There were many news stories about cryptocurrency lately… Coinbase was ordered to release the names of 14,000 people to the IRS. Some people have voiced their concerns with getting involved in cryptos due to the news.
I think it is C.E.E.Q.E.R time…
After reading some articles, and knowing about the court hearing that began a year ago… I have a few things to say…
First of all, the 14,355 names and information being asked for by the IRS are people who have received $20,000 or more in Crypto currencies from 2013 to 2015. This makes up 3% of the number of customers on Coinbase.
What do we learn from this?
- That the IRS is going to tax cryptos
- That 30% of the money generated from the gains people have made, will now be going to the government.
Question: does the GOP tax bill have anything about cryptocurrency written in it?
I did some exploring and I found out that Nevada and Delaware are two states which have put bills in place that say no local government can tax block-chain technology.
I also read that the IRS was requiring everyone who has mined or bought cryptos and then sold or used to pay for goods or services.
So when we begin getting into Cryptocurrencies we must find all perspectives to understand it from… it’s not just about buying and selling, it’s not just about making money. It’s also about a whole new system about to take over.
This is important information… this is about being aware of what is going on, and be open to learning the new way now rather than later. Being at the beginning of the bell curve and taking advantage of this opportunity to stand in our own power and be self sovereign.