![IRS Sees Bitcoin Transfers as ‘Taxable’ Events [UPDATE]](maxthumb/20161211030542.jpg)
IRS Sees Bitcoin Transfers as ‘Taxable’ Events [UPDATE]
Given the recent request by the IRS for cryptocurrency exchange Coinbase to hand over customer information, Bitcoin users should be aware that they’re responsible for determining which transfers are “sales” in their tax reports. User Must Specify ‘Sales’ to IRS. Recently, Bitcoin users raised concerns when the Internal Revenue Service (IRS) requested Coinbase to hand over user information between 2013-2015, calling the move a “dangerous precedent.” Then a California district court upheld this request to pry into the transaction records of the San Francisco based exchange. Coinbase provides....
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The Internet of Things blockchain Helium, encountered a 4-hour network outage early this week owing to validator troubles that happened after a software update. This software update also resulted in delay in transaction finality. This network congestion had directly caused hindrances in miner rewards and token transfers, these token transfers were incomplete due to the […]
Troubles at cryptocurrency exchange Binance continue as the platform is now suspending euro deposits via SEPA bank transfers. Binance says the suspension is temporary and it is due to events beyond its control. Binance’s Troubles Extend to SEPA Transfers Binance users reported Tuesday that they have received a notice from the exchange about the suspension of euro deposits via Single Euro Payments Area (SEPA) transfers. According to the notice shared on social media by several people, Binance explained: Due to events beyond our control, we are temporarily suspending EUR deposits via....
It’s been over 3 years since August 1, 2017, the day Bitcoin Cash was born. I know because I was there and part of the loosely knit ‘team’ that launched the Bitcoin Cash project. Now, after some time has passed and events have unfolded, I am excited to give you an update on where we are today. What is Bitcoin Cash All About? It’s no secret that I love Bitcoin Cash, so you’ll obviously be getting a positively biased report. (Although I’ll also give you my thoughts on what we need to improve on). For those not intimately familiar with the project, I would....
NFTs have increased their lead over stablecoins and ERC-20 tokens in transfers on the Ethereum network since last July, while WBTC minted on chain has leveled off this month. Transfers of nonfungible tokens (NFT) on Ethereum have surpassed transfers of stablecoins and altcoins while the supply of wrapped Bitcoin (WBTC) has remained relatively stagnant since late last year.Those are two of the key findings in the latest State of the Network update from Coin Metrics. It details how ERC-721 transfers overtook stablecoins and altcoins on Ethereum starting last July and have continued to....
A number of Japanese banks are reportedly set to test domestic fund transfers using digital currencies over a blockchain as a low-cost alternative to traditional money transfers. According to a Thursday report by Nikkei, Japan’s most prominent financial publication, a handful of major Japanese banks will perform tests to determine if a digital currency powered blockchain platform could prove a viable alternative for the current national payments clearing platform ‘Zengin’. Operated by the Japanese Bankers Association, the Zengin System powers domestic money transfers in Japan. The....