According to a Divly report, about 0.03% pay taxes from cryptocurrencies to 4.09% of residents of different countries. The service used official data from the governments of different countries instead of a survey.
The study found that residents of Finland most often declared their assets in cryptocurrency – just over 4%. Australia was in second place with 3.65%. Next came Austria, Germany, Britain and Norway. In these countries, between 2.43% and 2.75% of investors declared their cryptocurrency assets.
In the US, the country with the largest number of cryptocurrency users, only 1.62% declared their assets. In Canada, the figure was 1.65%.
Residents of India, Indonesia and the Philippines paid taxes on cryptocurrencies, least of all. In these countries the figure was 0.07%, 0.04% and 0.03% respectively.
According to Divly, several factors explain such results. It has to do with awareness of digital asset reporting requirements. It tends to vary from country to country and is often too unclear for most. That said, higher rates in Japan and Germany, for example, could be the result of government development of crypto regulation. Among the possible provisions is increased availability of tax services.
“The ongoing efforts of the Japanese government and the Japan Crypto Asset Business Association (JCBA) to simplify the process of calculating and declaring taxes for cryptocurrency seem to be bearing fruit. On the other hand, the Philippines, where paying taxes on cryptocurrency is mandatory but where the rules are not clearly defined, is at the bottom of the list,” the report said.
Earlier, we reported that experts do not expect aggressive Ethereum sales after the Shapella upgrade.
Achieving Equilibrium Between Blockchain Security and Decentralization (Op-Ed)
By Trevor Traina, Founder and CEO of Kresus
You are reading these words because our planet is orbiting the sun at just the right distance to neither fry nor freeze us. Our planet is perfectly balanced for life to thrive. And within that world, numerous other forces exist in a state of optimal balance: light and dark, tropical and polar, terrestrial and aquatic.
So it is when it comes to designing blockchain systems. Their most powerful forces must be balanced in such a way that one cannot usurp another. Security should be as high as possible, but this must be balanced with the need to maintain sufficient decentralization. Network fees should be low but not so low as to induce spam attacks.
Finding that Goldilocks zone, the place where conditions are just right, is as much an ideological challenge as it is a technological one. After all, blockchain systems are ultimately designed and used by people who are only as strong as their weakest link. Web3 systems must walk the line between being optimized for security and for decentralization. It’s a delicate balancing act that goes to the very heart of what makes blockchain valuable.
Too Much Decentralization Can Kill You
There’s such a thing as too much freedom, which is why societies have laws and moral codes to regulate the worst excesses of human behavior. When it comes to Web3, it’s similarly possible to have too much freedom (i.e., decentralization) in the form of systems that have no recourse for worst-case scenarios:
- A team member loses their multisig key
- A user loses access to their wallet
- Tokens are sent to the wrong address
- A coding error leaves funds locked into a smart contract
- Assets are stolen using an exploit
All of these are “bad things” by Web3 standards, yet they occur every single day. As new users enter the space, the number of victims of phishing attacks, front-end injection, wallet poisoning, and other exploits will continue to rise. Attackers are getting more sophisticated, while each wave of Web3 users remains as vulnerable as the last.
Only recently, scammers used wallet drainers on Google and X ads to steal digital assets worth close to $60 million. Back in July, meanwhile, it was reported that four separate wallet drainers had stolen close to $65M since the start of 2023.
Give a society too much freedom, and a few of its members will rob, assault, and injure, driving at high speeds and engaging in other risky behaviors. Give Web3 users too much decentralization, and a portion will hack, be hacked, lose access to their wallets, and generally screw up.
Real-world freedom is dampened through security: police forces and CCTV. And blockchain freedom (decentralization) is also mitigated through security, which must be set at the right level to protect users from the most common mistakes while retaining the features that make blockchain so powerful:
- Strong transaction finality
- Lack of centralized control
- Support for financial self-sovereignty
Some crypto users want full control over their assets while also maintaining an undo button if they screw up. Others shudder at the thought of non-custodial wallets being “weakened” through provisions such as social login, seedless design, and key shares held by the developer.
Too Much Centralization Can Kill You
Do you know that saying about pleasing some people some of the time but not all of the people all of the time? That. When it comes to securing decentralized systems, it’s hard to create a single product that satisfies every user type. Put in too many safeguards, and hardcore users will abandon you; force new users to record a lose-it-at-your-peril seed phrase, and sooner or later, they’ll come unstuck.
Add too many centralized levers into a supposedly decentralized protocol, and you risk weakening the very foundations that gave it strength. Consider an ERC20 token contract that is upgradable by its creator. On the one hand, this allows the token’s parameters to be updated to reflect a shift in direction. On the other hand, it allows unscrupulous token creators to rug their operators.
As a result of this dichotomy, DeFi developers must strike a delicate balance between providing users with autonomy over their digital assets and making sure they aren’t taken advantage of by scammers seeking their next mark. Crypto wallets need to be more secure, but developers fear overstepping the boundaries of the decentralized wallet they’ve created.
Go for the Low Hanging Fruit
So what’s the solution? Well, for one thing, developers need to implement security features that can solve real threats – not theoretical ones. Less “military-grade encryption,” in other words, and more practical measures to warn users when they’re connecting to a spoofing site or about to send funds to a known phisher.
A lot of this comes down to better UX and more common sense on behalf of developers. For instance, it would be easy to filter all address poisoning attacks in which a user receives a dust transaction from a “lookalike” wallet they’ve recently interacted with. So why’s no one doing it?
Let’s focus on thwarting the most common hacks and scams before we move on to tackling threats from quantum computing and theoretical MiTM attacks. Hackers don’t go for the toughest possible exploit conceivable; they go for the low-hanging fruit, chalking up easy wins where possible. DeFi developers need to follow suit, focusing on fixing the most common ways in which users get rekt.
Security and autonomy don’t have to operate in conflict with one another: with a little thought, it’s possible to have the best of both worlds, combining the power of non-custodial ownership with a web2-level UI that demystifies everything from transaction signing to wallet backup.
Our planet may be perfectly balanced for life to thrive, but the on-chain environment still has some way to go. Still, it took the earth millions of years to create a climate that was hospitable for intelligent life. At just 15 years of age, blockchain has time on its side.
Trevor Traina is the Founder and CEO of Kresus, the go-to Web3 SuperApp that combines a crypto wallet and an NFT platform. He is an investor and seasoned entrepreneur who co-founded five companies that were acquired by the likes of Microsoft, MasterCard, and Intuit and served on multiple non-profit boards such as the Fine Arts Museum of San Francisco and the Venetian Heritage, among others. Trevor served as the U.S. Ambassador to Austria from 2018 to 2021.
First Bitcoin Blockchain ICO Rockets Past $5M Milestone
[PRESS RELEASE – London, United Kingdom, February 28th, 2024]
The Bitcoin Dogs presale has already raised over $5.1 million in under 14 days. With only 5 stages remaining, the ICO is now at its halfway point and only has 16 days left before it ends.
The ICO is covering fresh territory: no BRC-20 token on the BTC blockchain has been available for public presale until now. This has piqued the crypto community’s interest, and Bitcoin Dogs has generated a strong social following as a result.
Top crypto influencers, including @MrX_Crypto, @BscSuperAltcoin, and @BscGemsX1000, have all shown support for the project. With their combined audience of over 400k, they are contributing to the rapidly growing Bitcoin Dogs community, especially as the presale sells out.
Users can check out the Bitcoin Dogs video to learn more:
Bitcoin Dogs (0DOG) is available to buy on the official website.
The bite behind the bark
As the 15th of March ICO end date draws closer and closer, early adopters of the Bitcoin Dogs 0DOG token will be looking ahead to what the project has in store for the rest of the year, as well as eyeing up 61% price gains before the presale concludes.
The Bitcoin Dogs game will begin beta testing in Q2, according to the official roadmap. This is one new feature that draws on popular gaming influences and bears similarity to established gaming titles.
The game involves raising virtual dogs, drawing on the gameplay of nostalgic favorites like Tamagotchi, and adding play-to-earn (P2E) and player-vs-player (PvP) mechanics like those in Axie Infinity and Bitcoin Cats, both of which have enjoyed success in the blockchain gaming or “GameFi” sector.
When the game officially launches in Q3, its PVP Dog Showdown events will also be unleashed, offering players the chance to race their virtual dogs against each other for potential financial rewards. Races are unlocked only when a dog reaches a high enough level; this will require plenty of love and affection, like daily care actions, as well as social sharing to earn in-game BARK tokens, essentially XP points.
Outside of the game, there are plans for players to collect digital dog NFTs, made up of an exclusive collection of 10,000, with a marketplace allowing gamers to buy, sell, and trade their pups. These NFTs will live on the Bitcoin blockchain itself, setting them apart from first-gen collections like Bored Apes. This is enabled by the devs’ clever use of Bitcoin Ordinals.
Predicting the outcome of 0DOG
As for the 0DOG token itself, the ICO is just the start. When the presale concludes on the 15th of March, 0DOG will be ready to reach a mainstream audience.
Major exchange markets have shown a significant appetite for BRC-20 tokens like 0DOG: daily trading volume for these coins is around the $400 million mark, and huge rallies have been commonplace for exchange-listed BRC-20 tokens.
Bitcoin Cats is one of these projects, and its 1CAT token has cranked out serious gains recently, achieving a 3x pump in December over the course of just a week. The coin now sits at around a $40 million market cap, a feat Bitcoin Dogs could replicate with 2024’s bullish sentiment.
AINN is another BRC-20 project that has enjoyed recent success. Launching in January, the token rallied over 600% in one month. Price action like this appears to be commonplace for this sector of the market.
Besides all of this, Bitcoin Dogs is looking well-timed to benefit from Bitcoin’s current bullishness. BTC seems to be stable above $50k in light of its ETF approvals in January, and with the next halving in April, more gains for BTC could follow. That could cause spillover gains for Bitcoin-based tokens like 0DOG.
After the presale ends on the 15th of March, the mass market will decide the price of 0DOG, so there’s no guarantee it will stay at the reasonable price of $0.0251 that it’s at now.
About Bitcoin Dogs
Bitcoin Dogs is breaking new ground in the Bitcoin ecosystem. For the first time ever, NFTs, gaming, and new token types come together, to offer the first ICO on the original Bitcoin blockchain. The truly permissionless immutability of Bitcoin is being harnessed to create the 0DOG token, while a play-to-earn (P2E) gaming experience and NFT collection are being developed exclusively for 0DOG holders.
For more information and to learn about Bitcoin Dogs (0DOG) users can visit the website.
Bitcoin Dogs Team
Green Bitcoin Presale Raises Over $1m for New Gamified Staking Project
Green Bitcoin has captured the crypto world’s attention with its groundbreaking gamified staking model, raising over $1 million in its ongoing presale.
With retail investors clamouring to get involved, could Green Bitcoin (GBTC) be poised for a wave of demand once it debuts on exchanges later this year?
Presale Buying Frenzy as Green Bitcoin Captivates Crypto Community
After hitting the $1 million milestone, Green Bitcoin has cemented itself as one of the most eagerly anticipated projects in the crypto ecosystem.
The project’s presale utilises a straightforward yet rewarding structure.
Investors can purchase GBTC, Green Bitcoin’s native token, using either ETH, USDT, or a credit/debit card.
These tokens can be staked instantly to earn passive income, with APYs reaching 261%.
It’s clear that the crypto community is impressed by the presale’s early success and the high staking rewards on offer – more than 3,300 people now follow Green Bitcoin’s Twitter page.
Conversations are also heating up in Green Bitcoin’s Telegram channel, where members are already speculating about how high GBTC’s value could rise once it makes its open market debut.
GBTC was even referenced in a recent video by YouTuber Crypto Boy, who highlighted the project’s eco-friendly principles and stellar roadmap.
What is Green Bitcoin & Why So Much Hype?
But what is Green Bitcoin, and why is the project attracting so much buzz?
The main reason is the project offers a fresh take on crypto mechanics by combining Bitcoin’s legacy with Ethereum’s sustainable architecture.
As an ERC-20 token, GBTC introduces a sustainable staking model called “Gamified Green Staking.”
This model allows users to earn passive income scaled to their investment size.
By participating in Bitcoin price predictions, earnings can be further enhanced while promoting community engagement.
Additionally, Green Bitcoin embodies eco-friendly values in numerous ways.
Firstly, its Proof-of-Stake (PoS) consensus mechanism requires just a fraction of the energy that’s required by Bitcoin mining.
Secondly, the “green” approach extends to the staking process itself – accurate predictions that land in a designated green zone trigger additional staking bonuses.
As outlined in Green Bitcoin’s whitepaper, the developers have allocated 27.5% of the total GBTC supply to staking rewards, which will be distributed gradually over two years.
Each day, this pool of GBTC is shared among accurate predictors, incentivizing regular engagement.
For long-term holders, extended staking periods unlock even more bonuses on their rewards.
Ultimately, whether participating daily, weekly, monthly, or bi-annually, Green Bitcoin offers a clear path to attractive returns.
Appealing Tokenomics & Roadmap Set Stage for Long-Term Growth
Transitioning to Green Bitcoin’s future, the development team has structured the project’s tokenomics and roadmap to balance rewards with organic growth.
The project’s tokenomics will see 40% of the supply allocated to presale buyers, giving early participants a chance to obtain a sizable stake in Green Bitcoin’s future.
As mentioned earlier, 27.5% of the supply will go towards staking incentives, with the remaining 32.5% focusing on marketing, exchange listings, and community-building initiatives.
This tokenomics structure sets the stage for long-term adoption and real-world impact.
Looking ahead, the project’s “Green Map” centres on enhancing the platform’s gamified features to make the staking experience even more rewarding.
The ultimate goal is to build a community united by eco-friendly values – all while allowing everyone to earn passive crypto income.
Notably, Green Bitcoin’s smart contracts recently underwent a comprehensive audit from blockchain security firm Coinsult.
With its security and reliability now verified, investors can engage in the presale with peace of mind.
Those interested in the presale can buy GBTC tokens for $0.492 – although this price will increase as funding milestones are met.
Disclaimer: The above article is sponsored content; it’s written by a third party. CryptoPotato doesn’t endorse or assume responsibility for the content, advertising, products, quality, accuracy, or other materials on this page. Nothing in it should be construed as financial advice. Readers are strongly advised to verify the information independently and carefully before engaging with any company or project mentioned and do their own research. Investing in cryptocurrencies carries a risk of capital loss, and readers are also advised to consult a professional before making any decisions that may or may not be based on the above-sponsored content.
The token Green Bitcoin (GBTC) has no affiliation and is not associated in any shape or form with Grayscale’s Bitcoin Trust.
Readers are also advised to read CryptoPotato’s full disclaimer.
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