How Bitcoin Is Taxed. There’s a lot of confusion around ...

Forbes: Bitcoin Investors Targeted With Audits By Canada's Federal Tax Agency

https://www.forbes.com/sites/ktorpey/2019/03/06/bitcoin-investors-targeted-with-audits-by-canadas-federal-tax-agency
Interesting to see what comes of this.
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Bitcoin’s Existential Risks; New Crypto Tax Rules - Forbes

Bitcoin’s Existential Risks; New Crypto Tax Rules - Forbes submitted by prnewswireadmin to cryptonewswire [link] [comments]

Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too - Forbes

Pay Your Taxes In Bitcoin, Trigger Tax Losses On Price Drop Too - Forbes submitted by ulros to fbitcoin [link] [comments]

U.S. Bitcoin Ban Unlikely; IRS Targets Crypto Tax Dodgers - Forbes

U.S. Bitcoin Ban Unlikely; IRS Targets Crypto Tax Dodgers - Forbes submitted by prnewswireadmin to cryptonewswire [link] [comments]

Bitcoin Investors Targeted With Audits By Canada's Federal Tax Agency - Forbes

Bitcoin Investors Targeted With Audits By Canada's Federal Tax Agency - Forbes submitted by ulros to fbitcoin [link] [comments]

How To Transfer Bitcoin Without Triggering Taxes – Forbes

How To Transfer Bitcoin Without Triggering Taxes – Forbes submitted by leftok to atbitcoin [link] [comments]

Bitcoin Tax Firm Libra Granted Same Credentials As Amazon, ICE, Oracle - Forbes

Bitcoin Tax Firm Libra Granted Same Credentials As Amazon, ICE, Oracle - Forbes submitted by ulros to fbitcoin [link] [comments]

Bitcoin Sellers Cut Taxes By Moving Before Sale – Forbes

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11-27 16:24 - 'Ohio Becomes The First State To Allow Taxpayers To Pay Tax Bills Using Cryptocurrency' (forbes.com) by /u/SafeBid removed from /r/Bitcoin within 904-914min

Ohio Becomes The First State To Allow Taxpayers To Pay Tax Bills Using Cryptocurrency
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[Forbes] - Bitcoin Options And Other Tax Dangers

[Forbes] - Bitcoin Options And Other Tax Dangers submitted by waqqasalvi to Coinpick [link] [comments]

05-15 16:53 - '21 Trillion US Tax Payers Dollars gone missing!' (forbes.com) by /u/LegendsRoom removed from /r/Bitcoin within 1119-1129min

21 Trillion US Tax Payers Dollars gone missing!
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04-29 09:23 - 'Bitcoin's Rebound Continues After April 17 Tax Day' (forbes.com) by /u/Arybnmk removed from /r/Bitcoin within 120-130min

Bitcoin's Rebound Continues After April 17 Tax Day
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04-29 09:24 - 'Bitcoin's Rebound Continues After April 17 Tax Day' (forbes.com) by /u/Arybnmk removed from /r/Bitcoin within 179-189min

Bitcoin's Rebound Continues After April 17 Tax Day
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Loophole Allows Tax-Free Bitcoin Exchanges Into 2018 – Forbes

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Forbes- Will the IRS "kill Bitcoin by taxing it to death"?

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Best Of FORBES: How To Pay Bitcoin Taxes, America's Break From Auto Industry

Best Of FORBES: How To Pay Bitcoin Taxes, America's Break From Auto Industry submitted by BTCNews to BTCNews [link] [comments]

How I Paid My Bitcoin Taxes - Forbes

How I Paid My Bitcoin Taxes - Forbes submitted by bVector to NSL [link] [comments]

Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining And More | Forbes

Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining And More | Forbes submitted by werwiewas to Bitcoin [link] [comments]

Tax Troubles - Bitcoin Bubble For Merchants - Forbes

Tax Troubles - Bitcoin Bubble For Merchants - Forbes submitted by ninjagato to dogecoin [link] [comments]

Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining And More | Forbes

Bitcoin At Tax Time: What You Need To Know About Trading, Tipping, Mining And More | Forbes submitted by BitcoinAllBot to BitcoinAll [link] [comments]

Top 5 Misconceptions About Blockchain

When we are faced with a new technology, we often look for analogies to understand and describe it. To bridge the knowledge gap, we seek analogies from the universe concepts familiar to us.
In our search for the right analogies, we often risk misunderstanding this new technology. Blockchain technology has introduced a paradigm shift in the way we organize ourselves to generate, account for, transfer and store value. Yet, we are still in early stages of understanding its importance.
In this post I will try to shed light on the top 5 major misconceptions about digital assets and about the open blockchain—a technology that underlies them.
1. Blockchain, not bitcoin
This misconception stems from failing to realize why blockchain exists in the first place. In essence, blockchain is a shared ledger designed to function in an extremely hostile, open environment. It derives its value from the security of its tamper-proof records.
In the blockchain networks powered by proof-of-work (PoW) algorithms, that security is achieved by miners competing to solve a computationally intensive puzzle. The miners do this with the expectation of receiving a digital token as a reward. This digital token can be freely redeemed for fiat currency to cover their operating costs and generate profits. These open systems are designed in such a way that value of their token ultimately dictates the level of security of their network.
When we decouple the concept of blockchain from its underlying token, it simply wipes out most, if not the entire, value proposition the blockchain as a concept.
Implementing blockchain as a token-less system of recordkeeping within a single company is perhaps the prime example of this misconception. Such an endeavor fails to use one of the most valuable properties of the open blockchain. Implementing a blockchain solution in such settings may even be counter-productive especially when better alternatives exist, in the form of databases with proper access control.
Blockchain could be useful in a commercial setting where a consortium of companies decides to use a single ledger to keep track of important transactions. An example of such transactions could be shares of companies that are traded on Wall Street millions of times each day. These transactions are reconciled periodically between the financial institutions by a trusted third-party entity, which could be ultimately replaced by a blockchain-based protocol at a fraction of their cost. That said, these systems may never become as secure and tamper-proof as the open blockchain as the security of the network depends on the number of its minestaking nodes.
2. Exchange Hacks = Digital Assets Are Not Secure
Centralized digital asset exchanges are popular avenues for exchanging digital assets for currencies such as USD or other digital assets. However, their design creates a system of incentives for external or internal actors to compromise them.
When we hear about exchange hacks in the digital asset space, it almost always involves compromising the security of an entity that operates within the traditional server-client architecture. However, the mainstream consciousness conflates the digital exchange security with that of technology that underlies digital assets. Holding a digital asset in a cold storage is extremely secure. Holding it in an exchange is not.
3. Blockchain has low TPS, hence it will never compete with or replace traditional financial infrastructure
Traditional financial systems process a vast number transactions every day. This transaction processing capacity is called throughput and is measured by a metric called transactions per second (TPS). Payment networks such as Visa claim to process up to 56,000 TPS, while traditional exchanges are likely to have much higher capacity to process transactions to accommodate high-frequency trading.
Today, the Bitcoin network processes around 4-5 transactions per second while the second largest digital asset network—Ethereum processes around 15. If we compare the current state of the blockchain technology to the demands of the global financial industry, it is easy to see why such claims could be justified. However, this is a myopic view of this new technology, very much akin to the way Kodak dismissed digital cameras as a potential threat to its business model.
It failed to recognize (i) the speed at which digital cameras would develop and (ii) the fundamental shift the digital cameras introduced in the way we take and store pictures, despite being the company that invented digital cameras in 1975. As the history shows, that was Kodak’s grave mistake.
It is hard to ignore the historical parallels here. The digital asset space is evolving fast. The next-generation networks, which operate under the proof-of-stake consensus mechanism, preserve the securities of proof-of-work, but do away with its capacity limitations. A notable example of that is Cardano. These new networks also represent a shift in the global economic paradigm that many do not seem to notice.
4. Digital Assets Have No Intrinsic Value
The concept of intrinsic value, or lack thereof, is often used to describe digital assets as a purely speculative asset class. While this may apply, with some justification, to digital assets which only claim to function as money, such claims fail to capture the wider nature of platform-based digital assets, which derive their value from the direct use of their networks.
In digital asset platforms like Cardano or Algorand, the native token gives the holder the right to participate in the consensus of the network through the process of staking. The consensus mechanism secures the network, maintains the decentralized ledger, enables participation in the governance of the network and can sustain myriads of decentralized applications with real-world utilities.
Put simply, digital tokens may derive their value from the economic activity that takes place on their networks. The economic activity on such networks, in turn depends on the security of the network, its technical capabilities, its transaction fees and the real-world utility of decentralized applications that reside on them. In that respect, they can be thought of as a new kind of financial instrument. The kind that seamlessly combines the properties of currencies, commodities, and shares of ownership into a single digital token.
These new instruments require that we develop and apply new analytical frameworks to value them, much like the concepts of equities and derivatives did when they first emerged as new financial instruments.
5. Developed Economies Do Not Need Blockchain Technology Because They Have Well-Established Financial/Commercial Solutions.
While it is easy to see how the blockchain technology could unlock a lot of value in the emerging markets, the idea that developed economies do not benefit from this technology is short-sighted.
It is akin to saying that cell phones are a great technology for emerging markets, but developed markets already have land lines, hence do not need them. In a similar vein, we could argue that developed countries do not need internet because most of what internet could do already exists in analog form.
We have to realize that (i) at its core, blockchain is a paradigm-shifting infrastructure/technology and (ii) despite its nascent stage, blockchain is extremely cost-effective… To a degree that it has the capacity to fundamentally disrupt a slew economic sectors out of existence, from banking to real estate, and create new ones.
When we accept this eventuality, we will have to face some uncomfortable truths that many sectors will not exist in their current form or entirely disappear. Currently these sectors provide economic value, employment and generate taxes. If some blockchain-based solution is to replace them in 3-5 years, where would that value migrate? Losing them to open blockchain networks would not be acceptable politically or economically for many developed countries.
One way out of this could be for developed countries to invest in national networks, allowing them to reap the benefits of this new technology, while retaining value from economic activity of their citizens and companies within their jurisdictions.
Another, more realistic way, would be to invest heavily into friendly legal frameworks that would encourage both individuals and companies that would ultimately develop or maintain open blockchain protocols migrate to these jurisdictions, drawing in talent, capital and innovation.
One thing is becoming increasingly clear: we can no longer ignore the elephant in the room. Much like digital cameras and internet itself, blockchain is unstoppable.
If you like this article and would like to have access to our in-depth research in the future, please consider staking with skylight pool (tickers SKY and SKY2). We are working hard to create a suitable space on pooltool.io to disseminate our research to our verified stakeholders.
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Digital Dollar, FedNow, CBDC, the central banks spending and global push for more control through digital currency.

At the beginning of the Covid-19 outbreak a few interesting things happened. China introduced the "Digital Yuan / RMB" And in April the "Digital dollar" was proposed in the first stimulus bill here in the USA. And they haven't stopped talking about it since. High tables from the White house Financial committee, Federal Reserve, US congress. Aiming to have a digital currency working as early as 2021 to provide UBI / Universal basic income to the masses, all while being able to track, freeze, limit, manipulate spending throughout the economy. Starting to sound rather like a "Black mirror film" isn't it? Well...China has taken it a step farther with their "Social Credit system" watching and controlling nearly every aspect of life. . . but we're here to talk about currency. How could this even happen in America? Well, to start
All of the above is a partial list of factors devaluing the Dollar and trust in it from several ways and views. At the end of the day it has a huge amount of enemies, that are all looking for ways to get out of it.
Some of what I'm seeing personally.
It is a death spiral for the working person, where it used to be "No more than 30% of your wage going to housing" It is now well over 50%....Just look at this recent post in Frugal https://www.reddit.com/Frugal/comments/ifqah1/is_it_normal_for_a_third_to_a_half_of_you?utm_source=share&utm_medium=web2x&context=3
This death spiral I foresee getting worse. And historically any "tax" / regulation cost will just be passed down to the consumer in form of increased prices until people / businesses move elsewhere as we've seen in several cities around the US.

So what can we do? Buy Gold! Silver! Bitcoin! Stocks! I hear people roar, They aren't exactly wrong as history shows... but have you considered the 30-40% tax on the "gain"? Even when that asset buys the same value before tax? What if the government makes it illegal like the 1933 order: 6102 Where you couldn't own gold for nearly 50 years? You're frozen out, or even out on taxes (which will likely be more strict and controlled later in time).
I'd say Invest in things that will
Metals are the next step when a person has plenty of the above. You get to a point where you have hundreds of thousands, if not millions that you need to condense into something real.
It is all about the savings or productivity gain of the investment. For instance I would wager that many preppers have gotten more use / value out of a $800 clothes washer than a $800 rifle. (have you ever had to do manual laundry???) Sure the rifle will hold value...but it often doesn't pay you back with time / what it saved and / or what it has produced during its life unless you are using it. Same can be said of security cameras, a generator, a tractor, trailer, garden, tools, ect.
Look at history even, in countries that have experienced hyperinflation people that already had tangibles they regularly use were way ahead. It could even be honey, a tool, extra maintenance parts, can of food, that bottle of medicine, a computer to keep your intel on point, (cough # PrepperIntel plug) use of your equipment to do or make something for someone. Real Estate is good too, it rides inflation well and has many ways of being productive.
Your metals could be sitting there like the rifle, and could be subject to hot debate and laws. Meanwhile that garden is paying back, chainsaw is helping saw up wood, or your tractor is helping a job, your tools just helped you fix something / saved you much loss, Your security stopped a loss not by a person, but an random animal stealing things. Or that $25,000 solar array is paying you back by the day in spades...while making you independent...running all your tools you're using to make things to sell, and even heating / cooling some of the house with the extra juice while places around you experience rolling blackouts. You were even smart and took the current 24% tax benefit the government has saving you $5000 on it for batteries. Don't get me started if you have an electric vehicle with solar... I'm rambling at this point...and all those stealthy / direct and passive background savings...even if the crap doesn't hit the fan.
So anyways, With out of control central banks and big governments, digital currencies, How do you think it will play out? Are we heading to dystopia?
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How TokenTax works! Crypto Taxes in 2020 Crypto & Bitcoin Taxes Explained - Everything You Need To ... Bitcoin and Tax - Professional Advice from a CPA Cryptocurrency Taxes 2020 Explained (Featuring TaxBit CEO Austin Woodward) Crypto Taxes - Do You Understand What To Do? - I Talked With An Expert Today!

In August of 2020 Bitcoin surged in value to more than $11,000. Though this does not beat the $20,000 Bitcoin achieved in 2017 and it has fallen back to since then, it does show that Bitcoin is a ... Taxes are a worry of course, and they are arguably more difficult than last year. For one, it is clear that so-called 1031 tax-free exchanges can no longer be used for crypto. Forbes. Follow. Jun 11, 2019 ... If bitcoin is a cryptocurrency … is it taxed like currency? ... For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money ... For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. If bitcoin is a cryptocurrency … is it taxed like currency? ... For federal taxes, that means you pay a 15% tax on any gains, unless you make a lot of money (more than $479,000 (for married couples) or $425,800 (for individuals)), in which case you pay 20%. ... Forbes Special Offer: Be among the first to get important crypto and blockchain ...

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How TokenTax works! Crypto Taxes in 2020

Welcome to TokenTax (https://tokentax.co) - the easiest way to file your cryptotaxes! Please enjoy a quick explanation of how to use what Forbes rated as the best CryptoTax platform on the market. Today's video is about How to Avoid Paying Taxes on Cryptocurrency and Bitcoin, for which I'll give a few examples of for entertainment purposes only. In rea... Consult a professional (or two...or more) for any tax, accounting or legal related questions you may have. #bitcoin #ethereum #cryptocurrency #blockchain #crypto #economics #investing #trading # ... Bitcoin & The Tax Man ☠💰💣 How The IRS Catches Tax Cheats - Duration: 17:33. David Hay 75,718 views. 17:33. Mix Play all Mix - David Hay YouTube; Crypto ... Check Twitter @Cryptokeith For More News https://www.forbes.com/sites/kellyphillipserb/2018/01/19/as-feds-prepare-for-shutdown-heres-what-it-means-for-irs-an...

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