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Everything You Need to Know About Bitcoin, Altcoins and Taxes

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If investing and trading cryptocurrency was your first experience with leveraging your personal money to turn a profit, then you may not have known you may have incurred a tax liability with your gains. What a way to kill the intoxicating afterglow of a big win! Death and taxes, the two guarantees in life.

If you were in the United States, then you definitely owed taxes on your earnings. There are two different types of taxes that you could have owed. They are either long-term capital gains or short-term capital gains. Long-term capital gains taxes are more favorable. The difference between the two is the following:

Short-term Capital Gains

You invested your money into something and then only held your investment under a year and sold it for a profit. So let’s say you bought a Bitcoin on January 1, 2017, and then sold it on December 31st, 2017 and your net profit (Final value of investment-initial cost of investment) was $100.00. You would be liable for your regular income tax bracket, so it could be anywhere from 25-39% depending on your income that year.

Long-term Capital Gains

Let’s go back to the example of you buying a Bitcoin on January 1st, 2017, but you sold it on January 2nd, 2018. You made a net profit of $100.00 you would be liable for 15-20% capital gains tax on this earning. It’s interesting that waiting two days basically cuts your tax liability in half! So this is an advantage to being a “Hodler” in the United States.

But wouldn’t it be great to live in a place where you didn’t have ANY taxes on your gains from Bitcoin and altcoins?

Are there any countries in the world where Bitcoin/altcoins that don’t have capital gains tax?

1.) Germany

In Germany, Bitcoin and other cryptos are not considered a commodity, a stock, or any form of money.

Trading bitcoins/altcoins are considered as a private sale under the rule 23 EStG which has tax-free benefits.

EStG states anyone trading bitcoins/altcoins are tax exempt if their capital gains are not more than 600 EUR. Also, if a trader is selling his/her Bitcoin/altcoins after one year or more, then those capital gains are also tax exempt.

2.) Denmark

Denmark is one of the most Bitcoin/crypto friendly countries in the world.

Bitcoin/altcoin capital gains are tax exempt under Danish law. This policy is unique to cryptocurrencies because they want to be the world’s first cashless economy.

3.) Singapore

Bitcoin isn’t classified as either currency or a commodity in Singapore.

Private investors are not subject to capital gains tax with cryptocurrency gains, but businesses are subject to capital gains tax.

4.) Belarus

In December 2017, Alexander Lukashenko legalized cryptocurrencies in Belarus.

He also stated that cryptocurrency mining, trading and capital gains on cryptocurrencies & ICOs would be tax-free until January 1, 2023.

Taxing Bitcoin/Altcoins

Currently, these are the only countries that officially have Bitcoin/altcoin capital gains tax exemption policies.

Here are some countries that are “unofficially” Bitcoin tax havens because they don’t have capital gains tax on any investment earnings.

● Hong Kong
● New Zealand
● Switzerland
● Barbados
● Malaysia
● Mauritius

If you are from one of the countries mentioned above, then enjoy the tax-exempt status. If you don’t live in one of these countries, then you might want to move to one if you’re making a lot of money on cryptocurrency.

If you enjoyed learning more about cryptocurrency taxes please check our blog as we launch https://hybridblock.io/ the worlds most robust cryptocurrency ecosystem

With over three years of experience in the field of cryptocurrencies, Suumit decided to put his knowledge and experience in front of thousands of people though BitzArena. You can connect with Suumit on LinkedIn, Facebook and Twitter.

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iPhone XS, Apple Watch Series 4 Renders Leaked Ahead of September 12 Launch

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Apple just sent out invites for one of the most awaited tech events globally – the 2018 iPhone launch – slated for September 12 at the company’s Steve Jobs Theater in Cupertino, California. The “Gather Round” teaser issued with the invite does not reveal much about the hardware products expected at the event, however reports have now surfaced that give us an alleged first look at the two upcoming iPhone XS OLED models and the Apple Watch Series 4. Apart from these two products, the rumoured Retina Display MacBook Air might also make its way to the iPhone 2018 event.

As per a report by 9to5Mac, we have our first look at what will be the 5.8-inch and 6.5-inch variants of the upcoming iPhone XS. This glimpse at the two phones, stacked on top of each other, suggests that the two variants will borrow the iPhone X’s design and get a new gold colour option, not seen with last year’s model. The report does not show any renders of the rumoured, cheaper 6.1-inch LCD iPhone expected in September. The iPhone XS variants will start shipping in late September, as per the 9to5Mac report.

As per a report by analyst Ming-Chi Kuo, both the OLED models are supposed to sport similar specifications – the latest Apple A12 SoC, 4GB of RAM, 64GB/ 256GB/ 512GB of inbuilt storage, dual 12-megapixel rear camera sensors, and a stainless steel casing. The 5.8-inch variant might be priced starting at $800 (roughly Rs. 56,600), and the 6.5-inch model at $900 (about Rs. 63,500).

Yet another report by 9to5Mac gives us a look at the Apple Watch Series 4 that is rumoured to launch at the September 12 Apple event, alongside the three iPhone models. Borrowing design elements from the iPhone, the Series 4 is expected to arrive with an “edge-to-edge” display with minimal bezels and up to 15 percent bigger displays compared to last year’s Apple Watch Series 3.

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Delta Exchange Launches a New & Better Way to Trade BTC

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Making money via trading cryptos was easy in 2017 when everything was moving up, practically in a straight line. Buy and Hold was the best performing strategy in the year. Alas, opportunities to make easy money don’t last.

Its been a topsy-turvy ride for cryptos in 2018. While the overarching trend has been downward, there have been short lived rallies too. To navigate these markets profitably, a trader needs two things: (a) ability to both long and short, and (b) leverage. The exact two things that are quintessential to derivatives.

Given this, it is no surprise that cryptocurrency derivatives, especially Futures, are going mainstream rapidly. This is reflected in the sharp rise in trading volumes at derivatives exchanges like BitMex and OkEx. Further, this growth is also attracting experienced derivatives traders to the space.

A prime example of this trend is Delta Exchange. Delta is an exchange dedicated to cryptocurrency derivatives. The founding team is comprised of ex Citi and UBS employees that have in the past traded derivatives. The team started working on building the exchange in early 2018 and have launched recently, although their mock trading platform had been live for a couple of months already.

Announcing their launch in a Medium post last week, Delta team called cryptocurrencies and cryptocurrency derivatives “an idea whose time has come“. Currently a  BTC-USD Futures contract that offers 20x leverage is listed on the platform. The Delta team promises to list more contracts shortly. Further, to inceltivize early users, trading commissions for the month of August have been waived off.

The founding team of Delta is solid, their trading platform feels mature & well-designed, and they are operating in a space that’s increasing coming in vogue. I have a feeling that we will be hearing a lot more about team and company in the coming days and months.

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Formosa Financial Announces Partnership with Chainfuel

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The team here at Formosa Financial is excited to announce a partnership with CHAINFUEL this week!

“ Founded in 2017, Chainfuel offers 24/7 community management services for crypto and blockchain projects. Their services include design, implementation, and delivery of community engagement strategies, community staffing, and branding” -Matt Nguyen, Co-founder CHAINFUEL

For Formosa Financial, the team at CHAINFUEL will help us build our social media management platforms, including automated FAQ integrations into our website and communities. With the experience their core team brings we are confident that our communities will be in good hands.

“I started my career at Google as a community manager so have first hand knowledge of the importance of creating real conversations and engagement with project supporters. The Chainfuel team has developed a rock solid methodology and suite of tools that will help Formosa Financial take our community to the next level” -Ryan Terribilini, Co-Founder CEO, Formosa Financial

For CHAINFUEL, Formosa Financial provides a package of treasury management services that they can recommend to blockchain clients in need of custodial, brokerage or risk management tools. CHAINFUEL’s client introductions will also be an integral part of building our whitelist of clients to test the private-beta of FF’s services.


More info about CHAINFUEL:
website: 
https://www.chainfuel.com

More info about Formosa Financial:
Website : 
https://www.formosa.financial
Telegram: 
https://t.me/formosafinancial
Twitter: 
https://twitter.com/formosaofficial
Facebook: 
https://www.facebook.com/formosa.financial

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