CryptoCurrency

Tax Software for Cryptocurrency Investors

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Last July, I organized/hosted a blockchain and cryptocurrency conference in Park City, Utah. There was so much that came out of this event for me personally. I learned a lot and met a ton of amazing people who came from all over the US (and a few international visitors) to attend the conference.

One of the things that I was able to do with hosting the conference last summer was to get to know founders of numerous great blockchain and cryptocurrency projects. One of those founders was Austin Woodward, the founder of TaxBit. He and his team have created a software that helps people easily know and file their taxes for all of their cryptocurrency investments and transactions. With tax season upon us, Austin created a video overview of their software and how it works. He’s also given a discount code for me to share (use the code “DCC” at checkout to save). The video below gives a short overview of their software.

The TaxBit software is perfect for individual crypto investors, crypto miners, accountants, as well as companies such as cryptocurrency exchanges or other crypto service providers.

This second video (below) has Austin giving an overview of his company, including a detailed walk through of how their software works.

I know that many people have speculated that with the price of bitcoin and cryptocurrency continuing downward this past year, bitcoin will become worthless and go away. I completely disagree. There is so much activity in the blockchain/crypto space right now. The actions of the largest corporations in the world suggests otherwise, whether it’s realized by the masses or not. Regardless of where the price of bitcoin or any other cryptocurrency is at right now, there is a future for the technology surrounding bitcoin and cryptocurrencies.

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The Future of Bitcoin

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Know the history to get a glimpse of the future of Bitcoin

The following is a brief video from CNBC’s 2013 coverage of Bitcoin the first time it traded for $100. The people in this video discussed concerns about Bitcoin that are still held by doubters today. Additionally, it is important to note how far the adoption has come since this news segment in 2013.

Company’s worldwide have been increasingly accepting Bitcoin and other cryptocurrencies for transactions. People have bought homes, luxury cars, and everyday goods and services.

Recently, the Founder of both Twitter and Square, Jack Dorsey, went on the Joe Rogen podcast. He discussed Bitcoin and said that he believes it will become the currency of the internet. Watch here:

A Global Currency

It is easy for people in the US to only think about issues and things here in the US. Bitcoin has no boarders, and is both traded and used globally. It is traded much more in countries like Japan and China. In Venezuela, Bitcoin and other cryptocurrencies have become more popular than the government issued fiat currency. Businesses prefer people pay in Bitcoin over their own currency.

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Bitcoin for Beginners

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Many people still know very little about Bitcoin and cryptocurrency.  I put this post together to help everyone that may be intrigued and interested in learning about what it is and how to buy bitcoin.

Who created Bitcoin?

A pseudonymous software developer going by the name of Satoshi Nakamoto proposed bitcoin in 2008, as an electronic payment system based on mathematical proof. The idea was to produce a means of exchange, independent of any central authority, that could be transferred electronically in a secure, verifiable and immutable way.

To this day, no-one knows who Satoshi Nakamoto really is.

Bitcoin is a Digital Currency

Bitcoin can be used to pay for things electronically, if both parties are willing. In that sense, it’s like conventional dollars, euros, or yen, which are also traded digitally.

The following video is an introduction to Bitcoin that was originally shown on Bloomberg.  This video is just a few minutes long but is very informative.  

How do I buy Bitcoin? 

Bitcoin can be bought at Bitcoin ATM’s and online exchanges. There are now hundreds of exchanges where you can buy bitcoin.  These include exchanges that you buy bitcoin with currency from the country you live in by transferring money from your bank account or debit card.  Some exchanges place limitations and only permit citizens of their country to buy bitcoin on their exchange.  In every case, you can start buying bitcoin without buying a full bitcoin. 

The following video has a great explanation of how to buy Bitcoin.

Where is the best place to buy Bitcoin? 

I have personally bought bitcoin on a number of cryptocurrency exchanges. The one that I recommend for people who live in the US is Coinbook. There are numerous reasons why I recommend Coinbook. The most important is security. There have been many cryptocurrency exchanges where either the exchange was hacked or individuals have had their account compromised in one way or another, having their bitcoin and other crypto stolen. Coinbook has taken more precautions than any other exchange that I know of to prevent hacks. Additionally, they keep all cryptocurrency “off-line”. Everything is stored in a hardware wallet, so if someone did hack their exchange, they wouldn’t get any of the company’s or its customers bitcoin and other crypto.

Another big reason that I have chosen to buy Bitcoin on Coinbook is their transparency. They are one of the few exchanges that do not charge added fees for anyone. Additionally, they are the only exchange that I know of that offers a “money back guarantee” for first time users.

Coinbook gives you $10 in free Bitcoin when you sign up and make your first deposit of $50 with a referral link, which you can get here. 

What is Blockchain and Why it Matters

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A new technology is changing the infrastructure of how transactions are being done, including in the financial markets and on the internet.  This technology is called Blockchain. Why should you care?  For one, it has been estimated that over the next decade (by 2025), the blockchain ecosystem will store 10% of the world’s GDP ($101 trillion), according to a report by the World Economic Forum (WEF). 

Currently, the total market capitalization for all blockchain companies combined is $75 billion.  The predictable areas blockchain technology is set to transform cover financial services, insurance, cybersecurity, elections, energy, logistics, identity, legal, governance, and healthcare, for example. If the estimates by the WEF turn out to be accurate, the expected growth for the blockchain ecosystem should be approximately 13,333% within the next eight years.

If you are still new to Blockchain, the following is a great video overview on Blockchain technology.

There are numerous major corporations that have invested in Blockchain technology.  Leading the way is IBM.  They created this short video to help people understand Blockchain.

It’s the 1990’s With The Internet All Over Again

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Unbeknownst to most people, the technology and infrastructure of the internet and financial systems worldwide are changing right before our eyes.  For those who are paying attention, this has brought about technology investment opportunities as if one was to be investing in the internet in the early 1990’s.

The following short videos discuss this technology and how crypto currencies tie into it (Bitcoin, etc.).

What is Blockchain?

How Bitcoin is Like the Internet of the Early 90’s

As one CNBC analyst said, now is the time to invest in crypto currencies.   You can start investing in Bitcoin and other Crypto Currencies by opening an account with Coinbook.