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bitcoins4biz The Independent Voice for Bitcoin Mon, 22 Oct 2018 16:05:11 +0000 en-US hourly 1 bitcoins4biz 32 32 Cryptocurrency Portfolio for a 10-year Holding Period Mon, 22 Oct 2018 16:05:11 +0000

HackerNoon  provides a comprehensive exercise involving fundamental and quantitative analysis of twelve leading blockchain-based projects by Zach von Naumann

BCH XLM DASH EOS ADA LSK ZEC XMR XVG NEO VET TRX — Which four would you choose?

PwC Commits to Standards for Crypto Community Tue, 09 Oct 2018 21:22:12 +0000 PwC has formed a joint business relationship with Cred to help the marketplace understand key considerations in quickly moving towards enhanced standards that build confidence and trust in the crypto ecosystem and usher in the next 100M users of crypto assets.

“We are excited to work with Cred to help increase industry awareness regarding how the asset backed digital token ecosystem can be secured and scaled on behalf of participants along the digital asset value chain, said Grainne McNamara, US Blockchain and Cryptocurrency Leader, PwC. “We are eager to leverage our proven industry experience to support a quickly developing asset class and its associated market infrastructure components. We believe this exploration of the blockchain infrastructure and associated operational frameworks can help the industry develop an increased level of comfort.”

Many investors are looking for crypto assets that can be pegged to a stable fiat currency such as the US dollar, but these assets require a reserve ledger built for decentralized assets, that can provide 100% transparency and value substantiation. PwC’s experience will provide valuable perspective on how standards can be enhanced to facilitate a more transparent set of reserve functions, stablecoins and deposit and yield products. PWC will also provide valuable insights on governance, security, risk management, and controls to help shape the future of the ecosystem and associated industry practices.

“PwC’s commitment to the crypto community at large sends a very strong message to retail investors, mainstream financial services providers and the crypto enthusiasts that the world is moving toward decentralization, transparency and accountability in a system that will evolve beyond the need for trusted intermediaries,” said Dan Schatt, Cred co-founder and President. “This will help the ecosystem evaluate key considerations as standards are enhanced relative to the creation and management of stablecoins and universal digital assets that support mass adoption of crypto assets.”

Exchanging Cryptocurrencies Tax Issues Tue, 28 Aug 2018 19:38:11 +0000 Exchanging cryptocurrencies

A common transaction in cryptocurrency investing is exchanging one cryptocurrency for another cryptocurrency. This is especially true because investors frequently dabble in cryptocurrencies that cannot be directly purchased using fiat currency and can be acquired only by exchanging major cryptocurrencies such as BTC or ETH for them. From a basis calculation standpoint, exchanges of cryptocurrencies are important because one capital asset is being disposed to acquire another. This type of transaction not only triggers a taxable event from the disposition, but it also requires the basis to be calculated on the newly acquired cryptocurrency. This is challenging because at no point in the process has any cash been exchanged. Thus, exchange calculations will have to be made to determine the basis in the newly acquired cryptocurrency.


Overwhelming Response to World’s First Blockchain Bond Fri, 24 Aug 2018 18:59:53 +0000 The world’s first public bond created and managed using onlyblockchain had support from seven investors, Commonwealth Bank of Australia the sole lead manager of the deal said on Friday, helping raise A$110 million ($80.48 million) for the World Bank.

Commonwealth Bank (CBA) executive general manager James Wall said that the deal, designed to test how the technology might improve decades-old bond sales practices, had exceeded expectations and interest had been “overwhelming.”

The American fund Northern Trust, three Australian state governments, local pension fund First State Super, and CBA were the investors in the deal, which is being viewed as an initial step in moving bond sales away from manual processes towards faster and cheaper automation.

How You Can Secure Your Data with Blockchain Thu, 16 Aug 2018 18:39:18 +0000 Enhancement of data security that it provides is the primary benefit of using blockchain as a technology. Data is by far one of the most important assets in the world. Some of the world’s leading conglomerates like Alphabet, Amazon, Facebook, Apple, Microsoft, etc. are data-centric companies. Securing data has become the most critical priority for businesses around the world. This is where Blockchain can be used as a strong alternative to Cloud and Server based companies.

How Smart Contracts Create a Competitive Edge Tue, 07 Aug 2018 14:53:32 +0000 Blockchain technology is essential for smart contracts to work. To understand why, it’s important to remember that a blockchain is a distributed, digital ledger to which certain computers, or nodes, are granted access. The first blockchain was set up to record transactions of the digital currency bitcoin. When a transaction such as a bitcoin sale takes place on a blockchain, the details of the transaction are automatically recorded by both sides of the transaction and stored in a block of information that’s immediately shared with and verifiable by all nodes on the blockchain.

In the case of smart contracts, blockchain technology automatically performs contract actions when predefined conditions occur, said Sterna, who has 20 years of experience in consulting CPAs in cybersecurity and risk. The blockchain keeps track of contract terms and enables the automated completion of next steps in the contract process once it verifies that a step is fulfilled.

Let’s say you agree to buy goods from a business using a smart contract. The smart contract holds back payment until delivery is confirmed. “The smart contract then releases payment automatically. This process ensures that the outcome executes correctly,” Sterna said. The process is faster and less expensive than with a traditional contract and removes a lot of human error, he said. In addition, the inherent transparency and immutability of blockchain technology allow all parties in a smart contract to verify transactions and trust that the contract will be kept safe from tampering and fraud.

NYSE-owner ICE to Form Trading Platform for Crypto Fri, 03 Aug 2018 19:40:20 +0000 (Reuters) – Intercontinental Exchange Inc (ICE.N), the owner of the New York Stock Exchange, said on Friday it plans to form a company and trading platform for digital assets, such as bitcoin, as well as a physically delivered bitcoin futures contract.   A screen displays the ticker symbol and logo for Intercontinental Exchange Inc. (ICE) on the floor of the New York Stock Exchange (NYSE) March 1, 2016. REUTERS/Brendan McDermid

The exchange and clearinghouse operator said the new platform would be built using Microsoft Corp’s (MSFT.O) cloud technology and work with companies including Starbucks Corp (SBUX.O) and Boston Consulting Group to enable consumers to trade, store and spend cryptocurrencies.

ICE did not give a launch date for the new company, called Bakkt, and said further details would be announced in the coming weeks.

However, it plans to launch a one-day physically delivered bitcoin futures contract and warehousing through its U.S.-based futures exchange and clearinghouse in November, subject to approval by the U.S. Commodity Futures Trading Commission.

ICE’s cryptocurrency plans could play a significant role in helping the marketplace for the nascent asset class mature, as it continues to draw more interest from traditional financial institutions.

How Do You Report Cryptocurrencies? Wed, 25 Jul 2018 22:14:06 +0000 1. How do I report cryptocurrencies?

While government regulation surrounding bitcoin and other cryptocurrencies is still in flux, it’s clear that users hoping to use crypto to skirt regulations entirely are no longer able to operate in the shadows. A November decision by a federal district court in California forced popular crypto-trading site Coinbase to disclose the information of over 14,000 users so their transactions could be taxed (Coinbase, Inc., No. 17-cv-01431-JSC (N.D. Cal. 11/28/17)).

As of today, the IRS treats cryptocurrencies as property rather than currency for federal tax purposes (Notice 2014-21). Holdings are not taxed, but gains and losses are. When a trader who holds a cryptocurrency as a capital asset sells that cryptocurrency, the rule is that if it was held for less than a year it is treated as short-term capital gain and taxed at an ordinary income rate. If it was held for more than a year, it is taxed at long-term capital gains rates. If it wasn’t held as a capital asset, the taxpayer will recognize ordinary gain or loss on the sale.


Barclays Helps Coinbase Enter UK Market Wed, 14 Mar 2018 20:17:40 +0000 Barclays BCS -1.02% PLC has become a rare global bank to embrace the cryptocurrency sector by signing exchange operator Coinbase as a customer.

Deposits from Coinbase users in the U.K. will be held in a new customer account at Barclays, Coinbase UK Chief Executive Zeeshan Feroz said Wednesday, amid what he called “a huge surge of interest” in the country to trade bitcoin and other digital currencies.

Mr. Feroz said the European Union, led by the U.K., was Coinbase’s fastest-growing market in 2017. The San Francisco-based startup, one of the most prominent bitcoin-focused businesses, plans to have hundreds of people working in its London headquarters by the end of the year, up from dozens now.

Working with Coinbase is a big stride for Barclays into a sector that many banks have so far shunned for being too risky. Bitcoin and other cryptocurrencies aren’t backed or controlled by any government, and global regulators are still grappling with how to supervise trade in the currencies and related activities.

Sorry, America, You Have to Pay Taxes on Your Bitcoin Wed, 28 Feb 2018 15:49:46 +0000

Because bitcoin and other cryptocurrencies are seen as property by the U.S. government, capital-gains taxes apply to every transaction made. Even if you were just buying a cup of coffee with bitcoin you have to report every transaction using bitcoin. Each sale or purchase technically constitutes two transactions: (1.) selling property (bitcoin) and (2.) using the proceeds of that bitcoin sale to buy a product. So the person who bought a $1 million home using any cryptocurrency would have to pay capital-gains tax on the transaction as well as real-estate taxes.

Source: Sorry, America, but you have to pay taxes on your bitcoin — here’s how – MarketWatch