Cryptocurrency and tax challenges

Cryptocurrencies have been in the news recently because tax authorities believe they can be used to launder money and evade taxes. The Supreme Court also appointed a special investigative team for black money, recommended to discourage trading in such a currency. While China was reported to have banned some of its largest Bitcoin trading operators, countries such as the US and Canada have laws in place to restrict stock trading in cryptocurrencies.
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What is a cryptocurrency?

Cryptocurrencies, as the name suggests, use encrypted codes to execute a transaction. These codes are recognized by other computers in the user community. Instead of using paper money, an online book is updated from the usual accounting records. The buyer’s account is debited and the seller’s account is credited with this currency.
How are cryptocurrency transactions performed?

When a transaction is initiated by a user, its computer sends a public key or public key that interacts with the private number of the person receiving the currency. If the recipient accepts the transaction, the initiating computer attaches a piece of code to a block with some such encrypted code that is familiar to every user on the network. Special users called ‘Miners’ can attach additional code to the publicly shared block by solving a cryptographic puzzle and earning more cryptocurrency in the process. Once a miner confirms a transaction, the record in the block cannot be changed or deleted.
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BitCoin, for example, can also be used on mobile devices to make purchases. All you have to do is let the recipient scan a QR code from an app on your smartphone or bring it face to face using Near Field Communication (NFC). Note that this is very similar to regular online wallets like PayTM or MobiQuick.
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Brave users swear by BitCoin for its decentralized nature, international acceptance, anonymity, transaction stability, and data security. Unlike paper currency, no Central Bank controls inflationary pressures on cryptocurrencies. Transaction books are stored on a Peer-to-Peer network. This means that each computer chip in its computing power and copies of databases are stored at each such node on the network. Banks, on the other hand, keep records of transactions in central warehouses which are in the hands of private individuals employed by the firm.
How can cryptocurrencies be used for money laundering?

The very fact that there is no control over cryptocurrency transactions by Central Banks or tax authorities means that transactions may not always be labeled to a particular individual. This means that we do not know whether the tractor has received the value reserve legally or not. The transferee shop is also suspect as no one can say what consideration has been given to the currency received.
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What does Indian law say about such virtual currencies?

Virtual currencies or cryptocurrencies are commonly seen as part of software and are therefore classified as a commodity under the Goods Sale Act, 1930.

Being a good one, indirect taxes on their sale or purchase as well as GST on the services provided by the Miners would apply to them.

There is still a lot of confusion as to whether cryptocurrencies are valid as currency in India and RBI, which has authority over clearing and payment systems and prepaid negotiable instruments, has certainly not authorized buying and selling through this medium of exchange.
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Thus, any cryptocurrency received by a resident in India will be governed by the Foreign Exchange Management Act, 1999 as an import of goods into this country.

India has allowed BitCoins to be traded on Special Exchanges with integrated safeguards for tax evasion or money laundering and enforcement activities Meet your client. These exchanges include Zebpay, Unocoin and Coinsecure.

Those who invest in BitCoins, for example, are required to be charged dividends received.
Capital gains received due to the sale of securities involving virtual currencies are also required to be taxed as income and as a result of the online submission of IT returns.

If your investments in this currency are large, it is better to get the help of a personalized tax service. Online platforms have greatly facilitated the tax compliance process.
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Cryptocurrencies – The way forward and the opportunities

Cryptocurrencies continue to improve every day. It continues to boost your wealth, as do your viral posts on social media. A sticky financial tool for a good portfolio and a catalyst for growth. An interesting fact is that there are more than 5000 cryptocurrencies.
2021 was a fantastic year, but where do we go from here?

Let’s magnify the situation here. Both Bitcoin and Ethereum affect the highest levels of performance. Long-term investors are relying on it. By the time you read this article, there may be more exciting news about cryptocurrency. I will try to present here the future possibilities of cryptocurrency.

New regulations are currently in force. They are under the carpets. Measures to minimize the risk from cybercriminals have been put in place. The goal is for this investment to become a safe haven for people. For example: China declared in September that all cryptocurrency transactions are illegal. Clear regulations will remove all obstacles to make it a safer trade.
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How will the new regulations affect investors?

The IRS will find it easier to track tax evasion. Investors can transparently keep a record of transactions. For example: recording any gain or loss on equity in crypto-assets will be easier. On the other hand, the price of cryptocurrencies will also be affected by the volatile market.

ETF approval – An important factor to consider

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Bitcoin ETF made its NYSE debut. It will help investors buy cryptocurrencies from existing investment firms. Due to the growing demand, both the capital and bond markets are dealing with it. Let’s look at it from an investor’s perspective. The easier accessibility of cryptocurrency assets helps people to buy them without any hassle. If you plan to invest in a Bitcoin ETF, keep in mind that the risks are the same as any other cryptocurrency. You need to be willing to take the risk. Otherwise, it is useless to invest your money.

What does the future hold?

Bitcoin is the best in the crypto market. It has the highest market capitalization rate. In November 2021, its price rose to $ 68,000. In October, the rate was $ 60,000 while in July it was $ 30,000. There is a high fluctuation in market rates. Experts suggest keeping the market risk for cryptocurrency at less than 5% in the portfolio. Speaking of short-term growth, people are hopeful. Volatility in Bitcoin prices is a factor to consider. If you want to play for a long time, short-term results should not affect you.
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Looking at it from an angle to reinforce your wealth is not a good decision. Contain traditional investment tools other than cryptocurrency. For example: if you want cryptocurrency as a means of saving for your retirement, it’s time to reconsider your decision. Keep your investments small and diversify them. It will reduce the risk factor. At the same time, you will have more time to think about cryptocurrency.
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It is necessary to spend your money wisely and then invest in cryptocurrency. The risk factor associated with it should be assessed and a decision made. I hope this article helps you.


Everything you need to know about using Litecoins

Litecoins are a form of cryptocurrency that has grown in popularity in response to the demand for alternative currency options by consumers worldwide. This currency functions much like the standard world currencies. Traders and investors have realized the great potential that this currency has to offer, and it is highly traded by both novice and experienced investors. The best way to get the most out of Litecoin trades is to use the services of a Litecoin broker. There are many Litecoin brokers available that have an excellent reputation for providing their clients with excellent services. These brokers will be able to help traders make sound investment decisions.
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When you hire a good Litecoin broker, they will have numerous tools and resources available to ensure that your trades go smoothly. Perhaps the most used tool by these brokers is the Litecoin news widget. This widget can be fully customized to meet your specific needs. It will provide constant updates on cryptocurrency news and other relevant information, so that you are informed of the latest news developments as they are published on the wire. Below we will give an overview of what exactly this cryptocurrency is and how it can be used and obtained in addition to trading for it.

What are Litecoins?

Litecoin are a form of virtual currency that can be obtained and used to buy and sell various services and products such as jewelry, clothing, food and electronics. Since this currency is used only online, its value is determined by the demand on the currency trading websites. This cryptocurrency can be traded, or it can be mined. When issuing for coin, the process can be a daunting task. Computers solved mathematical equations and as a result are rewarded. Almost any good computer can claim the coin, but statistically the chances of success are low and it may only take days to earn a few coins.
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The difference between Litecoins and Bitcoins

The main difference is that Litecoins can be bought much faster than Bitcoin, and their limit is set at 84 million, while the Bitcoin limit is only 21 million compared. Bitcoins are accepted in more online stores, but Litecoins are growing in popularity every day. Currency is decentralized, so this is a huge advantage for traders. The cost is projected to be lower than Bitcoin costs as the cryptocurrency becomes more popular.

Start-ups moving towards Blockchain technology in 2018!

Start-ups moving towards blockchain technology in 2018!

The first application of blockchain technology that has attracted worldwide attention is Bitcoin, the first digital currency. Blockchain creates a decentralized book which operates on the network of intelligent contracts. Blockchain is able to provide high security using the concept of public and private keys for authentication. This concludes that blockchain technology can be used in any industry where a value is exchanged. This technology has many more applications than just cryptocurrencies.

Below are the lists of start-up businesses that will bring changes in the future –


It is a Estonian company. Given that smart contracts are the giant component of cryptocurrency and blockchain operations, Agrello hopes to revolutionize them.

It aims to combine legal documentation with artificial intelligence to bring intelligent contracts to the general public without comprehensive blockchain experience. Agrello’s creates an interface that allows users to easily create their legally binding intelligent contracts over the Ethereum network. For this, they do not need extensive programming experience or legal knowledge.


Elastos started in 2000. It focuses on the development of an Internet operating system which re-decentralizes the Internet with blockchain. He is producing a new secure operating system (Dapps) that runs peer-to-peer without centralized control. It will aim to make digital assets rare, distinctive and marketable.


Everex plans to offer the opportunity to use services such as foreign exchange, microfinance, etc., for people who do not have access to standard financial institutions. They will create a platform using blockchain technology called “cryptocash”. Users can convert their local currency to cryptocurrencies through the Everex platform. This cryptocurrency token will be equal to the specified fiat currency.


Puregold created in 2010 is becoming the first payment gateway using a gold-backed cryptocurrency. The name of the port called “PG_PAY”. This includes various payment terminals, ATM Gold and high security mobile money transactions. The Puregold team used Blockchain Ethereum technology and successfully established a gold e-commerce business network of gold-backed cryptocurrencies

There are many blockchain applications appearing to make things more organized and secure.

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4 Common Mistakes to Avoid When Trading Cryptocurrencies

Today, you can invest in cryptocurrency quickly and easily. You have the freedom to invest with the help of online brokers, but you can not say for sure if this is an infallible venture. There are many dangers and pitfalls you have to face if you are thinking of entering this field. However, you do not need to become a master in the world of computer science or finance to get started. What this means is that you need to make an informed decision. In this article, we will talk about some common mistakes that most cryptocurrency investors make. Read on to learn more.

1: You buy the wrong coins

If you have decided to buy Bitcoin, you have to be careful. There are different types of Bitcoin, such as Private Bitcoin, Bitcoin SV, Bitcoin Gold and Bitcoin cash. In other words, there are many branches to look out for.

While these are not bad or scams, make sure you know what you are buying. Even if you buy the wrong currency, you can sell it again and look for the right one.

2: You are not for the wild trip

If you want to enter the world of cryptocurrency, you have to have nerves of steel to cope with instability. Unlike the traditional world of finance, cryptocurrencies have extreme volatility, according to Theresa Morison, who is a certified financial planner in Arizona.

According to her, as a new investor, you should first invest a small amount, like $ 100 a month and then forget about it. If you pay attention to the market every day, it will drive you crazy.

In addition, just because you are a beginner, you may want to stick to the 2 to 3 cryptocurrencies you are familiar with. Ideally, you can initially consider currencies created like Bitcoin and Ethereum.

3: You do not double-check the address

Many cryptocurrency traders lose their coins just because they do not double-check the address. Unlike a conventional bank transfer, you can not return just one transaction. So you have to be really careful when you make this type of transaction using cryptocurrency. If you are not careful enough, you could end up losing thousands of dollars in seconds.

4: You have lost access to your wallet

Although there are a limited number of 21 million Bitcoin, the entire Bitcoin number is not being created. The reason is that many of the coin holders have lost access to their wallet due to forgotten passwords.

According to the report from Chainanalysis, 1 in 5 Bitcoin mines so far is not accessible due to lost passwords. Therefore, make sure you keep your password in a safe place before you start reading.

In short, we suggest you avoid these four most common mistakes if you want to become successful in the world of cryptocurrency trading. Hopefully, these tips will help you be on the safe side and achieve success as a trader or investor.

What is a cryptocurrency? Here’s what you need to know

Cryptocurrency is a type of digital currency that you can use to buy goods and services. For secure transactions, cryptocurrencies depend on an extremely complex book online. Millions of people from all over the world have invested in these unregulated currencies to make a profit. Of all these popular cryptocurrencies, Bitcoin is at the top of the list. In this article, we will delve deeper into cryptocurrency. Read on to learn more.

1. What is a cryptocurrency?

Basically, you can pay through cryptocurrency to buy goods or services online. Today, some companies have released their own cryptocurrency. Known as arguments, they can be traded for goods and services. You can think of them as casino chips or arcade tokens. You can use your real currency to buy cryptocurrency to carry out these transactions.

For transaction verification, cryptocurrencies use a more advanced system known as blockchain. This decentralized technology is enabled by many computers that are programmed to manage and record transactions. Security is the best thing about this technology.

2. What is the value of cryptocurrency?

Today, there are over 10,000 types of cryptocurrencies out there. And they are traded worldwide, according to reports from CoinMarketCap. So far, the value of all the cryptocurrencies out there is over $ 1.3 trillion.

At the top of the list is Bitcoin. The value of all Bitcoin is $ 599.6 billion, give or take.

3. Why are they so popular?

Cryptocurrencies have a huge appeal for a variety of reasons. Listed below are some of the most common:

Some people think that cryptocurrency is the currency of the future. Therefore, many of them are investing their hard earned money in the hope that the cryptocurrency will increase in value after a few years.

Some people think that this currency will be free from central bank regulations as these institutions reduce the value of money through inflation.

Some supporters prefer the technology that powers cryptocurrencies, which is blockchain. Basically, this is a decentralized registration and processing system, which can provide a higher level of security than conventional payment systems.

Some speculators go for cryptocurrency just because it is rising in value.

4. Is it a good investment?

According to most experts, the value of cryptocurrencies will continue to increase over time. However, some experts suggest that these are just speculations. Like real currency, this type of currency has no cash flow. Therefore, if you want to make a profit, someone has to pay a lot more money to buy the currency.

Unlike a well-managed business that grows in value over time, cryptocurrencies have no assets. But if a cryptocurrency remains stable for a long period of time, it will certainly help you make a lot of money.

In short, this was a basic introduction to cryptocurrency. Hopefully, this article will help you get acquainted with this new type of coin.

How do cryptocurrencies gain value?

Cryptocurrencies are the latest ‘big thing’ in the digital world and are now recognized as part of the monetary system. In fact, enthusiasts have labeled it the ‘money revolution’.

In clear terms, cryptocurrencies are decentralized digital assets that can be exchanged between users without the need for a central authority, most of which are created through special computational techniques referred to as ‘mining’.

Accepting currencies, like the US dollar, the British pound and the euro, as legal remedies is because they are issued by a central bank; However, digital currencies, such as cryptocurrencies, do not depend on public trust and confidence in the issuer. As such, several factors determine its value.

Factors that determine the value of cryptocurrencies

Principles of free market economy (mainly supply and demand)

Supply and demand is a key determinant of the value of anything of value, including cryptocurrencies. This is because if more people are willing to buy a cryptocurrency and others are willing to sell, the price of that particular cryptocurrency will rise and vice versa.

Mass adoption

The massive approval of any cryptocurrency could lead to its price on the Moon. This is because many cryptocurrencies have their supply limited to a certain limit and, according to economic principles, an increase in demand without a corresponding increase in supply will lead to an increase in the price of that particular commodity.

Numerous cryptocurrencies have invested more resources in securing their mass adoption, with some focusing on the applicability of their cryptocurrency to urgent personal life issues as well as crucial day-to-day cases, with the aim of making them essential in daily life.

Fiat inflation

If a fiat currency, like the USD or GBP, inflates, its price rises and its purchasing power falls. This will then cause cryptocurrencies (let’s use Bitcoin as an example) to rise relative to that fiat. The result is that you will be able to buy more from that fiat with every bitcoin. In fact, this situation has been one of the main reasons for the increase in the price of Bitcoin.

History of fraud and cyber attacks

Frauds and hacks are also essential factors that affect the value of cryptocurrencies, as they are known to cause wild fluctuations in valuations. In some cases, the team supporting a cryptocurrency can be fraudulent; they will pump the price of cryptocurrency to attract unsuspecting individuals and when their hard-earned money is invested, the price is cut by fraudsters, who then disappear without a trace.

It is therefore imperative to be wary of cryptocurrency scams before investing your money.

Some other factors to consider that have an impact on the value of cryptocurrencies include:

  • The way in which cryptocurrencies are stored, as well as its usefulness, security, ease of purchase and cross-border acceptability

  • The power of the cryptocurrency community (this includes funding, innovation and loyalty of its members)

  • Low cryptocurrency-related risks as perceived by investors and users

  • Feeling the news

  • Market liquidity and cryptocurrency instability

  • Country regulations (this includes banning cryptocurrencies and ICOs in China and accepting it as a legal remedy in Japan)

Cryptocurrency – Stay Informed

Cryptocurrencies seem to be the hottest investment products happening. Eavesdrop on your friend’s every conversation, it’s all about bitcoin. The whole conversation in the workplace is also about virtual currencies. The key word on online chat rooms is also about cryptocurrency these days. A silent economic revolution is taking place, thanks to the growing popularity of these virtual currencies.

It goes without saying that if you want to make it big in the world of bitcoins, then you have to have a nose for the news. Now that you have narrowed down your list to a few cryptocurrencies, you will need to analyze and decide which ones have the potential to trade higher and faster than the rest. This is why you need to keep track of the news. You will scan for information on blockchain trends from various sources. These days, some business channels devote exclusive time to these trends.

Another possible source of information may be others involved in virtual currency trading. Meet some of them who are very good at trading and select their brains for valuable information. The internet is a great way to get in touch with such experts. You can find them through online forums. Keep in touch with them regularly. Similarly, you can also subscribe to websites that specialize in cryptocurrency trading. This way you can be sure not to miss any important news.

Good sources of information on cryptocurrencies can be obtained from various organizations. They provide a lot of information about the blockchain ecosystem. The website of this organization provides extremely detailed information about digital currencies.

Keeping your coins safe

Security is another thing that is crucial whenever you are dealing with cryptocurrency. Since you will need to create and use several passwords for different accounts, it is suggested that you use a password manager. Make sure you use a strong antivirus on your computer. A good firewall is also mandatory to ensure the perfect security of your data and online transactions.

Another important thing to follow is to never find out how much you have traded cryptocurrencies online. This is true both online and offline. You should also never make the mistake of clicking on someone’s links in crypto groups. You can end up so easily by downloading a virus to your computer. Most sites in these groups are known to contain viruses.

Why should you trade cryptocurrencies?

The modern concept of cryptocurrency is becoming very popular among traders. A revolutionary concept introduced to the world by Satoshi Nakamoto as a by-product became a hit. Decrypting cryptocurrency we understand that crypto is something hidden and currency is a medium of exchange. It is a coin shape used in the blockchain created and maintained. This is done through encryption techniques to control the creation and verification of the traded currency. The bit coin was the first cryptocurrency to come into existence.

Cryptocurrency is just one part of the process of a virtual database operating in the virtual world. The identity of the real person here cannot be determined. Also, there is no centralized authority that regulates the trading of cryptocurrencies. This currency is equal to the strong gold stored by humans and whose value is assumed to increase by leaps and bounds. The electronic system set up by Satoshi is decentralized where only miners have the right to make changes by confirming the initiated transactions. They are the only providers of human contact in the system.

Cryptocurrency counterfeiting is not possible as the whole system is based on mathematics and cryptographic enigmas. Only those people who are able to solve these puzzles can make changes to the database, which is almost impossible. The transaction once confirmed becomes part of the database or blockchain, which can not be returned later.

Cryptocurrency is nothing but digital money which is created with the help of encryption technique. It is based on the peer-to-peer control system. Let us now understand how one can profit from trading in this market.

Cannot be reversed or forged: Although many people may object to the fact that the transactions performed are non-refundable, but the best thing about cryptocurrencies is that once the transaction is confirmed. A new block is added to the block chain and then the transaction cannot be forged. You become the owner of that block.

Online transactions: This not only makes it convenient for anyone sitting in any part of the world to conduct transactions, but also facilitates the speed with which the transaction is processed. Compared to real time where you need third parties to enter the picture to buy a house or gold or get a loan, you only need a computer and a potential buyer or seller in case of cryptocurrency. This concept is easy, fast and packed with ROI prospects.

The fee is low per transaction: There is a low or no fee received from the miners during the transactions as this is taken care of by the network.

Accessibility: The concept is so practical that all those people who have access to smartphones and laptops can enter the cryptocurrency market and trade with it anytime and anywhere. This access makes it even more profitable. Since ROI is to be commended, many countries like Kenya have introduced the M-Pesa system allowing bitcoin currency device, which now allows 1 in every three Kenyans to have a bitcoin currency portfolio with them.

5 reasons why cryptocurrency is so popular

In recent years, cryptocurrency has been a hot topic all over the globe. Most people are now familiar with cryptocurrency, especially Bitcoin. In fact, Bitcoin tops the list of cryptocurrencies. If you have no idea why cryptocurrencies are growing in popularity worldwide, you are on the right site. In this article, we will discuss 5 reasons why this new type of coin is so popular. Read on to learn more.

1. Low transaction fees

The low transaction fee is one of the main reasons why cryptocurrencies have increased in value in recent years. No matter what kind of conventional payment method you go for, you will have to pay a large transaction fee.

On the other hand, if you go for cryptocurrency to make payments, you will have to pay the minimum transaction fees. Therefore, it makes sense to use this new form of currency to make online payments for your desired products and services.

2. There are no government regulations

Another strong reason why many people trust cryptocurrencies is that they are not regulated by any government. Therefore, the value of the currency remains stable regardless of the government of a particular country.

Also, some investors want to protect their wealth, which is why they invest in cryptocurrencies. In other words, cryptocurrencies are much safer than conventional currencies, which makes them quite attractive here and now.

3. Great potential for profit

Another great reason why cryptocurrencies are an ideal choice is that they offer great potential for profit. If you buy Bitcoin when prices are low, you can make a lot of profits the moment the value of Bitcoin rises again.

Investors have made a lot of money in recent years. So the potential is there if you are interested in putting money into your desired cryptocurrency.

4. Easier to use

Over time, the use of cryptocurrency is becoming easier. The reason is that many online companies have started accepting payments through this type of currency. In the near future, almost every company will accept payments through popular cryptocurrencies.

As more people start using cryptocurrency across the globe, it will be even easier to buy the currency and make your payments online.

5. General safety

Your money and your identity are of great importance. Today, cyber security is one of the biggest issues you can face. So using cryptocurrency to make online payments is much safer than conventional payment methods.

So if you are worried about making payments online, we suggest you try cryptocurrency. In other words, security is another big reason why people use cryptocurrency.

In short, these are the 5 reasons why cryptocurrency is so popular all over the globe. All you need to do is make sure you choose one of the best cryptocurrencies. It is not a good idea to put what you have earned with difficulty into a currency that has no potential for growth.