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Taxman Could Collect Millions Within 48 Hours Of Bitcoin Cash Fork

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Taxman Could Collect Millions

New York, US – 15 November 2018 – One of the least talked about but most significant consequences of the upcoming Bitcoin Cash fork will be the tax authorities collecting millions from the individuals involved, according to cryptocurrency taxation experts NODE40.

The company, which is behind the pioneering cryptocurrency taxation reporting software Balance, has said that the IRS will receive a massive windfall if the upcoming fork is anything like the 2017 Bitcoin Cash fork.

Looking at the number of individuals who sold their Bitcoin Cash tokens from the previous fork, the IRS and the relevant tax authorities worldwide could be set to collect nearly $100m in tax in just 48 hours. This assumes trading volumes are at a comparable level, with as many cashing in on the new Bitcoin SV or Bitcoin ABC tokens they’ve received, and assuming a value of around $400 each. The amount the taxman receives will also depend on how many individuals are US tax citizens.

Bitcoin Cash BCHDespite the Bitcoin Cash fork of 2017, there is no existing law and no guidance from the IRS that address whether receiving a new cryptocurrency from a fork could trigger a taxable event.

“Unlike dividends of publicly traded companies that investors opt-in to, if an individual receives additional cryptocurrencies through a fork, they should not owe taxes on the amount received,” said Sean Ryan founder of NODE40, whose cryptocurrency taxation reporting software integrates directly with major exchanges.

“However, if an individual later disposes of all or part of the forked currency, tax should be owed on 100% of the proceeds as a capital gain.”

Bitcoin Cash (BCH) came about as a direct result of a Bitcoin fork that occurred on August 1, 2017. The day after the fork on the 2nd August 2017 the price of Bitcoin Cash was $473.03 with a 24 hour trading volume of $366,633,000 according to Coinmarketcap. If the trading volume had been cashed out on the 2nd of August it would result in a tax income to the tax man of $91,658,250 USD (based on a 25%) tax rate.

The IRS is under increasing pressure to provide updated guidelines on how taxpayers should report profits associated with investing in Bitcoin and other cryptocurrency assets, having not done so since 2014.

“If the recipient chooses to dispose of the forked coins, then and only then should tax be accessed. It should be a gain of 100% of the asset’s value at the date of disposition. This is a critical point that needs to be addressed because the openness of blockchains in general could open the flood gates to unreported income that no one actually considers income,” continued Ryan.

“When guidance falls short of addressing specific tax issues, it is important to take a position that has a reasonable chance of standing up to scrutiny if challenged.”

The AICPA May 30, 2018 letter to the IRS Commissioner requesting more guidance recommended forked currencies be assigned a cost basis of zero.

“To me, the AICPA’s 400,000+ members make a good point,” concluded Ryan.

Despite the ongoing lack of guidance from the IRS, individuals likely to receive Bitcoin SV or Bitcoin ABC tokens should nonetheless be aware of possible tax obligations involved in trading forked currencies.

Disclaimer: Readers should do their own due diligence before taking any actions related to the company, product or service. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product or service mentioned in this press release.

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PixelPlex Introduces DocFlow – Intuitive Blockchain-Powered Document Management System

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Pixelplex

PixelPlex, a custom software development company with a focus on blockchain technology, has recently launched its blockchain-based document management software that is called DocFlow.

DocFlow, the solution that was built on Hyperledger, is able to digitise the entire paperwork process. It’s based on advanced smart contract mechanisms that guarantee data security and authenticity. Thanks to this ingenious project, users will be able to skip time-consuming document processing routines, exclude all intermediaries, save valued resources via zero transaction fees, and protect data at all levels through multi-tier role-based and coded access.

PixelplexThe developers at PixelPlex point out that DocFlow’s infrastructure is not that complex. It consists of Web UI for administrators, database on the back-end and a blockchain network, secure API gateway for data access as well as user interface for document storage and access. This business document management system is universal and comes in really handy when dealing with the issues around electronic file turnaround. 

DocFlow can be seamlessly integrated, safely used, and accessed from anywhere on any device. Apart from this, it complies with GDPR at all times, has a transparent doc history through time-stamped blocks, rules out fraud via built-in proof of origin techniques, safeguards and decentralises your data storage with distributed ledger tech, automates document processing, issuance, and retrieval.

PixelPlex blockchain-based document management software will correspond to the requirements of almost all enterprises. Among them, there are such industries as Supply Chain, Healthcare, Real Estate, Telecommunications, eCommerce, Energy and Utilities, Engineering and Construction, Accounting, Finance, Legal, and Insurance. 

When integrating DocFlow, the PixelPlex team offers their specially designed 5-step implementation model:

  • Initiate DocFlow from the blockchain network’s side
  • Initiate the solution from your company’s side
  • Register admins and users
  • Integrate third-party services if needed
  • Start working with documents, nice and easy

About PixelPlex 

A blockchain provider with 7+ years of experience and 50+ successfully completed blockchain projects. They power their DLT products with AI, IoT, and cybersecurity advances. Learn more at www.pixelplex.io.

Disclaimer: This is a paid press release. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this press release. 

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Paxful Presents Bitcoin Entrepreneurship Webinar, Launches Exclusive Mentorship Program

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Bitcoin Entrepreneurship

Learn the ropes of Bitcoin entrepreneurship with a chance to participate in a $1,000 giveaway

November 17th, 2020 Paxful, one of the largest peer-to-peer cryptocurrency marketplaces in the world, will host a Bitcoin 101 Pan African Webinar, alongside renowned industry leaders, to teach the ropes of crypto entrepreneurship. The Webinar is part of Paxful’s ongoing educational efforts in Africa, aiming to share knowledge about safe and effective Bitcoin trading while inspiring locals to become their own boss through crypto.

Paxful“Africa is Paxful’s leading market which has endless potential for crypto adoption. The ambition of African youth and their ability to embrace new technologies is what drives the nation forward. Africa will soon be in the pilot seat of the crypto renaissance not just on the continent, but worldwide” says Ray Youssef, CEO and co-founder of Paxful.

The webinar is split into two parts; the first hour is all about the fundamentals of Bitcoin first-hand from the founders and CEOs of five leading crypto companies. The second hour of the webinar discovers how to build a successful trading business on Paxful. The highlight of the event is the chance to participate in the 1-on-1 mentorship program by Modibe Matsepane, Paxful’s Africa Community Coordinator, and Crypto enthusiast. Sign up during the webinar as one lucky attendee will be randomly selected to receive private mentorship, while others will be added to an exclusive channel for insider trading tips.

“Paxful is thrilled to collaborate with the industry leaders in the country – it’s crucial we work together to build a long-lasting crypto ecosystem in Africa. We’re happy our partners share a common goal of financial inclusivity and hope to help more Africans take control of their money” says Tugba Abadan, Head of Africa & Middle East for Paxful.

To celebrate the event, Paxful will be giving away a total of $1,000 worth of Bitcoin throughout the webinar. Prizes can be won even before the webinar commences, so make sure to visit Paxful Blog for more information. 

Webinar details:

Session 1: Bitcoin 101 with the Trailblazers of Crypto, Insider knowledge from industry leaders

Session 2: Build a Lucrative Business by Trading on Paxful 

  • Victoria (South Africa), Student, Paxful Peer
  • Rhoda (Kenya), Student, Paxful Power Trader, and Paxful Associate
  • Mubarak (Nigeria), Entrepreneur, Paxful Peer
  • Shakur (Ghana), IT Administrator, Paxful Peer

Date: 18 November 2020

Time: 4pm GMT | 5pm WAT | 6pm CAT | 7pm EAT

Link: https://paxful.zoom.us/webinar/register/WN_xgX9PWTMRD-Wtz49k_344g

About Paxful

Paxful is a people-powered marketplace for money transfers with anyone, anywhere, at any time. Their mission is to empower the forgotten four billion unbanked and underbanked around the world to have control of their money using peer-to-peer transactions. The company has over 4.5 million users globally who you can instantly buy and sell Bitcoin (BTC) and Tether (USDT) with over 300 different payment methods.

As part of their mission, Paxful launched #BuiltWithBitcoin, a social good initiative to build 100 schools funded entirely by bitcoin all across emerging markets. Paxful was co-founded in 2015 by Ray Youssef, Chief Executive Officer, and Artur Schaback, Chief Product Officer.

Disclaimer: This is a press release. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this press release. 

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YFIII: the Favourable Investment Opportunity for the Last Quarter of 2020

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YFIII DeFi

In the wake of the global economy, investors all over the world are seeking for their interest in making a profit in a safe and effective way. In the crypto world, that hope is likely viable with good profit and trustworthy projects created upon hi-tech platforms. YFIII is one of those projects, which is getting more and more attention from investors. 

What is YFIII?

YFIII is a decentralized finance platform that allows users to perform a host of functions such as trading and aggregated liquidity. Moreover, it also is the first platform to integrate Uniswap SDK and staking on-chain.

Since release time on Sep 13, 2020, the YFIII project has gained large support from the global community. The number of group members has increased massively by 2000 members a month. 

Noticeable Attributes

YFIII offers users three fundamental attributes such as Token Swap, Token Staking, and Yield Farming. 

  • With token swap: It allows users to easily swap from ETH, DAI, USDC, or USDT to YFIII and vice versa. 
  • With Token staking: Interest rate decreases gradually every 2 weeks. Tokens will be locked within 2 weeks once you finish staking. After 2 weeks, these tokens will be unlocked and users will receive tokens staked as well as the interest respectively. Users can completely cancel staking and take the tokens back any time.
  • Yield farming will be released at the beginning of 2021. 

YFIII

How to trade YFIII? 

Currently, investors can simply buy or sell YFIII tokens on Uniswap, Indoex, and will be soon on some other exchanges namely: Probit, OKEx, Huobi,… The project is also preparing the last progress for Coingecko and CMC listing. 

YFIII 2

YFIII’s price has raised up to 380% per day after being officially listed on Uniswap on September 13th, 2020 – a very impressive figure. Having said that, by the well-thought plan and a clear orientation of the YFIII team, this project completely is an opportunity that should not be missed. 

YFIII: Big chance – Big profit

Join with us at https://t.me/yfiii_money

Our website: https://yfiii.money/

Disclaimer: This is a paid press release. Readers should do their own due diligence before taking any actions related to any company, product, or service mentioned in this article. BitcoinAfrica.io is not responsible, directly or indirectly, for any loss or damage caused by or in connection with the use of or reliance on any content, product, or service mentioned in this press release. 

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