Day: December 1, 2023

Australia’s confusing new crypto tax guidance is ‘toilet paper,’ says law firm

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Australia’s controversial new guidelines for cryptocurrency taxation should be ignored for being unclear and should probably be seen as “toilet paper,” according to an Australian law firm. On Nov. 9, the Australian Tax Office (ATO) released guidance that could impact how investors and traders involved in decentralized finance report their taxes. In a Nov. 27 blog, Cadena Legal noted the guidance was “non-binding” instead of a binding public ruling — arguing that such guidance should be seen as “toilet paper.” If you hate the ATO’s recent web guidance on crypto,…

Best Bitcoin Mining Software – CryptoX

What is Bitcoin Mining? Put simply: Bitcoin mining refers to a process in which new bitcoin is generated by solving a complex math puzzle. All recent transactions are compiled into blocks and miners can solve the latest block that has a data of complex puzzle by using a special software, program and computer resources. Any enthusiast entrant can solve the math puzzle but whosoever solves it first can place the next block onto a public ledger, otherwise known as the blockchain and is entitled to a reward. Bitcoins are rewarded…

United Nations agency to upskill thousands of staff in blockchain tech

A United Nations agency tasked with helping countries eliminate poverty is set to upskill its 22,000 staff in blockchain technology, with the ultimate goal of helping countries achieve “sustainable development” growth.  According to a Nov. 30 statement, the United Nations Development Programme (UNDP) has partnered with the Algorand Foundation to launch a blockchain academy in 2024. The academy will serve the UNDP’s 22,000 staff members across 170 countries, educating them about distributed ledger technology and blockchain, including how it could be used for financial inclusion, supply chain transparency, real-world asset…

DOT Price (Polkadot) Spikes 5% and Primed To Surge Toward $6

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Polkadot (DOT) is gaining pace above the $5.25 resistance against the US Dollar. The price could surge further toward the $5.85 and $6.00 levels. DOT is gaining pace above the $5.25 resistance zone against the US Dollar. The price is trading above the $5.30 zone and the 100 simple moving average (4 hours). There is a key bearish trend line forming with resistance near $5.55 on the 4-hour chart of the DOT/USD pair (data source from Kraken). The pair could gain bullish momentum if there is a close above $5.55…

SBF was almost extorted for ‘protection’ in Brooklyn jail, recalls ex-inmate

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Sam Bankman-Fried was reportedly worried for his safety during his pre-trial detention time at the Brooklyn Metropolitan Detention Center and even considered paying another inmate for “protection,” according to a former inmate.  New York mob enforcer-turned-informant Gene Borrello told crypto blogger Tiffany Fong in a Nov. 30 interview that he spent time with Bankman-Fried in the lead-up to his criminal trial. He said SBF was “out of his element” in jail and worried for his safety. I got a chance to interview Gene Borrello, a former mob enforcer who was…

Bull run incoming for ADA

A popular YouTube crypto analyst known as LuckSide Crypto believes Cardano has entered a new bullish era and is poised for significant gains in the coming years. In a video posted on Nov. 30, the analyst pointed to Cardano’s (ADA) price chart, noting that it has broken out above a long-term bearish trendline that had been in place since August 2022. He said ADA has shown sustainability trading above this level over the past week, even retesting it as support. ADA’s on the very bullish side of things right now.…

Ethereum Price Momentum Reignites, RSI Signals Rally To $2,200

Ethereum price remained well-bid above the $2,020 level. ETH is now rising, and the bulls seem to be aiming for a move toward the $2,200 level. Ethereum is making a fresh attempt to clear the $2,100 and $2,120 resistance levels. The price is trading above $2,050 and the 100-hourly Simple Moving Average. There was a break above a major contracting triangle with resistance near $2,055 on the hourly chart of ETH/USD (data feed via Kraken). The pair could gain bullish momentum if it clears the $2,120 resistance zone. Ethereum Price…

Bitcoin Price Sprint to $40,000 – Can It Happen Soon Before EOY?

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Bitcoin price is consolidating above the $37,500 support zone. BTC could attempt a strong increase if there is a clear move above the $38,400 resistance. Bitcoin is still struggling to clear the $38,500 resistance zone. The price is trading above $37,400 and the 100 hourly Simple moving average. There is a major bullish trend line forming with support near $37,450 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another increase and attempt to clear the $38,500 resistance. Bitcoin Price Remains Supported Bitcoin…

Who Accepts Bitcoin? – CryptoX

Bitcoin is the, without doubt, the biggest cryptocurrency. Many major companies around the world are now accepting bitcoin payment for online goods and services (in Denver, you can even use Bitcoin to pay for your parking!) An aggressive campaign led by Coinbase (where $1 million worth of transactions were processed for free) prompted large companies to start accepting bitcoin by using third-party services like Bitpay & Cryptopay. As the trend has been started it appears to be growing, so who accepts Bitcoin? There are some surprising companies and we’ve listed…

Bitcoin Transaction Fees – CryptoX

To understand Bitcoin transaction fees, it helps to first understand the method of processing transactions. How does it all work!? Well, it starts with the blockchain and the blocks which store the transaction information (thus making them legitimate). Each block in the Bitcoin network has an artificial size limit of 1 MB and this averages 2020 transactions to fill one block. Also, a new block is mined every 10 minutes – which is 600 seconds. So to calculate an average transaction time the math is straightforward: Number of Transactions Per…