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US Officials Commend Blockchain Surrounded by ICO Distress

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On Wednesday, a message was broadcasted by U.S. government officials at the DC Blockchain Summit in Washington-even as securities officials cautioned exchanges who offer ICO tokens trading. James Sullivan (Deputy Assistant Secretary of services at the Commerce Department’s International Trade Administration) remarked during his address;

“We cannot make policy in the abstract” and concluded by saying;

“I would welcome all of you in the audience to reach out … and to hear your recommendations”

There’s no doubt that Sullivan showed support for the use of blockchain inside the trade finance chain, especially for smaller companies with hardly any resources, as he stated;

Blockchain

“The companies that are usually hit hardest by that gap of trade finance are small- and medium-sized businesses”

Attendees who talked to CoinDesk, turned out to be more divergent on the question of blockchain’s use in government and also on the the subject of cryptocurrency regulation, which was the greatest concern at the event as well. Scepticism was also expressed by one of the employees of a major blockchain startup that the U.S. officials would seriously obligate to utilize this tech, conflicting that agencies might be served a lot better, seeing at the advances of tokenization.

Chief data architect of OPM (Office of Personnel Management), Marcel Jemio, alongside Mark Fisk, who’s an IBM Public Service Blockchain partner stated that blockchain could be utilized in order to aggregate government employee information in a more efficient and well-organized way.

Fisk stated;

“I think blockchain in a lot of cases is going to be an enabler of solving the problem, but not necessarily with solving the problem only with blockchain”

Jihan Wu, co-founder of Bitmain also revealed that the bitcoin mining hardware giant wants to invest in startups and looking forward  to make a “private central banks” that utilize cryptocurrencies. Wu thinks that tokens on the market today will eventually come to be viewed as securities under traditional meanings.

CoinDesk was told by conference attendees that they’d definitely appreciate regulation, specifically relating to ICOs, whereas others asserted that these emerging regulations at this time would probably lodge businesses into inflexible models ill-suited for such a quick moving situation. Attendees also showed their concern about the unreliable treatment of cryptocurrencies by the U.S. government, specified that the IRS considers bitcoin as property and the CFTC views it as a commodity.

But at the same time, two members from a cryptocurrency services company said that they believed such dissonance could eventually profit the industry, with the lack of agreement by the SEC, the CFTC and the IRS, eventually imposing further discussion on the finest way onward.  Brian Quintenz, a commissioner for the CFTC, was also seen at the event, firmly encouraging more self-regulation in the cryptocurrency space. Quintenz even told the audience that cryptocurrency platforms should come forward and self-regulate.

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Bitcoin On The Verge Of Hitting $60,000 And Then A Huge Crash In 2018 – Predicts Saxo Bank

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Saxo Bank forecasts that the bitcoin cost will take off above $60,000 in 2018 before crashing more than 98 percent to its essential production cost’ of $1,000.”

 

The Danish investment bank issued this conjecture in its yearly “Over the top Predictions” publication that implies to recognize “highly unlikely events with overlooked potential.”

 

“The ascent of Bitcoin and different cryptocurrencies has been a standout amongst the most fabulous marvels of financial markets in recent years,” two Saxo experts wrote. “Bitcoin will keep on rising – and ascend high – during the most part of 2018 but Russia and China will together architect a crash.”

 

The bank predicts that fueled by delayed bullishness over the approach of Bitcoin derivatives, the bitcoin cost will rise around 400 percent from its present level to crest above $60,000 — bringing its market cap to $1 trillion.

 

However, Saxo cautions, bitcoin’s transient climb will be squared with by the rate of its downfall. Worried about capital flight, China and Russia will release a multi-pronged strike on the decentralized digital money ecosystem to “move the concentration away from Bitcoin”. In addition to creating their own, state-supported cryptographic forms of money, the two governments will boycott mining, referring to environmental concerns while in reality, their approach is keeping a check on domestic monetary policy.

 

Bitcoin fans won’t surrender without a battle, but the bank predicts that state-run digital forms of money will prove to work better as payment frameworks, putting a conclusion to the two-year crypto fever and causing the bitcoin cost to lurch down to $1,000.

 

“The smoother working of the state-run conventions for actual payments and value dependability, and additionally the substantial hand of state intervention, drives a diminishing interest for all digital forms of money and totally sidelines the Bitcoin and crypto phenomenon from a price speculation angle even as the innovative guarantee of the blockchain jogs on,” Saxo concludes. “After its peak in 2018, Bitcoin crashes and limps into 2019 at around $1,000.

 

Keep in mind, these expectations are fairly whimsical — the bank intentionally comes up with improbable situations. However, Saxo foretold “gigantic increases for bitcoin” in last year’s release, although the bank’s “ludicrous” forecast that bitcoin would ascend as high as $2,100 has ended up being shockingly conservative.

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Is Investing in Bitcoin a Good Option or a Bad Option?

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Is Investing in Bitcoin a Good Option

Over the past few months, Bitcoin investment has seen a steady rise in its value. At the time of writing, one bitcoin is worth $1157.27 USD. This incredible value appreciation has grabbed the attention of many people. Also, with the media and government paying attention to the virtual currencies, the number of people looking to start their Bitcoin venture has gone off the charts.

Another reason as to why digital currency is gaining so much popularity is its worldwide acceptance as a form of payment at retails, corporations and large business organizations.

Moreover, it has made transactions quicker, safer and cheap as compared to the transactions involving fiat currency.

With all this being said, one question pops up into the mind: “should you make Bitcoin investment or not?”

The goal of this article is to provide you detailed insight on this question. So, let’s get started.

Should You Invest in Bitcoin or Not?

How to invest in Bitcoin?

Before asking “should you invest in Bitcoin or not?” you would need to know that there are two different ways through which you can invest in Bitcoin:

  • Buying Bitcoin and holding on until the value appreciates
  • Mining

The first one is quite simple. You go to a Bitcoin exchange, buy bitcoins and hope for the value to go high.

Mining, on the other hand, is a little tricky because when a transaction takes place, it goes straight to get verified by miners over the network. The verification process involves some complex algorithms. However, once the transaction is verified, the miners receive freshly mined BTC as a reward.

One of the biggest risks involved in Bitcoin mining is that the currency has no inherent value, is relatively new and has a price which is highly volatile.

Despite the risk, plenty of private companies and organizations are investing a colossal amount of money in BTC. Moreover, the currency is being accepted as a form of payment throughout the world, which indicates that it’s only going to increase in usage and the likelihood of it dropping back to zero is extremely low.

Another risk involved in Bitcoin mining is the difficulty. In earlier days, the difficulty level was not so high and people could easily mine new blocks through their PCs and regular laptops.

However, the difficulty has now gone to the next level with more people joining mining pools.

Since the max that bitcoins will ever reach is 21 million, the closer you get to the number, the harder it becomes to mine the coins, hence the lesser rewards.

If a miner wants to make money through Bitcoin mining, he must invest big in high-tech mining equipment. Even then, profits are not guaranteed.

Apart from these two, there is a safe third option. If you can create some complex algorithms/graphic cards through some cheap equipment, then you can expect higher profits. However, a large majority of people don’t have the sufficient skill set to succeed through this option.

So, What’s the Advice?

Keep yourself updated with the market trends, browse through Bitcoin forums and do some research regarding costs before taking a dive into the BTC world. Following these rules would increase your chances of success by over 100%. Good luck with your venture.

Tags: BTC investment sites.

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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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What Are Some Best Ways to Own Bitcoins?

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Best Ways to Own Bitcoins

Are you looking to own some bitcoins but don’t know where, and how to do it? Don’t worry. Here you will find everything that you are looking for regarding bitcoin-generation.

This 5-point guide will help you learn some killer ways to earn your own bitcoins and have something to brag about in front of your friends. So, let’s get started with knowing what are some way to earn bitcoins.

Get a Wallet:

First of all, get a wallet as this is where you are going to store the coins. Getting a Bitcoin wallet is pretty straight forward as there are several Internet-based wallet services, like Coinbase, Blockchain, etc. that provide digital wallets to their clients.

These two are considered to be most reliable and well-secured wallet services. However, neither can give 100% guarantee against security breaches.

There are also mobile apps of these wallets. But for now, only iOS users can download them on their devices.

Buy Bitcoins from Exchanges:

Bitcoin exchanges sell coins at current market rates. To purchase the coins, you are required to link your traditional bank account to the exchange account in order to transfer funds between the two accounts.

Coinbase is the most renowned and trusted exchange out there. The exchange doesn’t charge any fees for accepting payments made by others using your wallet. However, it does charge 1% to convert your bitcoins into local currency.

Buy It from A Nearby Trader or A Friend:

The number of people using Bitcoin is a lot more than you’d imagine. If you want to buy bitcoins, but going to an exchange is not an option, then ask around your friends or go to a nearby trader.

You can easily find them at LocalBitcoins.com by simply entering your nearest city. The service helps you find people trading bitcoins for USD and other major traditional currencies in your neck of the woods.

This technique requires you meeting with random people. People whom you never met before. So, make sure to have your meet ups at a public place to avoid any mishap.

Accept Bitcoin as A Form of Payment:

You can also pile up your stock by accepting bitcoins as a form of payment for the services you provide. All you have to do is inform your customers by simply chatting them up, via newsletter or putting up a signboard in front of your shop/office.

Bitcoin Mining:

Bitcoin mining is one of the primary ways to earn coins. To mine the coins, however, you will need to connect with a group of miners, have a powerful computer and internet access.

The miners work on solving mathematical algorithms in the form of groups. Those who solve them successfully are rewarded with bitcoins.

Conclusion:

These are some mainstream ways which can help you own large bitcoin assets. In conclusion, you can do it by getting in touch with friends, nearby traders, through online exchanges and via bitcoin mining. All the approaches are pretty simple and straightforward. You might find it difficult in the beginning but with a little guidance, it becomes as easy as ABC.

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