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Crypto Currency

Australian Crypto Exchanges Partner With Koinly To Simplify Tax Reporting

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Koinly is a fast growing cryptocurrency tax solution that promises to help Australian bitcoin investors prepare their crypto tax reports in a fast and efficient manner. By linking exchange accounts and public wallet addresses with Koinly, investors can get a detailed capital gains report within a matter of minutes.

“If you trade or invest with any regularity, compiling transaction records into a single ATO-friendly document can still present challenges, especially if you’re operating across a number of wallets and cryptocurrencies. That’s why for this tax season, we have officially partnered with Koinly to implement direct connectivity to your CoinJar account. This means if you choose to link both accounts, your trading data from your CoinJar will be seamlessly processed.” said Ashter Tan, CEO at Coinjar.

“With the ATO contacting up to 350,000 individuals earlier this year to ensure cryptocurrency trades are reported, it’s great to see Koinly support the Australian market. Combined with Cointree’s monthly holding statements, our members have saved a lot of time calculating their tax.” said Jessica Renden, Head of Operations, Cointree.

“Swyftx are delighted to partner with a Koinly a proven industry leading tax software provider. We love the ease in which our customers can integrate their trading history directly into Koinly via CSV or API key for instant profit and loss calculations and instant access to full detail tax reports to present to their accountants at tax time.” said Tommy Honan of Swyftx.

“Even though there is a lot of guidance around cryptocurrency taxes, it is simply too difficult to calculate taxes by hand especially if you traded on multiple exchanges. With our new partnerships we will be able to help Australian investors reconcile all their transactions in one place and generate tax reports seamlessly” said Robin Singh, founder of Koinly.

ATO began sending out warning letters to some 350,000 cryptocurrency investors in June, the letters make it clear that the ATO knows about the recipients cryptocurrency activities and wants them to amend or declare their taxes accordingly. Other countries such as the US, UK and Denmark have also sent out similar letters in the past.

As cryptocurrency becomes more and more mainstream, it comes as no surprise that tax agencies all over the world are trying to ensure taxpayers are aware of the tax liabilities that arise from cryptocurrency trading.

This News has been Published in Partnership with PR Newswire

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Crypto Currency

Initial Coin Offering(ICO) and making informed decisions through ICOUP

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Crypto Currency has garnered the attention of almost everyone who can access the internet! Another buzzword in the recent times is “ICO“. ICO is the abbreviation of Initial Coin Offering. It is an alternative fundraising mechanism in which blockchain startups issue their own crypto tokens and sell them in exchange for BTC and ETH. Users, in their turn, can either spend digital tokens on the platform or sell them later on exchanges at say, 3 times to 100 times the price. Tokens are basically like vouchers that you can exchange for goods or services on a certain platform.

In this article we will understand how the entire ICO process works and also, how platforms like ICOUP will help the developer and the investor community.

STEPS BEHIND AN ICO

Announcement : ICO typically begins with the announcement of making the project by the developers. It helps in generating hype and interest in the project.

White Paper : Developers then create a white paper. A white paper is typically a document issued by the developers which highlight their project and the specific features of that project so that it attracts the attention of the potential investors. Whitepapers are generally written in an academic manner and the specific purpose is to entice the investors by showing its potential and features.

Run the white paper in the community : The developers will then run the white paper through prominent members in the blockchain community to get their backing.

Tokens : Developers will create the tokens which they are going to exchange for Bitcoin or ETH in the token sale. Developers  decide the limit to the number of tokens and the amount that they want to charge for each token. Also, Setting a cap on the number of tokens is necessary.

Timing: Developers also need to decide a time at which they want to hold their ICO. Selecting the time, and the amount of time it runs for is very important.

Last but not the least, the developers choose a platform where they can advertise their ICO. Soon to be launched,  ICOUP is one such platform where developers can advertise their ICOs and investors can make an informed decision and choose from the best.

There are a ton of ICOs out there, with every single one of them promising huge returns and useful perks for potential investors. But before you get carried away and start sending your hard earned money to every single project out there, remember that many, if not most of those projects will inevitably fail or will turn out to be a scam.

ICO investment can be really tricky for many. ICOUP will try to solve the problems of an investor by listing hand curated ICOs on the ICOUP platform after doing thorough technical, financial and social analysis. Moreover, the platform will also have the option of taking user votes into consideration for each ICOs. In order to provide quality analysis to the users, ICOUP will provide a score for the listing.

Moreover, every ICO accepted by ICOUP can be analyzed by potential investors based on various parameters.

For Developers, many a times, promoting your own cryptocurrency can be very difficult. Moreover, the cost of promotion can be prohibitive. ICOUP will provide crypto currency enthusiasts launch their ICO and get noticed immediately. They can also promote themselves on the platform through banners, posts and mentions on the newsletters after paying a nominal charge.  And obviously, they can use crypto currency to make their payment.

ICOUP connects all the information related to blockchain projects and allows the members to rate any project. ICOUP gives the power to the investors to make the most informed and smart investment decision.

It is important to note that unlike an Initial Public Offering , investing in an ICO won’t result in you having an ownership stake of the company. You’re basically gambling that the currency you pay for now will increase in worth later and ultimately make you money.

From an investor’s point of view, it is important to be cautious before making an investment. They should make sure that the developers are not anonymous. If they are, that is as red of a flag. They should also know about the development team and the advisory board. ICOUP will, in a bid to protect investors from fake ICOs will ensure that the the projects listed on the website are thoroughly checked.

At an individual level too, one can focus on relevant cryptocurrency experiences of the developers, previous ICOs they took part in and the impact they had on the project.

ICOs  over the last few years have attracted many investors. Undoubtedly, currently, ICO is the rockstar of the investment world. The concept is extremely seductive and has garnered the attention of investors, big or small. The idea that anyone anywhere can get the financial backing they need in an unregulated manner is a welcome idea for all. However, for both the investor and developer community it is important to remain alert as it is an evolving field and platforms like ICOUP will try to help both these communities through the various safety mechanisms they will offer.

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Crypto Currency

Bitcoin Toro, a plaform that provides live trends, news and knowledge base on Bitcoin and Altcoins

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Bitcoin has remained a buzzword since the advent of this digital currency and chances are that the sheen isn’t going to get away soon. However, crypto-currency as a concept and the trends that go with it can be a bit hard to follow given the lack of expertise in the subject.

Founded by Isaac Arnault, Phd, Bitcoin Toro is a new crypto website that helps people interested in Bitcoin and Altcoins get live trends in a daily, hourly and weekly basis. It also provides knowledge base to get familiar with the concept behind Bitcoin and the Blockchain. Resources are listed according to Beginners, Intermediate and Advance levels. For example, the website wonderfully displays the vocabulary around digital currency and explains the esoteric words surrounding digital currency in a very lucid manner.

Terms like Addresses, Agreement ledgers, Altcoin and Attestation Ledgers which are very specific to the Bitcoin technology are explained in a very crisp manner so that even a beginner can understand them without any expert guidance. Moreover, Bitcoin Toro has a section specifically designated for the purpose of bringing sorted news items related to Bitcoin so that Bitcoin enthusiasts do not have to hunt for Bitcoin related news.

According to Steve Chiavarone, a portfolio manager at Federated Investors, a US-based investment firm,  blockchain technology will drive the fourth industrial revolution. Big banks like JPMorgan, Goldman Sachs, and Bank of America are already investing heavily in this sector(Bitcoin) which has total market capitalization (market cap) over $100 billion(January 2018). 

According to experts, Bitcoin and Blockchain technology is expected to benefit many industries. Time is ripe for various organizations, private or state managed to invest in understanding and assimilating the latest financial revolution in the world of digitization. Bitcoin Toro as a platform which provides live trends, news and knowledge base on the subject can definitely be a big help to Bitcoin enthusiasts.

Feel free to follow BTCtoro on Twitter @BTCtoro.

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