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A source from Spain’s tax agency has confirmed that requests have been sent to over 60 companies by Spanish tax authorities to get information about the cryptocurrency users.  According to the source, the authorities have contacted almost a dozen cryptocurrency exchanges, 16 banks, companies operating cryptocurrency ATMs and over 40 businesses that allow online cryptocurrency payments.

crypto taxes

Details of Requests

The agency is looking for an authentic information about the transactions of cryptocurrencies as well as the parties that are involved in their implementation. The details of these requests include:

  • The identities of the businesses’ clients.
  • Bank account Information.
  • Credit card information.
  • The amount in the bank account/credit card.
  • Exchange rates involved in transactions.

The tax agency source has defined these information requests as an opening to the stricter investigation and scrutinizing. The source also added that the agency is already doing an analysis on the use of domestic cryptocurrency. The news originates from a sensitive interest amongst the international tax agencies in cryptocurrency, one that follows the surge of the market to over $800 billion in value.

Improved Oversight and Supervision

In addition, the news follows exertions from the ministry of finance, which manages the tax agency, to focus on cryptocurrencies including Bitcoin, as it was released in an official announcement which was published in the month of March. At the time, officials of government remarkably wanted to connect the technology to organized delinquency, calling for improved omission and regulation.

The worldwide regulatory environment has now become more challenging for cryptocurrency investors, especially for those who once bloomed in a climate of obscurity and legitimate ambiguity. Also, Australia has announced that it is imposing new regulations on digital-currency exchanges. Spain is not the first country which is sending out warnings to the market involving the buying of cryptocurrency and crypto taxes, linked to the activity because this is something that numerous countries are trying to crack down on, and it also makes it clear that buying digital coins will not provide exception from tax.

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How to Protect Your Privacy and Bitcoin Security Online?

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Bitcoin Security Online

In today’s world, maintaining online privacy and security has become quite a big deal. Despite all the technological advancements, the hackers are still able to find ways to breach the security of internet users – especially those involved in Bitcoin transactions.

Since Bitcoin is the most valuable form of digital currency out there, hackers particularly target those who prefer to store their wealth in the digital realm.

But it’s not only hackers that are stealing your data. Government and non-state actors also spy on your personal information. But don’t worry, there are many steps that one can take to secure his online privacy and the Bitcoin security.

First, we will talk about how to protect your privacy online.

How to Protect Your Bitcoin Online:

Online Bitcoin Security:

Web Browsers That Are Privacy-Centric:

There are very few browsers that put user privacy on top of their priority list. Brave browser, Mozilla’s Firefox and Tor browser are few to name.

Here is a brief idea as to how each of these browsers works:

Brave browser:

  • Blocks ads
  • Blocks tracking applications
  • Uses bitcoins incentives to give users a better experience

Mozilla’s Firefox:

Mozilla Firefox is a great tool if you want extensions that focus on security and confidentiality of a user.

Tor Browser:

One of the top-notch browsers that provide complete anonymity to its users. Some highlights of Tor browser include:

  • Hides IP
  • Obscures the proxies
  • Allows users to surf websites that are not indexed on traditional browsers like Google Chrome.

Use a VPN:

A Virtual Private Network (VPN) changes a user’s IP address and server location. Moreover, they provide re-routing and encryption which provide the users with complete anonymity. As a result, third parties are unable to track the location and interfere with the privacy of a user.

Use Email/Messaging Services That Provide End to End Encryption:

Use privacy-focused email services such as Tutanota, Protonmail, etc. as they provide end to end encryption. These services are extremely useful to communicate with other users without giving away your personal details.

You can also read our guide on the safest Bitcoin wallets to ensure the safety of your Bitcoin assets.

How to Protect Your Bitcoin Online?

Following are the ways that can help you keep your bitcoin safe from a security threat.

Multi-Signature Transactions:

The system requires more than one person and keys to authorize a Bitcoin transaction. It’s a digital signature scheme and protects the cryptocurrency from being spent without informing all the signers.

Cold Storage:

The system involves storing your assets offline. Cold storage helps to keep your bitcoins away from intruders. The cold storage techniques can store online wallets, offline wallets, paper wallets and other forms of protected media.

Backing Up the Information:

Most the privacy and security-focused services use passwords, PINs and secret phrases to gain access. Backing up these details so they won’t be lost is a good idea.

Learn how to backup Bitcoin wallet and other related information here.

Make copies of your security codes, PINs, password and store them in secure, offline location. If you don’t backup the information and, unfortunately, lose your wallet – there is no way to recover the lost assets.

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LATEST: IS IT TOO LATE TO BUY BITCOINS 2017? EXPERT REVIEW | INVESTORS | TRADERS | MEDIA

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Buy a Bitcoin?

A lot of people today, looking at the progress and boom of bitcoin want to invest and buy bitcoin. But bitcoin is not a company or a stock. So, what do all these people mean by investing or buying Bitcoin? Bitcoin is a currency. How do you want to invest in a currency? If it meant appreciating the value or trading it, we need to have a closer look at the insight first.

Buying and holding

Buying Bitcoin in hope that you will avail the opportunity cost or the value will appreciate, is known as ‘Hodling’. If this is the intention then you need to do your homework yourself beforehand. Study the nature and behavior of the currency. Study and observe the reasons it fluctuates and reacts according to the changing socio-economic natures around the world. Few points to account for;

  • It is a risky task to perform. Always risk the amount that you are okay loosing too. The tables are not always on your side.
  • Always transfer currency to the personal wallet. Never leave it on the exchange. It may result in scam or fraud.
  • Always choose reputable exchangers.
  • Use the method of cost averaging to buy Bitcoins.

Trading

If your aim is trading than it means you are an active participant in buying and selling the currency. You buy the cryptocurrency at lower rates and sell when the rates go up. Trading gives reward only through knowledge and practice.

Investing in Mining

If you are interested in Bitcoin mining and needs to invest in equipment to mine more Bitcoins, it’s not that easy of a task too. There is a lot of scams included in this act too. You may come across complete scams eating away all your currency. Or you may end up in bad investment companies by paying the sites for more coins. It’s basically all surrounded by risks and risks.

Investing bitcoin companies

If a company claims to double to your coins or give the reward that is too good to be true then maybe it is not true. These companies are mostly scams or HYIPS (High Yield Investment Programs). These sites promise untrue rewards and start by creating a referral program or a big buzz around on the site. Entertaining a few startups for a few months, these companies will vanish in the air in no time. There will be no compensation and people will be left crying over the lost bargain. You cannot trust a site fully to say it legit or trustworthy to the fullest.

Is it late to buy bitcoin?

The answer to this is not that simple yet not so complicated too. It totally depends on the understanding and knowledge of the currency. A decentralized, peer to peer electronic currency, controlled by no one but just by the consumer, can be so unreliable to put the bid on. The important is to know how to invest rather than thinking whether to invest or not. The only way out is to know the currency. To understand the knowledge and nature of the currency, its fluctuations and variations are all that counts to invest and make reward out of that investment.

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What Are Some Ways To Buy Bitcoins Through Wire/Bank Account?

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Ways To Buy Bitcoins Through Bank Account

If you are a player of online world and love to make digital currency transaction, then the word “Bitcoin” is not probably new to you as it’s the most popular form of cryptocurrency out there.

Bitcoin can easily be bought through a credit/debit card.

But what if you don’t have access to either of the card? You will need to buy Bitcoin through wire transfer or a bank account.

The bank account transfers involve lower fees and lower risks. Moreover, the bank transfers are irreversible to keep the users from “chargeback fraud”, which is pretty common for debit/credit card users.

In a chargeback fraud, the consumer disputes the credit card transaction in order to secure refund – eventually reversing the entire transaction.

Moreover, purchase limits in bank transfers are much higher than those of credit card transfers. A downside of bank transfer is that it’s relatively complex to execute and may take longer than a credit card transfer as it needs to go through several banks before a transaction could take place.

Depending on your location, there are several exchanges that transfer bitcoins. In this article, we have discussed the reputable exchanges that provide bank wire services.

In the USA:

The best and most renowned exchange in the USA to buy Bitcoin is Coinbase. Coinbase is one of the most reputable firms and has been around since 2012.

The exchange lets your account connect with 26 different banks and only accepts ACH (Automated Clearing House) transfers.

A paramount advantage of using CoinBase is that it has a high liquidity and won’t run out of coins any time soon.

In order to buy Bitcoins via Coinbase, you will need to provide your bank transfer details on their website and you will be good to go.

Coinbase only charges 1.49% on a bitcoin purchase made through a bank account.

In Europe:

EU residents can also use the services of Coinbase. But here, the locals can only buy the coins through SEPA (Single Euro Payment Area). The fees are basically the same as the US.

In Europe, there are several other exchanges that sell Bitcoin through bank transfer. Kraken, Bitstamp are few to name.

For the UK residents, Coinfloor is the “go-to” exchange. However, all these exchanges only sell Bitcoin through SEPA transfer.

In Other Major Countries:

Those who don’t live in the US or EU can buy bitcoins through international exchanges. These exchanges will allow you to buy coins via wire transfer. Bitstamp, Kraken, Bifinex, CEX.io and BTC-e are few to name. However, the reputation of BTC-e is a bit shady so we recommend caution.

Conclusion:

If you are thinking of buying Bitcoin but do not have access to a credit/debit card, you can do it through the methods mentioned above. Also, keep in mind that some banks may require additional transfer fees or personal info, based on the nature of a transaction.

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WARNING! Hong Kong Regulator Says ICOs are ‘Downright Fraud’

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Hong Kong securities regulator has once again warned the public about Initial Coin Offering investment. The deputy chief of Honk Kong SFC (Securities and Futures Commission), Julia Leung, repeated the previous concerns of perils related to ICOs, in a speech which took place on Friday.

While emphasizing that the interests of regulators lie in protecting the investment of public first, Leung said:

“While we acknowledge that innovative technologies such as blockchain have the potential to improve efficiency and financial inclusion, that does not entitle anyone to conduct fundraising from the public in violation of securities law.”

initial coin offering

Obscurity for Investors

As Leung is the chair of the SFC’s Fintech Advisory Group, she claimed that it would be difficult for an average investor to decrypt the extreme-technical-content and obscurity of few projects that are in quest of fundraising, as she stated that it was more suitable for proficient investors from VC funds instead. Her remarks then drew the attention to projects that claim to use blockchain technology as a “slogan” to vow high-tech claims without any innovation to fulfil those promises.

Julia Leung also added:

“Many of these fundraisings are dubious, if not downright frauds. The issuers escape the scrutiny of the police or securities regulators because of their cross-border nature and the way the crypto assets are structured to fall outside any regulator’s perimeter.”

Warning Against ICOs

These comments pursue an earlier statement, in which guidelines were provided for ICO issuers that must be followed ahead of fundraising operation. Certain ICOs could be considered as securities as well, according to Leung. Since the scrutiny, the regulator has issued a warning letter to almost seven exchanges along with domestic presence, prompting them not to trade cryptocurrency tokens as it sees them as securities without a license.

The regulator said:

“The SFC will continue to closely monitor ICOs and will not tolerate any violations of the securities laws of Hong Kong.”

Seeing growing public interest, the authorities of Hong Kong launched a “public awareness campaign” at the beginning of this year to enlighten general public about the Initial Coin Offering investment and cryptocurrencies by using, articles, advertisements, and infographics.

In her speech, Leung also pointed out the volatility of bitcoin price and added:

“Many millennials who subscribe to digital tokens in ICOs5 understand that there is no intrinsic value in the tokens but are betting on the rapid rise of the token value in the secondary market.”

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