What happens with unreported cryptocurrency? Not reporting Bitcoin despite the obligation to do so may have severe consequences for individuals’ lives and finances. The fine for making an incorrect declaration can be substantial and can even be considered a felony in certain circumstances. Individuals may wonder whether centralized cryptocurrency exchanges actively report to the IRS. Centralized exchanges do issue tax forms to the IRS. Likewise, the IRS has issued so-called John Doe Summons to exchanges, including Coinbase, to request people’s information and catch those who try to cheat on their tax obligations. But, such summonses are not the only law …

Should I share my Bitcoin address publicly? It is not a problem to share public keys, but make sure the private key cannot be found by third parties. Transactions can be sent to the public key, which is completely secure. It is safe to share your Bitcoin address publicly. This way, it is possible to safely complete donations or payments. No cryptocurrencies can be stolen through a public address. The only way by which stealing crypto is possible is if someone has managed to get hold of the private keys. Bitcoin wallets always make a difference between public keys and …

Ahead of the rapidly approaching Ethereum (ETH) Merge on Sept. 15, Ethermine, the world’s largest Ethereum mining pool has unveiled a new staking pool for users. Notably however, it is not available to U.S. miners The new service offers Ethermine members a chance to collectively stake their ETH and earn interest on top of their deposits. As little as 0.1 ETH ($159) required to enter. However the smaller the holding, the greater the fee. The platform is currently offering stakers an annual ETH interest rate of 4.43%. At the time of writing, 393 Ether worth roughly $626,000 at current prices …

Facebook and Instagram users can both post nonfungible tokens, or NFTs, and digital collectibles to their accounts by linking their wallets. In a Monday update to a May 10 blog post, Facebook’s parent company Meta said the social media platform’s roughly 2.9 billion users will have the ability to share digital collectibles and NFTs. The announcement followed an Aug. 4 update in which Meta said Instagram users across 100 countries could post digital collectibles minted on the Flow blockchain or from wallets supporting the Ethereum or Polygon blockchain to their accounts, estimated to be between 1-2 billion as of the …

How to keep your seed phrase safe A crypto seed phrase in the wrong hands can do damage, so it is advisable to always ensure it is safe. The following are some tips for ensuring your seed phrase is secure. Never share your seed with anyone else: It’s extremely important that you never reveal your recovery phrase to anyone. Why? Because if someone else finds out your recovery phrase, they will be able to access — and therefore control — your crypto funds. Make a note of it on paper and keep it in a secure location: This is the …

Out in the cryptosphere, there's a vast amount of wealth that's seemingly out of reach. A long-running statistic suggests four million Bitcoin — almost 20% of the total supply — has been lost forever. Much of it was mined when the network was just beginning, with early adopters tearing their hair out after losing their private keys. One Welshman has endured a nine-year battle as he attempts to receive a hard drive containing 7,500 BTC from landfill. But this isn't the only treasure trove that's worth exploring. For example, did you know that over 500 Ethereum presale wallets are yet …

Searching for more evidence that self-custody of your cryptocurrency holdings beats a centralized manager? Look to the latest action by the Federal Deposit Insurance Corporation (FDIC). The agency sent a letter to FTX Exchange this month — along with four other entities — that included a cease and desist order for “false and misleading statements.” Namely, it accused the exchange of falsely implying that user funds were FDIC-insured. It could have turned into an ugly situation if customers expected — but did not receive — a certain level of protection in the event of catastrophic failure. It’s difficult to ascertain …

Solana-based wallet provider Phantom has launched a new burn feature allowing users to remove spam non-fungible tokens (NFTs) sent by scammers. According to an Aug. 18 blog post from the Phantom team, the new feature is accessible via the Burn Token tab in the Phantom wallet app, allowing users to receive a minuscule deposit of Solana (SOL) each time they use it. “We’re still in the Wild West days of Web3. As the crypto ecosystem grows, so have the number of bad actors looking for ways to steal user’s funds. The rapid growth in popularity of NFTs has led to …

National Football League (NFL) team Houston Texans has become the first organization in the league to sell single-game suites in exchange for crypto. The move comes as part of a deal with Texas-based crypto firm bitWallet, which as of Aug. 16 became the official crypto wallet provider for the team. bitWallet will also provide intermediary services by exchanging crypto for cash for the Houston Texans. According to an announcement from the Houston Texans, local digital marketing agency EWR Digital made the first single-game suite purchasing using crypto shortly after the offer launched, making it the first time a game suite …

Protecting user data and private keys is crucial as Web3 advances. Yet, the number of hacks that have occurred within the Web3 space in 2022 alone has been monumental, proving that additional security measures, along with greater forms of decentralization, are still required. As this becomes obvious, a number of organizations have started leveraging multiparty computation, or MPC, to ensure privacy and confidentiality for Web3 platforms. MPC is a cryptographic protocol that utilizes an algorithm across multiple parties. Andrew Masanto, co-founder of Nillion – a Web3 startup specializing in decentralized computation – told Cointelegraph that MPC is unique because no …

In the fourth episode of Market Talks, we welcome YouTube media creator and crypto educator Crypto Wendy O. Wendy became interested in cryptocurrency and blockchain technology in November 2017. She has been into crypto full-time since the summer of 2018 and focuses on providing transparent marketing and media solutions for blockchain companies globally. Wendy also offers free education via YouTube and Twitter to her growing audience of over 170,000, giving her the largest following of any female crypto influencer in the world. Some of the topics up for discussion with Wendy are the new consumer price index numbers and how …

South Korean telecommunications giant SK Telecom has signed a joint agreement with other blockchain firms aimed at developing a digital wallet that can support cryptocurrencies, nonfungible tokens and digital credentials. In a Monday announcement, SK Telecom said its blockchain arm would be collaborating with AhnLab Blockchain Company and Atomix Lab to develop and operate a Web3 wallet. According to the firm, it will be using Soulbound Tokens, or SBTs, to verify credentials seemingly including memberships and certifications in addition to being capable of storing digital assets. Atomix Lab will use secure multiparty computation encryption for the blockchain wallet, after which …