Author: Vihaan Shane

Home / Author: Vihaan Shane

Why do many buy, sell, or exchange cryptocurrencies like bitcoins? When the bitcoin’s worth touched $20,000 on Dec. 17, 2017, a lot of individuals, even those unfamiliar with bitcoins, started asking the question “when to buy bitcoin” in the hopes of hitting it big.

One does not need to have a degree in accounting or economics to realize that individuals who made investments in bitcoin some years ago are now reaping the fruits of their investments.

Cryptocurrencies or digital currencies were designed and developed to offer individuals financial freedom. Although it may take time, cryptocurrencies, if adopted fully, could altogether eliminate banks or intermediaries. For the time being, digital currencies are being utilized worldwide for numerous purposes, whether utilized as an alternative to weakening fiat currencies, or as a replacement to financial institutions like banks and credit companies, cryptocurrencies are generating a type of financial freedom that, for the longest time, individuals across the globe badly need.

Financial institutions like banks charge fees that are utterly high, dictate which part of the globe where funds can and can’t be transferred or sent, as well as limit the opportunities of consumers to attain financial freedom. Moreover, there are financial institutions that have caused numerous individuals to lose their livelihoods, jobs, and homes.

Achieving Financial Freedom

The outlook of the general public states that during phases of instability, typical systems for banking every so often miss the mark to address the people’s needs. But, during such phase, the framework of blockchain and cryptocurrency could still thrive. Not only could crypto holders rely on their assets for daily transactions or payments, but could as well utilize them to yield more wealth. Here are a few approaches wherein you could attain financial freedom with cryptocurrencies:

Staking

Rather than mining, which could be painstaking, expensive since a particular hardware is required, as well as intermittently rewarding, several cryptocurrencies have taken on the idea of staking for transactions to be verified. As a reward or incentive for the securing of the system, the method permits crypto holders to generate and earn interest on their token. Typically, the method entails locking up in a live wallet a specified quantity of tokens. The more tokens you stake, the greater the incentive or reward.

Purchasing and Holding

Since the release of bitcoin in 2009, the value of numerous cryptocurrencies has quickly escalated. Although the short-term concern remains to be about volatility, the value of digital currencies has increased for the demands of the market to be met, causing cryptocurrencies like bitcoin to have billions in capitalizations in the market. In 2011, bitcoin was exchanging between 1 and 2 US dollars. Currently, its value is on the 10,000 US dollar mark.

For individuals new to cryptocurrnecy, a workable strategy is to have a little amount of these digital currencies as well as holding it for some months. On condition that you have a device to connect and access the internet, you could immediately install, create, and access a wallet.

Day Trading

Digital currencies are traded on exchanges, similar to how those found in worldwide equity markets function. If you are experienced in technical analysis and are positive that your capabilities match the market on cryptocurrencies, this method could be greatly profitable. But, day trading could be a risky venture since every so often some tokens could go through short-term phases of high volatility.

Tax On Cryptocurrencies

May 17, 2019 | Finance | No Comments

The season of Tax is the time when taxpayers prepare their financial accounts and reports of the year prior. It commences in January and concludes in April. For many taxpayers, preparing tax could be a bit difficult especially if they are hopeful for a better return on their tax, which is why they employ the help of a Tucson tax preparer or any other tax prepare in their locale. In the US, the annual tax returns of individuals must be filed by the 15th of April subsequent the reported earnings.

Taxes are obligatory fees levied or imposed on people and businesses or corporations and is implemented by a local, regional or national government so as to finance public services and programs and government undertakings. In economics, these taxes befall whoever pays the tax, such as businesses and the consumers of the products and goods.

Tax on Cryptocurrencies

By now, we all know that cryptocurrencies are digital currencies or virtual money that is built with cryptographic codes that provide secure transactions. Cryptocurrencies are difficult to fake compared to the traditional currency that we have. Because of its rising popularity and use, the law considers cryptocurrencies as property, which are subjected to the regulations of capital gains and losses similar to reals estate, bonds, stocks, as well as other types of property. Hence, tax should be levied.

In the US, paying taxes on cryptocurrecines like Bitcoin has become a priority for many individuals after the Internal Revenue Service or IRS publicized on the 2nd of July 2018 that one of their primary efforts for the year is the taxation of cryptocurrencies or virtual currencies.

With cryptocurrencies, the challenge related to taxes is the data or records composing the all transactions such as the mining income, buys and sells, trades and transfers, as well as other activities involving cryptocurrencies. These data or records are most probably distributed across numerous diverse platforms and exchanges, therefore making the calculation of tax and the process of reporting very difficult.

Making Crypto Tax Reporting Easier

Always keep a record of all your cryptocurrency exchange, where you sold or bought them.

Keep records or accounts of any cryptocurrencies that you have received or accepted as an income

Learn and train yourself to calculate or compute your bitcoin gains and losses as well as on your investments on cryptocurrencies

Just like taxpayers who seek help from tax preparers, get the advice or help of an expert on crypto tax

Report your losses on cryptocurrencies to save on your US tax bill

Peer-to-peer or P2P lending reviews, like the grupeer review, are quite favorable since borrowers and lenders both gain from it.

For borrowers, P2P lending grants interest rates that are lower as well as a chance to obtain credit for individuals who have a spoiled their credit history. On the other hand, investors or lenders who lend via platforms of P2P delight in a considerably higher rate of interest than any other savings account can tender.

Some investors or lenders consistently collect returns at around 8% to 13% yearly. Furthermore, both lenders and borrowers gain from bettered transparency.

Although P2P lending has transformed the manner people borrow, save as well as invest money, this lending sector itself is being disturbed by providers of cryptocurrencies. Supporter of cryptocurrency assert that the technology on blockchain can genuinely have a result that’s transformative on P2P lending. Debatably, utilizing cryptocurrencies such as bitcoin and ether for P2P lending will grant scalability, transparency and efficiency that is much greater as well as the possibility of lower costs.

Cryptocurrency, what is it and why is it worthwhile?

Cryptocurrency have already made the headlines, so by this time, almost every person has an idea of what cyptocurrency is. For those who do not, cryptocurrencies are also termed as digital money, virtual currencies, or simply as tokens. They aren’t similar to any standard currency that the world uses. These digital currencies could only be utilized online. One distinguishing attribute of cryptocurrencies is that they are decentralized. This denotes that it is not controlled by anyone, it is entirely unconnected to central governments or banks.

Cryptocurrencies are structured and systematized over a network called blockchain. A blockchain is a ledger that is shared and distributed wherein it records each and every single transaction.  These transactions made on blockchain are irreversible and permanent and intrinsically transparent, causing the transaction to be more valuable and reliable

What are the notable benefits of cryptocurrencies?

Transaction fees are minimal. When compared to credit card transaction fees, digital currencies have zero to minimal transaction fees.

You are the owner. In banks, when your money is kept there, it could be frozen or restricted by the bank itself, the government or by another unit. With cryptocurrencies, provided that you have the private key as well as the matching public key that constitute the address of a token, nobody could take that from you.

It is accessible. There are thousands to millions of individuals around the globe who are unbanked. However, anyone who has internet access to could use cryptocurrencies to send and receive payments.

It is prompt and quick. Using wire transfers and cheques could take 3 to 5 business days for it to be cleared and received. Transactions using cryptocurrencies are almost prompt and fast, with operations that are more complicated taking only 10–20 minutes.

Identity is safe and secured. When doing online shopping, it is at all times a necessity to input all your personal and sensitive data, like your credit card details. This poses serious risks. With cryptocurrencies, money could directly be sent to the receiver without divulging any sensitive info apart from the total amount of payment.

Cryptocurrencies are alternatives that are unsoiled and transparent to institute fiat currencies as well as  a technology that changes society for the better. Merging the advantages of P2P lending with the blockchain technology will make lending and borrowing as well as saving money very simple, efficient and transparent.

“Be Inspired By Meaningful Experiences…”

Meaningful experiences are valuable, and they come in all shapes and surprises..