Connect with us

Press Releases

Taxman Could Collect Millions Within 48 Hours Of Bitcoin Cash Fork

Published

on

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.

Terra Credit

Press Releases

30% Club – A Trading Club for Nigerian Millennials

Published

on

30% Club

30% Club – a crypto trading club created for millennials – has launched its platform after six months in stealth mode. The investment club aims to be the go-to for educational and advisory resources for digital assets. By breaking the barrier to crypto investing we serve as a bridge for Nigerians looking to profit from crypto. 

The club is non-custodial which means members handle & manage their capital personally. 30%Club does not invest nor trade on behalf of the public. We simply provide educational and advisory services to our members. Users who sign-up have access to a dashboard with educational resources, market insights, instructional videos & trade signals. 

30% ClubCrypto is a next-generation asset class, the club helps you navigate profitably in this wild, volatile but lucrative market. We simplify crypto trading, breaking down the skill barriers while bridging the knowledge gap. The club provides a seamless educational experience & on-boarding into crypto trading. Our trade signals target 30% accumulated returns within 6-12 months.

Davidson Atere-Roberts, founder of the club, adds we are extremely bullish about the long term prospects of Bitcoin as an asset class. As the digital asset industry matures there are still regulatory & adoption challenges also quite a lot of scams tbh. The problem the club is trying to solve is clear, Crypto is complex so most folks who want to dabble are confused and scared not forgetting the trauma from the last crypto bubble burst. Our value proposition is precise: simplifying crypto investing while employing disciplined trading strategies.

Join us at the trading club that helps African millennials profit from crypto! 

You can access the 30%Club on www.30percent.club and interact on Twitter @30clubng.

Disclaimer: This is a paid press release. 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.

Terra Credit
Continue Reading

Press Releases

Blockchain Africa Conference 2020 Announces Investec as Premier Sponsor

Published

on

Blockchain Africa Conference 2020

Bitcoin Events is elated to announce that Investec Private Banking is the Premier Sponsor to the Blockchain Africa Conference 2020!

Investec provides specialist banking, wealth and investment, and asset management services. It started as a small finance company in South Africa in 1974, and today it is an international organisation trusted to manage clients’ assets worth more than £150 billion.

As sponsors of Blockchain Africa Conference 2020, we believe in the potential of cryptocurrencies and blockchain technology and how it will possibly shape currency, banking, and investments in the future. As such, we support innovation and forward-thinking in this space. We’re excited that Blockchain Africa will be a platform for networking opportunities, global thinking, and thought leaders. We are also proud that Investec will host the event and that our own thought leaders will be part of the forum and will hopefully lend a unique perspective to the event,” said the Investec Private Banking representative.

We all understand that technology brings change. But how we experience, interpret and respond to that change is as important as the change itself. We need to understand where we are headed and why, and the impact of progressive technology on individuals, institutions, and society. 

Here is a company which stands head and shoulders above its peers, not merely because of its phenomenal growth or its sound management of assets, but because it is a trendsetter,” said Nelson Mandela at the opening of the Investec building in Johannesburg on 21 October 1998.

We look forward to partnering with Investec in this year’s Blockchain Africa Conference and hearing the Private Bank’s unique perspectives on blockchain technologies.

Introducing Keynote Speaker Chris Becker

xxChris Becker is Investec’s blockchain technologies specialist and focuses on product development and strategy for the private bank. Before moving into this role, his career spanned more than a decade as macro-economic strategist to institutional asset managers, hedge funds and commercial bank FICC desks. Chris co-founded Mises Institute South Africa in 2011 and holds an undergraduate degree in Politics, Philosophy and Economics from Stellenbosch University. 

Chris will be addressing the conference delegates on ‘Banking on Blockchain’.

 

Cut through the hype and join us for great networking opportunities and thought-provoking discussions.

Secure your seat at the Blockchain Africa Conference 2020.<< REGISTER NOW BUTTON here. >>

New Featured Speakers and Conference Programme is Now LIVE

Derivatives trader Tone Vays is also a keynote speaker and will be joined by other exciting speakers such as Simon Dingle, Carmelle Cadet, Akhona Damane, Prof. Sope Williams-Elegbe, Bronwyn Williams, Jonathan Galea, Obi Ejimofo, Michael Glaros, Jean-Paul Fabri, Michelle Chivunga Nsanzumuco, Clark Thompson, Dr. Nthuthuku Bhengu and more who you can view here.

The event includes an exciting and thought-provoking programme, ranging from talks on Self-Sovereign Identity (SSI), the role of blockchain and AI in a country’s digital transformation, blockchain-based food tracking systems, how blockchain is disrupting traditional business processes in supply chains and trade finance, central bank-backed digital currencies for regional payment systems, South Africa’s plan for dealing with blockchain technology and more.

Don’t miss out on Africa’s leading blockchain conference taking place on 11-12 March 2020 in Johannesburg, South Africa!

About Bitcoin Events

Since inception, Bitcoin Events have cut through the hype and challenged the critics to educate, upskill and drive long-term thinking on the strategic benefits of cryptocurrencies and blockchain technology for businesses, governments, citizens, and society. View photos and videos of the past conferences.

For more information on the Blockchain Africa Conference 2020 visit our website www.blockchainafrica.co or email us at info@blockchainafrica.co

See You at the Blockchain Africa Conference 2020 in Johannesburg!

<< REGISTER NOW for the Blockchain Africa Conference 2020 >>

Terra Credit
Continue Reading

Press Releases

Announcing the Whive Protocol Launch Happening on February 2, 2020

Published

on

Whive Protocol

NAIROBI, JAN 02 2020/BITHUB AFRICA/ — BitHub Africa, the leading Pan-African blockchain Accelerator, is announcing a launch for the Whive blockchain protocol happening on February 2, 2020.

Whive IO is a peer-to-peer blockchain protocol that is incentivizing the building of sustainable energy solutions through Trustless Rewards.

WhiveThe protocol achieves this through a hybrid Proof-of-Work (POW) and Proof-Of-Stake (POS) consensus algorithm that favors devices with CPU(small) processors and are located in regions with a higher Solar capture reliability index. The protocol enables the adoption of solar energy use especially in under-served regions of the world like Africa.

BitHub Africa has previously open-sourced its curriculum for blockchain engineering which is based on classes curated from the two-year experience of researching and developing the protocol.

This engineering course will ensure our community of African developers, entrepreneurs, and key institutions will be able to understand and adopt blockchain technology sustainably.

There shall be no Initial Coin Offering (ICO) or Pre-mine for the Whive protocol, which is now available on public test-net. If you would like to contribute to the adoption of blockchain technology across Africa, download the latest software release by following the links below:

Whive Protocol Website: https://whive.io and Telegram Chat: https://www.t.me/whiveio

Disclaimer: This is a press release. 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.

Terra Credit
Continue Reading

Popular Posts