Frederik Nielsen

Cryptocurrency Attracts the Youth

Interest in cryptocurrency, especially Bitcoin, continues to grow amongst the young. As a new study, conducted by Qriously in conjunction with the exchange, Coinbase, shows the rise in interest among students. It has been suggested that Bitcoin is on the same trajectory as the internet and social media before it. Up to one-fifth of students already own Bitcoin, whilst two-fifths of Universities offer courses on cryptocurrency and blockchain. Stanford University is currently leading the way with over ten courses on the subject. And with student interest and enthusiasm flourishing, this trend amongst universities continues to grow.

This bolstered the recent study conducted by Imperial College London, who touted cryptocurrency as the next logical step. Researchers suggest as cryptocurrency moves beyond being a store of value to a readily exchangeable commodity it will elevate itself towards the mainstream. However, as the researchers state, there are several obstacles cryptocurrency must overcome. Regulation, usability, and scalability are the main three hurdles if cryptocurrency manages to straddle these it may very well be on it’s way to winning the race.

Meanwhile in Asia

Mainstream interest continues to pick up in Asia as more people look to work in Blockchain and cryptocurrency. Since 2017, job opportunities in the sector have exploded, increasing by up to 50%. Blockchain, which is the underlying technology for cryptocurrencies has seen a particular interest. Data from Indeed shows a heightened interest in Blockchain jobs all across Asia, from Australia to India, down to Singapore. It’s not just interest that is growing but opportunities too.

Cryptocurrency and blockchain positions are attracting people from all sectors. As the industry grows beyond just development and trade there is a need to round out their operations. Where once the sector mainly attracted individuals from more technical backgrounds, in software development, and financial backgrounds, in banking, it now reaches further afield. As the sector moves towards more distributed applications they are beginning to resemble internet and tech-based companies.

Rakuten Everybody’s Bitcoin

Japan’s largest e-commerce company, Rakuten, believes in the future of cryptocurrency as it continues to expand into new sectors. Rakuten, see’s cryptocurrency based payments to grow exponentially and have been considering entering into the cryptocurrency exchange for some time. Today, 31st August, Rakuten announced their acquisition of Everybody’s Bitcoin, signaling their commitment to the future of cryptocurrency.

Rakuten covers over 70 services, ranging from e-commerce retail to financial services. And they believe that cryptocurrency will become integral across all services. Although they had already begun accepting Bitcoin payments back in 2015, the organizations believe that this is the next step. By providing their own cryptocurrency exchange they will be able to provide better processes for cryptocurrency payment across the board, providing a more streamlined and secure service. Rakuten looks to bring their extensive experience and knowledge of various financial services to Everybody’s Bitcoin. And with Everybody’s Bitcoins knowledge and experience of the cryptocurrency exchange they look to expand and develop cryptocurrency services for customers.

Have you begun investing yet? Let us know in the comments below!

The standoff between cryptocurrency miners and utility companies continues but some may be looking for a way to work together.

Mining is becoming more popular

As cryptocurrency mining grows, so does the need for more power. Mining is a power-intensive process, utilizing large numbers of servers. Bitcoin mining alone absorbs more power than the country of Ireland. Therefore, Crypto-miners are always seeking the cheapest rates in order to maintain profitability. In fact, the cost of power can make or break a mining operation.

The hunt for cheap electricity has led to many confrontations with the utility companies. In, March, Chelan County, Washington, utility regulators had to suspend applications from cryptocurrency miners because the impact their power-intensive operations were having on the small county of Washington was becoming untenable. As 100’s of new mining operations look to set up in rural Washington, due to their cheap utility rates, the tensions have increased. One public utility company even had to beef up security as would-be miners have been harassing their staff. These tensions have led to some companies deciding to set up their own power grids. A Canadian company, DMG Blockchain, have invested in building their own sub-station in British Columbia.

Miners vs. utility companies

It seems on the surface that there is money to be made on both sides, so why the standoff? From the point of view of the utility companies, it would involve a massive investment on their part in an industry with an uncertain outcome. Kevin Nordst of Grant PUD, Washington, states that the infrastructure is not there and it would require millions if not billions of investment to meet the massive demand. The risk of investing in an industry with no track record and a lot of unknowns leaves much to be desired. The utility companies would be building power plants to serve a single industry in an area that does not require that kind of power. If crypto-mining were to disappear, for whatever reason, the utilities would be left footing the bill with an abundance of power they can’t sell. With these concerns in mind and money to be made, both sides are looking for suitable solutions.

Utility companies are looking to start from the ground up. Their first concern is on how to regulate and asses crypto-mining operations. Grant PUD, has created a new classification, known as the ‘evolving class’, this would include not only crypto-miners but any other emerging technologies with power-intensive needs. From this starting point, they would develop effective policies tailored towards these growing industries.

Solutions on the horizon

Crypto-miners, on the other hand, are looking for solutions in the existing system which they believe can benefit all. Power companies keep an excess of power at any given time in order to meet especially high demands. The majority of the time this power goes unused. What crypto-miners are suggesting is to have access to this excess power during the periods where it is not needed and when it is needed they are happy to close down operations. This would give utilities the opportunity to sell off unused power whilst still having the capability to meet the demands of their population base.

As the industry continues to grow we will no doubt see the confidence in certainty rise and more partnership solutions between utilities and crypto-miners.

The adult entertainment industry has always been at the forefront of new technological developments. Back in the 1970s, it was the adult entertainment industry that brought the VHS tape technology into the mainstream. In the 2000s, it did the same thing with DVDs. A few years after that, the adult entertainment industry was crucial to making streaming a mainstream phenomenon. Today, the industry is looking at tokenizing porn viewing — and this is good news for the cryptocurrency industry.

Tube8 is the website that will lead the way

Tube8 is a subsidiary website of the behemoth PornHub and boasts of 10 million members with 150 million page visits every single month. That is a huge amount of traffic. But rather than seeing this as an opportunity to charge people to watch porn, the Tube8 management is seeing a very different opportunity. Robin Turner of Tube8 is very enthusiastic about these latest developments. He mentions in an interview with Hard Fork that it has always been a dream for many people to get paid to watch porn. Up until recently, everyone had to pay for magazines and videos. The streaming revolution enabled people to watch all the adult entertainment they wanted to for free. Soon, the many online enthusiasts will be able to actually earn money for viewing their favorite pass time.

What is the Vice Industry Token?

The cryptocurrency token that users of Tube8 will be rewarded with is the Vice Industry Token (VIT). The token has recently been involved in some controversy, but it hasn’t stopped Tube8 from deciding to work with the team behind it. There are other blockchain projects out there doing the same thing as VIT, but they are not fully decentralized. The content found on Tube8 will be monetized through the VIT protocol. Although the token isn’t specifically designed for the adult entertainment industry, it is designed to monetize all kinds of streamed content online. Previously, people would log into the Tube8 site, watch a video or two, and then log off. With the introduction of the VIT tokens, they will be incentivized to engage more with the content by liking, commenting, and sharing. The VIT token has also formed a partnership with prominent figures like Stormy Daniels.

Technological hurdles ahead for Tube8

There are a few hurdles the project needs to overcome before the dream of getting paid to watch porn can become a reality. One of these is the scalability issue. There has long been a growing concern that the blockchain network is not fast enough to meet demand.

Networks like Ethereum can at present only handle 15 transactions per second. This is very little compared to credit card companies like Visa and Mastercard, who can handle tens of thousands of transaction each second. Given that Tube8 has 150 million page views every day, tokenizing this traffic will become an issue. Rather, Tube8 is looking t the Steem blockchain, which is able to handle 100,000 transactions per second. If Tube8 is successful in their experiment, it could see the entire PornHub Network becoming tokenized. This includes sites like PornHub itself (2.8 billion visits), as well as YouPorn (360 daily visits) and RedTube (510 million daily visits).

What is Malta Blockchain Summit?

Malta is quickly becoming a hot spot for everything blockchain. One of the reasons for this is, of course, the government’s lax attitude towards regulation of the cryptocurrency market. This has led Finance and OKEx, to two of the biggest cryptocurrency exchanges, to move to the island, which has now been dubbed Blockchain Island.

Malta Blockchain Summit is set to be one of the biggest conferences centered around blockchain technology, digital ledger technology, and cryptocurrency. 300 different companies will be sponsoring the event and exhibiting the latest cutting-edge technology there. 100 speakers will be sharing their knowledge and findings from their research. 5000 delegates will be attending the event to learn from the speakers, interact with the sponsors, and network with their peers in the industry.

Needless to say, this is an event not to be missed. There will be ample opportunity to participate in fascinating discussions about the future of the economy. You will also be able to either witness or participate in the Hackathon that will be held at the event. If you are working on your own ICO, there will also be an ICO pitch where you will be able to connect with potential investors.

What is the agenda?

The Malta Blockchain Summit takes place on 1-2 November 2018 at the InterContinental hotel, St George’s Bay, St Julians and is actually four conferences in one. Each of the four conferences will focus on the separate aspect of the blockchain space. the first conference will look at government and regulation. the second conference will cover marketing and affiliation. The third will look at fintech, tokenomics, and cryptocurrencies. Finally, there will also be a conference about blockchain for developers.

Blockchain app developers will be invited to the event free of charge, in order to benefit as many of the other attendees, sponsors, and exhibitors as possible. The exhibitors will, in turn have their goods displayed at their conference stands for the attendees to peruse. There will also be a Platinum sponsor package, which is an exclusive exhibitor spot that comes with a four-page interview in Blockchain Magazine. There will also be opportunities for sponsors to have their brands made visible to everyone attending the summit.

During the event, there will be an exciting Hackathon, where the competitors will battle against each other and win a range of exciting prizes. The Ico pitch will also see ten exciting startup companies pitch their ideas to potential investors for the chance to form a lucrative partnership that can bring their vision to life.

The end of the summit will perhaps be the most exciting part. There will be an interactive Q&A session, where the attendees can pick the brains of not only the developers, but also the speakers, investors, and sponsors. The event will feature a Blockchain Awards Ceremony where some of the most prominent thought leaders will be awarded prizes for their contributions to the industry. There will be a Crypto Cruise, where attendees will be treated to an incredible view of the Maltese coasts line. Finally, there will also be a crazy party where all the attendees are invited to join in for some fun by the Mediterranean seaside.

Where can you buy tickets?

You can buy your tickets here: https://maltablockchainsummit.com/buy-tickets

Use Coupon Code: 25MBSDCT422991 to get 25% Discount on Ticket Booking

You can find out more here:

Facebook: @MaltaBlockchain

Twitter: @BlockchainMT

Instagram: @maltablockchainsummit

Telegram: https://t.me/maltablockchainsummit

LinkedIn: @Malta Blockchain Summit

Hashtags:
#MaltaBlockchainSummit #BlockchainIsland

What is ASEAN Decentralised 2.0?

ASEAN Decentralised 2.0 By Global Blockchain Foundation 2 day programme of unrivalled content and exceptional networking opportunities, designed for the busy business leader.  Based on unrivalled content and exceptional networking opportunities, join the Summit keynote programme, hear from cutting edge enterprise case studies, deep-dive into topics with roundtable discussions and hosted networking sessions.  Connecting enterprise industry leaders, business decision makers and tech innovators. No co-located side events. A purely Blockchain and DLT focused business audience.

Where will the event take place?

ASEAN Decentralised 2.0 will take place on the 3rd and 4th September, 2018. The event will be located at the Kuala Lumpur Convention Centre in Kuala Lumpur, Malaysia.

Who will be speaking?

There will be an incredible line-up of speakers at ASEAN Decentralised 2.0, including government officials and blockchain experts. 

Some of the confirmed speakers include: H. E. Shri Mridul Kumar (High Commissioner of India to Malaysia), Jason Hsu (Legislator/Congressman, Taiwan Parliament), Bruce Porter Jr. (Chairman and CEO, Globalboost), Oliver La Rosa (President, Government Blockchain Association Malta, and COO, Globiance), Stephen Chia (Regional Head SE ASIA, NEM Foundation), Malcolm Lerider (Senior RED Manager, Neo Smart Economy), Tom Menner (Director, Solution Architecture for Asia-Pacific, R3), and Krishna Ramachandra (Managing Director, Duano Morris and Selvam LLP).

You can see the full line-up of confirmed speakers HERE.

If you are interested in becoming a speaker yourself, you can sign up HERE.

Who are the sponsors?

Many of the most prominent blockchain firms in the world will be sponsoring ASEAN Decentralised 2.0, and you will be able to find them at the Project Launch Exhibition.

Some of the sponsors include: FutureCoin, QuickX, Medipedia, Imagol, GECAS World, SCALA Blockchain, Silkchain, IAGON, Virtuse Exchange, Sylo, Criptohub, ARK.IO, Momentum, TMG, ICOVO, Pegasus, Nubeva, iCyberSec, Intocial, PayX, Quantum Capital, P42 Ventures, Cognitive Social, Delta, Senno, Hexadpay, RRRC, and UbanX.

You can see the full list of confirmed sponsors HERE.

If you are interested in becoming a sponsor yourself, you can sign up HERE.

Who are the media partners?

ASEAN Decentralised 2.0 will be covered by many of the most recognisable names in the cryptocurrency industry.

Among these are Coindesk, Luxuo, The Times of Crypto, Digital Notice, and Crypto Comes.

You can see the full list of media partners HERE.

Other patrons, collaborators, and parters

There is no shortage prominent companies collaborating with the Global Blockchain Foundation to make ASEAN Decentralised 2.0 even more special this year. 

Some of the patrons and partners include: Forbes, R3, New, Maersk, Neo, and Petra Venture. 

You can see the full list of patrons and partners HERE.

The Startup Competition

During ASEAN Decentralised 2.0 there will be an opportunity to participate in the event’s startup competition. The entry fee for participating is $3,500 and is only open to the first 20 applications. The winner takes home an award worth no less than $250,000. Each contestant will be given 8 minutes to pitch their startup company to the audience, and will be given a display area for the entirety of the event. The winner of the startup competition will also be given the opportunity to participate in a panel discussion. You can sign up to the competition by entering your details HERE along with a document outlining your startup project.

The ICO Pitch

Attending ASEAN Decentralised 2.0 will also give you the opportunity to pitch your very own ICO in front of an investor jury. The jury will consist of Karthik Iyer (Founder & CEO, Blockchainmonk), Krishna Ramachandra (Managing Director, Duane Morris & Selvam LLP), Henry Lee (Senior Partner, Neon Partners), Dr. Francesca Greco (Director, Astradux Capital AG, and Director & Co-Founder of X8 AG), and Abhijith Naraparaju (Director, Global Blockchain Foundation). You can register to pitch your ICO to the panel by entering your details HERE and submitting a project document outlining your ICO idea. 

How to get tickets

You can get your tickets for ASEAN Decentralised 2.0 on the Global Blockchain Foundation’s website, which you can visit HERE.

A ‘Basic’ ticket costs $100 and will give you access to the paper presentation, the keynote session, the panel discussion session, the project launch, the exhibition, the networking high tea, the fire side chat session, and the entertainment.

A ‘Standard’ ticket costs $250 and will give you access to the luncheon, the paper presentation, the keynote session, the panel discussion session, the project launch, the exhibition, the networking high tea, the fire side chat session, and the entertainment.

A ’VIP’ ticket costs $500 and will give you access to the an exclusive networking cocktail, privileged access to the visitor’s database, a single point of contact support, the luncheon, the paper presentation, the keynote session, the panel discussion session, the project launch, the exhibition, the networking high tea, the fire side chat session, and the entertainment.

Where can you find out more?

You can visit the Global Blockchain Foundation’s website to find out more about the event.

The entire concept of cryptocurrency has been seen as preposterous by the established financial elite since its conception in 2009. The critics of Bitcoin and other cryptocurrencies have been very hasty to declare it a fad, citing the market volatility, the lack of scalability, and the perceived stability of the big banks. Despite all these criticisms, Bitcoin alone has been able to facilitate over 300 million financial transactions since its creation. In addition, over 1,500 different cryptocurrencies are in circulation today — and the list just keeps growing. Although only around 3.5% of all financial transactions worldwide are made with cryptocurrencies, this is set to change in the near future.

Potential approval of a Bitcoin ETF by the SEC

The SEC is still contemplating approving an ETF for Bitcoin, and the larger community of investors in the US will most likely not make a move into the cryptocurrency territory before that happens. An approval by the SEC would further help validate and legitimize cryptocurrencies in the business world. Once it happens, and most people are certain that it will, the financial world will undoubtedly be affected by the changed cryptocurrencies are going to bring with them. The time and cost saved on financial transactions will change the banking landscape for the better. The decentralized networks, smart contracts, and secured ledgers will further help transform the industry.

Regulations will benefit the cryptocurrency industry, not harm it

Although many governments around the world, including that of the US, have already begun to implement regulations, it is still early days. Many questions regarding the regulation of the cryptocurrency market are still left unanswered, and many investors are waiting until they are. How, for example, will cryptocurrency exchanges be required to incorporate security measures that protect them from hackers and scammers? Questions like these are what need to be addressed in order to open up the doors to the world of investment awaiting cryptocurrencies.

Cryptocurrency transactions will be scalable

Although the number of cryptocurrency transactions being carried out at present is impressive, it is still nowhere near the scale of credit card companies. Companies like Visa and Mastercard process tens of thousands of transactions every single second. Networks like Bitcoin cannot even come close to that number at present. However, this is about to change. There are new projects in the pipeline that will address this very issue. Plasma, which will be tied to the Ethereum network, and Lightning Network, which is the corresponding Bitcoin app, will be facilitation rapid transactions that could rival those of credit card companies.

Cryptocurrency will make a move into the developing world

As with many new emerging technologies, cryptocurrency transactions are catching on even quicker in developing countries than in the west. The reason for this is that many African and South American countries are experiencing an unprecedented hyperinflation that is essentially rendering their national currency worthless. In response to this, more and more citizens of these nations are looking to cryptocurrency for solutions.

How do you think cryptocurrency will change business? Leave your thoughts in the comments below!

The cryptocurrency market has had an immense growth worldwide despite the many hiccups like the Bitcoin crash of 2017. More tokens are being launched, more exchanges are being opened, and more ICOs are being started. Big tech companies like Amazon, Facebook, Google, and IBM are working on their own blockchain projects. Banks and Wall Street firms are beginning to trade in cryptocurrency. All in all, things are going pretty well.

Unfortunately, the banks and big tech firms are not the only actors who have noticed the rise of cryptocurrency and want to get in on the action. Hackers and scammers have also begun ramping up their attacks in tandem with the rising popularity of cryptocurrency. This has resulted in several cryptocurrency exchanges being hacked, and many traders losing their tokens. The value of several tokens has also taken a hit as a result of the bad publicity. But now the insurance industry is coming to the rescue.

Insurance for cryptocurrencies

Bloomberg has reported that several insurance companies are creating policies specifically for cryptocurrency traders and businesses. The only concern many have is the volatility of the cryptocurrency market. This volatility has led several insurance companies to charge up to five times as much for cryptocurrency insurance policies than other policies. However, this is bound to even out as more and more insurance companies enter the market. Competition between the companies will drive prices down to reasonable levels.

Who are the main insurance companies?

A spokesman for Allianz has expressed that the insurance giant sees cryptocurrency as a big opportunity. Allianz began offering solutions last year, and their services included covering the theft of cryptocurrency. Allianz sees that cryptocurrency is becoming increasingly relevant, and an integral part of the global economy. For this reason, they are only looking to expand their portfolio of insurance products.

American International Group is another insurance provider that has begun to include cryptocurrency assets in their standard policy forms. The oldest insurance market, Lloyd’s of London, has also published a statement that advises their agents on how to deal with cryptocurrency insurance. Lloyd’s have, however, advised their agents to proceed with caution, given the risks associated with the market.

Aon and Marsh & McLennan are two prominent insurance brokers that help individuals and businesses shop around for the best deals on insurance products. They both report seeing a large growth on the horizon. Marsh & McLennan has even created a dedicated team to deal with cryptocurrency startups that have launched their own ICOs. Meanwhile, Aon report that they have half of the cryptocurrency market covered.

No payouts just yet

Because the concept of cryptocurrency insurance is still brand new, there has not been any instances of payouts yet. However, this is set to change this year, as hacks are predicted to be ramping up. Not all insurance policies are equal either. Some include loss of tokens due to technical errors in a blockchain service but exclude the theft of cryptocurrencies. Cryptocurrency exchanges like Coinbase, however, have secured great insurance policies in order to protect the traders.

Are you thinking of taking out a cryptocurrency insurance? Let us know in the comments!

If you’re into trading with cryptocurrencies, then you probably have a hardware wallet to store them in. For the uninitiated, however, the market for hardware wallets can be difficult to navigate. In this article we’ll take a look at four of the most popular hardware wallets on the market right now, and look at the features of each one.

Coolwallet S

The Coolwallet S is a fascinating invention. As opposed to most other hardware wallets, it has been designed to be thin and small enough to fit in your actual wallet next to your credit cards. It also comes with an e-paper display (like the first Kindle e-readers) that allows you to view your balance and make transfers when you are out and about. The wallet supports the most popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, and Ripple. The best part about the Coolwallet S is that you don’t even need a computer to use it. Simply download the Coolbitx app for your phone, and you can connect to the wallet via Bluetooth.

Ledger Nano S

If you are looking for a hardware wallet that can hold the largest number of different cryptocurrency tokens, then you should check out the Ledger Nano S. Ledger, the French company behind the wallet, are constantly adding support for new cryptocurrencies. They add new tokens so often that they have even made a hashtag to go with the regular expansions. #FirstTuesdayCrypto is used on the first Tuesday of every month when Ledger adds support for new tokens. The first expansion under this hashtag included rather obscure tokens like RSK, Kowala, Ontology, Vechain, Icon, PoA, Wanchain, and Particl. Naturally, all the most popular tokens like Bitcoin and Ethereum are covered. What’s more, all ERC20 tokens are covered as well. This means that the Ledger Nano S can hold most tokens created by ICOs. There has been some criticism of the software, but it has not stopped the wallet from gaining in popularity.

Keepkey

A lot of people want to get into cryptocurrency, but feel like they are lacking the technical knowledge to understand it properly. Keepkey is a hardware wallet that is designed with those people in mind. It works straight out of the box, and is durable enough to withstand being dropped and thrown around. It is not as practical as the Coolwallet S and can’t hold as many different kind of tokens as the Ledger Nano S, but it’s simplicity is a strong selling point. More importantly, however, there is no issues with connectivity like there is with the Ledger Nano S. Keepkey supports the most popular cryptocurrencies like Bitcon, Ethereum, Litecoin, Dogecoin, and Dashcoin. Like the Ledger Nano S, Keepkey also supports ERC20 tokens, so you can use it to hold most ICO generated tokens. The parent company of the Keepkey manufacturer is Shapeshift, so the wallet is also integrated with their software.

Trezor Model T

The Model T from Trezor is perhaps the best cryptocurrency wallet if you are concerned about safety. The Trezor Model T has a wide range of security features that will put your mind at ease. Some of the featured includes a bootloader that is write protected, and that verifies all firmware signatures. It also supports BIP39 passphrases.

As cryptocurrencies become an increasingly more integrated part of everyday life, many traders and tax professionals are asking themselves how to deal with the tax questions. Starbucks will begin to trail the acceptance of cryptocurrency payments in November this year, so there will definitely have to be some hard and fast rules put in place soon. However, the US tax authorities have not yet made any official statements to address the questions on cryptocurrency and taxes. Fortunately, there are already a few answers to be found from those who have taken the time to look into the matter.

A quick summary

For the uninitiated, the world of cryptocurrency can still seem slightly confusing. So if you have been hesitant to get into the crypto-trading game, then a bit of background might be helpful. Cryptocurrency was created in the wake of the 2008 financial crisis and gained in popularity due to the loss of trust in the mainstream banking system. Some of the earliest cryptocurrency tokens were Bitcoin and Ethereum. Since then, a multitude of different tokens like Litecoin, Ripple, Monero, and others have come into circulation. There are currently over 1,500 tokens on the market. Given that the market cap of the most popular tokens like Bitcoin is in the billions of dollars, questions about the taxation of trading in them will naturally emerge.

Cryptocurrency is currently treated as property

The term cryptocurrency is at the moment a bit misleading for tax purposes. The reason for this is that it is in fact considered to be property rather than currency. In other words, trading in cryptocurrency is more akin to trading in assets and real estate than it is to foreign exchange of fiat money.

Transactions are taxable

Any transactions made with cryptocurrency are taxable events and must be recorded in the same manner as other transactions. All receipts must be kept and included in the taxable income for the year. One can wonder if this means that businesses are able to expense business related transactions with cryptocurrency as well?

Taxes depend on the nature of the token

Whether or not the exchange of cryptocurrencies is taxable depends on what the given token means to the holder and taxpayer. For some, this can be a capital asset. For others, it can be property or inventory.

Cryptocurrency mining is taxable

Cryptocurrency mining is the process of validations cryptocurrency transaction in exchange for a proportional amount of that cryptocurrency token. Given that this is essentially providing a service in exchange for payment, it is considered a taxable income if you make a profit. In order to report these profits to the tax office properly, the fair market value of the cryptocurrency token needs to be added to your gross income. Whether or not you perform your mining activities as self-employed or as part of an organization needs to be reported as well.

Salaries and one-off payments can be taxable

If you are working for someone on a freelance or permanent basis and get paid in cryptocurrency, these payments could also be taxable. If the payment amounts to more than $600, then it should be reported to the IRS.

Read the rest of the insights HERE.