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Finally, the cryptocurrency market has surpassed $400 billion in valuation after such a long correction and since 10th February, the market has been recovering really fast; however, it’s still not ready to instigate strong rallies.

Speedy Recovery:

At this time, all cryptocurrencies in the market have the market valuation of $418 billion as a whole, and the price of Ethereum has leaped over $840, whereas the price of bitcoin has hit $8,525. The price of native cryptocurrency of the Ethereum network “Ether” fell to $820 recently and is now following the same trend as bitcoin over the past few weeks.

Generally, we can say that the whole market has been following the trend of major cryptocurrencies, which includes both Bitcoin and Ethereum because in times of extreme instability, the cryptocurrencies that have huge market caps tend to work as stand-by currencies of the market.

Cryptocurrency market rebounds

In the past corrections, the cryptocurrency market recovered really fast because the casual investors and newcomers still had hope that the market would recover within a short period of time. This correction was quite different from the previous ones and the media also reported many stories that focused only on the investors who lost their money, rather than the positive developments within the cryptocurrency sector. South Korea continued to show sanguinity throughout 2017 however, it was still hit with a bear market recently due to the negative press.

As the cryptocurrency market has got negative press all around it, even with the fervent approach of regulators, as it’s been seen in US CFTC (Commodities and Futures Trading Commission) and US SEC (Securities and Exchange Commission) congress hearing, few more weeks will be still required for the market to recuperate and the major cryptocurrencies like Ripple, Ethereum, and Bitcoin to regain their absolute thresholds at $10,000, $1,000, $1 individually.

Market Will Soon Bounce Back:

According to the CEO of Pantera Capital, Dan Morehead, within few weeks, the cryptocurrency market could start assembling. He added, he’s certainly aware that it’s a very speculative market and is volatile on the downside for the past 52 days. He thinks that in a couple of weeks, everything will get back to normal and the price of bitcoin will start to grow back once again.

Morehead highlighted that bitcoin is still “under-owned” by the retail traders and if the institutional investors adopt the asset class, the market could grow really quickly.

 

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What is in the Argument submitted by US Government in ICO Fraud Case?

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U.S. prosecutors have finally planned to submit their argument in an ICO Fraud. In fact it will prove to be an oversized argument. As we all know that Initial Coin Offering (ICO) refers to someone offering the crypto investors some new cryptocurrency units  or crypto-token in exchange against cryptocurrencies like Bitcoin or Ethereum.

ico fraud

Background of that argument

Maksim Zaslavskiy is by birth United States citizen living in Brooklyn, NY. He is the founder of REcoin and Diamond Reserve Club. REcoin was designed in the form of an innovative token system where brokers, tenants and purchasers etc could purchase REcoin tokens to make easy a variety of real estate transactions. It was claimed that it will also allow users to enter into smart contracts – with the passage of time it all proved to be an illusion.

In Sept. 29, 2017 — the Securities and Exchange Commission (SEC) accused him with a fraud case investors in an initial coin offerings (ICOs).This fraud had a further links to investments in real estate and diamond industry. Maksim Zaslavskiy  was being alleged that the digital tokens offered by him did not really exist.

That’s why In September 2017, the U.S. Securities and Exchange Commission (SEC) filed a suit against Maksim Zaslavskiy , and he was arrested and charged by the Department of Justice (DOJ) in November 2017. As the SEC suit stayed pending due to an outcome of that action, Maksim Zaslavskiy easily pled not guilty to the allegations filed against him. Now, it is in the news that Maksim Zaslavskiy is trying his best to dismiss the lawsuit against him. Maksim Zaslavskiy’s point of view is that tokens sold through an ICO are technically not considered as securities.

What is the statement of SEC?

The statement of SEC goes totally against Maksim Zaslavskiy. That’s the reason why the case of Maksim Zaslavskiy has set the stage for a U.S. federal court that whether token sales can be considered as securities or not.

Furthermore, the Department of Justice is going to submit a reminder that is expected to prove false the claim filed by Maksim Zaslavskiy. It is also in the news that this filing is expected to exceed the maximum size allowed by the court for such arguments, hence a request will also be submitted to grant an exception in that specific case. Though no further details on this topic are to be found elsewhere, however, it is being assumed that the filing in question will be an extraordinary one.

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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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Is Walmart Set to deploy Blockchain-Based Delivery System?

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According to Fintech Finance reports, Smart Package, which is an application of US trade giant Walmart, has been released by the US Patent and Trademark Office (USPTO) on 1st March. Smart Package patents employ a tool, based on blockchain to track down the location, environmental conditions, package contents, and other details. The main purpose of such blockchain applications is to be used in the latest technologies like unmanned drones etc.

blockchain applications

Such blockchain applications help in recording the main addresses like; seller private key address, a buyer private key address and a courier private key address. According to this application, the current tracking instruments don’t offer such coveted functionality yet. Fintech Finance also reported that Smart Package application was first filed by Walmart in August 2017. This application isn’t the first one, in which Walmart has utilized Blockchain technology because, Walmart merged with IBM, back in 2016.

UPS, which is a US shipping company joined BiTA in November 2017 because, blockchain technology is quite popular among delivery and shipping companies. Publication of a non-conditional patent application occurred almost 18 months before its initial precedence date in the US. Once it’s published, USPTO can use a patent application to reject the third-party patent applications for the correlated technology.

 

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5 Advantages of Digital Currency – Is This the Currency of the Future?

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Do You Want to Become Independent of Banks?

The last few years have all been about cryptocurrencies as more and more people are becoming aware of the word. In particular, terms such as Bitcoin, Ethereum, and Litecoin are more common in the digital currency department.

Here are some of the best performers in the market:

  • Bitcoin
  • Ethereum
  • Bitcoin Cash
  • Ripple
  • Litecoin
  • IOTA
  • NEM
  • Dash
  • NEO
  • Monero

 


How Are Cryptocurrencies Meant to Help You?

With the world becoming more and more economically dangerous, we are advancing towards different means of payment. This is where cryptocurrencies come in to play.  Below we’ve outlined a few pros and cons of accepting cryptocurrencies worldwide.

Advantages and Disadvantages of Using Cryptocurrencies

The benefits of using digital currency over fiat currency

  • Accessible by everyone: Out of 7 billion people, around 2.2 billion don’t have access to exchange systems, even while having cell phones and internet access. These individuals can easily access the cryptocurrency market, as there are so many mobile phone-based applications that allow you to transfer digital currencies.
  • Fraud: Digital currencies cannot be faked as real money is, and they can’t be reversed either as in credit card charge-backs.
  • Low Fees: Cryptocurrency exchanges ask for transaction fees which are quite low compared to other transaction charges, this is in return given to the miners as a reward for mining a block.
  • Identity Theft: There is no such issue with cryptocurrencies as identity theft since you are not revealing any personal information. It is a simple process, involving a public and private key.
  • No Third Party: Cryptocurrency transactions do not revolve around any central authority, it is completely independent. You are in control of your money.

In the end, technology is already here, it’s just a matter of acceptance. You must be able to weigh out the good and bad and decide what is the better choice for you. Cryptocurrencies are becoming an easier option of payment for many users since they’re fast as well as secure. If the above advantages are convincing and you’re wishing to buy some bitcoins or any other cryptocurrencies, then follow the link below.

Related: How to Buy Bitcoins?

 

Story Credits: ameerrosic.com

Image Credits: google.com

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