Category Archives: Cryptocurrency
Personal computers are illegally hacked by cryptocurrency miners to collect Monero cryptos.
Microsoft is replacing humans with AI to select and curate news stories on the companys Edge browsers and MSN site. That move will lead to over 20 people losing their jobs.
Googles Pixel Buds 2 has a connectivity issue, according to a growing number of user reports on the companys support forum and Reddit.
Facebook is making some updates to its user verification policy. With this change, page owners with large audiences need to confirm their identity with the social network.
Lastly, Indias Department of Telecom (DoT) has issued a notice to internet service providers (ISP) to block a file-sharing platform.
Crypto-jacking is the process of illegally using someone elses computer to mine or collect Bitcoin or other types of cryptocurrencies.
In the UK, an 18-year-olds computer was crypto-jacked by miners to collect Monero cryptocurrency, the BBC reported.
Abdelrhman Badr did not know he was crypto-jacked until he noticed unusual activities in his computer. Even after turning his PC to sleep mode, the fans kept running.
And when he opened the laptop, the main login page would open up without the usual login page.
"My computer wasn't actually going to sleep at all," he told the BBC.
Badr serendipitously found about the mining when he was going through the computers program. The device has been sending information to a website he never heard of.
That website was collecting Monero cryptocurrency. In retrospect, Badr thought that an accidental download might have installed a malware in his pc.
Badrs computer falling prey to cryptocurrency mining is not on-off. A few weeks earlier, a pan-European group claimed to have attempted mining cryptocurrencies using multiple machines.
The practice of illegally collecting crpytocurrencies is currently on rise as the price of the asset is falling, according to Palo Alto Networks.
So, to reduce costs associated with mining, hackers resort to crypto-jacking.
AI to replace humans at Microsofts news curation division
Microsoft has decided to replace humans with AI to select, edit and curate news stories on the companys news webpage and Edge browser, the Guardian reported.
The move resulted in over 27 individuals losing their jobs at PA Media, a company contracted by Microsoft to manage its news page. The employees were told that the software companys decision to terminate its contract is a result of Microsofts global shift to use AI for news.
The PA Media team managing Microsofts MSN site does not file own stories. They only select articles from other news organisations and post them on Microsofts website. For hosting these articles, both Microsoft and the news organisation share advertising revenue.
We are in the process of winding down the Microsoft team working at PA, and we are doing everything we can to support the individuals concerned, a spokesperson at PA Media said in a statement.
We are proud of the work we have done with Microsoft and know we delivered a high-quality service.
Microsoft said that the company decision to use AI is not a result of the current pandemic. It has been evaluating its businesses on a regular basis to increase investment in some functions, and reducing in others.
Facebook to verify identity of users with large audiences
Facebook said it will verify identity of users with large audiences in the US in an effort to improve user experience in its apps.
The move will be the social networks extension of its page verification process started in 2018. Back then, Facebook verified users who manage Pages with a large group of followers.
The extension in the attestation policy comes at a time when the US is warming up for 2020 Presidential election. And the addition to the ID confirmation process may limit the spread of viral posts if the social network spots inauthentic behaviour.
The social media company wants to ensure that real people, and not bots, use its network. The move will also help users to know who is the actual person behind the content they see on Facebook. The messengers identity is important given their message reaches a large number of people.
If someone does not verify their identity or provides an ID that does not match a linked Facebook account, the speed of the viral post will be reduce so fewer users will see it.
And if the person posting the content is a Page admin, that person will need to complete a Page Publishing Authorization. Without completing it, their account wont be verified, and they cant post any content on the page.
The ID shared for verification will be stored securely and will not be shared on a persons profile.
Internet service providers in India asked to block WeTransfer
WeTransfer, a Netherlands-based file sharing platform, has been blocked in India on instruction from Department of Telecom (DoT) to internet service providers (ISP), Reuters reported.
The DoT had issued an order on May 18 to ISPs without giving a reason for blocking the site. The order invokes a clause from conditions laid out for granting licences to ISPs, Reuters said on reviewing the note.
Per the clause invoked by DoT, all ISPs must block websites in the interest of national security or public interest.
At this moment in time, WeTransfer seems to be blocked and unavailable in India, WeTransfer said in a blog post.
We are working hard to understand the reasoning behind this block, as well as how to get it reverted as soon as possible.
WeTransfer allows users to share and upload files of up to 2GB for free in one transfer. Paid users can transfer 20GB per upload.
Pixel Buds 2 users report issues
A growing number of Pixel Buds 2 report Bluetooth connectivity issues, 9to5 Google reported.
Several threads on Google support forums and some on Reddit show many users facing issues related to random audio cutouts, leading to brief pauses while connected to the buds.
The issues have been coming up since the first pieces were shipped, and Googles updates arent solving the connection problem.
Unfortunately, even with the latest version 295 update, the problem is not fixed, based on reports by users.
In one of the cases, even a replacement pair did not solve the issue.
A review on Reddit said: I was really excited to get these in today, but have had nothing but issues with them. While sitting at my computer they seemed to work fine, but I noticed that if I touched the left ear bud or moved my head too much, it would cut out.
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Todays cache | Crypto-jacking, and more - The Hindu
Course cryptocurrency Ethereum on Tuesday climbed above the psychological mark of $250,71 . Cryptocurrency Ethereum traded at 250,71 at 13:38 (10:38 GMT) according to the index Investing.com and rose by 5.47% during the day. It was the most noticeable growth from June 1.
Upward movement lifted the market capitalization of the Ethereum to $B of 27.66, or 0.00% of the total market capitalization of cryptocurrencies. At its peak, the market capitalization of cryptocurrency Ethereum was $135,58 B.
The Ethereum cryptocurrency was trading in the range of $245,80 to $250,71 in the last 24 hours.
Over the past 7 days, the cryptocurrency Ethereum showed growth estimates ranging gained-pct. The volume of cryptocurrency Ethereum in the last 24 hours was $13,61 B or 0.00% of total cryptocurrency. The cryptocurrency was trading between $200,8545 to $250,7094 in the last 7 days.
At the moment the cryptocurrency Ethereum shows still below 82,38% from their peak values, amounting to $1.423,20, made 13 January, 2018..
The cryptocurrency Bitcoin was worth $10.124,6 according to the index Investing.com rising of 5.79% on the day.
The course of bitcoin RIPL was $0,21353 according to the index Investing.com showing showing growth by 4.29%.
The market capitalization of Bitcoin was formerly $of 185.99 B or 0.00% of total market capitalization of all cryptocurrencies, while the capitalization of the RIPL was $9,40 B or 0.00% of the total cryptocurrency market.
Many market analysts believe that Chinas own cryptocurrency is a legitimate threat to bitcoin, and even the United States dollar. As part of the countrys effort to streamline its financial industry, China recently rolled out its own digital currency.
China is not a stranger to digital currency. In fact, the country has one of the largest and fastest adoption rate of digital payment systems. It is relatively easier to do financial transactions in the country when using platforms like WeChat Pay and Alipay. It also helps that these platforms are available on almost any smartphone in the country.
Seeing the potential of digital currencies, China recently started its own digital currency. While still in its development phase, the country started a limited pilot program of the project in order to gauge its performance. People with insider information about the project claims that China plans a massive rollout of the project at the 2022 Winter Olympics in Beijing.
Considering Chinas massive consumer market, many analysts believe that the country will face no hurdle in the adoption of digital currencies. Chinese consumers have already proven the effectiveness and relative ease of using digital currencies with platforms like Alipay and WeChat Pay.
What China is doing right now is create its own platform using its own currency, rather than relying on third-party tech companies to do so. The main difference with what China is doing with that of Alipay is that the latter still needs to swap actual money into digital credits.
With Chinas proposed platform, people will actually use the digital equivalent of its own currency the yuan. Unlike cryptocurrencies like bitcoin which is decentralized and not controlled by a single entity, Chinas digital currency is backed by the state.
By turning its currency into digital, it will allow people to do financial transactions easier and quicker. This will also allow the Chinese government to regulate its currency to a certain degree that is not possible if they are using actual physical banknotes.
Although it is safe to say that it will still take China years to implement its new digital currency, the threat is already too big for the United States to just shun it away. Financial experts think that this new digital currency poses a great threat to the financial dominance of the U.S.
Experts believe that China can implement its digital currency locally within its borders with ease. However, the main threat happens if other nations and financial institutions allow this digital currency to cross borders.
Right now, the global trade currency is the U.S. dollar. If Chinas digital currency rolls out of its borders, traders can essentially buy and sell products without using the dollar-based payment system. This is the threat that many experts agree on.
While bitcoin has the capability of challenging Chinas digital currency, it does not enjoy the backing of a sovereign state. Essentially, bitcoin is just a bunch of codes that happens to have value. What China is trying to implement is an actual currency that can be digitally managed.
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Chinas Cryptocurrency Legitimate Threat to Bitcoin and Dollar - Move Your Money
A recent report published by QMI on cryptocurrency market is a detailed assessment of the most important market dynamics. After carrying out a thorough research of cryptocurrency market historical as well as current growth parameters, business expectations for growth are obtained with utmost precision. The study identifies specific and important factors affecting the market for cryptocurrency during the forecast period. It can enable manufacturers of cryptocurrency to change their production and marketing strategies in order to envisage maximum growth.
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According to the report, the availability of the decentralized system and the absence of fees on transactions is expected to drive the growth of cryptocurrency market during the forecast period.
Cryptocurrency can be termed as a virtual currency that is used as a medium of exchange and transaction which is secured and has gained much popularity in todays economic world. Most of the important transactions have now shifted to the use of cryptocurrency and a huge segment of the market is now shared by these currencies.
Growth in the number of digital transactions and the availability of a much-secured transaction through cryptocurrencies are the key factors for the growth of Global Cryptocurrency Market. The absence of interest rates or exchange rates on transactions has enabled it to gain worldwide recognition and has led many people to invest in this market. Many other benefits like protection from fraud, low fees, quick international transfers and non-regulation of transactions have led to the growth of the global cryptocurrency market.
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Some of the key Impact Factors:o Secured transaction facilitieso Availability of decentralized system and absence of fees on transactionso Unavailability of Government regulations
Insights about the regional distribution of market:
The market has been segmented in major regions to understand the global development and demand patterns of this market.For cryptocurrency market, the segments by region are for North America, Asia Pacific, Western Europe, Eastern Europe, Middle East, and Rest of the World. During the forecast period, North America, Asia Pacific, and Western Europe are expected to be major regions on the cryptocurrency market.
North America and Western Europe have been one of the key regions with technological advancements in ICT, electronics & semiconductor sector. Factors like the use of advanced technology and the presence of global companies to cater to the potential end-users are favorable for the growth of cryptocurrency market. Also, most of the leading companies have headquarters in these regions.
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The Asia Pacific is estimated to be one of the fastest-growing markets for cryptocurrency market. Major countries in the Asia Pacific region are China, Japan, South Korea, India, and Australia. These economies in the APAC region are major contributors in the ICT, electronics & semiconductor sector. In addition to this, government initiatives to promote technological advancement in this region are also one of the key factors to the growth of cryptocurrency market. The Middle East and rest of the World are estimated to be emerging regions for cryptocurrency market.
By Region:North AmericaBy Country (US, Canada, Mexico)By ApplicationBy ProcessBy Offering
Western EuropeBy Country (Germany, UK, France, Italy, Spain, Rest of Europe)By ApplicationBy ProcessBy Offering
Eastern EuropeBy Country (Russia, Turkey, Rest of Eastern Europe)By ApplicationBy ProcessBy Offering
Asia PacificBy Country (China, Japan, India, South Korea, Australia, Rest of Asia Pacific)By ApplicationBy ProcessBy Offering
Middle EastBy Country (UAE, Saudi Arabia, Qatar, Iran, Rest of Middle East)By ApplicationBy ProcessBy Offering
Rest of the WorldBy Region (South America, Africa)By ApplicationBy ProcessBy Offering
Companies:Bitmain, NVIDIA, Xilinx, Intel, Advanced Micro Devices, Ripple, Bitfury, Ethereum Foundation, CoinBase, BitGo, and Binance
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What to Know About Billions’ Cryptocurrency Drama If You Know Nothing About Cryptocurrency – Vulture
Photo: Jeff Neumann/SHOWTIME
If youre a fan of the Showtime drama Billions but having a tough time following the current seasons cryptocurrency story lines, youre not alone. Not only do the actors have trouble keeping up with the series twists and turns, even those who work in the financial sector dont necessarily understand crypto mining, a subject that pops up several times in season five. Half the people in finance couldnt explain what mining is to you, says New York Times best-selling author Ben Mezrich, who joined the Billions writers room this season as a consulting producer. A large percentage of them have no idea, because its complex.
As the writer of Bitcoin Billionaires and The Accidental Billionaires: The Founding of Facebook: A Tale of Sex, Money, Genius and Betrayal the latter of which was adapted into the movie The Social Network Mezrich is a natural fit for the Billions team. His expert knowledge of cryptocurrency has provided the series with an opportunity to further explore this once-dark, underground area of finance. He also wrote this seasons third episode, which has Gordie Axelrod (Jack Gore), son of billionaire Bobby Axe Axelrod (Damian Lewis), running his own crypto-mining operation.
From the safety of his home in Quechee, Vermont, where hes riding out the COVID-19 pandemic, Mezrich was kind enough to guide Vulture through the intricacies of these esoteric plotlines. The result is this useful explainer for those of us who love Billions, but are still lost when characters like Axe and Chuck Rhoades (Paul Giamatti) start talking Bitcoin and blockchain.
Its a form of electronic money that sparked interest in recent years due to its skyrocketing prices. Its money that goes instantly from one person to the other, and theres no middleman, says Mezrich. A can be sent from person-to-person via their phone, just like a text.
The most well-known example of cryptocurrency is Bitcoin, which was created in 2009. But theres almost an infinite amount of cryptos at this point, says Mezrich.
This is the process of how the money is transferred from person-to-person. Because cryptocurrency doesnt use banks, miners are the ones who verify each transaction. Say I send you a Bitcoin, says Mezrich. The way that transaction is verified is, miners are working on computers attached to the network, which are doing these mathematical equations. And these equations, when theyre solved, they verify our transaction, and as a reward, the miner gets a certain amount of Bitcoin.
The process is very much like a contest, because all these different miners are competing to solve the equation, with the winner getting the Bitcoin. Mezrich likens mining to the race for the golden ticket in Charlie and the Chocolate Factory: You open all these wrappers and one of them is gonna have a piece of gold in it. But you dont know which one, and so youre incentivized to get all the [chocolate bars] you can. This is what these miners are doing: Theyre just continually trying to solve these equations. Because whoever solves it first, gets the golden ticket the Bitcoin.
You probably remember this term being bandied about by Chuck last season regarding mobile voting. A blockchain is a digital database containing information that can be simultaneously used and shared within a large, decentralized, publicly accessible network, according to Merriam-Webster.
Because its where all crypto transactions are logged. If I send you one Bitcoin, says Mezrich, that transaction is logged onto the blockchain. And the way it becomes verified is by these miners. Theyre the ones who essentially put these equations onto the blockchain.
Those guys are miners, and they were dealing with the aforementioned mathematical equations, which are not only very complicated, but require enormous amounts of computing power, says Mezrich. If you walk into a crypto mine, its computer after computer after computernot unlike what was inside the sketchy warehouse that served as the miners base in the episode.
The miners were drawing power from a town in upstate New York, which is where the legal issue comes into play. The problem is, if youre mining Bitcoin and you need to draw tons and tons of power, eventually, that cost can be more than what youre earning, explains Mezrich. So miners are always trying to find cheaper electricity. Enter the small town in question: The town gave the miners priority over their electrical power. By doing that, the miners are saving a lot of money, and they make a kickback deal with the town to get cheap electricity, but the way they get the cheap electricity is its being routed to them rather than the rest of the town, causing brownouts.
Axe is involved because hes the leader of a consortium that combined its resources to fund this operation. In the general scheme of things, its not a bring-down-Axe crime, but its certainly a way in [for Chuck], says Mezrich. So for now, there isnt enough evidence connecting him to this venture for Chuck to take legal action yet.
Instead of just mining Bitcoin, Gordie was mining a lot of different cryptos at once out of his prep-school basement. The way Axe describes his sons scheme to Wags (David Costabile) Its the smart way to do the stupid thing he was doing isnt much different from how Mezrich explains it. With multi-mining, you have a better chance of making money and you have less of a chance of getting caught, because youre hacking electricity on a smaller scale.
He was trying to pull down enough electricity to power a whole bank of crypto mines a bunch of computers to run all these calculations, says Mezrich. In so doing, he ended up short-circuiting and causing a massive power-grid failure.
Mezrich admits that Billions took a bit of dramatic license here.
He absolutely committed a crime by tapping into his schools (and the towns) power grid. If he had had his own power source, if he was just working at home with that, it wouldnt be illegal, says Mezrich. As for the actual crypto mining, Mezrich used Gordies tradition-bound prep-school headmaster as a stand-in for those who still see Bitcoin and other cryptocurrencies as the dirty part of the finance world. The mainstream has still not accepted it, he says. The headmaster would be one of the types who sees [Gordies behavior] as an affront to the men of honor that these kids are supposed to become.
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What to Know About Billions' Cryptocurrency Drama If You Know Nothing About Cryptocurrency - Vulture
Bitcoin and cryptocurrency watchers are nervously waiting for bitcoin to make another move after a sudden sell-off this week.
The bitcoin price, the main driver of the cryptocurrency market, had been more-or-less trading sideways after rallying hard through April.
Now, one small cryptocurrency that isn't even in the top 30 most valuable tokens has suddenly soaredclimbing a staggering 230% over the last month.
Many bitcoin and crypto analysts are worried the bitcoin price could be heading lower before it ... [+] rallies again--but some small cryptocurrencies, such as omiseGO, have outperformed the wider market.
OmiseGO, an ethereum token that powers a smart contract platform and trades as OMG, was sent sharply higher after San Francisco-based bitcoin and cryptocurrency exchange Coinbase revealed it would list the token.
"The good ol' Coinbase listing pump is back," Larry Cermak, director of research at bitcoin and crypto news and analysis outlet The Block, said via Twitter, pointing to OmiseGO's sharp rally since "it was announced that it's listing on Coinbase."
OmiseGO's smart contract platform, based in Bangkok, is designed facilitate the movement of funds between traditional payment systems and decentralized blockchains like ethereum.
The omiseGO price began climbing earlier this month after Coinbase, the largest U.S. bitcoin and crypto exchange, said it would allow Coinbase Pro users to make inbound OmiseGo transfers.
OmiseGO, which has a market value of just $257 million compared to bitcoin's $170 billion, jumped again this week after Coinbase said it would fully list the minor cryptocurrency everywhere but in New York State.
"Coinbase customers can now buy, sell, convert, send, receive, or store OMG," Coinbase said in a blog post on Thursday announcing the listing.
The OMG price is still heavily down on its all-time high of almost $30 per token set in late 2017 as bitcoin and cryptocurrency mania was sweeping the globe.
The omiseGo price has soared by 234% in just a month as investors cheer its new Coinbase listing.
The likes of bitcoin and other major cryptocurrencies have also failed to return to their all-time highs, with the bitcoin price now trading around half its December 2017 high.
Some smaller cryptocurrencies, such as chainlink and tezos, have rallied hard in recent months, however, pushed higher by demand for decentralized finance platforms.
Meanwhile, the broader bitcoin and cryptocurrency market is closely-watching for price swings after bitcoin went through a supply squeeze earlier this month.
The number of bitcoin rewarded to those that maintain the bitcoin network, called miners, was cut by half, dropping from 12.5 bitcoin to 6.25 on May 11.
Some had warned the bitcoin price could crash in the aftermath of the third halving but most analysts seem confident the bitcoin price will climb eventually.
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As Bitcoin Flounders, This Tiny Cryptocurrency Has Soared Over 200%Heres Why - Forbes
Ripple (XRP),the third most widely used crypto-asset behind bitcoin and Ethereum,has gotten the attention of theworldsbiggest economyfor moneyremittance.
Ripple(XRP)iscurrently tradingat $0.2025 with a market capitalization of about$8.9 billionand a daily trading volume of $1.96 billion,according to data obtained fromCoinmarketcap.
Americas Consumer FinancialProtection Bureau has given Ripple approval for its use in cross-border money transfers.
According to a report recently published by Americas Consumer Financial, Protection Bureau has been researching new developments in the remittance market, including trends related to digital currencies.
U.S Consumer Financial Protection Bureau, which plays a major role in protecting Americas consumers in the financial sector, wrote on the continued growth and expanding partnerships of companies such as Ripple.
The report also noted the use of Ripple for settlement ofcross-border money transfers:
The Bureau has continued to monitorthe continued growth and expanding partnerships of virtual currency companies, such as Ripple, which offer both a payment messaging platform to support cross-border money transfers as well as a virtual currency, XRP, which can be used to effect a settlement of those transfers.
[Read Also: Ethereum, second most valuable cryptocurrency, surges over 88% since March]
Ripple (XRP)plays both roles as a payment platform and a currency.
The Ripple platform is an open-source platform that is created to allow quick and cheap transactions.
Unlike its crypto rival, Bitcoin, which was never intended to be a simple payment system, Ripple has gained the attention of major global banks, like Standard Chartered, and Barclays for international transactions worldwide.
Interestingly, the U.S Consumer Financial Protection Bureauseemsto love Ripple for bringing simplicity and opennesstothe financial industry:
To the degree banks and credit unions increase their reliance on closed network payment systems for sending remittance transfers and other cross-border money transfers, the Bureau notes that this could result in greater standardization and ease by which sending institutions can know exact covered third-party fees and exchange rates.
The Bureau also believes that expanded adoption of SWIFTs GPI product or Ripples suite of products could similarly allow banks and credit unions to know the exact final amount that recipients of remittance transfers will receive before they are sent.
Cryptocurrencies are gaining popularity with time. And why shouldnt they? After all, cryptocurrencies have given more millionaires than other fields. With so many people coming out of the cryptocurrencies trade with successful trades and profit, it has attracted the Governments attention.
The U.S Government has issued a bill that states that all the people who are making a profit with the cryptocurrency trades, the taxation may be made depending on what you earn on an individual basis and a business level basis.
Here are the conditions that will lead to individual taxation.
It is very important to have a secure location for your crypto assets because the location of the assets also plays an important role in reducing the amount of taxes that will be paid. The exchange rate of the crypto assets depends on the location. If the crypto asset are being used for something that the government holds authority over it. Then it might happen that your tax payable may be reduced.
2. Income Tax
When you are trading with crypto assets, whatever profit you make with these crypto assets are taxable. However, if you are not doing anything with your crypto assets, then you are not liable to pay any income tax. But the moment you decide to use those assets to earn profits, you become liable to pay income taxes.
3. Capital Gain Tax
If you are using a capital income for buying and selling crypto assets, then the government will feel that you are investing in the crypto assets and will be liable to pay income taxes on the total profit made on the capital income.
And if the cryptocurrency trade is being done by a group of people then it falls under Business taxation. Here are the scenarios in which cryptocurrency trade falls under Business taxation.
1.Trading in Exchange Token
When there is a group of people who are investing in buying and selling Exchange tokens, then this will be considered a business. Hence, this will be liable to pay income tax as per the business taxation policy. When there is a company that deals with crypto exchanges for goods and services, then it comes under Business taxation.
2. Corporation tax
While calculating all the profit and losses made by the crypto exchanges, you must track down every crypto exchange made over the last year. And whatever the profit you have made, you will be taxed accordingly.
3. VAT (Value Added Services)
There are some cases where you might have to pay a VAT on the cryptocurrency exchanges. These extra products and goods taxes are also considered on the income tax sheet.
If you are among the business owner that are making deals in cryptocurrency trade, then you are liable to pay income tax on the capital profit.
The tax will be accrued on the value of the cryptocurrencies in pounds, as it is the preferred currency in which the value of crypto coins is calculated. Even if you are converting then into other forms of cryptocurrencies, then also the value of the cryptocurrency will remain the same.
Now that you know what are the taxation processes on cryptocurrency trade. You can also start with crypto trade with Bitcoin Lifestyle.
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Taxation on the Cryptocurrency - Live Bitcoin News
The cryptocurrency community has noticed a number of bitcoins from the August 2, 2016, Bitfinex breach has been moved. A small 30 BTC transaction ($282,000) from the stash has moved from the hackers address to an unknown bitcoin address. The last time coins from the Bitfinex incident moved was June and August 2019, as the bitcoins hadnt transferred for three years since then.
On August 2, 2016 the popular cryptocurrency exchange Bitfinex was hacked for approximately 119,756 BTC, which is worth a touch over $1 billion using todays exchange rates. The breach crippled trader confidence that day, and the price per BTC slid 22% immediately after the event.
After the incident, the value of bitcoin staged a modest comeback a week later and Bitfinex promised customers they would be paid back. Those stolen coins were moved to an address that anyone can follow using a standard blockchain explorer. The bitcoins sat for three years and didnt move until June and August 2019. When a BTC transaction in August took place, the transaction monitoring account Whale Alert notified the public on Twitter that roughly 300 BTC ($2.7M) was moved in ten transactions.
During the first week of June 2019, the hackers also moved around 170 bitcoins worth more than $1.5 million using todays exchange rates. At the time, BTC prices were much higher and came awfully close to touching $14,000 per coin. It is common for hackers to move digital assets when prices are higher than usual.
Armchair sleuths and observers have noticed this type of trend taking place with the Plustoken scammers as well. When the prices of bitcoin and ethereum are higher, the Plustoken bandits start moving coins to different wallets. No one knows if these stolen coins are being exchanged on a well known trading platform, but it is suspected that its more likely coins like these are sold using an over-the-counter (OTC) desk after being mixed.
On May 21, 2020, 30 coins from the August 12, 2019 move, had been transferred once again to another unknown address. Back when Bitfinex was breached in 2016, the going exchange rate for BTC was around $600 per unit. The moved coins on Thursday saw approximately 30.66754180 BTC or $282,000 moved and back then they would only be worth $18,000.
It is also common for hackers to move coins into smaller increments and they may not have been sold on the market. This type of method is noticed because the 30 coins moved on Thursday, stemmed from the 300 BTC ($2.7M) transfer that was done in 10 separate transactions.
Blockchain surveillance firms and law enforcement officials have these addresses flagged and it becomes difficult to move a stash of 119,756 BTC without being seen. Unless of course you split up the stolen bitcoins and possibly mix the UTXOs using the Coinjoin process.
What do you think about the recent 30 bitcoin ($282,000) move from the 2016 Bitfinex hack? Let us know what you think in the comments below.
Image Credits: Shutterstock, Pixabay, Wiki Commons
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The report includes the key driving forces prevailing in the global CryptocurrencyMarket. This part of the report has been studied keeping in mind the political, economic, social, technological, geographical, and cultural scenario of the global CryptocurrencyMarket. These factors can be projected to have their individual effects on the market, or they can have interconnected impacts. Besides, subtle change in the time framewithin which these factors are functioning might have ripple effects on the global CryptocurrencyMarket.
Global CryptocurrencyMarket has been segmented into Europe, the Americas, Asia Pacific, and the Middle East & Africa. This part of the report provides an exhaustive view of the regional scope existing in the global CryptocurrencyMarket. The trends and preferences dominating each region has a direct impact on the industries. The report tries to exploit the trends and preferences prevailing in a region to offer the users with a clear picture of the business potential existing in that region.
The primary research procedure conducted to arrive at the results includes panel of face to face interviews with industry experts and consumers. The secondary research procedure includes an intricate study of the scholarly journals and reports available online.
Full Report With TOC and Table of Figure @ https://www.marketresearchvision.com/reports/360864/Cryptocurrency-Market
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