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IOTA For the Future: Volkswagen Added on the Partnership List

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Another cooperation has been declared with IOTA – the Berlin based cryptocurrency start-up at the Connected World conference with Volkswagen. The main reason running the movement is that the future of smart cars [connected] could be decentralized technology.

After the German-based Bosch, a multinational engineering and electronics company, reported that it is intending to adopt the IOTA for its autonomous cars project and its investment in the crypto-firm back in mid-December, Volkswagen has made its move to be part of the tech-world changing wave.

All started with the CDO of Volkswagen stepping in in Jan as he was chosen to be part of the supervisory board of IOTA-Foundation. Johann Jungwirth, has been Head of Digitalization Strategy of Volkswagen AG since November 1, 2015. Jungwirth was named Director, Mac Systems Engineering at Apple in Cupertino, CA (USA), in 2014. He was responsible for innovation in design and engineering in product development as well as hiring, growing and leading a multicultural research & development team and supporting the Special Projects Group.

Being part of the supervisory board concludes with Jungwirth taking action when it comes to the foundation’s annual roadmap and add his comment to the future of the cooperation between Volkswagen and IOTA.

During the Bosch Connected World Conference, the CDO described at what level the potential of free technology actually stands.

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Coinbase Gives IRS More Than 10K Users’ Information

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After fighting the IRS in court, popular digital currency marketplace Coinbase has been ordered by the Northern District of California to turn over more than 10,000 users’ personal information and trade history — but it could have been much worse.

The Taxman

The Beatles once sang:

If you drive a car, I’ll tax the street,If you try to sit, I’ll tax your seat.If you get too cold, I’ll tax the heat,If you take a walk, I’ll tax your feet.

Now, you can add “If you sell on Coinbase, I’ll tax your trades.”

According to Coinbase support, the popular cryptocurrency marketplace notified roughly 13,000 users concerning a summons from the Internal Revenue Service — the United States’ tax collection agency and official administers of Congress’ Internal Revenue Code.

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Gifting Bitcoin Is One Way a Person Can Avoid Paying Crypto-Taxes

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After the newly written U.S. tax laws recently passed, cryptocurrency investors realized the tax-free exemption filing 1031 for IRS reporting is no longer applicable to their digital asset investments. The law also implies that a lot of people will have to pay taxes on every single transaction they processed throughout the past twelve months. However, there is one loophole available to cryptocurrency investors, but it involves gifting the funds to another person or charity.

Gifting Cryptocurrencies: The Only Crypto-Tax Loophole

The U.S. government is concerned about getting its taxes from American citizens who have invested in cryptocurrencies. Last year the IRS started to probe businesses that deal with digital assets like the exchange Coinbase. For the moment the tax agency is looking for individuals and groups who have spent over $20,000 using Coinbase. Following this initial probe, the San Francisco exchange has started to send customers the IRS tax form 1099-K. Additionally, investors have realized that 1031 tax-free exchanges won’t apply to digital currencies, and every transaction is also considered a taxable event.

Although, giving bitcoin as a gift is one way investors can avoid paying taxes on their cryptocurrency gains. Gifting money has to be more aligned with donating the funds as opposed to an employee bonus, and there is a fine line between the two financial events. According to Robert Wood, a tax lawyer based in San Francisco, an individual can gift up to $15,000 without documenting the transaction.  

“If you give crypto to a friend or family member — to anyone really — ask how much it is worth. If the gift is worth more than $15,000, it requires you to file a gift tax return,” explains Wood.   

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Georgia Bill to Allow Tax Payments with Cryptocurrency

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Georgia may be joining the few states that will allow for the use of cryptocurrency to make tax payments if Senate Bill 464 passes.

A growing number of US states are opening up to accepting cryptocurrency. Doubtless they wish to reap some of the financial benefits that the crypto world has to offer. This is totally understandable as the market capitalization for virtual currency stands at almost $444 billion at the time of writing. As such, states want to showcase that they are technology and innovation-friendly, as well as get a slice of the virtual economy pie. The latest state to jump on board is Georgia, which is considering a bill that will allow cryptocurrency to be used for tax payments.

Virtual Currency is Peachy

The Georgia bill in question is Senate Bill 464, and it was proposed by state Senators Joshua McKoon and Michael Williams. The gist of the bill is that it will allow the commissioner of the Georgia Department of Revenue the ability to accept Bitcoin and other virtual currencies from citizens paying their license fees and tax bills.

Senate Bill 464 states:

The commissioner may receive in payment of taxes and license fees personal, company, certified, treasurer’s, and cashier’s checks and bank, postal, and express money orders to the extent and under the conditions which he the commissioner may reasonably prescribe by regulations or instructions.

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Bitcoin Is Finding Its Way into High Schools

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Over the past few years, colleges and universities all over the world have been creating courses revolving around cryptocurrencies and blockchain technology. Now the subject is slowly infecting the halls of high school students who want to learn about these emerging technologies. Because of the increased student interest, this week a Business and Personal Finance teacher from Union Catholic High School in Scotch Plains, New Jersey announced plans to add the topic of cryptocurrencies to his course next semester.

Younger Generations Are Becoming Very Interested In Bitcoin

Students all over the world are interested in cryptocurrencies and the subject is being taught throughout many college campuses. However, the trend is starting to find its way into high school classrooms as younger scholars are fascinated by this technology. Just recently news.Bitcoin.com reported on a high school in Brisbane Australia where students had such an interest in bitcoin that it prompted students to create a cryptocurrency information night. This week the students at Union Catholic High School in Scotch Plains, New Jersey are also curious about digital currencies and the school’s Business and Personal Finance class plans to add cryptocurrencies to the course next semester.

If One Student is Talking About it, Many of Them Are

Mr. Tim Breza’s business course is an elective class that teaches subjects like personal finance techniques, entrepreneurship, investments, and more. Mr. Breza’s course designed for juniors and seniors at Union Catholic will soon discuss blockchain technology, cryptocurrency, and the history of cryptographic innovation. According to Mr. Breza, a few students began talking about bitcoin and other cryptocurrencies. They asked the teacher his thoughts on the subject and asked if he knew about bitcoin.

“If one student’s talking about it, many of them are talking about it,” Breza said. “So I figured we needed to include it,” explains Mr. Breza.       

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TD Bank The Latest to Halt Cryptocurrency Purchases Using Credit Cards

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Toronto-Dominion (TD) Bank is the latest financial institution to ban customers from using their credit cards to purchase cryptocurrency. As more retail investors continue to be onboarded, banks are looking to protect them from making ignorant decisions.

Weighing Risk, Regulation, and Rapidity

In a recent move that has become common from banks, TD Bank is effectively halting the use of credit cards to purchase cryptocurrency. Originally still permitting purchases even after the first move from banks began, TD Bank has now fallen in line with a growing policy change.

At TD, we regularly evaluate our policies and security measures, in order to serve and protect our customers, as well as the bank. We recently made the decision to pause on allowing cryptocurrency purchases via credit cards to conduct a review and assessment of this evolving market.

Other Canadian banks, such as Royal Bank, have still been watching from the sidelines when it comes to credit purchases, but they too might soon follow in the footsteps of TD and most major international banks.

Banks are Moving to Protect Credit Lines

Earlier in the month, major banks including JPMorgan Chase, Bank of America, Citigroup, and Virgin Money all effectively banned purchasing cryptocurrency on credit cards. Although plenty in the space saw this as a move by the banks to stifle investment in this alternative asset class, the underlying premise of the ban had a bit more substance than a simple block.

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Altcoin Analysis: NEO, EOS, LTC, DASH and Lumens (XLM)

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We are seeing a change of fortune as far as price action and altcoins is concerned. LTC, Lumens and DASH are on the fore front printing clear bull patterns that awaits confirmations today.

Besides these three, we remain neutral on EOS unless we see a close above $9.5 while NEO is also encouraging as scalpers can enter this trade and aim at $130 in the short term.

Let’s have a look at these charts:

XLM/USDXLM/USD Daily Chart for February 24, 2018

As per our projection, all we needed was a double bar bull pattern anywhere around last week’s lows at around $0.34.

That’s what we have now and as it is, I will be looking for that resumption of bull pressure as this is not only happening at support of the ascending wedge but at last week’s low.

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Asian Altcoin Trading Roundup: Nano is Leading the Way

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There has been an unexpected turnaround this morning and the markets have rebounded a little. Weekends are usually times when selloffs occur, led by Asia, but today everything is in the green once again. Bitcoin is leading the pack with a 7.5% recovery on yesterday’s prices to $10.500, altcoins have followed it back up, many by double digits. One as usual stands out from the rest and it is one we have covered a couple of times before; Nano.

Posting a 45% gain on the day Nano, formerly RaiBlocks, is flying during the Asian trading session this morning. It has jumped from $9.72 this time yesterday to $14.50 today, over the week gains have been even greater from a low point of $6.80 just three days ago. Nano hit an all-time high of $37 a couple of days after New Year when all cryptos were at their peaks.

The release of the Beta version of the Nano Android wallet on the 21st is likely to have spurred greater interest in this altcoin. Investors have seen buying opportunities at low prices and this coin has seen the dividends. Facilitating fast and free micropayments with digital currencies Nano has an online wallet and mobile ones in continual development. There are only 133 million total supply tokens and they are all already in circulation so prices could well continue upwards. It is traded mostly on Binance which has over 90% of the total volume, $263 million has been exchanged in Nano trading over the past 24 hours.

There are a few other altcoins with double digit growth this morning and they include Ethereum Classic which is up 25% at the time of writing. Litecoin, Iota, Tron, VeChain, and OmiseGO are also rallying this morning.

FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals. 

Original linkOriginal author: Martin J. Young
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UK: Bank of England Researching Digital Currency, No Plans To Launch

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Despite rumours to the contrary, the UK government have announced that they will not be following the likes of Venezuela in launching their own digital currency for now. Whilst the Bank of England are indeed studying the implications of centrally-issued electronic currency, a government minister has stated that there are no plans in the immediate future to launch their own.

According to the Independent, the issue was raised by a Labour MP in early February. Barry Sheerman asked “whether the Government will introduce a fiat digital currency.”

John Glen, the Economic Secretary to the Treasury and City Minister, has since responded in the negative:

“The Bank of England does not currently plan to issue a central bank-issued digital currency… However, the Bank is undertaking research to better understand the implications of a central bank issuing a digital currency.”

As mentioned, the Bank of England is studying the area closely. It has produced its own digital currencies page. It states that they are “carrying out ongoing research” into electronic currencies and their underlying technology. On the website, they are careful to differentiate between what they strangely refer to as “private digital currencies” such as Bitcoin (the entirely permission-less, border-less cryptocurrency that has no central issuing authority and can be accessed and used by any member of the public across the globe) and “central bank-issued digital currencies”. The latter would likely require all transactions be authorised by the bank themselves and thus entirely miss the point (and therefore the revolutionary and transformative power) of truly decentralised cryptocurrencies.

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ETF Industry Veteran: Bitcoin is a Multi-Trillion Dollar Opportunity

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Investing in Bitcoin and cryptocurrencies has always been a rocky ride. Is the volatility worth it? ETF industry veteran and Bitwise executive Matt Hougan certainly thinks so.

Generationally-Significant Opportunity

Sometimes it’s easy to forget that those of us investing in Bitcoin and cryptocurrencies right now are still the early adopters — and the potential for significant gains down the road is massive.

Bitwise Asset Management Vice President of Research and Development Matt Hougan recently appeared on Bloomberg Markets to discuss leaving the ETF industry in favor of “going all in on crypto” — where he made some seriously bullish statements on Bitcoin’s and other cryptocurrencies’ long-term potential.

First and foremost, Hougan — who started out in the ETF industry when it was still new and emerging — is attracted to cryptocurrency because he finds the space exciting and positively brimming with potential. He explained:

I was looking around for a new, potentially generationally-significant opportunity with interesting challenges — crypto is exactly it. The problems that crypto is trying to solve have total addressable markets in the trillions of dollars. That’s hugely interesting and exciting. And yet the institutional framework for evaluating crypto assets are still new and nascent … So it’s just an exciting space with an enormous amount of potential.

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