Americans didn’t file cryptocurrency transaction to tax authorities

Less than 100 people out of 250,000 reported such transactions in federal tax files
16 February 2018   925

The Internal Revenue Service considers cryptocurrency as a property. With that position any gains and losses in cryptocurrency should be treated as capital gains and losses. Credit score startup Qualtrics did a survey last month and the results are as follows: 57% of approximately 2,000 Americans polled have made some gain out of cryptocurrency. The study also concluded that nearly half of that percentage understood how the cryptocurrency would affect their taxes.

In 2017 cryptocurrency market surged enormosly in price. Yet it is still unclear how many Americans hold the cryptocurrency. And the legislation for the virtual currency is still building up. According to the earlier article, from January 1, 2018 all cryptocurrency trading will become taxable due to a new US tax code signed by D.Trump.

On top of that, on February 10, 2018 IRS has set up a special team of criminal agents to investigate possible tax evasion cases, according to the recent news. And that is 2 months prior the tax filing deadline. However, Americans with complex tax situations do tend to file closer to the deadline.

Given the popularity of bitcoin and cryptocurrencies in 2017, we’d expect more people to be reporting.

 

Jagjit Chawla

General manager for Credit Karma Tax

VeriBlock to Report on Mainnet Launch

VeriBlock believes their technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”
21 March 2019   81

Using the bitcoin blockchain to ensure the safety of altcoins, the VeriBlock project announced the launch of the main network. This is reported in a press release.

According to the developers, the VeriBlock technology allows networks of other cryptocurrencies to use the bitcoin blockchain to counter the “51% attacks”. The project is confident that this approach not only ensures the security of less popular networks, but also allows their developers to focus on innovation and functionality.

According to analysts of The Block, 25–45% of bitcoin transactions fall on VeriBlock. The VeriBlock network uses a consensus algorithm called Proof-of-Proof (PoP). The project seeks to ensure the safety of other blockchains by loading a snapshot of the altcoin registry into the BTC blockchain, using the OP_RETURN function and other methods to embed network state data.

The project’s website states that PoP allows altcoin networks to use the most protected Bitcoin blockchain with its Proof-of-Work algorithm.