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Crypto.com Has Rolled Crypto.com Tax and We Can’t Wait For It To Go Live

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Crypto.com is pleased to announce the launch of Crypto.com Tax in Canada, with plans to expand to other markets in the near future.

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Crypto.com Tax simplifies the filing of complex crypto taxes with its user-friendly interface and country-specific tax calculation formulas. This completely free service allows users to easily produce reliable and well-organized crypto tax reports, complete with transaction history and capital gains and losses information. We partnered with competent tax advisors to ensure that the calculation logic complies with existing guidance and laws in Canada for filing crypto taxes.

Users can upload a CSV file or use API synchronization with major platforms like the Crypto.com App to import crypto transaction records from approved exchanges and wallets. Crypto.com Tax can provide users with an estimate of taxable gains/losses on related crypto transactions in a matter of minutes, which can then be downloaded for tax reporting.

Is cryptocurrency subject to taxation?

For tax purposes in Canada, cryptocurrency is classified as a commodity. Depending on the situation and the individual’s purpose, income from crypto transactions is viewed as either capital gain/loss or business income. When users sell bitcoin, they must record the sale on their Canadian personal income tax return. On the CRA website, cryptocurrency disposition is defined as follows:

  • Sell or make a gift of cryptocurrency
  • Trade or exchange cryptocurrency, including disposing of one cryptocurrency to get another cryptocurrency
  • Convert cryptocurrency to government-issued currency, such as Canadian dollars
  • Use cryptocurrency to buy goods or services
  • Crypto.com Tax has complete integration with common exchanges and wallets, as well as a user-friendly interface that allows you to get the job done quickly.
  • Crypto.com Tax is the market’s first crypto tax product that offers completely free services to anyone who wants to file their crypto taxes. We’ll do the estimate for you at no expense, no matter how many transactions you’ve had in the previous years.
  • Our user interface is simple and intuitive, with the aim of providing the best possible user experience when dealing with tax issues. Before your final results are generated, you can review all of the results.

How does tax reporting work?

To plan for  your tax returns, it’s mandatory to have complete information of your cryptocurrency transactions of all exchange and wallet accounts from the time you purchased your first crypto. Even Though, you are only filing your tax return for 2020, in order for the cost basis to be reflected, the complete transaction history needs to be submitted for appropriate results.

You can export your Crypto.com Wallet App transaction log into a CSV file. Next, upload the CSV file to Crypto.com Tax. For tax reporting of other exchanges/wallets, visit the website and follow the instructions to connect API or upload CSV file.

How do I know if my cryptocurrency is taxed?

Essentially, if you are a traditional crypto trader who treats cryptocurrency trading as a hobby, your taxable profits would be measured by subtracting the proceeds from the modified cost base of the crypto-multiplied by 50%. Any proceeds from the sale are considered capital gains and are taxed accordingly.

The income from disposition, on the other hand, would be called business income/loss if you were running a crypto business (not a hobby). Crypto.com Tax does not support business purpose transactions at this time. As a result, if your crypto transactions are business-related rather than recreational, this might not be the best tool for you.

Cryptocurrency Transactions and Taxes

Purchasing cryptocurrency (for example, CAD BTC)

Purchasing cryptocurrency is not a taxable case. However, it’s important to keep track of the purchase price (along with any related fees), since this becomes the cryptocurrency’s cost basis and can be used to calculate capital gains/losses for future taxable events (i.e. dispositions, etc.)

Selling Cryptocurrency (e.g. BTC CAD) is being sold

A taxable case is the exchange of cryptocurrency for fiat currency. Subtracting the cost basis and related costs (discussed in more detail in the commission session below) from the proceeds yields the capital gains/losses.

Property laws in other countries

If you own more than CAD100,000 in “specified foreign property” in a given year, the CRA needs you to file the Foreign Income Verification Statement (T1135). Some cryptocurrencies can be classified as “international property” depending on their location, which is not always in the country defined by the fiat currency.

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Source: https://coinpedia.org/crypto-tracking-tools/crypto-com-has-rolled-crypto-com-tax/

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Unstoppable Wallet Review – A Multi Blockchain Wallet.

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Unstoppable wallet aims to be a private and borderless bank that gives open access to global cryptocurrency-powered markets. While most wallets out there are set out for this very goal. In this review, let’s understand how different or the same Unstoppable Wallet is.

Know about its exclusive features, security specifications, supported tokens, and more.

Overview

Name                                         Unstoppable Wallet

Released                                     2019

Wallet type                                  Multi-currency, Non-Custodial

Platforms supported                    IOS, Android

Cryptocurrencies supported          Supports 100+ currencies, BTC, DSH, DOGE and More.

Mobile Support                                 Yes

Price                                                   Free

What is an Unstoppable Wallet ?

Unstoppable is a non-custodial and user-friendly Bitcoin and cryptocurrency mobile wallet. This wallet includes some key functions for storing, exchanging, and monitoring Bitcoin performance while being anonymous.

Unstoppable is open-source, decentralized crypto storage. It is a more recent wallet that is designed to be quick and simple to use. It can hold most major cryptos, including Bitcoin, Ethereum, Litecoin, Binance, Bitcoin Cash, and numerous ERC20 and BEP2 standard cryptocurrency tokens.

Wallet Features

Ease of Use: Unstoppable design and interface are far superior to those of other non-custodial programs available.

Multi Blockchain: Unstoppable is the only non-custodial mobile wallet that supports the blockchains of Bitcoin, Bitcoin Cash, Ethereum, Dash, EOS, and Binance DEX, as well as all tokens that exist on those blockchains.

Standard-Compliant: Most Bitcoin wallets are either non-standard or only support one of the three widely accepted standards. The BIP44, BIP49, and BIP84 standards are all supported by Unstoppable.

Peer to Peer basis: Since there are no central servers, hackers, governments, or corrupt operating systems will never be able to block or take the app down.

High Anonymity: During the sign-up process, the app does not ask for any personal information. There is no need to register an account, there are no identity checks or KYC processes, and your transaction data is not stored on third-party servers.

How to Use Unstoppable

When you initially use the app, you’ll be given the option of creating a new wallet or restoring an existing one.

After you’ve completed the basic setup, go to the Balance tab. Any coins you hold, as well as the current USD conversion rate, the number of tokens you own, and the daily price change, will be listed. The value of your entire wallet in USD will be displayed at the very top of the screen.

A user can access various security options on the wallet. There is a Security Center, Theme, Language, and Coin Management.

How to Send Tokens

Step 1: Tap on “ token” on the Balance tab (the token you need to send)

Step 2: Now tap on the Send button on the right-hand side of your wallet

Step 3: Enter the number of tokens and the crypto address of the person you would like to send the crypto to.Select Next to review and confirm the details of this send.

Step 4: Check the address and amount, check fee cost and confirm sending

How to Receive Tokens

Step 1: Tap on “token” on the Balance tab (the token you need to receive)

Step 2: Now tap on the Receive button on the left-hand side of your wallet

Step 3: Here you will see your address in plain text and as a QR code. You can use this address to receive funds.

Supported Cryptocurrencies

Unstoppable supports 100+ cryptocurrencies. Some of the major tokens are as follows,

  • Aave
  • BAT
  • Binance
  • Bitcoin
  • Chainlink
  • Dash
  • Enjin
  • Ethereum
  • Matic 
  • Ripple

Fees & Limits

This wallet makes fee recommendations based on current network circumstances. This implies that this wallet will assist you in determining the proper fee so that your transactions are confirmed quickly without costing you more than necessary.

Fees are subject to change based on market demand and network capacity. How much you’re willing to spend determines how much you pay per transaction.

Your transaction will be handled faster if you pay more. Those who pay less have their transactions put on hold until the miners see no other transactions with greater priority.

Pros & Cons

Pros

  • Multi Wallet
  • Non Custodial
  • KYC not required
  • Private & Secure

Cons

  • Fees is not determined
  • No two-factor authentication
  • Not available for desktop

Is Unstoppable Safe ?

Unstoppable is audited by Bitcoin.org, Certick, and approved by wallet scrutiny. The wallet keeps the user’s anonymity intact. During the sign-up process, the app does not ask for any personal information. There is no need to register an account, there are no identity checks or KYC processes, and your transaction data is not stored on third-party servers.

Your tokens’ private keys are saved on your device and never leave it. That means you are the only one who has access to your funds; no one else can make a transaction in your wallet.

Conclusion

Unstoppable is a noncustodial, private, and safe wallet. The features are quite compelling and it is easy to use. A lot of cryptocurrencies are supported on the platform and trading them is a hassle-free experience. Hence, in a nutshell, Unstoppable is a wallet worth giving a shot.

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Source: https://coinpedia.org/crypto-wallet/a-multi-blockchain-wallet-review/

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Hoskinson Disses Dogecoin! Questions its Relevance

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Amongst the plethora of things, Hoskinson spoke on the Lex Fridman podcast, Why Tesla should opt for Cardano over Bitcoin and what’s the relevance and significance of Dogecoin were some interesting takes we’d like to pick on.

Charles Hoskinson on the podcast said, if Tesla truly cares about sustainability and carbon neutrality it should abandon Bitcoin 

“Well, if they truly care about alternative energy, sustainability, carbon reduction, and carbon neutrality, you can’t be in a system where there’s no built-in mechanism to constrain the energy consumption,” he said. 

However, he reluctantly did admit that the claim that Bitcoin could use otherwise wasted energy has some merit. 

He even says, unless Tesla can establish that the proliferation of bitcoin will legitimately result in the development of wind, battery, and solar energy. They should just focus on green cryptos. 

Hoskinson had earlier noted that Cardano uses only 6-gigawatt hours of energy per year, which is a tiny fraction of the massive energy used by bitcoin.

It’s not only about concerns about climate change; according to Hoskinson, Bitcoin is “the least programmable crypto,” limiting it from achieving “interesting, unique, sexy things.”

Also Read : Is Cardano a Possible Alternative For Tesla? ADA Price Hits New Heights

When asked about Dogecoin and the hype it has got by Musk’s endorsement, Hoskinson made some arguably critical points about the token and its use case.

Dogecoin started as a parody, but it has grown into such a massive thing, according to Hoskinson, that it is a viable target for someone to fix it up, mend it, and turn it into intriguing crypto.

He says it’s really hard to build crypto with a good use case and questions what’s the use case Dogecoin has.

“What’s the point of Doge, Is it just a Meme? Is it just contending to be useful? Or is it competing as a store of value against Bitcoin” 

He goes onto say that if Doge wants to be a store of value, why does it have the monetary policy that it does? He also asserts that Doge has a predatory distribution, with over 90%  consolidated in the hands of less than 1% of holders at a very low price. If these investors start selling and profiting, it will impact retail investors.

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Source: https://coinpedia.org/breaking-news/hoskinson-disses-dogecoin/

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Switchere Enables Crypto Exchanges Without ID Verification

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Switchere.com, an EU-based online crypto exchange, has recently enabled crypto exchange operations (buy, sell and swap) without obligatory ID verification. Now platform users can register an account on the website, provide some basic info for order processing and make crypto exchanges with an upward limit of $150 / €150. 

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This limit is renewable monthly, meaning that every new calendar month, the limit will be renewed and customers can buy and sell crypto within the specified limit repeatedly without ID verification. Users, who successfully complete automated ID verification (15 min.), can make their first order and pay zero service fee. With each consecutive transaction in the amount €100 and upwards. The volume discount on the service fee increases and users can save up to 45% OFF the service fee. 

The available payment methods are rich and versatile, ranging from traditional VISA / Mastercard / Maestro bank cards (credit, debit and prepaid cards are accepted), SOFORT and NETELLER online banking, SEPA bank transfers and M-Pesa mobile banking. The list of supported fiat currencies includes EUR, USD, MYR, IDR, THB, VND and KES. The crypto portfolio embraces Bitcoin, altcoins, DeFi tokens and stablecoins.

Users can also use the built-in account balance functionality to deposit, store, send and receive cryptocurrencies. On top of that, it is viable to buy, sell and swap coins using the account balance, which significantly reduces the order processing time and fees. The user interface and navigation are intuitive and customers can manage and customize account settings (base currency, time zone, withdrawal card list, etc.) in accordance with their personal preferences.

Besides, Switchere.com runs its crypto Affiliate Program, which allows active platform users to make passive income by popularizing the crypto exchange services. The affiliate commission amounts to 55% from the service fee paid by the referrals. The greater the referrals’ involvement with the Switchere.com services, the bigger revenue it is possible to generate. There are no daily/weekly/monthly limit restrictions with regard to withdrawals of affiliate earnings and the number of referrals is unlimited. 

About Switchere.com

Switchere.com is a licensed and regulated online cryptocurrency exchange service provider headquartered in the European Union. It has gained popularity due to its intuitive design, fastest order processing, multiple payment methods (including region-specific online banking), transparent pricing, first-class security, regular discounts and promo campaigns, among others. The platform is fully compliant with all international laws and guarantees that all cryptocurrencies are 100% clean (no fraudulent schemes or illegal money-laundering) due to implementation of the next-gen Crystal blockchain analytics tool.

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Source: https://coinpedia.org/press-release/switchere-enables-crypto-exchanges/

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Some Feel-Good News About Trading to Brighten Your Day

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A lot of people are joining the forex trading community nowadays with the aim of making a huge amount of money. Unlike other ways of making money, trading makes everything easy by giving you the time needed to work at your own pace. There’s no need to answer anyone because you work when you want to. Your aim is to analyze when the market price gets low to place your bid and resell when it rises. While trading is a quick way to make money, it’s also risky and complex compared to other investment options.

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To get started you need to have a trader account on a reputable broker. You can read a full review of itrader here to get started with the trading of forex. You shouldn’t let yourself get cold feet because of the complexity of trading forex. We have analyzed and arranged some feel-good news about trading that will brighten your day with engaging information.

Here’s a list of what you need to know about trading:

Potential to Make Large Profit

Yes, you heard it right. As you trade forex, you have the potential of making a huge profit. There are different ways to analyze the market and earn profits. However, not everyone has succeeded in making a huge amount of profit from trading. But a lot of famous people have done it in the past. One of the popular people being ED Seyokota who turned $5,000 to a whopping $15 million in 12 years of trading. Taking a look at this, you will determine that patience is an essential attribute for traders who want to succeed. Once you are able to implement a potential strategy for generating profit, then nothing will be able to stop you from earning a massive return. Looking for more lucrative information for traders? Then you should explore more on jafx review here.

Less Time Commitment

A lot of famous and professional traders don’t trade every day. They watch and evaluate the market carefully waiting for the right time to strike and make a profit. You might be surprised to know that most professional traders only trade for a few hours. You can implement this strategy and become a successful trader by learning from experts. You can make use of brokers that offer educational tools to maximize your trading skills. You can read go markets review here to learn about the brokers that offer traders potential educational tools.

Cost Savings

While implementing the trading skills of professionals, you won’t need to trade often, which saves you money. Professional traders don’t trade every minute to spend their money and lose. They time the market very carefully and only trade when they are certain to make a profit, which is cost-saving. So, learn and implement this strategy to save money while making profits.

Conclusion

A lot of people are joining the forex trading community nowadays with the aim of making a huge amount of money. Unlike other ways of making money, trading makes everything easy by giving you the time needed to work at your own pace. With the above information, you will be enlightened on how to trade like a professional.

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Source: https://coinpedia.org/guest-post/trading-to-brighten-your-day/

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