My Crypto Currency Blog

  From  https://algorand.foundation/algo-101 Introducing the Algo - possibly one of the most important, native tokens ( coins ) in the world of cryptocurrencies today. The Algo is the native token of the Algorand blockchain. As such, the Algo has all the key features of the Algorand blockchain itself.  It's super-fast:  every transaction with Algo is complete in ~4 seconds. It's scalable:  whether you are the first transaction or the 10 millionth transaction in a day, your Algo transaction will still take place in ~4 seconds It's secure:  Algorand and Algo transactions are secured by the unique Pure Proof-of Stake consensus that powers the Algorand blockchain. It’s almost free to use:  unlike many blockchains, where every transaction is hugely expensive, every Algo transaction today, no matter the size, costs a fraction of a penny. In addition to these fundamental features, the Algo is a leading cryptocurrency because of its importance to the Algorand ...

  https://www.coinspeaker.com/guides/what-is-algorand-algo/ Algorand’s unique features remove the technical barriers that for years undermined mainstream blockchain adoption. These features are decentralization, scalability, and security. The guide explains how the platform has achieved that. Algorand ( ALGO ) is a blockchain designed to facilitate the future of finance. It is a platform that creates powerful decentralized applications (dApps) and financial primitives that will become the backbone of the future economy. Algorand focuses on offering decentralization, scalability, and speed by providing the infrastructure and tools that builders need to create applications and assets that billions can use. Ethereum’s high network fee has pushed dApp developers and  DeFi  traders to seek Algorand as alternative blockchain solutions, therefore, Algorand is addressing challenges that other competing blockchains are facing. Algorand (ALGO) is an open-source, decentralized block...

 

  https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/ The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. The creation, trade and use of cryptocurrency is rapidly evolving. This information is our current view of the income tax implications of common transactions involving cryptocurrency. Any reference to 'cryptocurrency' in this guidance refers to Bitcoin, or other crypto or digital currencies that have similar characteristics as Bitcoin. If you are involved in acquiring or disposing of cryptocurrency, you need to be aware of the tax consequences. These vary depending on the nature of your circumstances. Everybody involved in acquiring or disposing of cryptocurrency needs to keep r...

  https://www.ato.gov.au/General/Gen/Tax-treatment-of-crypto-currencies-in-Australia---specifically-bitcoin/?anchor=Recordkeeping#Recordkeeping It is vital to keep good records for all your transactions with cryptocurrency, whether you are using cryptocurrency as an investment, for personal use or in business. You need to keep the following records in relation to your cryptocurrency transactions: the date of the transactions the value of the cryptocurrency in Australian dollars at the time of the transaction (which can be taken from a reputable online exchange) what the transaction was for and who the other party was (even if it’s just their cryptocurrency address). The sorts of records you should keep include: receipts of purchase or transfer of cryptocurrency exchange records records of agent, accountant and legal costs digital wallet records and keys software costs related to managing your tax affairs Keeping good records will make it easier to calculate and meet your tax obliga...

 

  Link:   https://tradesanta.com/blog/bid-ask-crypto-exchanges What do real-time bidding exchanges look like? On crypto exchanges, sellers set an ask price while buyers place a bid to state how much they’re willing to pay. Have a look! The process of exchange bidding looks very much familiar to an auction. Buyers and sellers buy and sell  assets by offering them up for bid, taking bids, and then selling the asset to the highest bidder or buying the asset from the lowest bidder.   Examine this snapshot of an order book taken on a bid and ask currency exchange HitBTC. If you look closely, you will see that there are two walls: green and red that represent the situation on the sellers’ and buyers’ sides.  What is bid and ask? Bid is the price the buyers are ready to buy at, and ask is the price the sellers are ready to sell for. Bid and ask prices constantly change, which you can see for yourself by observing a live order book on a crypto exchange. Examine the...

  As of now, there are over 5,000 cryptocurrencies listed on   Coinmarketcap , and probably twice as many that you’ll never know about.  That’s a lot. So, what is the best crypto to buy in 2021? In this article, I will share my 11 best cryptocurrencies to invest in for a strong, diversified portfolio. Whether you are looking for the next big cryptocurrency, or for which altcoins to buy to diversify, read on. Diversification Is Key There isn’t only one best cryptocurrency to buy.  Lots of cryptocurrencies have various use cases and promise to disrupt various industries.  Investing in cryptocurrency is risky, but  investing in only one is way riskier.  So make sure to diversify your crypto portfolio. Diversification is a great way to  hedge  your risk and increase your chances of being involved in the next hot cryptocurrency. Since I love diversification, my list of the best cryptocurrencies to invest in includes coins that: Land in differ...

  With increasingly competitive markets and a need for cryptocurrency exchanges to profit from dealing in alternative currencies, buying Bitcoin without fees has become incredibly difficult. There used to be fairly easy ways to get around paying fees when Bitcoin was gaining popularity, but now this has become difficult to do in a competitive, profit-driven marketplace.   There are still 5 ways you can buy Bitcoin without paying fees:  Peer to Peer Marketplaces  Purchase Bitcoin through eToro Using the Robinhood Investing app  Buying Through Lykke (In the EU) Taking Advantage of Maker Fees  While we have offered you the best ways to buy Bitcoin without trading fees, this has become incredibly challenging with full autonomy over your purchase. We will also highlight the places you can find some of the lowest fees across cryptocurrency exchanges so you can make the most of your trading and tips to avoid paying high fees.  ..... Full article here htt...

  What is the Bitcoin Halving (Halvening)? New bitcoins are issued by the Bitcoin network every 10 minutes. For the first four years of Bitcoin's existence, the amount of new bitcoins issued every 10 minutes was 50. Every four years, this number is cut in half. The day the amount halves is called a "halving" or "halvening". In 2012, the amount of new bitcoins issued every 10 minutes dropped from 50 bitcoins to 25. In 2016, it dropped from 25 to 12.5. In the most recent May 11, 2020 halving, the reward dropped from 12.5 to 6.25 BTC per block. In the 2024 halving, the reward will drop from 6.25 BTC per block to 3.125 BTC. .... https://www.buybitcoinworldwide.com/bitcoin-clock/

What Is Bitcoin Halving? To control the inflation of bitcoins as more and more are mined, there is a protocol programmed into the blockchain that reduces the miner’s reward by 50% for verifying transactions. Miners have an incentive for mining new Bitcoin blocks and adding them to the available world-wide chain of the cryptocurrency. There will only ever be 21 million Bitcoins available. Hence, as more and more are mined, they become more precious, thus solving the supply and demand problem. https://thecryptocurrencyforums.com/the-bitcoin-halving-process/

  https://www.investopedia.com/terms/p/paper-wallet.asp What Is a Paper Wallet? A paper wallet is an offline mechanism for storing  bitcoins . Unlike fiat currency, there is no physical representation of a bitcoin (or most other types of cryptocurrency). Rather, wallets that are used to store digital tokens are usually software programs that help to facilitate updates to the blockchain ledger when transactions are made. Paper wallets are different from so-called hot wallets because they operate separately from the Internet. However, they still do not store physical bitcoins; the paper quality of these wallets refers primarily to the method of access for the cryptocurrency owner. Paper wallets were primarily popular in the early years of bitcoin. In recent years, cryptocurrency users have tended to explore other methods of securing their holdings. KEY TAKEAWAYS A paper wallet is a printed piece of paper that contains keys and QR codes that are used to facilitate cryptocurrency ...

  https://www.investopedia.com/news/bitcoin-safe-storage-cold-wallet/ After reaching a peak in price late 2017 and subsequently fading from popularity, cryptocurrencies like Bitcoin have experienced a more another significant surge through 2019 and 2020, surpassing their previous all-time highs. As this has taken place, so too have the number of  publicized hacking events  increased as well. Given that many investors are new to the system and may not know how to keep their investments secure, hackers are coming up with ingenious ways of stealing funds. Some of the most prominent thefts have been those that have taken place in plain sight: some hacks even blatantly reroute tokens bound for one wallet for another. The victims watch as their tokens are stolen away from them, with nothing they can do about it. KEY TAKEAWAYS Users can lose bitcoin and other cryptocurrency tokens as a result of theft, computer failure, loss of access keys, and more. Cold storage (or offline wal...

  Many people often ask, ‘how many hardware wallets or Bitcoin wallets do I need to have’? The answer is simple. You should have many. Diversification in terms of storage of cryptocurrencies is vital. You cannot rely on one wallet. Your one wallet can be the unlucky one to get destroyed or be lost. And in such a case, your other wallet can be helpful for you to recover your crypto funds. But if you cannot have many wallets, then you should have atleast two wallets to store your cryptocurrencies safely. In this guide, I am going implore you to have a second or even maybe a third wallet with logical reasoning. Remember: This is for your safety, so make sure to read it till the end. .... https://themoneymongers.com/multiple-wallets/

  https://www.nbcboston.com/lx/how-to-make-money-with-cryptocurrency-like-bitcoin/2366645/

  Hi i am looking for a place to buy/sell Ethereum in AUSTRALIA. What is the difference between BTCmarkets.com and independent reserve? Which one is cheaper and more effective? Which one is more trusted? Are they both easy to buy and sell Ethereum? Do i need any other programs with either? First reply There isn't really much difference overall. They both are effectively the same thing, Australian based P2P crypto exchanges. BTCMarkets fees start at 0.85% (they do decrease with volume pretty quickly though). IR fees start at 0.5% (they decrease with volume, but you need a lot of volume). BTCMarkets overall is much more popular, maybe 3 times more volume. So it is more liquid/stable. A slight annoyance I have with Independent Reserve is it takes a lot more confirmations for your coins to clear. i.e. when I send ether to IR it took 30mins until I could use them, where as with BTCm it was only 10mins. (I'm not sure, but I think bitcoins are similar). You don't need other progra...

  There’s been a lot of hype about Bitcoin, and if it’s piqued your interest you might be wondering how on earth to start trading in this digital currency. Here is a roundup from Canstar on how to buy bitcoins in Australia. If you’re starting out navigating the world of cryptocurrency it can be difficult to know where to start. Below is a breakdown of what Bitcoin is and a step-by-step guide to buying and using it in Australia. ... Read the whole article here, https://www.canstar.com.au/investor-hub/how-to-buy-bitcoin/

Sales and purchases of digital currency are not subject to GST from 1 July 2017. This means that you do not charge GST on your sales of digital currency and similarly, you are not entitled to GST credits for purchases of digital currency. You do not have any GST consequences in relation to buying or selling digital currency, or using it as a payment, if you are not carrying on a business. If you are carrying on a business in relation to digital currency, or as part of your existing business, or if you are accepting digital currency as a payment in your business, you need to consider any GST consequences that may arise. https://www.ato.gov.au/business/gst/in-detail/your-industry/financial-services-and-insurance/gst-and-digital-currency/

 Australian Taxation Office article, The term cryptocurrency is generally used to describe a digital asset in which encryption techniques are used to regulate the generation of additional units and verify transactions on a blockchain. Cryptocurrency generally operates independently of a central bank, central authority or government. The creation, trade and use of cryptocurrency is rapidly evolving. This information is our current view of the income tax implications of common transactions involving cryptocurrency. Any reference to 'cryptocurrency' in this guidance refers to Bitcoin, or other crypto or digital currencies that have similar characteristics as Bitcoin. If you are involved in acquiring or disposing of cryptocurrency, you need to be aware of the tax consequences. These vary depending on the nature of your circumstances. Everybody involved in acquiring or disposing of cryptocurrency needs to keep records in relation to their cryptocurrency transactions. If you have tra...

Article on Cryptocurrency by the Reserve Bank What are Cryptocurrencies? Cryptocurrencies are digital tokens. They are a type of digital currency that allows people to make payments directly to each other through an online system. Cryptocurrencies have no legislated or intrinsic value; they are simply worth what people are willing to pay for them in the market. This is in contrast to national currencies, which get part of their value from being legislated as legal tender. There are a number of cryptocurrencies – the most well-known of these is Bitcoin. Activity in cryptocurrency markets has increased significantly and prices of cryptocurrencies have risen rapidly. The fascination with these currencies appears to have been more speculative (buying cryptocurrencies to make a profit) than related to their use as a new and unique system for making payments. Related to this, there has also been a high degree of volatility in the prices of many cryptocurrencies. For example, the price of bit...

  Crypto-assets (crypto) also known as cryptocurrencies, coins or tokens are digital assets that do not have a physical form. They may not be backed by physical assets. Crypto is a high-risk investment. This is because it is so volatile, often fluctuating by huge amounts within a short period. As with any investment, you must be prepared to lose what you put in when investing in crypto. https://moneysmart.gov.au/investment-warnings/cryptocurrencies

 Article from cryptoslate.com. Australia’s financial regulator is targeting social media groups used to pump and dump crypto assets. Telegram groups that are used to pump and dump all financial products, including any crypto assets, would henceforth face the wrath of the Australian Securities and Investments Commission (ASIC), according to a  report  from an Australian media outlet. ASIC targets “pump and dump” groups Per the report, earlier in the week, a telegram account named ASIC sent a message to a group “ASX Pump Organization” to warn them that the financial regulator is monitoring their activities. While members of the group thought this could be fake, the regulator has now gone a step further to confirm the story to the media house. Coordinated pumping of shares for profits can be illegal. We can see all trades and have access to trader identities. […] You run the risk of a criminal record, including fines of more than $1 million and prison time. With the severity...