Sitting at the Thanksgiving table, your cousin remarks that her credit card was stolen in their data breach and was used to shopping during Black Friday last year. You quickly say, “That wouldn’t have happened if you used Bitcoin,” which leads to an awkward silence. “Isn’t that what people use to buy illegal drugs?” your cousin finally asks, while your other relatives nod their heads. At this Thanksgiving Day, it’s time to share the true meaning of cryptocurrency.
The first thing to do is to compare the cryptocurrency to cash. Remind your cousin that when she pays with cash, she doesn’t have to give away any of her personal details unless the purchase requires it, and more importantly, the merchant has no access to get more of her money than what she gave him. Similarly, cryptocurrency works the same way in the digital realm. Therefore, cryptocurrency payment is also less open to fraud and theft comparing to credit card.
How to make profits with cryptocurrency
What’s more, you can also make profits in crypto trading. In spot trades, investors buy cryptocurrencies like bitcoins and make a profit when BTC rise in price. But there are more opportunities to profit in another way: futures trading.
Compared to spot trades, futures trading enables investors to make a profit on both the upward and downward of the price trend. In other words, you can speculate on both BTC rising or falling. As long as you chose the right BTC trend direction, you are likely to earn money. Besides, futures trading is also called leverage trading, which means you can borrow X times the number of your assets from the exchanges and profit on a bigger scale if the market moves in the selected direction.
Bexplus is one of the most popular and reliable cryptocurrency futures exchange in the world and has offices in Singapore, Japan, US and Brazil and is constantly expanding worldwide. Bexplus provides BTC, ETH, LTC, EOS and XRP perpetual contracts for futures trading, and 100x leveraged profit model is also available on the platform.
Before Thanksgiving Day, Bexplus has prepared some special gifts for all users!!
Gift 1: All users can enjoy 50% service fees rebates for all trading pairs from 2019.11.22 to 2019.11.27 (UTC).
Gift 2: Only 1 day! On Nov. 28 Thanksgiving Day (UTC), all users can enjoy 100% service fees rebates for all trading pairs.
For example, User A traded on Bexplus during promotion 1 and the total service fees is 0.2 BTC, then User A will get 0.1 BTC rebates. User B traded on Bexplus on Thanksgiving Day and the total service fees is 0.5 BTC, then User B will get 0.5 BTC rebates. All rebates can be used to trade or withdraw.
Learn more: https://www.bexplus.com/activity/thanksgiving
Furthermore, the New User Welcome Package ($10 bonus and $100 bonus for the first deposit) and 100% deposit bonus are also waiting for you, come and get them now!!
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CoinField Starts One Week SOLO Token Pre-Sale
CoinField has launched its SOLO Token Pre-Sale today, which started at 6 pm UTC (10 am PST). The pre-sale will run December 9-16, 2019. A limited number of participants will be able to purchase a total of 40 million SOLO tokens at a discounted rate, ahead of the public sale in Q1 2020.
Last month, CoinField sent out 50,000 invitations to the Sologenic VIP community members who needed to sign up for a CoinField account, pass the KYC verification process and successfully fund their account before December 6, 2019, to join the pre-sale.
“I have to say that from all the projects in 2019, this one, in particular, caught my eye for various reasons. The first one being that this is an ambitious project that aims to revitalize the trading industry through a blockchain-only solution, and the second being the innovative use of XRP Ledger technology to make it all happen. I’m confident that with Sologenic’s stellar direction, this will be one of the projects to…
Five Strategies for Lowering Your Crypto Taxes
Getting taxes done isn’t always the highest item on everyone’s to do list. This is especially true if you have accumulated significant gains from investing in cryptocurrencies. What many investors often don’t consider are the opportunities to actually reduce their tax liabilities from their crypto investing. This article discusses five strategies that you can use to help minimize your crypto tax liability.
Depending on what country you live in, your cryptocurrency will be subject to different tax rules. The questions below address implications within the United States, but similar issues arise around the world. As always, check with a local tax professional to assess your own particular tax situation.
1. Tax loss harvesting
Tax loss harvesting is a common strategy in the world of investing where you sell your assets that will realize a capital loss. All you need to do is look at your investments and see which ones you bought for more than they are currently worth. By selling at a loss, you can potentially dramatically lower your net capital gains and thus reduce your taxable income. Given the market we are currently in, there are abundant opportunities to harvest losses and save on your tax bill. Cryptocurrency tax calculators have built specific tax loss harvesting tools that you can use automatically detect which coins present…
How Tax Agencies Are Going After Crypto Traders
Bitcoin investors have in recent months faced increased pressure from various governments around the world regarding unpaid taxes accrued from their holdings.
Tax agencies across the globe continue the regulatory push that has put crypto under the radar, especially in the aftermath of the massive gains enjoyed during the bitcoin price boom of 2017. And although Bitcoin and other cryptocurrencies have since experienced a major tanking esp. over the last 20 months, the focus has shifted gears. Now tax authorities are keen on having cryptocurrency holders file their tax returns properly, and in some cases, are pushing for penalties on potential crypto tax cheats.
Here is how various governments are reacting to the issue of unpaid bitcoin taxes.
The U.S’ Internal Revenue Service (IRS) recently began sending out crypto tax-related letters to some 10,000 individuals. The IRS letters are to the effect that crypto investors may owe the taxman money for cryptocurrency trades they may have carried out in the last couple of years.
In 2014, the IRS issued guidance that classed Bitcoin and other cryptocurrencies as property, meaning that trading crypto among other activities is a taxable event. Thus, taxpayers who made profits on their crypto face penalties and tax on cryptocurrencies,…