Connect with us

Blockchain

Deribit and CryptoTaxCalculator Partner to Streamline Tax Reporting

Cryptocurrency futures exchange Deribit has partnered with CryptoTaxCalculator in a bid to simplify tax reporting for traders. The CTC tool is easy to use and can directly import transaction data from Deribit and automatically generate your tax reports. With tax season upon us, the deadline being May 17 for US citizens, CryptoTaxCalculator has an enticing […]

Published

on

Cryptocurrency futures exchange Deribit has partnered with CryptoTaxCalculator in a bid to simplify tax reporting for traders. The CTC tool is easy to use and can directly import transaction data from Deribit and automatically generate your tax reports.

With tax season upon us, the deadline being May 17 for US citizens, CryptoTaxCalculator has an enticing deal to ease the pain of self-reporting. Using the code DERIBIT_40, you can get a 40% discount on CryptoTaxCalculator’s annual subscription.

CryptoTaxCalculator Soothes Your Tax Blues

CryptoTaxCalculator helps you prepare your books stress-free without the need for an accountant. It supports over 100 exchanges and non-exchange activities such as airdrops, staking, mining, ICOs, and other defi activities. CryptoTaxCalculator’s automatic categorization algorithm ensures each transaction’s tax is calculated accurately.

CryptoTaxCalculator offers a wide variety of annual subscriptions with its Rookie package starting at $49 and its ultimate package, Trader, coming in at $299. Each package is designed to offer maximum utility based on the number of trades. As a result of the firm’s latest partnership, Deribit users will save precious time and be able to calculate their taxes with ease.

How To Make Crypto Taxation Work For You

When it comes to calculating crypto tax, it should be noted that in many countries, cryptocurrencies are treated as securities. This means that you can be liable for both capital gains and income tax depending on the type of cryptocurrency transaction and your individual circumstances. 

CryptoTaxCalculator supports FIFO, HIFO, and LIFO inventory costing. Cryptocurrency is an asset and depending on your inventory method you can potentially save some money.

The next thing to be aware of is tax loss harvesting. As a trader it is inevitable that you are going to make losses. The upside is that because cryptocurrencies are assets, you can harvest your losses and therefore pay less taxes and get back to your position. Nifty, right?

Third, account for the cost basis of your returns. Again, CryptoTaxCalculator comes to the rescue here. It automatically matches the value of your trades to the dollar price at the time of the trade. This accounts for inflation which most would forget to account for. Also, their support for non-exchange activities, such as mining and staking, makes tax calculation for qualified business expenses simple.

Hope For Hardcore Hodlers

If you’re holding cryptocurrency long term, you may wish to consider investing in a SDIRA, life insurance policy, or donating some of your crypto to charity. An SDIRA defers taxes until retirement and you will qualify for less taxes. A life insurance policy is generally exempt from taxes and your heirs will thank you for it. Finally, donating to charity will exempt you from paying taxes on the capital gains of the donated property and you get a tax deduction equivalent to the fair market value of the asset at the time of the donation.

A final tip for tax reduction is to get married. In certain countries, there is a little known 0% tax rate for long-term capital gains. The eligibility for this 0% tax rate depends on your filing status, annual income you make, and how long you kept the cryptocurrency before selling it. If you’re married and you file jointly, you could qualify for a 0% return for up to $80,000.

Alternatively, you could just move to Puerto Rico. The country is free from federal taxation and has its own tax laws. With some manoeuvring, you can qualify for tax-free cryptocurrency trading profits.

Outlandish as some of these strategies may sound, at the end of the day, it’s essential to determine how much you need to pay in taxes. Then, you can ascertain whether getting hitched and moving to the Carribean is the best approach, or whether plugging in CryptoTaxCalculator will provide a less drastic solution.

Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://bitcoinist.com/deribit-and-cryptotaxcalculator-partner-to-streamline-tax-reporting/?utm_source=rss&utm_medium=rss&utm_campaign=deribit-and-cryptotaxcalculator-partner-to-streamline-tax-reporting

Blockchain

El Salvador Considers Paying Workers Salaries in Bitcoin

The country of El Salvador considers paying the salaries of works in Bitcoin according to a recent report.

Published

on

Following the adoption of bitcoin as the country’s second legal tender, El Salvador’s government is discussing if companies would pay their employees in bitcoin.

  • In a tweet by a local radio station 107.7 Fuego on Tuesday (June 15, 2021), three government ministries were considering the possibility of companies’ workers receiving their wages in BTC. This was revealed by the Minister of Labor, Rolando Castro.
  • According to Castro, the decision to pay salaries in bitcoin will come after the bitcoin’s legal tender status becomes law. The Ministry of Labour is working with the Ministries of the Economy Finance to analyze the decision.
  • As reported by CryptoPotato earlier in June, a supermajority of El Salvador’s Congress voted in favor of President Nayib Bukele’s bitcoin plan. Even Google search for “El Salvador” reached an all-time high (ATH) following the announcement.
  • While the country’s decision to adopt bitcoin has seen high praise from BTC enthusiasts and the crypto community, the bitcoin move has raised concerns, especially from global financial institutions.
  • However, El Salvador continues to forge ahead with its bitcoin ambitions despite skepticisms. Recently, the Central American Bank for Economic Integration (CABEI) announced that it would offer technical assistance to the El Salvadoran government in the implementation of BTC as a legal tender. The government is also planning to mine bitcoin with energy from volcanoes.
SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/el-salvador-considers-paying-workers-salaries-in-bitcoin/

Continue Reading

Blockchain

Rep. Maxine Waters Announces a Task Force to Study Crypto and CBDCs

Rep. Maxine Waters announced a taskforce on Financial Technology that will study crypto and CDBCs an their impact in the US politics.

Published

on

America is not lagging behind in the crypto race. During the last hearing of the U.S. House Committee on Financial Service, Rep. Maxine Waters (D) announced the creation of a working group aimed at studying and regulating the crypto industry.

“As Cryptocurrencies grow exponentially, I have organized a working group of Democratic members to engage with regulators and experts to do a deep dive on this poorly understood and minimally regulated industry. Today we continue this discussion by considering Central Bank Digital Currencies, which are being created by governments around the world, and which the Federeal Reserve is actively reviewing.”

CBDCs and Crypto Need More Study Before Being Regulated

Waters explained that CBDCs have the ability to improve the country’s financial system through technological innovation but stressed that an in-depth study of the topic is needed for them to be differentiated from common cryptocurrencies.

Waters has been a vocal crypto skeptic for a long time and has already used her influence to slow down the previous administration’s progress on this issue.

In late 2020, after Joe Biden’s victory, Waters signed a letter requesting the new president to rescind the regulations issued by the Office of the Comptroller of the Currency focused on regulating banks and their relationships with crypto and stablecoins in general.

According to Waters, the OCC had overstepped its powers when issuing its interpretations, allowing banks to hold stablecoins in their reserves. Her petition also affected the OCC’s authority to continue granting banking licenses to crypto businesses.


ADVERTISEMENT

Waters did not disclose who the other members of the task force would be or which institutions they would collaborate with.

Two Sides of One Coin

There are conflicting positions among U.S. policymakers when it comes to crypto regulations. The SEC recently left cryptocurrencies off its regulatory agenda for the next quarter, showing that there is no major concern about regulating the space.

However, the landscape is changing among lawmakers. While there are some pro-crypto voices in the Senate, like Cynthia Lummis, there are also influential figures who are not very sympathetic to the decentralized world of cryptocurrencies.

In addition to Waters, Senators Elizabeth Warren and Roy Blunt recently criticized crypto, warning that cryptocurrencies have played a vital role in the boom of ransomware attacks, as well as helping with the worsening of the climate crisis.

The United States is also trying to move forward with the design and implementation of a possible digital dollar. The project hasn’t gained momentum yet, but it hasn’t been completely discarded either.

Much of the motivation for the industry’s growth is China’s progress in this area. In fact, working groups have already been created to study the impact that the DCEP, China’s digital currency, will have when it is implemented.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/maxine-waters-cryptocurrencies-cbdc-taskforce/

Continue Reading

Blockchain

Exodus: Chinese Bitcoin Miners Set Their Sights on Texas

The Bitcoin miner exodus from China is ramping up as the regime continues to clamp down on operations across the nation.

Published

on

Beijing is still issuing orders to shut down Bitcoin mining operations, and many of them are now seeking friendlier climes overseas to base their operations.

On Monday, CryptoPotato reported that Yunnan, the fourth-largest Bitcoin mining producer, had been targeted in the regime’s latest crackdown.

In what crypto industry observers are calling the “great mining migration,” many of these companies are looking towards North American, and specifically Texas, to base their mining facilities, according to a report by CNBC.

Everything is Bigger in Texas

Texas often has some of the world’s lowest energy prices, and its share of renewables is growing over time. Currently, Texas is the nation’s leader in wind-powered electricity generation, producing almost 30% of the U.S. total, according to the state comptroller.

The lone star state has a deregulated power grid that lets customers choose between power providers. Additionally, its political leaders and bankers are very pro-crypto, which makes it a dream destination for Bitcoin mina miners seeking a new home.


ADVERTISEMENT

Brandon Arvanaghi, previously a security engineer at crypto exchange Gemini, commented:

“You are going to see a dramatic shift over the next few months. We have governors like Greg Abbott in Texas who are promoting mining. It is going to become a real industry in the United States, which is going to be incredible.”

Vice president of Hong Kong-headquartered mining pool Poolin, Alejandro De La Torre, is already planning an exit.

“We do not want to face every single year, some sort of new ban coming in China. So we’re trying to diversify our global mining hashrate, and that’s why we are moving to the United States and to Canada.”

Arvanaghi continued to explain why Texas could be the destination of choice, stating, “Texas not only has the cheapest electricity in the U.S. but some of the cheapest in the globe,” before adding, “It’s also very easy to start up a mining company … if you have $30 million, $40 million, you can be a premier miner in the United States.”

Bitcoin Hashrate Exodus

Castle Island Ventures partner Nic Carter said that given the drop in hashrate, “it appears likely that installations are being turned off throughout the country.” The analyst thinks that probably 50% to 60% of Bitcoin’s entire hashrate will ultimately leave China.

Current estimates suggest that its market dominance is between 55% and 65%, and it is already falling. The actual hashrate for the Bitcoin network is currently 114.5 EH/s, down 33% from its peak of 171.4 EH/s on May 13, according to Bitinfocharts.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.

You Might Also Like:


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/exodus-chinese-bitcoin-miners-set-their-sights-on-texas/

Continue Reading

Blockchain

Orion launches Orion Pool: Aggregating Swap Pools and CEXs into One Decentralized Platform

[PRESS RELEASE – Victoria, Seychelles, 15th June 2021] Orion Pool, Orion’s AMM solution, will be live on June 22nd, With the launch of Orion Pool, Orion Terminal becomes the only trading platform that allows decentralized access to both centralized exchanges and swap pools in one place, allowing traders a single portal for trading, staking, and […]

Published

on

[PRESS RELEASE – Victoria, Seychelles, 15th June 2021]

Orion Pool, Orion’s AMM solution, will be live on June 22nd, With the launch of Orion Pool, Orion Terminal becomes the only trading platform that allows decentralized access to both centralized exchanges and swap pools in one place, allowing traders a single portal for trading, staking, and governance voting. Orion will route all swap orders to the liquidity source with the best possible price, resulting in the most profitable price for trades. Meanwhile, traders will benefit from substantial arbitrage opportunities across centralized and decentralized liquidity sources.

Orion Protocol was born out of a goal to decentralize the major source of liquidity in the market: centralized exchange liquidity. For the first time, centralized exchange liquidity from the likes of Binance and KuCoin can be accessed in a decentralized manner, directly from traders’ wallets. Now, its mission has evolved: to aggregate the entire digital asset market into one decentralized platform.

Orion has developed its own AMM solution, Orion Pool, allowing assets to be traded on Orion Terminal via liquidity pools rather than a traditional market of buyers and sellers. Orion Pool will be fully integrated into the Terminal, allowing traders to benefit from a single UI for trading, staking, adding/removing liquidity, and governance voting. Additionally, Orion will soon be integrating leading swap pools like Uniswap, PancakeSwap, and SushiSwap to add significantly more liquidity to the Terminal.

Through this development, Orion Terminal is the only platform that allows decentralized access to both centralized exchanges and swap pools in one place. As usual, Orion will route all swap orders to the liquidity source with the best possible price: orders can even be split across multiple exchanges and liquidity sources to achieve the best possible price.

Every liquidity pool presents a substantial source of liquidity for arbitrage opportunities between centralized and decentralized liquidity sources. On top of the opportunity to capitalize on price discrepancy arising from different exchange order books aggregated into one place, Orion Protocol has built an arbitrage bot SDK, allowing arbitrage traders to easily configure their Uniswap arbitrage bots for Orion Pool.

Orion Pools

Orion Pool will launch with four ORN pools: ORN/ETH, ORN/USDT, ORN/BUSD, and ORN/BNB. We plan to grow our pools significantly – third-party projects will be able to self-list their token on Orion Pool paired with ORN, USDT, ETH, BNB, or BUSD. Any project can ‘self-list’ on Orion Pool. A significant number of third parties are lined up to self-list on Orion AMM Pool already – from million to billion-dollar market cap projects. This will enable liquidity for new assets and pairs to be added to the terminal – increasing assets and pairs exponentially.

Self listing on Orion Pool will enable global access of assets and visibility to a global audience, more complex order types than leading swaps (including limit orders), cross-trading against over 1,000 trading pairs via complex swap, unique arbitrage opportunities across decentralized and centralized liquidity sources, access to Orion’s partners, and co-marketing opportunities.

Orion Pool will be compatible with ETH and BSC. As more chains are integrated (with Cardano, Fantom, Polkadot, Avalanche, Elrond, and HECO soon to be integrated), this will expand to include their native assets.

Pool Rewards

Initially, Orion Pool will launch four ORN pools: ORN/ETH, ORN/USDT, ORN/BUSD, and ORN/BNB
Orion Pool is made up of Liquidity Providers + Governance Stakers.

Liquidity Providers receive Liquidity Mining rewards, spread across the multiple ORN pools. LPs provide 50:50 ORN and the matched asset.

Governance Stakers ‘vote’ on the pools to receive higher rewards. Liquidity Mining rewards will be spread between each pool according to the amount of votes they have, allowing ORN holders to determine the rate of rewards each pool receives.

On top of lucrative staking rewards, Orion Pool fees (0.3%) will be shared back to participants, with ⅔ going to Liquidity Providers and ⅓ going to Governance Stakers.

About Orion

Orion Protocol is building the decentralized gateway to the digital asset market. The layer 2 solution enables users to access to deep, cross-chain liquidity in one place – across DEXs, CEXs, and swap pools – providing traders access to the best price in the market directly from their wallets. Orion seeks to solve the fragmentation of crypto markets, NFTs marketplaces, and assets from traditional finance by eventually aggregating them into one place: Orion Terminal.

Orion is building over a dozen solutions for blockchains, exchanges, and crypto projects, resulting in over eighteen revenue streams on the protocol. The Orion ecosystem has been built with ORN holders in mind: every transaction across the multiple solutions on the protocol adds to Daily Protocol Volume, bringing lucrative rewards for stakers.

SPECIAL OFFER (Sponsored)

Binance Futures 50 USDT FREE Voucher: Use this link to register & get 10% off fees and 50 USDT when trading 500 USDT (limited offer).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to get 50% free bonus on any deposit up to 1 BTC.


Coinsmart. Beste Bitcoin-Börse in Europa
Source: https://cryptopotato.com/orion-launches-orion-pool-aggregating-swap-pools-and-cexs-into-one-decentralized-platform/

Continue Reading
Gaming5 mins ago

AMERICAN FLAG FOOTBALL LEAGUE AND LSPORTS ANNOUNCE $6 MILLION EXCLUSIVE DATA DISTRIBUTION PARTNERSHIP

Nano Technology21 mins ago

Researchers turned transparent calcite into artificial gold

Nano Technology22 mins ago

New family of atomic-thin electride materials discovered

Nano Technology24 mins ago

Researchers tame silicon to interact with light for next-generation microelectronics

Nano Technology25 mins ago

Molecular coating enhances organic solar cells

Nano Technology27 mins ago

New family of atomic-thin electride materials discovered

watch-live-spacewalk-underway-to-install-new-space-station-solar-array.jpg
Aerospace45 mins ago

Watch live: Spacewalk underway to install new space station solar array

AR/VR1 hour ago

Sony’s PlayStation 5 VR Headset Reportedly Arriving Holiday 2022

Big Data2 hours ago

A Graph-based Text Similarity Method with Named Entity Information in NLP

HRTech2 hours ago

Morphisec Appoints Ajit Pillai as Regional Director for APAC region

Big Data2 hours ago

4 Most Popular ways of Deployment in Cloud Computing

AR/VR2 hours ago

Air Link Is Coming To Quest 1, Zuckerberg Teases v30 Multitasking

AR/VR2 hours ago

PS5 VR Headset To Launch Holiday 2022 With OLED Display – Report

Blockchain2 hours ago

El Salvador Considers Paying Workers Salaries in Bitcoin

Big Data2 hours ago

Descriptive statistics | A Beginners Guide!

HRTech2 hours ago

Flipkart’s West Bengal warehouse to create 3,500 direct jobs

Blockchain2 hours ago

Rep. Maxine Waters Announces a Task Force to Study Crypto and CBDCs

Blockchain2 hours ago

Exodus: Chinese Bitcoin Miners Set Their Sights on Texas

Blockchain2 hours ago

Orion launches Orion Pool: Aggregating Swap Pools and CEXs into One Decentralized Platform

AR/VR2 hours ago

Original Oculus Quest to Get Air Link Support

Aviation2 hours ago

EU Poised To Lift Travel Restrictions For US Travelers

Big Data2 hours ago

NLP Application: Named Entity Recognition (NER) in Python with Spacy

AR/VR2 hours ago

VIVE INFLUENCERS – Blitz

Blockchain2 hours ago

Meme Token SHIB up 22% After Coinbase Pro Listing 

Esports2 hours ago

Here are the best Operator skins in VALORANT

Esports2 hours ago

PUBG Mobile Showdown featuring teams from Japan and Korea unveiled

Blockchain2 hours ago

Peter Thiel, Dragonfly Back New DAO in $230M Raise

Blockchain2 hours ago

El Salvador Explorings Possibility of Paying Workers in Bitcoin

Blockchain2 hours ago

“Let the people trade” – DEUS Finance vs Robinhood & co

AR/VR2 hours ago

‘Pistol Whip’ is Getting a Modifier System & ‘Smoke & Thunder’ Campaign This Summer

Trending