Airdrop news

A distribution of a cryptocurrency token or coin, usually for free, to a large number of wallet addresses.

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Blockstack Airdrop: Bringing token dilution and maybe user adoption

Through a partnership with Blockchain.com, Blockstack plans to airdrop its native Stacks tokens (STX) within the next few months, according to an announcement Friday. Per their agreement, Blockchain will distribute up to 40 million tokens, which Blockstack values at $10 million ($0.25 each), to Blockchain’s user base while also integrating the tokens into its full list of products such as the Blockchain Wallet and Blockchain Explorer. Since Blockchain launched its airdrop business last year, its only other noteworthy deal came from its partnership with Stellar Development Foundation in which Blockchain airdropped about $46 million worth of Stellar lumens (XLM) between November 2018 and January. Join Genesis now and continue reading, Blockstack Airdrop: Bringing token dilution and maybe user adoption!
The Block Crypto

Bitfinex announces successful BTT airdrop to wallets holding Tron

Bitfinex announced on Twitter that the BTT airdrop had been completed successfully and that all participants had received token relative to their TRX holdings. The 11/10 BitTorrent airdrop has been successfully completed and users have now received $BTT according to their $TRX holdings as of block height #13502126. For more information, please visit: https://t.co/51cxnetRHn — […] The post Bitfinex announces successful BTT airdrop to wallets holding Tron appeared first on AMBCrypto.
AMBCrypto

IRS Releases Tax Guidance on Hard Forks and Airdrops

The U.S. Internal Revenue Service (IRS) has taken a significant step to provide much-needed clarity for crypto users. On October 9, 2019, the tax authority published an announcement of Revenue Ruling 2019-24, which addresses an array of questions concerning tax compliance related to cryptocurrency airdrops and blockchain hard forks.  The issue of how to tax forked digital currencies has caused quite a stir, even in Capitol Hill. In July 2019, U.S. Congressman Tom Emmer introduced the “Safe Harbor for Taxpayers with Forked Assets” bill, which sought to bring tax clarity to the cryptocurrencies that are generated as the result of hard forks and shield holders from tax penalties pending a guidance review from the IRS. That guidance is now here, but cryptocurrency users might be left with more questions than answers. “The new guidance will help taxpayers and tax professionals better understand how longstanding tax principles apply in this rapidly changing environment,” IRS Commissioner Chuck Rettig explained in the announcement. “We want to help taxpayers understand the reporting requirements as well as take steps to ensure fair enforcement of the tax laws for those who don’t follow the rules.” Clarity on Forks and Taxable Activities On the issue of forks, the guidance states that assets created from existing blockchains are to be treated as “an ordinary income equal to the fair market value of the new cryptocurrency when it is received.”  “If your cryptocurrency went through a hard fork, but you did not receive any new cryptocurrency, whether through an airdrop (a distribution of cryptocurrency to multiple taxpayers’ distributed ledger addresses) or some other kind of transfer, you don’t have taxable income,” the document reads. However, a trader would be liable to pay taxes on forked assets if they have control over the assets and can use them. This raises questions over what constitutes “control” or claiming an asset; for example, are forked coins that are credited to a user’s exchange account “claimed” if they don’t have access to the private keys? For airdrops, the tax liability occurs when the new owner receives the coins and can “transfer, sell, exchange, or otherwise dispose of it.” As cryptocurrency users who operate ERC-20 wallets know, during the ICO boom and beyond, multiple tokens may be airdropped into wallets without users necessarily knowing about it or approving of it, and often without any effort on their part to claim these assets. Under this guidance, it appears as though these assets would be subject to taxation as well. This directive naturally raises concerns. Rob Odell, vice president of product at cryptocurrency lending service SALT, noted that the new rule puts it under the tax burden of holding these newly created assets as a result of holding the original assets on behalf of clients.  “Hard forks already create numerous challenges for us as a lending company; additional stress on infrastructure, keeping nodes running, administrative work and more,” Odell said in a statement sent to Bitcoin Magazine. “Supporting a new asset with little knowledge into its long term viability and liquidity is problematic.” For instance, this rule would add confusion around one of the space’s best-known hard forks, which saw the Bitcoin blockchain forked into the Bitcoin Cash blockchain. “When BCH forked from BTC, we took over a year before deciding to add BCH as collateral,” Odell said. “This ruling muddies the water on how we hold and recognize assets on behalf of borrowers. We hope for further clarity and a deeper understanding from the IRS on how this translates to our business and more importantly, our customers assets.” The guidance also orders that cost bases should be calculated by taking into account how much money was spent in acquiring the cryptocurrencies, “including fees, commissions and other acquisition costs in U.S. dollars.” The IRS touches on the cost basis of each cryptocurrency unit spent in a taxable transaction as well, noting that the value of cryptocurrency purchased on an exchange should be calculated based on its selling price (in dollars) on the exchange.  If the purchase is made on a decentralized exchange or a peer-to-peer platform, the guidance recommends the use of a cryptocurrency price index. Per the document, this could be “a cryptocurrency or blockchain explorer that analyzes worldwide indices of a cryptocurrency and calculates the value of the cryptocurrency at an exact date and time.” A Valiant, Incomplete Effort The new cryptocurrency tax guidance serves as a follow-up to Notice 2014-21, which sets “general principles of tax law to determine that virtual currency is property for federal tax purposes.” While the previous notice did leave plenty of questions unanswered, many had high hopes that this latest one was going to help clear things up. However, this document also left some loose ends untied.  The IRS finds it hard to differentiate between airdrops and hard forks, which is a bit awkward considering its desire to regulate the industry. The guidance seems to suggest that there are hard forks which include airdrops, while in truth both are independent and mutually exclusive.  Bitcoin engineer and professional cypherpunk Jameson Lopp is among those who believe the new guidance created more questions than it answered. Questioning the IRS’s new rule to tax holders who receive forked coins and airdrops even if they didn’t request them, Lopp asked the IRS about possible scenarios where holders “have keys but no software from which to spend the asset,” keep an asset and then see it drop 90 percent in value or have an asset that wasn’t trading pre-fork. The idea that a taxable event can be created once a hard fork occurs for every holder of the coins on the old blockchain is disturbing. Once the asset is in your possession — with or without your knowledge — you’ll owe income tax. The post IRS Releases Tax Guidance on Hard Forks and Airdrops appeared first on Bitcoin Magazine.
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Bank of Canada Exploring Possibility of Launching a Digital Currency

Bank of Canada, the Canadian central bank, is exploring the possibility of launching a digital currency that would replace cash and track how people spend their money. The aim of the proposed currency would be to mitigate the “direct threat” posed by cryptocurrencies to the economic sovereignty of governments and central banks, an issue that has featured prominently in the headlines recently amidst intense regulatory pushback on Facebook’s proposed coin, Libra. The proposal was pitched to Stephen Poloz, Governor of the Bank of Canada, and its board of directors in a presentation entitled “Central Bank Money: ... ﾿ Read The Full Article On CryptoCurrencyNews.com Get latest cryptocurrency news on bitcoin, ethereum, initial coin offerings, ICOs, ethereum and all other cryptocurrencies. Learn How to trade on cryptocurrency exchanges. All content provided by Crypto Currency News is subject to our Terms Of Use and Disclaimer.
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Bermuda Kicks Off Natural Blockchain I.D System Development With Shyft Network

Bermuda's blockchain identification system recently kicked off. This project is currently under development with the main partners being Perseid and Shyft Networks. The blockchain i.d ecosystem is set to leverage decentralization in keeping records for the citizens of Bermuda. This small Island nation joins Catalonia who is also creating a digital ledger for i.d record […]
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Brave Blockchain and Privacy Browser Scores 8 Million Active Monthly Users

Blockchain-powered privacy web browser, Brave, has just announced in an official blog post that the browser now has 8 million active users who use it monthly and a daily user mark of 2.8 million. The platform’s growth has been quite commendable and is slowly increasing in popularity, gearing up its head to compete with other bigger browsers. The Brave platform now also has 290,000 Brave Verified Publishers, who earn Brave’s Basic Attention Tokens (BAT) as payments for the content they produce and make available. Of this number, the announcement states that 15,000 are Twitch streamers with 33,000 website publishers and creators and a whopping 200,000 content creators on YouTube. Two months ago, Brave began allowing Twitter users to tip other accounts that post interesting content, using BAT. Since inception, 28,000 users have now signed up for this service and are free to tip and receive as well. The Brave team is heavily focused on putting control in the hands of content creators and eliminating the middlemen as much as possible. For a long time, major ad services companies like Google and Facebook, have not only been profiting too much off users’ contents but seem to unnecessarily tracking ad and user activity. Since the Brave platform is powered by blockchain technology, there is little to no chance that there will be any unnecessary tracking. Brave also incentivizes its users to watch ads on the platform and pays these viewers in BAT. The Brave Ads platform is an opt-in service that was officially launched back in April and according to design, users are paid 70% of revenue from the ads just for viewing them. Today, there have been 385 successful campaigns on the platform. Furthermore, Brave also reports that its platform engagement has hit an impressive 14% click-through rate, much higher than the industry average of 2%. The post Brave Blockchain and Privacy Browser Scores 8 Million Active Monthly Users appeared first on ZyCrypto.
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Privacy-focused Brave browser boasts 8M monthly active users

Privacy-focused internet browser Brave has hit 8 million-mark in terms of monthly active users. Announcing the news on Wednesday, Brave said daily active users, on the other hand, have surpassed the 2.8 million mark. The browser, with opt-in blockchain functionality, also compensates content creators, users and advertisers in its native Basic Attention Token (BAT) for viewing online ads. Brave said it has delivered nearly 400 ad campaigns to date. The browser maker further said that it now has over 290,000 verified publishers - 200,000 of those are YouTube creators, 33,000 website publishers, 15,000 Twitch streamers and 28,000 are Twitter accounts. Brave also offers a cryptocurrency wallet for ether (ETH), ERC-20 tokens and collectibles, including BAT.
The Block Crypto
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