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.

This post was originally published on Etienne Kiss-Borlase’s Finance Blog. For more info about Etienne, please visit his homepage.

4 Tips for Strengthening Your NFT Assets

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.

This post was originally published on Etienne Kiss-Borlase’s Finance Blog. For more info about Etienne, please visit his homepage.

7 Countries That Don’t Accept Cryptocurrency

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

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.

This post was originally published on Etienne Kiss-Borlase’s Finance Blog. For more info about Etienne, please visit his homepage.

Cryptocurrency Scams to Watch Out For

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.

This post was originally published on Etienne Kiss-Borlase’s Finance Blog. For more info about Etienne, please visit his homepage.

How to Cut Crypto Taxes

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

2021’s Fastest Growing Cryptocurrencies

2021’s Fastest Growing Cryptocurrencies The cryptocurrency space is fast-changing, and gigantic players like Bitcoin are slowly losing their strong industry grip. In 2021, several small cryptocurrencies have risen the ladder, while several bigger cryptos have lost their traction. Any investor thinking of adding cryptocurrencies to their portfolio must know the following fast-growing cryptocurrencies:

 

Dogecoin

Dogecoin is a 2013-born cryptocurrency originally made for memes. The initial idea was to create a joke-like coin based on the dog meme. Billy Markus, an IBM software engineer, and Jackson Palmer, an Adobe software engineer, made the coin as a meme coin. Currently, Dogecoin’s market capacity stands number six in the cryptocurrency space. The currency has grown from a value of $0.00 to new highs of more than $.6. It’s currently tagged as one of the fast-growing cryptocurrencies. Its market cap as of July 2021 is capped at $32,049,924,401.59 while its volume is 2,636,125,440.

 

Tether

Tether comes second among the fastest-growing cryptocurrencies. Besides being a stable-value cryptocurrency, Tether has witnessed expansive market cap growth over the last few years. It has a market cap of $254,951,569,935.21 and 24-hour trading volume of $26,935,130,833.78 9.24%. Tether has quite a high trading demand and remains the most valuable stable coin existing. Compared to other stable coins such as DAI, GUSD, and USDC, tether offers higher interest.

 

Ethereum

Ethereum is a De-Fi blockchain that comes second after bitcoin in terms of market cap and value. Known as Tether, Ethereum’s cryptocurrency has a value of 2098. 38 and a market cap of 252.28B. Just like Dogecoin, Ethereum was originally launched with a $0 value. Despite its humble background, Ether has grown to be one of the biggest and most traded cryptocurrencies.

 

Cardano

Cardano is highly reputed for its fast growth pace and high growth potential. The crypto was initially launched in 2015 and has grown to be a highly traded cryptocurrency today. Cardano runs on an Ouroboros blockchain, which supports dual blockchains. The first blockchain supports the management of everyday transactions, while the second one manages smart contracts. Its dual-blockchain technology and the Proof of Stake algorithm make it a great cryptocurrency for investors. Cardano’s market capacity is currently capped at 43.896B, while its price is $1.377. Cardano has an estimated volume of 2,512,559,872 and a 24-hour trading volume of 2.51B.

This post was originally published on Etienne Kiss-Borlase’s Finance Blog. For more info about Etienne, please visit his homepage.

2021’s Fastest Growing Cryptocurrencies

Crypto Telegram Channels to Explore

One of the best places to get useful crypto trading signals is at Telegram. Exploring new crypto telegram channels is a great way to connect. The world of cryptocurrencies is expanding. Keeping in touch with those who are in the know is more important today than ever. For those looking to connect with crypto-savvy others, a telegram channel may be just the tool.

 

Having a place to go to learn or share with other members in the world of crypto coins is one of the great things about the web. Being in the right place at the right time is an excellent way to secure the future of a new blockchain project. It can also be a great way to make extra cash. For those who like trading crypto, a telegram group is an extraordinary way to learn what strategies the professionals are using to get ahead.

 

The Meta Boost channel is offering an insider’s look into their trading on Binance. Those who are members of this channel are allowed to see the progress of the channel’s creator and develop their own trading skills to the next level.

 

For any that are looking for pertinent news on the availability of airdrops, there is “IEO Pools.” Marketing services are found on this Telegram channel, along with useful data for professional traders.

 

One Telegram channel that seems to have an insider’s view on cryptocurrencies is “Bitcoin Traffic.” This should be a “first stop” for those who want to hear about new happenings. Investors will like this channel for its speed at getting information into the hands of its members.

 

Cointelegraph is a respected and well-rounded channel on Telegram. They are bursting at the seams with 137,000 members. Everything from Bitcoin to the blockchain and fake crypto news warnings can be found there. There is a remarkable trove of guides and tutorials that a new crypto user can take advantage of. Basic FinTech (financial technology) news can be found on this huge channel.

 

Telegram has become the daily digital diet of those who are interested in crypto subjects. It can be said that Telegram, with its secure messaging features, has become a staple, not just for communicating but communicating specifically about cryptocurrencies. Any crypto user should be getting a closer look at this program to decide if one of these channels would fit their needs.

This post was originally published on Etienne Kiss-Borlase’s Finance Blog. For more info about Etienne, please visit his homepage.

Crypto Telegram Channels to Explore