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Bitcoin jumped on Thursday to its maximum price in just about four weeks as cryptocurrency developers appeared to come more rapidly to an agreement which would prevent the cryptocurrency from splitting.

According to CoinDesk, Bitcoin has gone high more than 15% to $2675.67 which is its maximum level since June 25. As of July 20, the cryptocurrency traded near $2648. It is high about 4% for July and more than 170% higher for the year.

Bitcoin Performance Chart of Three Months:

Image Source: CoinDesk

 

Developers should have to settle on “activating an upgrade” which is known as SegWit (Segregated Witness) by 1st of August in order to prevent the cryptocurrency from splitting or forking. According to GDAX exchange of Coinbase, if the currency split, it might pause the trading of Bitcoin.

According to Ari Paul, the chief information officer of Block Tower Capital, Bitcoin is assembling largely because the activation probability of SegWit is increasing as more miners signaling that they will activate it. There is no need to agree all the miners, but at least 80% should agree.

As the prices are going higher, the interest is also increasing in the cryptocurrency world from Wall Street. Forbes stated on Tuesday that Bitcoin is the main asset of the investor Bill Miller’s hedge fund.

Rise in Ethereum Price:

The TradingView charts of Coinbase data shows that Ethereum also jumped more than 18%, to nearly $230, which is its highest since Tuesday. Ethereum rushed below $200 over the weekend.

This rise in Ethereum came as the hackers stole over $30 million in Ethereum from wallets because of security flaws. Earlier in the week, hackers stole over $7 million by hacking the initial coin offering for CoinDash.

Story Source: CNBC.com

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Bitcoin taxes- another terrifying story

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Currency comes with three faces mainly.

  • A unit of account
  • Store of wealth
  • Means of exchange

Cryptocurrencies around seem to serve the second part only. So, talking about the taxation of these currencies means taxing changes in realized wealth, that is your income tax.

cryptocurrency user

As with more growing acceptability and increasing comfortableness with risks among the regulators, the crypto world is coming out stronger. But IRS has its eye on the crypto investment.

In 2014, IRS issued a legal statement stating that virtual currency will be treated as the capital asset if convertible into cash. Same rules of capital assets loss and gain apply to these digital currencies. Despite these implications, there are very fewer guidelines provided by the authority.

The gaining acceptance of these blockchain-based currencies has attracted many with tales of massive fortunes. Being decentralized and unregulated, these currencies show a great deal of volatility. The currency needs to hold its volatility in order to replace the fiat currency in long terms.

Basics

Running on the system of Blockchains which are decentralized and constantly updated. Despite the extremely complex mechanism, these blockchains are easily verified and are highly encrypted. Due to these features, blockchain has backed many cryptocurrencies including Bitcoin.

A few popular cryptocurrencies include,

  • Bitcoin
  • Ethereum
  • Ripple
  • Litecoin
  • Monero
  • Dogecoin
  • Dash
  • Tether

All the crypto coins other than Bitcoin are known as altcoins. Perks of being the pioneer, right?

Due to lesser global uniformity and lack of consistency coming with the nature of digital currency, there is a lot of challenges and understanding surrounding the tax regulations of this system. Some basic tax trends to be kept in mind are,

Different rules, different countries

The same basis as traditional businesses rules applies here. As there are different rules for different countries around the world, similarly different tax rules apply to digital currencies taxation around the globe.

If you wish to purchase services or goods using your digital currency, the cryptocurrency used will be written an asset or property. the gain over the currency will be accounted as income subject to tax- for the purchaser. The total value of the transaction is recognized as transaction tax. The seller is bound to collect and remit this value.

Countries like the U.S impose their own set of rules and regulations over tax rates and other categories of goods and services.

From small entrepreneur business planning to global, it can be a great amount of confusion and mayhem for them. In a number of countries, these tax systems are in multiple layers, including taxation for think city, federal and state altogether.

The task is not only to determine the tax payables, the real task will be to figure out the jurisdictions it falls into.

Taxman digitalized

Being a digital currency, the most undertaking is done by the digital goods here. The regulations are being monitored and are coming in shape by the EU and the Organization for Economic Co-operation and Development (OECD).

Taxing majorly base on where the consumer rides. The collection will happen via holding platforms. The tax will be collected and remitted on merchant’s behalf or the tax holder on payments sent to offshore clients.

The anonymity of this crypto nature can be of a great challenge here. There will be minimal information available regarding the receiver or the sender of the transaction.

The government is also working on simplifying this issue. They have introduced guidelines under the title, know-your-client (KYC). Records will be requested through these plans and unwilling or any party unable to disclose their credentials may dwindle.

A global default rule regarding crypto-based businesses may be introduced, accumulating same jurisdictions and rules applied to all.

Tax implied

The tax will be implied specifically in these areas.

  • Trading- it produces capital gain or loses, it has to offset gains and reduce tax.
  • Exchange- exchanging one crypto coin with another creates a taxable event. The token is sold so generates loss or profit.
  • Payment received in Crypto- receivables in exchange for goods or services will be treated as ordinary income.
  • Spending cryptocurrency may gain price during the holding period, subject to capital gain.
  • Conversion to fiat currency
  • Air Drops- income becomes the basis of the coin when sold or exchanged there will be a capital gain.
  • Mining coins

•    Initial coin offerings

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Get The Best Online Casino Bonus and Promotions

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Today bitcoin technology is the mainstream of the financial market. Everyone knows the limited supply of the bitcoin but everyone wants the bitcoin as well. You can earn Bitcoin by playing games. In addition, different bitcoin casino sites offer incredible promotions. Also, these promotions packages are connected to your holidays and vary from time to time.

There are few casino promotions offers on the market.

Free Spins Friday (BetChain):

BetChain is the strongly focused on the bitcoin community. The casino is now going to host “pocket dice” as well. BetChain casino offers 1000+ different bitcoin games. In addition, this number is more than any other bitcoin casino brand. Games include:

  • Blackack
  • Roulette
  • Baccarat
  • Card games
  • Poker games
  • Dice

BetChain is offering these best online casino promotions for every single week. here,

You need to know:

  • BetChain offering free spin to its player on every Friday.
  • You have the option to receive up to 50 free spins
  • There is no need to redeem

Free Spins Tuesdays LimoPlay:

On each Tuesday, you have an option to spin and win. The reason is Casino offering 25 free spins to its players on the game of FruitZen and Bomanji. Here,

You need to know:

  • Deposit of at least $/€/£20 or 0.2 BTC
  • Bet at the same amount
  • Wow! This is done. You earned 25 free spins on both games (FruitZen and Bomanji)

Slot Wars from BitStarz:

BitStarz gives surprises to its top players. They can win 5BTC or 500EUR. It’s all depends upon the player’s capacity. Here,

You need to know:

  • Top 15 Bitcoin wagers and top 10 EURO wagers are making a leaderboard
  • Produce more points toward slot wars the more you bet
  • Follow the leaderboards on site’s online casino promotion page

Weekend Cashback from 7BitCasino:

On weekend, 7BitCasino offering its players a second chance to play cashback. Here,

You need to know:

  • Get up to 10% cashback up to €25 / 0.07 BTC
  • First priority of Payment is in BTC than USD and EURO
  • 1 cashback is tolerable per person each weekend

High-Roller Games at Fun Casino:

Fun-Casino adds high roller games to its players. List of games is continually growing on. Here,

You need to know:

  • There are 2000BTC bankroll are available for these games
  • Bets and wins are higher than regular Casino games
  • Minimum limit of the bet is 1 BTC for high roller games

10 BTC Weekly Giveaway at Fortune Jack:

Fortune Jack is offering 10 BTC as a reward, more as compared to the other Casino games offers. What,

You need to know:

  • Leaderboards are split into the different slot categories.
  • First, 5 players of each category will get reward
  • Prizes will announce on weekly basis

Goldenstar Casino Lucky Weekend Bonus:

Imperial players of the Goldenstar Casino is rewarding weekly reload bonus.

What you need to know: 

  • On Friday, Saturday or Sunday, you need to make the deposit of EUR 20 / USD 20 / RUB 1000 / 0.03 BTC
  • Use your bonus code and get 50% bonus
  • The bonus is for all players. Just make at least 3 deposits

mbit Amazing VIP Offers:

  • It all depends on the stamina of playing a game. By playing more games, you might become VIP player and will have the opportunity to win more.
  • Players have the option to win incredible prizes such as cash prizes, vacations or another electronic price
  • you win? or you lose …. This is not a big deal. You just play a game and become VIP player of the Casino.

Goodluck!

 

 

 

 

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Get Your Online Bitcoin Wallets Adderss Through Btcwonder.com

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Bitcoin wallets or digital wallets are the wallets that require a web browser in order to run, just like websites out there. It’s safe to say that they are pretty much similar to a website.

Surprisingly, the web wallet options are thin compared to the iPhone or Android options.

Right now, there are two Bitcoin wallets worth using. The most reliable online bitcoin wallet is Green Address.

GreenAddress:

To get a Bitcoin wallet that provided protection against cyber-attacks, GreenAddress is the way to go. GreenAddress takes cyber-attacks seriously and provides your coin’s protection against these attacks.

GreenAddress is a “multi-signature” Bitcoin online wallet. This implies GreenAddress shares control of your Bitcoin with you. While other online wallets are prone to cyber-attacks, GreenAddress gives genuine two-factor validation keeping your coins protected in your wallet.

Spectro Coin:

SpectroCoin is London-based bitcoin wallet, exchange, debit card and merchant solution provider. It serves customers in more than 150+ nations. Right now, it encourages more than 20 types of deposits and withdrawals including bank exchanges, credit/debit cards, and cash deposits to name a few. It also gives bitcoin wallet addresses to iOS, Android, and Windows Phone users.

These two are the safest online bitcoin wallets. Although these wallets provide all sorts of security, the ultimate protection comes down to the wallet owner. The best wallet security is the protection of its private key. As long as the key is unshared, chances of your coins getting stolen are very slim.

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