Cryptocurrencies such as Bitcoin and Ethereum were not entirely familiar to the public until recent times. They were instead relegated to the world of online trading and similar investment opportunities. However, the growth of these digital mediums cannot be denied. This is one of the reasons why they are now being accepted by numerous online firms. What has caused this paradigm shift and what benefits can such currencies offer the end user? Are there any industries set to adopt them at a more rapid pace? Let’s take a look at where the world may be headed in terms of cryptocurrencies.
Why Cryptocurrencies and Why Now?
This type of digital currency has actually existed since the early 2000s. It was primarily developed as a means to anonymously send and receive funds. However, this does not necessarily signify that it was used for solely nefarious purposes. One of the main benefits attributed to any cryptocurrency is that it offers the user a higher degree of protection when compared to traditional methods such as credit cards or wire transfers. It only makes sense that this is a massive benefit, as instances of online fraud and data theft are on the rise.
So, firms began to offer cryptocurrencies as an alternative form of payment. It was not long before the average consumer caught on and began to see the very same advantages mentioned above. This is why many institutions now accept these payment options. The chances are high that the numbers will continue to rise and this is great news for anyone is concerned about the security of their personal information. So, what industries have been positively affected by cryptocurrencies?
A Multitude of Industries
One of the sectors which has begun to adopt cryptocurrencies involves online activities such as gambling and sports betting. Sports-betting in the state of New Jersey are legal, and the guys at WSN has more information on the subject: https://www.wsn.com/sports-betting-usa/new-jersey/. Thus, players who may be located abroad will no longer have to worry about potentially frustrating issues such as poor exchange rates.
Banks and financial institutions are likewise beginning to adopt cryptocurrencies as another type of transaction; especially when performing overseas transfers or when dealing with large sums of money. Customers enjoy the added financial protection and once again, their information will remain hidden from prying eyes.
Investing is another major field which has been impacted by the presence of cryptocurrencies. Similar to traditional Forex trades, it is now possible to turn a profit based off of the relationship between two different currencies. This is a welcome alternative in the event that the Forex marketplace becomes unstable or volatile. In the same respect, many online investing platforms have begun to accept cryptocurrencies as an additional payment possibility.
Most experts agree that cryptocurrencies are here to stay. While they are not likely to completely overtake well-known payment methods such as credit cards, there is no doubt that their popularity should continue to grow. It will be interesting to see what further impacts they may have within the digital domain.
The post The Increasing Presence of Cryptocurrencies Within The Digital Domain appeared first on The Merkle News.
India Reportedly Plans to Tax Crypto Investors As Bitcoin Price and Trading Activities Soar
Barely ten months after the Indian Supreme Court lifted the RBI’s ban on cryptocurrency transactions, fresh reports from yesterday revealed that the country’s tax authority is now keeping a close watch on crypto traders as Bitcoin’s price continues its bullish trend.
Taxing Crypto Gains
According to local media, the Indian Tax Department is already in possession of data belonging to investors who invested in Bitcoin or cryptocurrencies through banking channels before the RBI’s ban in 2018.
This development is coming after data shows a tremendous increase in crypto trading activities in India. Since the crypto ban was lifted earlier this year, retail investors between the ages of 25 and 40 have been spending millions of dollars on crypto trading every day.
Over $25 Million Daily
Two of India’s largest crypto trading platforms, Binance-acquired WazirX and CoinDCX, saw a significant increase in activities over the last six months. According to an earlier report, WazirX recorded a massive 125% increase in user signups in the last two quarters. The exchange also has a daily trading volume of $19-26 million, with more than 85% of the transaction coming from Indian traders.
Some experts believe it will be difficult for the country to tax crypto because there’s no regulation in place for crypto dealings. They feel a regulatory framework will provide the needed clarity to make taxation easier. While India is yet to release its crypto regulation, an earlier report suggests that the country may regulate crypto as commodities.
Declaring Bitcoin Profits As Capital Gains
Although it is unclear how India plans to implement the tax law, sources familiar with the matter claimed that the country’s taxman is already preparing to collect tax on the gains made from Bitcoin. And notice may be sent out to investors if “something goes out of this.”
Experts believe that the tax authorities may classify crypto gains as business income, and investors may have to pay up to 30% tax on profits made from selling cryptocurrencies.
However, some tax experts are advising their clients to declare their Bitcoin earnings as capital gains, which is similar to profits generated from shares.
Bitcoin Breaks 2017 ATH But Gets Rejected: The Crypto Weekly Market Update
To say that this week was interesting would be an understatement. It had a little bit of everything.
Starting off, towards the beginning of the week, Bitcoin officially surged past its 2017 high and recorded a new all-time high, clocking at almost $20,000 but couldn’t really manage to surge past that point.
Naturally, as it always happens with the primary cryptocurrency, things took a turn for the exact opposite of what many were expecting. The price took a beating ad dropped to the low $18,000s in a matter of hours. This resulted in around $800 million worth of liquidations in less than 24 hours.
The bulls weren’t finished, however. They intercepted the move, and the price started recovering. At the time of this writing, Bitcoin is trading around $19,000, and it’s interesting to see where it would take from here.
Elsewhere, there was quite a bit of positive news throughout the entire week. Just yesterday, the audio streaming giant Spotify posted a job opening that revealed that it’s contemplating cryptocurrencies for payments. The acting Comptroller of the Currency in the US, Brian Brooks, said that banning crypto is not part of the country’s plans, reassuring that positive news will follow by the end of Trump’s term.
Unfortunately, the week also presented us with some bad news. As CryptoPotato reported, a large Australian exchange accidentally exposed over 270,000 customer emails in a serious privacy breach. This is not the first time an incident of this kind happens as in late 2019, BitMEX went through something similar.
In any case, the overall sentiment within the community remains overly positive. In fact, a cryptocurrency sentiment survey conducted by Kraken revealed that investors hold that Bitcoin will hit $36,000 in 2021. Will it happen? Only time will tell.
Market Cap: $562B | 24H Vol: 139B | BTC Dominance: 62.7%
BTC: $18,915 (+13.03%) | ETH: $587.46 (+16.13%) | XRP: $0.56 (+5.61%)
Audio Streaming Mogul Spotify Considering Cryptocurrency Payments. The popular audio streaming mogul Spotify has posted a job opening that reveals its intention to potentially incorporate bitcoin and other cryptocurrencies as a means of payment. With this, Spotify follows a group of major corporations that are putting effort towards implementing digital assets in their ecosystems.
Bullish Indicator to Buy Bitcoin Has Flashed Yet Again After 5 Months. The majorly bullish indicator has flashed green once again after five months. The Hash Ribbons, as it’s referred to, preceded BTC’s rallies to $10,500 in April and the run-up to $12,500 in August. It’s interesting to see if it will be correct again and if BTC will produce yet another leg up, taking it above $20,000.
Bitcoin Arrives At Wall Street: Crypto Indexes To Be Launched in 2021 By S&P Dow Jones Indices. In another news of serious cryptocurrency adoption, the leading index provider S&P Dow Jones Indices has revealed a partnership with the crypto-based Lukka to launch cryptocurrency indexes that follow 550 of the leading coins.
Bitcoin Price to Hit $36,000 in 2021: Kraken Crypto Sentiment Survey. According to a recent sentiment survey conducted by the popular cryptocurrency exchange Kraken, a majority of the respondents believe that Bitcoin will hit $36,000 in 2021. The same also think that Ether will clock in at a price of around $1450.
Visa Partners With Circle to Integrate USDC for Payments. The payment processing giant Visa has partnered up with Circle with the intention to integrate the USDC stablecoin within its network of merchants. The report also shared that 25 other companies involved in Visa’s Fast Track program would be included in the collaboration.
Australian Crypto Exchange Accidentally Exposes Over 270,000 Customer Emails. In what seems like another serious privacy breach, an Australian cryptocurrency exchange has accidentally exposed over 270,000 customer emails. This follows another mistake of the kind that happened with BitMEX in late 2019.
This week we have a chart analysis of Bitcoin, Ethereum, Ripple, Bitcoin Cash, and Litecoin – click here for the full price analysis.
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.
Cryptocurrency charts by TradingView.
Popular Crypt Analyst Says These Three Altcoins Are About to Take Off
Popular crypto trader Tyler Swope gave his top altcoin recommendations for the coming weeks, including Ethereum’s transition to the 2.0 network.
Popular crypto analyst and trader Tyler Swope, who is the host of the “Chico Crypto” YouTube channel, has named three altcoins (one mega-cap and two small-cap) he thinks are about to take off in the month of December.
According to the video he uploaded to his YouTube channel on December 2, Swope predicts that Ethereum (ETH) and two small-cap altcoins are going to have a strong performance in the coming weeks.
Swope says he is bullish on Ethereum, highlighting the successful launch of Eth2’s beacon chain on December 1. He reiterated that Ethereum was still in Phase 0 of its multi-stage migration from proof-of-work to proof-of-stake, and he expects more successes for Ethereum in the coming year..
Swope also points investors to the small-cap German-engineered altcoin Unibright (UBT).
Unibright describes itself as “a team of blockchain specialists, architects, developers and consultants with 20+ years of experience in business processes and integration,” and says that it offers “consulting, low-Code-integration tools, programmable DeFi and the Universal Business Token.”
On August 3, CONA Services launched a supply chain project using Unibright.
“Without enterprise, DeFi has been able to grow to nearly $14.5 billion in total value locked (TVL). What do you think is going to happen when enterprise DeFi is unlocked? That TVL will look like peanuts.”
The popular trader also recommends Morpheus.Network (MRPH) as a project for investors to watch. According to Swope, the supply chain optimization platform has strong ties to Coca-cola.
Featured Image Credit: Photo via Pixabay.com
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