Bitcoin’s value has ranged from less than a penny to nearly $20,000 since its inception a little over ten years ago now. Within the last year alone, bitcoin’s value has fallen from $11,000 to a low of around $3,500. Many other digital currencies and tokens, which are referred to as “ALT coins” have seen their…
Bitcoin & Cryptocurrencies
How Are Bitcoin and Crypto Taxed?
One of the cypherpunks’ original goals when developing digital money was to operate outside of government control, but the Internal Revenue Service has put a big damper on that possibility as we will discuss below. People who hold crypto largely for ideological reasons can still take a chance on evading taxes, and they may succeed….
Can You Insure Your Bitcoin?
If you could buy insurance to protect your bitcoin, would you? As with all kinds of insurance, your answer is probably, “Sure—if the coverage is good and the price is right.” What might you reasonably expect bitcoin insurance to cover? Let’s think about the types of losses insurance covers for other currencies and investments. How…
How to Store Your Cryptocurrency Safely
If you’re going to hold cryptocurrency, as an investment or as a saving device, you need to understand how to keep it safe. Owning cryptocurrencies means taking risks that don’t exist with traditional assets. There’s no government insurance program to refund your money if the exchange that holds your assets goes under. For certain asset…
What Estate Planning Attorneys Need to Know About Cryptocurrencies
Matthew Mellon, a cryptocurrency multimillionaire, died unexpectedly in April at age 54. When he did, he took $500 million in Ripple (XRP) with him because he didn’t leave anyone the codes to his cold wallets. There is no central party Mellon’s heirs can approach to recover his holdings. No account statements they can use to…
Investors Want Professional Advice on Cryptocurrencies
The new and aspiring Bitcoin and cryptocurrency millionaires want help from financial advisors and wealth managers. In particular, more than 70% of millionaires younger than 40 want this kind of advice, according to research by Capgemini, a French consulting firm. High-net-worth individuals are most interested in holding cryptocurrencies, the survey finds, because of the potential for outsized…
How Oracles Make Smart Contracts Work
“Oracle” has long described a person through whom a deity speaks, or a person known for giving wise or authoritative decisions or opinions. In the cryptoverse, oracles are code connecting a blockchain with the real world. They provide the data that smart contracts need in order to execute successfully. Oracles are, ironically, an intermediary in…
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