Educational

January 01, 2025

IRS temporarily lifts restrictions on adjustments to the crypto cost-basis technique.

According to a crypto tax executive, new IRS regulations would have been "disastrous" for cryptocurrency taxpayers during the bull market. A requirement that would have forced cryptocurrency owners on centralized exchanges to use a less-than-ideal accounting technique has been temporarily lifted by the US Internal Revenue Service (IRS). According to the original IRS order, the broker will report sales using the FIFO technique by default if investors holding crypto assets with a CeFi broker do not choose their preferred accounting method, such as HIFO (Highest In, First Out) or Spec ID.In the United States, the default technique for calculating capital...

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November 04, 2024

ERC-404 Tokens: The Future of Hybrid Tokens on Ethereum

New rules and ideas regularly take the stage in the always-changing realm of cryptocurrencies. ERC-404, a distinctive, unofficial Ethereum token standard, has lately attracted the attention of the crypto community. Combining non-fungibility with fungibility, ERC-404 presents fresh opportunities for fractional ownership, NFT liquidity, and more. This in-depth analysis of this innovative token explores how it may influence blockchain technology going forward. Essential Learnings ERC-404 tokens combine ERC-20 and ERC-721 characteristics, enabling fractional ownership and trading on distributed exchanges. ERC-404 tokens increase market liquidity and pricing discovery by letting NFTs avoid conventional auctions. ERC-404 runs without an official Ethereum Improvement Proposal...

October 29, 2024

A Comprehensive Guide to Crypto Taxes: Maximize Your Compliance and Savings

The presence of cryptocurrencies in the tax scene increases along with their market growth. Knowing the tax consequences of your crypto purchases is crucial regardless of your level of experience with investing or casual trading. Ensuring that you satisfy your crypto tax responsibilities is not optional; it is imperative as the U.S. Internal Revenue Service (IRS) is focusing more on digital assets. This book offers a concise overview of how crypto is taxed, which transactions cause tax obligation, and legal ways to reduce your tax load. How the IRS Sees Things: Cryptocurrencies The IRS views cryptocurrencies as property, same...

October 29, 2024

How to Run a Bitcoin Node: A Step-by-Step Guide

Although initially scary, running a Bitcoin node is really about learning to be a critical player in a distributed network, keeping Bitcoin alive. Consider it part of a community of autonomous guardians making sure the network remains distributed, censorship-free, and safe. By guaranteeing blockchain integrity and transaction validation, a Bitcoin node helps to prevent problems, including double-spending. Running a node helps you take control of your financial independence without depending on approval from conventional banks or organizations, therefore supporting the network as well.Managing a node calls not for a computer science degree. With the correct tools and a little patience,...

October 21, 2024

Understanding Smart Contract Platforms: The Foundation of Decentralized Innovation

Decentralized finance (DeFi) and blockchain technology are based on smart contract platforms, which make it possible to run decentralized apps (dApps). Because there are no middlemen on these platforms, deals are faster, safer, and more open. However, what are smart contracts exactly, and how do the systems that support them work?How Do Smart Contracts Work?A smart contract is a piece of code on a blockchain that makes a deal happen automatically when certain conditions are met. Think about a digital vending machine. Once you put in the right amount of money, the machine gives you the product you chose instantly,...