Coinbase crypto exchange has 10M+ users with $50B+ traded in total. The IRS claims that only 802 people in the USA declared a capital gain or loss related to Bitcoin in 2015. I do believe, that these numbers will not be much higher in 2017 in all other countries as well. Recently, . a federal court ruled that Coinbase must supply the IRS with identifying information on users see’s that in the near future IRS and probably other countries tax collection agencies will start looking back to the past and will ask most of the “anonymous” traders to pay taxes with interest. Mike Maloney And guess what? From which pocket they will have to pay these taxes? Once that happens, probably bitcoins will start flowing into the exchanges and be converted to $. Most of the newcomers probably believe that they are fully anonymous with , however, your Crypto exchange knows everything about you, and once Authorities will ask your data, they will share it. Bitcoin Source: https://charlesngo.com/paying-less-tax-online-business/ There are a few companies working in this field — helps to track down all the payments within and show all connected wallets and even finds the link to the Exchange used. Chainalysis Blockchain — helps you to manage all your trades and transfers in various exchanges and easily calculate your taxes. Cryptotax.io I would like to finish this post with the quote from Cryptotax webpage. “Blockchain never forgets … also not your taxes” crypto currency hardware is . It provides hardware security for every user only for €59. Find out more Most secure wallet Ledger Nano here . Please let me know that by recommending it to others by clicking below. Enjoyed the article? CLAP Click follow, if you want to get ! more insights on the blockchain and smart contracts

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Blockchain never forgets… and neither do the tax collectors…

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Blockchain never forgets… and neither do the tax collectors…

Too Long; Didn't Read

Companies Mentioned

Lukas K

About Author

TOPICS

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