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Huge Moves For Bitcoin Adoption At Coinbase

Huge Moves For Bitcoin Adoption At Coinbase

Coinbase is one of the biggest cryptocurrency exchanges in the world. They have been a part of this industry for a very long time and have offered the community one of the easiest and more sublime ways to invest in cryptocurrency. Coinbase is huge because of its user base, a user base that is able to invest in major cryptocurrencies round the clocks thanks to the Coinbase interface and it’s slick design.

The adoption of Bitcoin is likely to have a lot to thank Coinbase for. Because Coinbase is so easy to use, it’s a great way to introduce people to Bitcoin and cryptocurrency investment. As attuned investors, we should see Coinbase as a tool that allows everyone to learn and grow as a part of this industry. Yes, there have been controversies with Coinbase in the past, but doesn’t every great leader have to upset people along their march to the top? (Or something like that).

The latest reports out of Coinbase continue to promise great things for the eventual adoption of cryptocurrency, according to Ethereum World News:

“Coinbase Commerce, the crypto startup’s application for merchants and online retailers, has recently surpassed $50 million in processed transactions. Speaking to the outlet, the facet of Coinbase has seen volume pick up through Q2 of this year, which coincidences with the bullish price action. Coinbase Commerce has already been integrated into online e-commerce giants like Shopify, WooCommerce, and others, which has helped to boost the adoption of the application.”

Coinbase Commerce is a branch of Coinbase that deals with integrating cryptocurrency payment systems in mainstream e-commerce websites. Platforms such as Shopify allow anyone to create an online store, by using the likes of Coinbase Commerce (as well as other providers) their customers are able to pay in a range of cryptocurrencies. The payments are handled by Coinbase, making the transaction as simple as possible for both the merchant and the customer. This huge announcement from Coinbase proves that people are paying in crypto, across a range of different websites for a range of different products. Now, Coinbase Commerce has handled in excess of $50 million. That’s $50 million worth of cryptocurrency used across mainstream websites.

If this isn’t evidence of looming Bitcoin adoption, I don’t know what is! It’ll be interesting to see how these figures stack up at the end of 2019. Coinbase Commerce is growing, as are similar providers such as BitPay. This is just the start, when Bitcoin fully becomes integrated as an online payment system we’ll be seeing more than $50 million in crypto handled over a few months, we’ll be seeing in excess of $50 million spent in crypto online per day, within mainstream retailers with payments made by normal people for everyday products, that’s cryptocurrency adoption.

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IRS crackdown on Coinbase users who are dodging their tax

IRS crackdown on Coinbase users who are dodging their tax

Quick take

1 minute read

  • The tax office of David W Klasing has just issued a public release morning the United State IRS is cracking down seriously with users on the Coinbase platform.
  • The dual licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform you are not complying with their requirements for tax and reports.

A specialised Californian tax company, the tax office of David W Klasing has recently issued a public release stating the United States internal revenue service (IRS) is cracking down seriously with users on the Coinbase platform.

The dual-licensed tax lawyers employed at the company say that they have been tracking an increase in IRS enforcement activity against users on the platform who are not complying with their requirements for tax and reports.

The company has heeded a warning saying people who are not paying the tax on the platform “end up facing serious civil and criminal trouble down the line”. They further say:

“If you have failed to report holding Bitcoin or other virtual currencies on your past returns or filed an incomplete or misleading picture of your cryptocurrency holdings, the time to act to correct this is now. Once an audit or criminal tax investigation has begun, it will be too late to amend your returns or take advantage of a voluntary disclosure program.”

A transparency report was released by the exchange earlier this year in October which was highlighted by the law company saying that it should “serve as a major wake-up call“ to users of the exchange.

For those that don’t know, this report clearly indicated that both the IRS and its criminal investigation unit were filing information requests with the platform.

The uptick in the enforcement activity against Coinbase uses from the IRS on those who don’t their taxes would appear to confirm that the exchange is cooperating closely with federal authorities in the United States as the company has further said:

“This data [in the October report] makes it clear that the IRS is requesting information from Coinbase for the express purpose of checking it against its own taxpayer data and looking for discrepancies where holdings on Coinbase have not been reported on taxpayers’ returns.”



For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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Crypto exchanges boom in Cuba during the pandemic

Crypto exchanges boom in Cuba during the pandemic

Quick take

1 minute read

  • Cryptocurrency has been going at an immense rate over the course of 2020. 
  • With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for mini all over the world.

Cryptocurrency has been going at an immense rate over the course of 2020. With the coronavirus pandemic in full swing and the economic crisis that came as a result still ongoing, crypto is looking as a tasty alternative for many all over the world.

Cuba is one such country that has been seeing a spike in its crypto activities over the course of this year. This comes as there is an absence of related regulation in the country according to senior executives at local crypto companies.

Earlier this month, the nation recorded a massive spike in Google queries relating to bitcoin which suggested an increase in crypto activity in the nation.

Speaking to CT, a local crypto exchange Bitremesas said that the platform has been slowly but surely growing over the course of this year and has seen a noticeable influx in its user activity in recent times. The creator of the exchange, Erich Garcia said “By now, the use of the service is increasing at 200% every month.” 

Mario Mazzola, another founder of a different local exchange known as Qbita, said:

“Bitcoin usage and volume in Cuba is exploding right now.”

Cryptocurrency regulations in Cuba are next to none. They are completely deregulated according to local enthusiasts. Some say that they are neither legal nor illegal but the government in Cuba has favourably looked to the industry in the past.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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84% of lost funds on the KuCoin exchange now recovered according to CEO

84% of lost funds on the KuCoin exchange now recovered according to CEO

Quick Take

1 minute read

  • CEO of KuCoin exchange confirms 84% of lost assets have been recovered.
  • The exchange was hacked earlier this year in September.

After losing $280 million in a malicious attack earlier this year in September, the KuCoin crypto exchange finally recovered a “majority“ of the funds.

The co-founder founder and chief executive officer of the platform, Johnny Lyu published an announcement earlier this month on the 11th of November saying that the platform has recovered 84% of the stolen assets in crypto.

On top of this, he went on to say that the recovery process has involved “on chain tracking, contract upgrade and judicial recovery“.

Before we finish though, it is worth saying that we aren’t financial advisors and this is not financial advice. Please do your own research before investing in a cryptocurrency.

It will be interesting to see how this plays out however, it is good news that so much of the lost funds have been recovered.

For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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QuadrigaCX: there isn’t enough money to repay all claimants of the defunct exchange

QuadrigaCX: there isn’t enough money to repay all claimants of the defunct exchange

Quick take

1 minute read

  • Towards the start of last year, you may have heard of the QuadrigaCX crypto platform. 
  • The owner of the exchange, Gerald Cotton passed away in December 2018 and as a result, the exchange was no longer accessible due to only him knowing the passwords and keys. 

Towards the start of last year, you may have heard of the QuadrigaCX crypto platform. The owner of the exchange, Gerald Cotton passed away in December 2018 and as a result, the exchange was no longer accessible due to only him knowing the passwords and keys. The trustee of the controversial and field crypto platform, Ernst and Young has just revealed that it only has around $30 million in funds to distribute to claimants. The issue with this is that they have $171 million worth of claims from previous customers of the platform.

The company revealed in an update earlier this month on the 6th of November with the Ontario Superior Court of Justice that it has received over 17,000 claims from customers who entrusted the money with the platform based in Canada.

The claims include a plethora of different cryptocurrencies including bitcoin, bitcoin cash and Litecoin. On top of this, it includes more than $90 million worth of Canadian dollars in these digital assets.

Ernst and Young highlight:

“Mr. Cotten proceeded to trade these account balances with Affected Users that had deposited real assets, as such, Quadriga’s assets likely never matched the liabilities owed to Affected Users.”

Following the death of the CEO, the platform was plunged into a round of controversy throughout the world as well as the crypto space.



For more news on this and other crypto updates, keep it with CryptoDaily!

© 2020 CryptoDaily All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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