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How Bitcoin hardware wallet Nano Ledger became a hit In the US?

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How Bitcoin hardware wallet Nano Ledger became a hit In the US?

Everyone is well aware that when it comes to shopping during the holidays, no one could ever match the Americans. As if to help buyers, online retailers and firms have started throwing round-the-month offers in November and December through some selected days like Black Friday and Cyber Monday attract more shopping numbers. However, what is interesting to see is the emergence of Nano wallets among the Nevada people to defend their cryptocurrency holdings.

Most Bought On Holidays

Nano Wallets, which is bitcoin hardware, was the most sought-after item in the State during the recent holiday season. This was also demonstrated during a published analysis recently that covered the period November 1 to February 1. The research was done by Earny, a personal shopping assistant app, with the help of over 100 million online purchases. The key feature was that the app examined users’ email inboxes for receipts directly to understand the price drops. As a result, it was in a position to access cross-industry data held by several individual online shopping portals like Walmart, Best Buy, Amazon, Zappos and the likes.

Another interesting fact was that the tool of digital currency security-enhancing was able to top big name gadgets like Amazon Fire tablets and other daily necessities that were popular in other States. The development assumed significance since investors are ready to look at the future side of the virtual currency market though there was sluggishness in the market currently.

There was no specific reason in the research report as to how Nevada became the leader in hardware wallets in the United States. However, there was one potential reason for its popularity. The state provides more options for those who are holding bitcoin to spend in the region. This was also evident when Las-Vegas strip club accepted scanned QR tattoos with wallet addresses the dancers wore on their naked bodies. Patrons were allowed to pay through the digital currencies.

Another significant development in respect of the digital wallet was that Ledger, which was formed in 2014, claimed that it was able to sell more than one million virtual currency wallets in 165 nations. The company also claimed it was profitable already. The firm employed only eight at the time of establishment and employs 82 people currently in three places, i.e., Vierzon, Paris and San Francisco.

Raised Funding

Ledger also raised about Euro 61 million or $75 million in January through a Series B funding round. Venture capital fund Draper Esprit led the funding round then. Significantly, the company’s Nano hardware is used by other digital currency makers too like Ethereum and Altcoins. It is very important that buyers of the digital currencies have to defend their confidential data and access funds.

Ledger claimed that secret data were never exposed as sensitive operations were managed insider the user’s hardware wallet with the help of a modern element and locked by a Pin code. The firm also disclosed that transactions could not be tampered with since they were verified physically on the embedded screen through an easy process of pressing a button.

Ahmed is a Software engineer by profession. At a very young age he got his hands on the tech and gadgets and now cryptos have taken on his mind. From mining to working of the blockchain, he is after everything.

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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

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5 Reasons People are Bullish About Bitcoin

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If you are a “hodler” for Bitcoin, it has not been an easy ride for you to keep the faith in cryptocurrency. Sure you may have your reasons overall of why you believe it’s a worth “hodling” when Bitcoin is experiencing a bearishdowntrend it is pretty easy for anyone to jump on the detractors’ bandwagon.

There are a lot of reasons why detractors are claiming Bitcoin is going to crash. They say it’s a scam that’s bubble burst in January 2018. It’s unregulated, and they are telling everyone that government regulations will eventually shut it down as they become stricter and enforce them.

They say that it’s a Ponzi scheme that is going to crash so fast and so hard it will not be worth mining anymore, and everyone is going to lose their money. The list goes on and on.

However, for every detractor, there is a faithful “hodler.” There is more to Bitcoin than meets the eye to people that don’t understand the space. Bitcoin was founded right after the infamous 2008 banking crash.

This crash proved that the government regulating bodies were not capable of effectively managing the value of fiat currency. They let it get out of hand to the point that it crashed. During this time when the stock market and real estate were crashing, people started turning in droves to hard assets.

Here are five reasons why people are still bullish on Bitcoin.

1.) Known Limited Quantity

The price of gold went up immensely. Everyone wanted to be able to turn to something that was independent of government control in regards to its value. Sadly, small central groups that make decisions for the majority don’t always make the best decisions for the larger group. Bitcoin was developed as a way for people worldwide to be able to hold something that would be decentralized and immune from government’s influence on its value.

There are only 21 million Bitcoins in existence. This total means there is not an unlimited amount available that will enter circulation at the whim of a tiny few. What this means there is known scarcity of units something that carries a monetary value, this is very similar to gold whose value dramatically. The known limited quantity alone gives Bitcoin value, it’s something that is insurance against fiat currencies worldwide.

2.) Easy to Transfer

Bitcoin is the only form of money that can be transferred from anyone to someone else anywhere in the world in less than 30 minutes. There isn’t a third party that needs to get involved with the transfer, like a bank for example.

You don’t have to worry about bank holidays preventing the money transferring right away. Also, you don’t have to worry about converting one currency into another currency. Right now you don’t have to both with the different countries’ money transfer laws, and you can send it directly to the recipient without the hassle of dealing with the various regulations.

3.) Liquidity

Right now Bitcoin is the most liquid out of all of the cryptocurrencies as far was liquidity. It has the highest trading volume and highest value. When something has a lot of value and activity, it is easier to liquidate. It also serves as the primary on-ramp to trade and purchase altcoins, because Bitcoin has the most fiat onramps available. Since it has the most fiat onramps, this also makes it the easiest to liquidate into local fiat currency.

4.) Largest Decentralized Network

Bitcoin has the largest decentralized network out of any cryptocurrency available. This large network size makes it the hardest cryptocurrency network to penetrate for malicious hackers. It also makes it harder for centralized mining groups to get enough computing power to take over 51% of the network.

This extensive network size also safeguards Bitcoin from the corruption of a tiny group of few controlling a system for the masses. Decentralization helps promote the honor system for people to manage and regulate the transactions. So it’s less likely to be susceptible to corruption.

5.) Hard to Counterfeit

With the decentralized network that connects to one universal ledger that records each transaction and is publicly available to everyone on the blockchain network, this transparency makes it hard to counterfeit. It also prevents the double spending problem that other digital transactions can’t as easily prevent from occurring.

When something is easy to counterfeit, it brings its value down. It’s hard to verify the authenticity of something if it’s easily counterfeited and more of it could end up in circulation which devalues the rest of it.

So this is the list of five key reasons some people are bullish for Bitcoinduring this bearish time. The future is still unpredictable for the value of Bitcoin. However, there is an undeniable need in the market for a simplistic, secure and digital way to transfer and store money.

We’ll be sharing more posts like these on cryptocurrency as we launch https://www.formosa.financial/ an institutional grade custodial service for high net worth traders, businesses and their complex needs.

Source: https://medium.com/formosa-financial/5-reasons-people-are-bullish-about-bitcoin-4a36008c8e96

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Efforts to develop Bitcoin Exchange-Traded-Funds soon

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Efforts to develop Bitcoin Exchange-Traded-Funds soon

Even as governments are tightening their noose around the cryptocurrency market, efforts are on to develop bitcoin exchange-traded-fund (ETF). For this, CBOE Global Markets, which is the operator, wrote a letter to the SEC in the United States clarifying that it was much similar to any other commodity-based ETFs. Therefore, the exchange sought to impress upon the regulator not to meddle with it in its letter of March 23.

Higher Daily Liquidity

One of the reasons behind the move to launch an ETF could be the expectation of higher daily liquidity. Aside from that, fees for the ETFs were also lower than either shares or mutual funds. ETFs are a kind of exchange-traded-product and are marketable security in the respective markets. The financial instrument is known to track a specific segment or a basket of assets such as commodity, bonds or an index fund.

The CBOE letter was in reaction to SEC’s notification in January voicing several concerns on the digital currency markets. The regulator’s concerns included uneasiness on the adequate liquidity in the virtual currency markets. SEC was also concerned on the possible risks of exploitation, cointelegraph.com reported. These concerns were not restricted to the United States alone and global policy makers expressed similar concerns.

The exchange’s president, Chris Concannon, was trying to allay the fears expressed by the SEC by pointing out that the overall spot market in respect of bitcoin was more like a traditional commodity market. He did not see any difference between any regulated markets and the cryptocurrency. Therefore, he continued to think that the spot market had enough liquidity to support the development of a Bitcoin ETF.

In his letter to the SEC, CBOE president declared, “CBOE believes that the arbitrage mechanism would function identically to other commodity-related ETPs… thereby keeping the price of the ETP in line with the price of Bitcoin and limiting the risk of manipulation shares of the ETP.” While indicating that the exchange could understand the concerns of the SEC, it was ready to address them within the existing framework.

Existing Legislation

Interestingly, the exchange letter demonstrated similar sentiments expressed by experts during a hearing before the Congress earlier this month. Experts were of the opinion that the current legislation was enough to regulate some part of the digital currencies. Therefore, CBOE wanted the regulator to treat the virtual currency ETF on par with any commodity-related funds in respect of liquidity, custody, valuation, arbitrage and manipulation.

SEC’s concerns were quite understandable as the cryptocurrency market witnessed a big volatility in the current year after Bitcoin reached a life-time high of nearly $20,000 in December last year. The regulator has not been sparing any time to step up efforts against crypto-related firms in the current year. This was also evident when the regulator confirmed its probes of firms engaged in the virtual currency market. As part of efforts, the SEC issued subpoenas to companies that it suspected of flouting laws especially in respect of initial coin offerings. The regulator would also tighten its scrutiny in examining about 100 hedge funds.

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