7 Countries That Don’t Accept Cryptocurrency

Being a cryptocurrency enthusiast can be hard. Some people don’t know what it is, and there are places that flat out won’t accept it as payment for goods or services. It might seem like an uphill battle to convince some of these countries to start accepting crypto payments, but the following list should give you hope. These seven countries have either banned cryptocurrencies outright or refuse them as a form of legal tender.

1) Bolivia

Bolivian President Evo Morales has been vocal about his opposition to digital currencies, saying they’re a “ploy and financial manipulation.” The Bolivians are particularly worried that cryptocurrencies might be used as tools for laundering money or evading taxes. They’ve even gone so far as to ban Bitcoin mining in the country.

2) Ecuador

Ecuador is another country that has seen the downside of Bitcoin and other cryptocurrencies. Its central bank banned them in July 2014 but reversed its decision a few months later after realizing how difficult this would be to enforce. Nowadays, there are some places you can spend digital currencies within Ecuador, such as BitBolete for shopping and BitPagos for hotels.

3) Iceland

Iceland has some of the most expensive electricity globally, which is why so many cryptocurrency miners have set up shop there. However, this obsession with mining has caused one Bitcoin to cost around $20,000 more than it does elsewhere. These inflated prices prompted Icelandic officials to consider a ban on virtual currencies as early as April 2018.

4) Vietnam

Vietnamese Prime Minister Nguyen Xuan Phuc took a hard line on cryptocurrencies in June 2018, saying they’re illegal. While it’s unclear whether he meant the ban is temporary or permanent, his statement definitely didn’t help promote the country’s widespread adoption of digital currencies.

5) Kyrgyzstan

If you’re looking to make investments in Kyrgyzstan, avoid putting any money into cryptocurrencies. Cryptocurrency exchanges are banned within the country as of July 2018. The government justified its decision by saying that digital currencies lack a legal entity and pose risks for investors and citizens alike.

6) Colombia

There are still some businesses in Colombia that accept cryptocurrency payments. However, the central bank of Columbia has repeatedly warned its citizens about their dangers and risks—and even went so far as to ban Bitcoin mining within the country back in early 2018. It’s unclear whether this will remain a permanent ban or if there is any hope for Colombians to make crypto investments.

7) Bangladesh

In early 2018, Bangladeshi officials declared that trading or holding cryptocurrencies were considered illegal within the country. The decision came after a man in Bangladesh tried to use cryptocurrency as payment for ransom money. While there’s no indication that this ban will be lifted anytime soon, some speculate it might change if other countries start accepting crypto payments.

7 Countries That Don’t Accept Cryptocurrency

4 Tips for Strengthening Your NFT Assets

NFTs, or Non-Fungible Tokens, are a new digital asset that can be used in various ways. They are often traded on the Ethereum blockchain, and they have many uses. NFT assets are unique because each one is different from all others like it. This means that you cannot simply copy someone else’s token to make your own. We will discuss four tips to strengthen your NFT assets and increase their value.

1) Stake Your Tokens

One way to increase the value of your NFT assets is simply by staking them. Staking means locking up several tokens for a period of time to receive some reward from whatever dApp or platform issued those tokens. This method works best with games, such as Cryptokitties, that have a built-in staking system.

The more tokens you stake and the longer they are locked up for, the higher your rewards will be when it is time to release them from their lockup period. If you do not need many NFTs to play, try this strategy with smaller amounts. The current reward system for Cryptokitties is fairly simple and can be found on their website.

2) Take Advantage of Airdrops

Airdrops are a common way that blockchain projects spread their name or promote new features. They give users tokens for free after completing some task, such as staking certain amounts on the network. If you have been holding NFTs from an ICO, you should definitely consider taking part in an airdrop. There are two benefits of taking part in this type of NFT promotion plan; you receive new tokens from the project, and your current tokens may appreciate because more people will learn about them as they take advantage of free coins.

3) Be Patient

This is especially true in the case of initial coin offerings (ICOs). The market for NFTs and crypto-assets can be very volatile, which means that you may not see your investment grow right away. If you hold several hundred or even thousands of tokens, it could take months before they appreciate enough to make it worth selling. Many projects do not even release tokens for months or years after the ICO. This means that you can wait and accrue value over time without having to worry about a sudden price drop.

4) Watch the Markets

Another way to increase your NFT investment success is by watching market prices. Many exchanges, such as Coinbase or Binance, offer mobile applications that allow you easily check current token values while on the go. This can help keep you up-to-date with the latest changes and trends in the industry so that you can take advantage of them. If you are looking to sell some NFTs, watching market prices is a great way to find the best time and maximize your value.

4 Tips for Strengthening Your NFT Assets

How to Cut Crypto Taxes

The following are nine ways you can use to cut crypto taxes in some situations:

  1. Hold Gains Longer: Holding short-term gains until they turn into long-term gains might be one technique you can use. Capital gains rates change based on the length you hold a particular cryptocurrency. Patience can pay off if you hold crypto for a minimum of a year before selling since you might get a lower tax rate.
  2. Use Capital Losses to Offset Your Gains: There are limits to this particular technique, but you might be able to subtract losses you suffer on your crypto assets if you sold them during the same year you generated taxable gains via cryptocurrencies or even other investments appreciating in their value.
  3. Sell During Low-Income Years: If you have a low-income year, then consider selling it, so you get tax relief on both short- and long-term capital gains. Moving into a lower bracket or just staying low keeps your income tax rate lower, so take advantage of it.
  4. Minimize Your Taxable Income: Scour the entire tax code for any credits or deductions you can use to minimize your taxable income. Expensive medical procedures might be one, as are contributions to certain 401(k) and IRA plans. Charity donations and health savings accounts also usually qualify.
  5. Use a Self-Directed IRA: Some Individual Retirement Accounts can be self-directed for particular investment angles, and cryptocurrency is one of them. An SDIRA can be tax-free or just tax-deferred based on its particular creation, and that might let you enjoy lower tax rates at the time of distribution.
  6. Give Family Members Assets: The IRS allows you an annual gift, per family member, of as much as $15,000 without any tax consequences. Recipients might earn such a low income that they pay no taxes for appreciated property if they sell it. They might also just pay fewer taxes than if you sold it yourself.
  7. Make Charitable Donations: This isn’t the aforementioned tactic of cash donations for tax deductions. Rather, you can donate appreciated cryptocurrency to a charity. You’ll avoid capital gains tax but also possibly get serious tax deductions to claim on your annual tax return.
  8. Move to a New State: State-level income taxes can be a double whammy on top of federal taxes. However, there are certain states that have no income taxes. Keep more of your cryptocurrency gains by living in a state with no or low taxes on investment gains.
  9. Bequeath Things to Your Estate: This one can be risky, given volatile cryptocurrencies can be over time, especially if you have a lot of years left.
How to Cut Crypto Taxes

Cryptocurrency Scams to Watch Out For

People should watch out for these four cryptocurrency scams.

Fake websites

Investors buy bitcoin by using a cryptocurrency exchange. There are scammers out there who try to replicate these websites as much as possible. They create imposter websites with the same colors and fonts. The website address may just be one letter off from the original. Scammers collect login information when an unsuspecting user enters his username and password. The scammers can now access the investor’s real account and withdraw funds. The whole process can be instantaneous. Scammers can bypass two-factor authentication by creating a prompt on the imposter website. The prompt will ask the victim to enter the passcode sent to his phone from the real cryptocurrency exchange. Therefore, investors should carefully check every letter of a website address when they want to use a cryptocurrency exchange.

Emails

In addition, scammers try to steal people’s cryptocurrency by sending malicious emails. The emails may have an attachment. When a user clicks on the link, a virus will begin to download on his computer. The virus may freeze the user’s computer and demand payment in bitcoin. The virus may also keep track of every letter the victim enters on his keyboard. This is how scammers can eventually learn people’s login information for every website.

Fake mobile apps

Scammers also try to target people on their mobile phones. They create apps that look and feel like the apps of legitimate companies. The apps may have the same logo and user interface. Scammers collect passwords when people try to log in using their real information.

Hype

Anyone can create a cryptocurrency. There are numerous tutorials online, so people can simply pick one tutorial and follow the instructions. Naturally, some cryptocurrencies have greedy founders. They may own a significant portion of the cryptocurrency’s total volume. Scammers create hype around their coins by spamming message boards all over the internet. They will pretend to be someone else. The price will go up when other people buy the cryptocurrency. The founder will then cash out by selling his stake. As a result, the price will plummet. Average investors will get hurt. People can avoid this scenario by only investing in the most popular cryptocurrencies.

Overall, investors must be careful when buying cryptocurrency.

Cryptocurrency Scams to Watch Out For

The Future of NFTs

To understand what the future of NFTs is or what the future holds for them, it is better to understand what NFTs are.

What is NFT?

Non-fungible data or NFT is a unique set of data or information stored on a digital ledger. This combination is also called a blockchain. The blockchain aids the data in being interchangeable and makes it unique through genuine certification.

Hence, the owner is provided with the proof of ownership and has copyrights too.

Storing any data on the NFTs, whether photos, information, videos, barcodes, digital files, etc.

The Future of NFTs

A powerful profit-sharing earnings.

In upcoming years, NFT can become a real, genuine, and potent profit-sharing system. For brands looking forward to flourishing in e-commerce specifically, NFT can be an excellent source of profit earning for them. In addition, NFT can make the profit-sharing process more accessible and reliable for both the customers and companies both.

In addition, artists and companies use NFT to gain profits directly every time it increases in value.

A Great Source of Development For Websites

The process of development never stops, especially the cycle which is linked through e-commerce. As day by day people tend to explore and get to know things better. NFT is an extension of a development system, just like the development observed in the internet browsers.

It will be a completely changing development process for the brands in e-commerce, such as fashion and clothing.

Reliable Transaction Process: Safety

NFT is incredibly potent in ensuring safety for the customers. As the whole transaction process is recorded on a blockchain, hence there are rare chances of fraud. Moreover, the information cannot be altered in any case allowing NFT to convert the value of money into tokens.

The NFT craze may seem like it is temporary to many because of the extreme speculation in the short term. But it is essential to note that NFT’s provide value in several ways, and it will find use in various markets over the near term. From real estate to art, authenticity, transparency, and recordability add real value overall. The fact that they are easily accessible and simple to implement, making them a force for innovation over the next few years.

The Future of NFTs

The Benefits of Using Cryptocurrency in Your Business

Companies are increasingly starting to use cryptocurrency to conduct business. If you’re a business owner, you might find that the hassle of using cryptocurrency is way too hard compared to using cash or credit cards. However, some of these business owners might also tell you that it’s worth the hassle.

Once you understand that it can be worth your time, you need to understand exactly how cryptocurrency can help you conduct business. Check out these benefits businesses are finding when they use cryptocurrency.

Investing

It’s never easy to get someone to invest in your business. However, some businesses have found that cryptocurrency has given them more investment opportunities than ever before. This is because various cryptocurrency holders have been interested in seeing what their currency can do for businesses that need it.

You should remember that businesses can convert any of their cryptocurrency for cash, making it easy to use that currency for anything they might need. Business owners should look more into how cryptocurrency can help them get the investments they need.

Transactions

The goal of a business is, often, to get customers to purchase products and services no matter what. That means meeting customers between the middle ground of a hassle and convenience to them. For some, the most amount of convenience they can get is by supporting cryptocurrency for transactions.

By supporting cryptocurrency, you’re ensuring that you get a bigger customer base that might have not been ever interested in your business otherwise. So think about supporting cryptocurrency in transactions so you can make more money.

Money Transfers

If you run a business, you might have noticed that it can take quite a long time to transfer money between bank accounts. This amount of time can create a huge hassle, especially if you need to pay off something important for your business. Cryptocurrency helps solve this issue of waiting too long for a money transfer.

Depending on the type of cryptocurrency you’re using, you might be able to transfer money between accounts in just a couple of minutes. This can make it much worth your while, especially if you’ve had issues with traditional bank accounts in the past. Make sure you use cryptocurrency if you want to transfer money more quickly.

The Benefits of Using Cryptocurrency in Your Business

Bitcoin for Beginners

Words like “Bitcoin” and “blockchain” are repeated daily in several stories in both the daily financial and internet news, not to mention in several social media discussions by news and business personalities. For the average consumer, the terms can be easily conflated or confused, especially as most mentions in the media are about the current value trends of Bitcoin or a few informational tidbits about blockchain itself. In order to understand the media attention of Bitcoin, it first must be understood what it is exactly.

Bitcoin is what is referred to as a decentralized cryptocurrency. What that means is that Bitcoin is a digital form of currency whose value is not backed by gold, silver, or any government tender, but is extremely secure due to the underlying technology that keeps records of trade. This technology is known as blockchain technology. The popularity of Bitcoin and other decentralized cryptocurrencies is due to the underlying blockchain, which keeps a sort of digital ledger that is itself decentralized across a wide network of systems.

Another factor in the popularity of Bitcoin is due to speculation and investment in the cryptocurrency by many investors, both large and small. The central idea is that Bitcoin will be used more regularly over time, becoming more valuable over time. This certainly follows recent history, as the first increase in value in 2010 raised the price of one Bitcoin to eight cents. In today’s market, one Bitcoin is worth over $60,000.

As popular and lucrative as Bitcoin has proven to be so far in the market, the cryptocurrency market itself is extremely volatile. All cryptocurrency, including Bitcoin, is valued by speculation, as opposed to actual investment. It is not uncommon for one cryptocurrency to lose a significant portion of its value in a matter of days, or for one cryptocurrency to balloon in value in the market over the same amount of time.

The primary way to invest in Bitcoin (or any cryptocurrency, for that matter) is to have a “wallet,” or an online reservoir for your purchased Bitcoin. A number of brokers and trading sites offer this service to consumers, such as CoinBase, Robinhood, and eToro.

Bitcoin for Beginners

How to Create Your Own NFTs

Non-fungible tokens or NFTs are unique tokens that grant ownership rights over digital art, JPEGs, or videos. NFTs are minted on blockchains, which means they are recorded on the same digital ledger as the namesake currency but are separate from the fungible tokens that many investors are familiar with, like Ethereum. With news outlets running stories of newly made NFT millionaires, many artists are probably wondering how NFTs are made?

To start with, a creator needs to choose a platform to host their art. Rarible, OpenSea, and Super Farm are some of the most popular NFT sites. After choosing a platform, creators have to settle up a hosting charge to have work minted on the blockchain. For instance, OpenSea charges around $100 in Ethereum to host NFTs on the blockchain. These fees are paid in the native crypto you will later receive for the art. To settle up with the selected platform, users must link a crypto wallet to their accounts and transfer the selected currency.

Coinbase’s wallet is popular, especially since the exchange went public. Other choices include MetaMask, Fortmatic, and Bitski. It is essential to remember certain exchanges like Robinhood hold coins for users, meaning crypto purchases on these sites can’t be spent to create or purchase NFTs.

Once settled up with the platform, users can freely publish their work. However, first, they must decide whether to upload the series as a “bundle” or as individual pieces. Individual art allows buyers to bid on the work and hopefully initiate a bidding war, whereas “bundles” are set at a fixed price. Another consideration NFT creators should consider is that some platforms charge for each upload, while others charge a one-time fee.

Once a creator has decided how to sell their work, it’s as easy as click and drag to publish a piece. Users can set a price or open up to bids with a minimum purchase price. All prices are set to the native blockchain the NFT was minted on. If an NFT were created on OpenSea’s Ethereum Platform, all bids would be in Ethereum. Once an NFT is purchased, the artist will receive an alert. Once the buyer’s transactions settle, the user can transfer their new crypto to the appropriate wallet and exchange it for their native fiat currency.

How to Create Your Own NFTs

The Rise and Fall of Facebook Libra

The Rise and Fall of Facebook Libra Etienne Kiss-Borlase

Facebook Libra has been in the news a lot lately. This cryptocurrency was envisioned as a so-called stablecoin. Libra was designed carefully to avoid the huge fluctuations faced by cryptocurrencies like Bitcoin. The plan was to offer a more stable currency, backed by stable securities. Sponsors like Visa, MasterCard, and PayPal seemed just about ready to get on board with the project.

 

However, by late October, they had all pulled their backing off the table. eBay, Stripe, and Mercado Pago were other potential sponsors who didn’t quite come through. Why the loss of confidence? Many aspects of Libra have been too up in the air for too long. In particular, Facebook’s role in the project opened it up to special concerns.

 

Facebook was famously always the social network that required real names. With Libra, if they offered anonymity, it could create liabilities. The platform could attract lots of black market activity and scams. However, if Libra were too closely linked to people’s Facebook profiles, it could cause problems in terms of privacy issues. The social network has alarmed consumers when it comes to data already.

 

Asking Facebook’s end users for access to financial details could really increase their risk exposure. If the two services were too closely linked, any data breach to either network could prove devastating for everyone involved. The idea of the low-volatility securities backing the stablecoin also seems overly optimistic in the wake of the 2008 recession.

 

Perhaps most importantly, Facebook is already facing calls for increased regulation. These are coming from powerful political figures, including candidates for the US Presidency like Elizabeth Warren. Entering the world of currency will almost definitely lead to more government scrutiny. For one thing, governments need a stable currency and don’t want people to use an alternative that undermines theirs. For another, Facebook has already been implicated in election tampering.

 

Critics of Libra point out that there are already better ways to do many of the things Facebook claims this currency will solve. Solutions like Ripple follow the rules set in place by the federal government. They’re already used to facilitate payments internationally at reasonable costs. There seems to be no real way that Libra would do the same thing at a lower cost, or with more efficiency.

This article was originally published on EtienneKiss-Borlase.net

The Rise and Fall of Facebook Libra