wants to ban bitcoin

There has been a lot of speculation recently as to whether US president Donald Trump’s recent tweets on bitcoin and crypto were good or bad for the industry. The doom merchants will cheers his dollar pumping comments but industry leaders see it as a boost for crypto in general. Binance Boss CZ Bullish on Crypto Tweets Speaking to CNBC recently, Binance CEO Changpeng ‘CZ’ Zhao said that Trump’s critical comments on bitcoin and Facebook can

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Stock Market Plunge, Bitcoin Up as US-China Trade War Escalates

us china trade war

Stocks are sinking and bitcoin is moving higher as the US-China trade war appears to be escalating. Stocks Slide as Trade War Bites On Friday, President Trump’s administration raised tariffs on $200 billion worth of annual Chinese imports from 10 to 25 percent. Now, however, the President has said that he’s ready to impose 25 percent on yet another $300 billion worth of Chinese goods. As such, investors are currently waiting for retaliatory measures from

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Why Trump’s Clampdown on Remittances Will Force Mexicans to Bitcoin

mexico dollar trump remittance bitcoin

The US White House is reportedly planning to target remittance payments made by illegal Mexican immigrants in an attempt to curb the inflow of illegal arrivals through the southern border. If passed, those changes may cause immigrants in the US to turn to alternatives, such as Bitcoin.  White House to Cut Remittances to Mexico The White House is reportedly going to target remittance payments which made by illegal US immigrants, the Daily Caller reports citing a senior

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Russia: Cryptoruble Coming ‘Within 2-3 Years,’ Gov’t Official Says

Russia could introduce the Blockchain-based alternative to its fiat currency, the ‘Cryptoruble’, within “two to three years,” a senior politician has said. Aksakov: Cryptoruble ‘Will Not Differ’ From Fiat Ruble Anatoly Aksakov, chairman of the financial markets committee at Russia’s state parliament the Duma, made the forecast speaking to local news outlet RIA Novosti. Long under discussion, Russia wants to leverage the benefits of blockchain to provide a digital version of the ruble, Aksakov confirming

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SWIFT Kicks Out Iran – One Of The 3 Cheapest Countries To Mine Bitcoin

The Society For Interbank Financial Telecommunication (SWIFT) has begun blocking access to international transfers for Iranian member banks as new US sanctions take effect. SWIFT: Block Is ‘Regrettable’ As Reuters originally reported, November 10 marks the first day of action which will see financial institutions cut off from SWIFT, which facilitates cross-border payment instructions to more than 200 countries. In a statement at a Paris event November 7, the organization’s chief executive Gottfried Liebbrandt called

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First U.S. Congresswoman Reveals Holding Cryptocurrency (And It’s Not Bitcoin)

After the US government made federal workers declare cryptocurrency holdings in June this year, filings have begun to emerge about which politicians own which coins. Filing Reveals Up To $30K Holdings In a federal disclosure report August 14, Hawaii Representative Tulsi Gabbard became the latest national political figure to do so, revealing she bought Ether (ETH) and Litecoin (LTC) in December 2017. According to the report, the amount Gabbard purchased could lie anywhere between $1,001

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California Federal Court Allows Bail to Be Paid in Bitcoin

Bail

A US Federal Court in California has allowed a defendant to pay his bail fees in Bitcoin, local news media reported August 15 in what sources say is not a first-time use case for the cryptocurrency. Attorney: Objective Is ‘Compliance’ According to Palo Alto-based Daily Post, this week a federal judge allowed Martin Marsich, who faced charges of hacking into a local video game company, to pay his $750,000 bail in “Bitcoin or any cryptocurrency.”

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Soaring ICO Failure Rate Sees Investors Flock to ‘Bigger Players’

ICO

ICO failure rates are increasing. However, there seems to be a trend of fewer projects receiving bigger sums. Due to regulatory pressure, ICO bans, and a bear market, investors seem to be taking a new strategy to funding blockchain projects. ICO Failure Rates Surge There is new evidence to suggest that one in two Initial Coin Offerings (ICOs) failed in Q2 of 2018, while those that succeeded suffered huge loses. This is according to the

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Delaware Real Estate Agent Sells State’s First Bitcoin Home

Delaware Real Estate Agent Sells State’s First Bitcoin Home

Even though some ‘experts’ feel that Bitcoin and the like have no value, these virtual currencies continue to be used as payment methods. In this case, Bitcoin was recently used to purchase a stunning home in the state of Delaware. The process of buying a new house evokes a myriad of feelings. You are of course excited that you’ll be enjoying a new space but also worried about the financial aspects. Will your bank give

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Japan’s Biggest Social Network to Launch Cryptocurrency Exchange

Line japan

Japan’s biggest social network LINE will launch a cryptocurrency exchange under a Singapore-based subsidiary in July — but will exclude Japanese and, initially, US users. ‘In Compliance With Rules And Regulations’ A press release issued June 28 confirms the move, which follows debates with Japanese regulators stretching back to January this year. Now, BITBOX, as the platform is known, will cater to “global” cryptocurrency traders but will stop short of serving those in the company’s

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‘Money Has Changed Over Time’: US Supreme Court Cites Bitcoin in Positive Light

While traders and naysayers alike fret over bitcoin price, the market leader quietly achieved a first in its history. On June 21, Bitcoin appeared in a US Supreme Court ruling for the first time.  Supreme Court Reevaluates ‘What We View As Money’ As part of the summary comments on the case Wisconsin Central Ltd. v. United States, a judge mentioned Bitcoin while discussing “what we view as money” — suggesting it could at least have a

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