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Why Crypto taxes are important?
Paying taxes on crypto can be a daunting task, but it's essential to understand the rules to avoid any legal issues. If you sell your tokens for a profit, you'll likely be liable for Capital Gains tax. However, there's some good news! Most exchanges allow you to export your trading history, making it easier to collate your data. Additionally, crypto tax services can help you navigate the process for a fee.

Don't forget about tax allowances! In the UK, for example, you won't pay Capital Gains tax on crypto profits below £12,500. And, if you're clever, you can even double your allowance by gifting crypto to a partner or spouse. Finally, consider taking a loan against your crypto collateral instead of selling, as this isn't taxable. Just be aware of the risks and loan-to-value ratios.

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? South Korean Tax Body Seizes Crypto: $800,000 Liquidated

? The South Korean National Tax Service (NTS) is on a roll, cracking down on tax dodgers who hide income through cryptocurrency investments. In a recent press conference, the NTS proudly displayed its latest catch: over $800,000 worth of previously frozen digital assets.

? This ongoing crackdown has been a success story for the NTS and local tax bodies, with thousands of crypto holders feeling the heat. Over the past five years, the NTS has taken action against 641 high-value and habitual delinquents, freezing a staggering $79 million in coins.

? It seems that many tax evaders have learned their lesson, as they've coughed up over $69 million in fines and unpaid taxes to regain access to their tokens. But for those who still refuse to pay up, the NTS isn't playing games – it's already sold off $800,000 worth of coins.

✅ With potentially more than $9 million in its digital coffers, the NTS is sending a clear message: tax justice will be served. Yang Dong-hoon, head of the NTS' Tax Collection and Legal Department, vowed to track down every last asset of these "high-value and habitual" delinquents.

? But it's not just crypto that's caught the NTS' attention. The agency has also seized and sold valuable art pieces, undisclosed inheritances, luxury cars, and even prepaid golf course memberships. It seems that some tax dodgers were living lives of luxury – until they got caught.

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What is Blockchain Scalability?

Scalability is the blockchain network's ability to handle more transactions without slowing down or becoming too expensive. Just like a road becomes congested during rush hour, the blockchain also experiences congestion when too many transactions are processed simultaneously. Scalability aims to make cryptocurrency more accessible, efficient, and user-friendly for everyone.

How to fix scalability issues-
▪️Enlarge blocks to process more transactions simultaneously.
▪️Use payment channels like the Lightning Network to reduce congestion on the main blockchain.
▪️Consider proof-of-stake to require less computational power, thus improving scalability

Scalability is a major challenge in the crypto world, however, networks like Solana and Binance Smart Chain are leading the way with promising solutions.

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?What is Yield Farming?

Yield farming, also known as liquidity mining, is a lucrative practice in the cryptocurrency space where users provide liquidity to decentralized finance (DeFi) protocols in exchange for rewards. By locking up their crypto assets in a smart contract, users facilitate trading on decentralized exchanges or lending platforms, earning additional tokens or a percentage of transaction fees.

Example: One provides liquidity to a DeFi protocol by locking up their Ethereum, earning 5% annual interest in the form of additional tokens. This passive income stream allows them to grow their crypto wealth without actively trading.

Yield farming offers a unique opportunity to earn passive income and contribute to the DeFi ecosystem. However, it's crucial to carefully assess the risks and rewards associated with each protocol to ensure a successful harvest.

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?Notcoin Launches on TON Blockchain, Airdrops Over 80 Billion Tokens!

NOT the viral web3 clicker game, has launched its cryptocurrency on the TON blockchain. Over 80 billion NOT tokens have been airdropped to participants, with a starting price of $0.006 per token. The price being volatile, surged to $0.013 before settling at $0.0078 currently and is now tradable on all major exchanges.

Within just an hour of listing, Notcoin attracted over 3 million traders, resulting in a trading volume exceeding $250 million and a market cap of over $820 million. However, due to the surge of users, the official Telegram wallet is currently down.

The Notcoin team has acknowledged the wallet issue and is working on enhancing its stability. They have promised a significant bonus to everyone who chose Wallet to claim Notcoin once the improvements are completed.

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? Binance Suspends Bitcoin Ordinals Trading – What’s Going On?

*➡️ *Binance dropped a bombshell on April 4, announcing the suspension of Bitcoin Ordinals trades and deposits starting April 18, 2024. Holders of these unique NFTs were urged to withdraw their assets from the platform's marketplace before May 18, 2024.

? The reason behind this move remains a mystery as Binance simply stated it was looking to "streamline product offerings." Furthermore, the exchange's NFT marketplace will no longer offer perks related to Bitcoin NFTs after April 10, 2024.

⛔️ Despite Binance's decision, rival exchange OKX is doubling down on Bitcoin Ordinals, planning to support four new inscription standards in anticipation of their importance in 2024.

? The suspension comes at a time when interest in NFTs, including Bitcoin-based ones, is at a low point. Sales have plummeted from their peak of 117,000 in August 2021 to a meager 2,400 across various blockchains.

⚠️ Concerns about network security and congestion have also been raised. Bitcoin NFTs have been blamed for clogging up the network and causing increased fees. The high volume of inscriptions has led to slow transaction processing and hefty fees totaling over $430.7 million.

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? Bitcoin Ecosystem Thrives: 43 Projects Secure $127M Funding in 2024

? The crypto world is buzzing with excitement as Bitcoin takes center stage once again. According to Coin98 Analytics, a whopping 43 projects within the Bitcoin ecosystem have recently scored big with $127.19 million in funding, as reported by crypto-fundraising.

? From layer two (L2) solutions like Bitflow and Merlin Chain, to innovative wallets such as Unisat and Oyl, the infographic showcases a diverse range of startups. Not to mention the rise of decentralized finance (defi), gaming, bridges, APIs, launchpads, and NFT marketplaces – it's a vibrant landscape!

? These projects have caught the attention of some heavy hitters in the investment world. With backers like Castle Island Ventures, Ribbit Capital, and Arrington Capital, it's clear that big players are betting on Bitcoin's continued success.

? And the funding stories keep pouring in! Just look at Alpen Labs' impressive $10.6 million round or Ordinalsbot's seed funding of $3 million. It's an exciting time for Bitcoin enthusiasts as these ventures gear up for their next big moves.

? While some projects have already launched tokens, others are still keeping us on our toes with their promising plans. So keep an eye out for these 43 Bitcoin-focused initiatives – they're shaping the future of crypto!

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