HM Revenue and Customs (HMRC) in the United Kingdom has announced a new system that will allow taxpayers to “voluntarily” disclose any unpaid tax on various digital assets. This action is part of the government’s broader strategy to improve oversight of the emerging asset class, which includes cryptocurrencies. This initiative, which was announced on November 29, 2023, covers a wide range of crypto assets, including exchange tokens like Bitcoin, non-fungible tokens (NFTs), and utility tokens. The framework established by the regulator allows individuals to proactively disclose any unreported income or gains from crypto assets. This approach aims to help taxpayers correct their tax affairs while potentially avoiding harsh penalties and interest charges for noncompliance. To begin, users must obtain a Government Gateway user ID and gather detailed information about their crypto assets, such as personal information, a National Insurance number, the number and amount of transactions, and comprehensive financial data. Capital Gains Tax, Income Tax, interest, and penalties must all be calculated. The system prioritizes determining the length of time that the unpaid tax must be disclosed, which varies depending on the taxpayer’s behavior—whether it involved reasonable care, carelessness, or deliberate omission in previous tax filings. The period of disclosure ranges from four years for those who exercised reasonable caution to twenty years in cases of deliberate misinformation. The HMRC has created tools and resources, such as penalty and interest calculators, to help taxpayers accurately assess the financial consequences of their crypto-asset transactions. The procedure concludes with the submission of a disclosure form and the payment of all owed amounts, including taxes, interest, and penalties. The new system demonstrates the UK government’s commitment to modernizing tax collection mechanisms in response to technological advances. Its goal is to ensure fair taxation and compliance across all financial sectors while also bringing clarity and efficiency to the taxation of crypto asset gains, in line with global trends in digital asset regulation. The UK’s His Majesty’s Treasury (HMT) unveiled a regulatory framework for crypto assets about a month ago. According to Brian Quintenz of a16z Crypto, this move is part of an effort to integrate cryptocurrencies into the UK financial landscape. Airdrops are excluded from token issuance regulations, and non-fungible tokens (NFTs) are classified as non-financial services activities, according to the framework. Decentralized finance (DeFi) is approached in a balanced manner, avoiding a ban while encouraging innovation. The HMT framework does not equate cryptocurrency trading with gambling, with the goal of aligning with international regulatory standards and fostering crypto innovation. The recent tax warning appears to be another step toward bringing various crypto activities under financial services regulation.

Personal income tax rate👇 🇫🇮 Finland: 56.95% 🇩🇰 Denmark: 56% 🇯🇵 Japan: 55.97% 🇦🇹 Austria: 55% 🇸🇪 Sweden: 52.3% 🇧🇪 Belgium: 50% 🇮🇱 Israel: 50% 🇳🇱 Netherlands: 49.5% 🇵🇹 Portugal: 48% 🇪🇸 Spain: 47% 🇦🇺 Australia: 45% 🇨🇳 China: 45% 🇫🇷 France: 45% 🇩🇪 Germany: 45% 🇿🇦 South Africa: 45% 🇰🇷 South Korea: 45% 🇬🇧 UK: 45% 🇮🇹 Italy: 43% 🇮🇳 India: 42.74% 🇮🇪 Ireland: 40% 🇨🇭 Switzerland: 40% 🇹🇷 Turkey: 40% 🇳🇴 Norway: 38.2% 🇺🇸 US: 37% 🇮🇩 Indonesia: 35% 🇲🇽 Mexico: 35% 🇵🇰 Pakistan: 35% 🇨🇦 Canada: 33% 🇧🇷 Brazil: 27.5% 🇪🇬 Egypt: 25% 🇳🇬 Nigeria: 24% 🇺🇦 Ukraine: 18% 🇭🇰 Hong Kong: 15% 🇷🇺 Russia: 13% 🇷🇴 Romania: 10% 🇲🇪 Montenegro: 9% 🇬🇹 Guatemala: 7% 🇶🇦 Qatar: 0% 🇸🇦 Saudi Arabia: 0% 🇦🇪 UAE: 0% #DeFiChallenge #Binance $BTC $ETH $BNB

According to Cointelegraph, Thailand's Revenue Department plans to impose personal income tax on foreign revenues, including those from cryptocurrency trading, for individuals residing in the country for over 180 days. The new rule will take effect on January 1, 2024, with the first tax forms, including overseas income, to be delivered in 2025. Previously, only foreign income remitted to Thailand in the year of earning was taxed. The new regulation closes this loophole, requiring individuals to declare any income earned overseas, even if it is not used in the local economy. A Finance Ministry official explained the rationale behind the change, stating that individuals must pay tax on income earned abroad, regardless of how it is earned or the tax year in which it is earned. The policy specifically targets residents trading in foreign stock markets through foreign brokerages, cryptocurrency traders, and Thais with offshore accounts. In July, Thailand's Securities and Exchange Commission (SEC) required digital asset service providers to offer adequate warnings highlighting risks associated with cryptocurrency trading and prohibited any forms of crypto lending services. However, the trend for tight scrutiny over the crypto industry might change with the recent election of the new prime minister, real estate tycoon Srettha Thavisin, who participated in a $225 million raise for a crypto-friendly investment management firm XSpring Capital and issued its own token through XSpring in 2022.

Exploring Millionaire Paths: Patience, Ambition, and Strategic Wealth CreationThe Patient Path: Scott Burns' 51-Year Millionaire PlanIn the realm of financial aspirations, Scott Burns proposes a meticulous 51-year plan, advocating the power of time and patience, starting as early as age 16. This approach emphasizes the compounding effects of consistent contributions over several decades, illustrating the long-term benefits of a patient wealth-building strategy.The Ambitious Ascent: Seeking a Millionaire Status in Five YearsFor those seeking a more accelerated trajectory to millionaire status, the challenges become formidable. Attempting a five-year million-dollar goal demands a rigorous financial regimen—substantial monthly savings, astute investments, and, crucially, a significant income. The pursuit of this high-end savings target underscores the inherently ambitious nature of expeditious wealth accumulation.Strategic Success: Alan Corey's Seven-Year Million-Dollar JourneyAlan Corey's seven-year journey to a million dollars, accomplished with a modest salary, serves as a testament to the significance of strategic decisions, opportune timing, and essential personal traits such as determination and sacrifice. Corey's experience highlights the delicate balance of factors influencing short-term wealth creation.Balancing Act: Personality Traits and External Factors in Short-Term WealthIn the quest for short-term wealth creation, influenced by timing, luck, or a unique idea, individuals must navigate a delicate balance of personality traits and external factors. This section delves into the critical elements that contribute to successful and rapid financial ascent, showcasing the diversity of paths individuals can take on their millionaire journey.The Steady Road: Traditional Tactics for Long-Term Wealth BuildingContrasting the aggressive timelines, the longer-term approach to wealth building emphasizes traditional tactics. Strategies include debt avoidance, diversified investments, fee minimization, tax planning, and prudent living. This steadier and more achievable approach highlights the enduring principles that contribute to sustainable wealth creation over an extended period.Calculating the Years: From Income to Millionaire in 15 to 20 YearsExploring the feasibility of a steadier approach, this section delves into the intricacies of allocating income, earning returns, and the viability of achieving millionaire status in 15 to 20 years. By dissecting the components of this longer-term strategy, individuals can gain insights into a more methodical and sustainable path to financial success.In navigating the diverse paths to millionaire status, whether through patience, ambition, or strategic planning, individuals can tailor their wealth-building journey to align with their unique circumstances and financial goals.

This week, Binance kingpin CZ capitulated to US authorities. He and his exchange, Binance, will pay over $4 billion to the US government for facilitating money laundering and sanctions evasion. CZ may go to jail. Binance will continue operating under the US government’s watch. No collapse. No implosion. All funds are SAFU! Time will tell what this means for crypto prices. One step closer to Wall Street’s dream scenario: “safe, regulated” crypto that they can sell to mainstream investors (for a small fee). For us, we know better than to worry. When crypto businesses die, the protocols survive. We buy into the protocols, not the businesses. In any event, Binance didn’t die. The Feds said “if you change the CEO’s picture on your website, pay us $4 billion, and let us see your books, we’ll make this all go away.” CZ said “ok.” Naysayers say this is bad for crypto. They didn’t get the memo. Bitcoin secures $700 billion worth of wealth without a single soldier, missile, warship, regulator, treasury minister, or Federal Reserve chairman. Now, it will secure that wealth without CZ, too. Nothing else changes. Maybe Binance will survive, maybe it won’t. As long as you hold your crypto in your own custody, you have nothing to fear. No haters No such luck for those of us who depend on government money. We need the soldiers, missiles, warships, regulators, ministers, and central banks. We need the coercive power of the state. Otherwise, our money is worthless. We have no social network or protocol to back our money, only the utility that comes with an artificial, government-imposed monopoly on monetary policy. That’s not a knock on the system itself. The system does wonderful things for many people. Governments should have their own money. The system is flawed, but it works. That’s more than you can say for most cryptocurrencies. Contrary to popular belief, I don’t hate central banks or fiat currency. They’re useful. I actually like Jay Powell and appreciate the way he presents himself. I respect the job that he does. “Don’t fight the Fed” is a mantra for a reason! I’ll bet when all is said and done, he’ll be remembered as a pretty good Federal Reserve chairman. The problem is, being Fed chairman is like being the referee at a gladiator contest. If you do your job well, somebody dies. The game always results in tragedy. By design. When the economy does poorly, you pump the assets of rich people and make it cheaper for them to borrow against those assets. When the economy does well, you crush wages, squeeze profits, and give free money to people who already have cash (i.e., rich people). Those are the rules of the game. Why you’re here You probably came into crypto to escape that game. You know those rules always work against you. With a little luck and some smart decisions, you might win financial freedom with crypto. That’s certainly realistic—if you’re patient. Either prices need to go up a lot more or the technology has to reach a higher level of adoption and utility. Preferably, both. Until then, you have to stick to the system your financial authorities want you to use. Play the game. You already pay for soldiers, missiles, warships, regulators, treasury ministers, and Federal Reserve chairmen. You might as well get something out of it! Don’t feel bad. If you play that game well enough, you can earn financial freedom that way, too. No crypto necessary. Just do what they tell you to do and you’ll get what they want you to get. Good luck keeping it! Your government will try to make it worth at least 2% less each year and put all sorts of limits on what you can do with your “freedom.” With crypto, you get an opportunity to find an alternative that fits you better. How do you make the most of this opportunity? My plan Lots of people have great strategies for the crypto market. I have one, too. My plan. My plan will get you better results than most traders and everybody who follows the traditional “dollar cost averaging” approach. No trading, timing the market, or following the news. In 2023, Bitcoin’s average price is $27,500. With my plan, your average price is $25,300 over that same period. That’s 9% more bitcoin for your money. From my plan’s inception, your average buying price is $23,400, compared to an average price of $29,950 for dollar cost averaging. If you followed the plan over that time, you did almost 30% better than dollar cost averagers with plenty of opportunities to take profits along the way (I did not). Today, you’re up as much as 600% or down as much as 25% at the extremes. Most likely, you’re up 60% with cash to spare. Today, my plan says not to buy. Tomorrow, who knows? Opportunities come all the time. What about altcoins? Will my plan will help you with altcoins? No. My plan is specific to bitcoin. Bitcoin is the king. Wherever bitcoin goes, the rest of the market follows. Generally, when bitcoin’s price is low, altcoins are a good buy. You should feel comfortable buying altcoins when bitcoin’s price is in the buying zone of my plan. Take profits at your own peril With the market rising, you’re probably up 100% or more on some altcoins. If you bought altcoins every two weeks from June 2022 to April 2023, like I did, you have a few that did even better. Conventional wisdom says you need to sell half of each winner now and take the “free ride” with your remaining tokens. Conventional wisdom is fine for conventional markets. With crypto, you’re playing for 100x gains. That’s hard enough when your timing is perfect. When you sell after the first 2x, you make it twice as hard. You also have to pay taxes on your gains. As a result, you’ll need to sell more than half—up to 75% in some jurisdictions—or find money from somewhere else. That’s on top of the future gains you’ll lose from growth you’ll miss out on. When you take profits, there’s a good chance you’re taking profits from your future self! If you want to double your money quickly, go to a casino. Gamble with your government’s money, not assets that can grow 100x or more in the coming years. Mark, are you saying we should never sell? No. If we ever get another altseason, some of these altcoins will get crazy expensive, way beyond any reasonable valuation. You can sell then. (For example, SAND, MANA, ENJ, and other metaverse tokens jumped the shark in 2021. They may never go that high ever again even if they’re wildly successful.) Others will die. You can sell your losers for the tax deduction or cash them in for a profit during altseason, if we ever get another one. (Yes, dead altcoins can pump very high during altseason—or any season for that matter.) Preserve capital? Not with altcoins! I get it. You’re skeptical. Everybody says to take profits. Sell after your first double. Sell at levels of resistance. Sell at fixed intervals or prices. Set a stop-loss. Why? To preserve your capital? If you’re trying to preserve your capital, don’t buy altcoins. These are volatile, speculative assets. The only justification for altcoins is the 100x potential. Selling for less defeats the purpose. Learn how to play poker or blackjack instead. Or, stick with bitcoin and follow my plan. It’s a guaranteed 2x without taking profits. Some think you can squeeze a 4x out of bitcoin over the next year or two. Altcoins might not do that for you. Even if they do, bitcoin might get there sooner. Bitcoin outpaces most altcoins over any random timeframe and beats almost every altcoin (including Ethereum) from peak to peak. You’re not going to find a better risk-to-reward investment than bitcoin at today’s price in these circumstances. (Except more bitcoin at lower prices without a substantive change in circumstances.) Buy altcoins to own an outsized stake in the financial networks of the future for a fraction of its future cost. Think of it like swinging for the fences. You’ll smash more home runs and strike out a lot. Those home runs will more than make up for the strikeouts and go a lot further than a few slap singles into left field. See for yourself: Liberty, not freedom Some say you can’t get financial freedom with bitcoin. There’s just not enough upside. Are you sure? 35% CAGR is pretty, pretty good for a low-risk asset. Bitcoin is the only asset you can send to anybody, anywhere, anytime, in any amount, instantly, with certainty the payment will go through, without needing to collect or share any personal data, and without the risk of receiving fraudulent tokens. It works without a development team, foundation, or treasury. It outpaces 80% of the top 100 altcoins each year. It’s outpaced Ethereum for six and a half years. Nobody’s ever hacked it. All its forks fail. It’s robust, resilient, and battle-tested. While you stress about financial freedom, don’t forget financial liberty—the right to choose what type of money you use, how you secure your wealth, and what type of assets you can trade for the things that you want. The ability to act according to your conscience, not your government’s decrees. Let’s say you “win” crypto. All of your altcoins do 100x. You sell each of them at the exact peak. You cash out at maximum gains. Wealth beyond your wildest dreams. That wealth will forever be priced in your government’s money and exchanged for only whatever your government allows, on whatever terms it dictates. The value of everything you own will always depend on your government’s monetary decisions. No matter how much you have, you are never truly free. You remain a servant to an entity that can change the laws or rules at any time. You are forever burdened and constrained by authorities who can freeze, steal, or arbitrarily destroy the value of everything you own. When your government has monopoly control over your money, you don’t have a choice. With cryptocurrency, you do. You get to choose what rules you play by. Pro-choice When you don’t like one system, you can choose another. When you don’t like one protocol, you can choose another. You will never have to worry about what your government does with its money. Pay your taxes with your government’s money and manage the rest of your affairs with whatever currency makes the most sense. Secure your wealth on immutable networks that transcend space, time, and jurisdiction. Force your government’s money to earn your loyalty. With the legacy financial system, you have no liberty. You have to go along with what they want. “Don’t fight the Fed,” as they say. You will never choose who governs your finances or how to exercise your best judgment. You can’t make and spend money according to what your conscience deems fair and valid. You won’t derive your wealth from a system that matches your beliefs and principles. Once crypto prices go high enough, you will trade your stake in the financial networks of the future for more of your government’s money. You’ll put yourself back into the rat race. You’ll sacrifice liberty for security and end up with neither, just more of your government’s money and the never-ending stress of how to get more of it. When you sell your crypto, you swap the experience of freedom for the appearance of it. You give up any chance of escaping the game. Make sure it’s worth it. Give me liberty or . . . Did you read Robert Kiyosaki’s book, Rich Dad, Poor Dad? It’s a parable that teaches a lesson about how to use your time, talent, and money to make more money. On one level, the book extols the virtue of using passive income and cash flow to buy assets and property that generate more passive income and cash flow. In other words, how to win your government’s game. On a deeper level, the book reveals a raw truth: if you play that game well, your government will reward you. If you don’t, they will screw you over. Poor dad followed his principles. He worked a safe job, borrowed to pay for his needs, and spent what he earned. He never used other people’s money to make his own. Rich dad played the government’s game. He bought assets, borrowed against those assets to buy more assets, and banked the cash those investments threw off. He always used other people’s money to make his own. Poor dad had no assets for the Fed to pump when the economy went down and no cash for the Fed to pump when the economy went up. Rich dad won no matter what the Fed did. . . . an escape What if poor dad had an escape? A financial system that gave him a leg up? With cryptocurrency, we can experiment with all types of rules and monetary principles. It’s a Lego kit for finance and economics. We can replace our government’s money with immutable protocols that work without human intervention. Open networks that draw resiliency and legitimacy from strong communities, not coercive power. A chance for poor dad to win. These are experiments, for sure. We’re replacing economists and central banks with entrepreneurs and engineers. We’re replacing politicians with computer code. A lot can go wrong. We risk our financial fortunes on the outcomes of these financial experiments. When we win, we gain far more than anything we could get with our government’s money. Economists and central banks can tell us how wrong we are. There are millions of poor dads (and moms) who have suffered for so long under systems created by those same economists and central bankers, that they’ve stopped caring about what those economists and central bankers say. They want an alternative. The rich are never free Rich dad’s wealth will only last as long as the authorities let it last. He always has to stay one step ahead of those authorities, angling for loopholes and paying people to figure out how he can use the rules to get ahead. Those rules are arbitrary. They are imposed by some authority. If he’s lucky, powerful enough, or well-connected, he can change those rules—until somebody else changes them back. Rich dad may think he has financial freedom, but in truth, he only has more of his government’s money and “things” that his government lets him use to make more of his government’s money. You may or may not have a lot of your government’s money. Fortunately, you have a solid allocation to crypto, so you have a chance at financial liberty. You can expect to see the value of your crypto rise quite a bit in the coming years. Selling now makes sense if you need more of your government’s money and worry you can’t get it anywhere else. It’s a temporary reprieve from a larger problem: you can’t afford to live the life that you want—and the legacy financial system doesn’t help you do that. Not what you want to hear When we reach the peak of the market or one of your altcoins goes up 100x, or somebody flashes a chart that looks good, you won’t think about any of the things I just talked about. You will think about what you can do with all the government money you can get from selling your cryptocurrency. You’ll see the price of your cryptocurrency in your local currency and feel compelled to sell. Maybe you’re already thinking about that now. Maybe you picked out a target or some formula for taking money out of the market. Good. Your first priority: taking care of yourself, your family, and the people you care about. You can’t eat a bitcoin! How do you quantify that priority? If you had to put a price on it, what would that price be? Are you sure you can only get that from crypto? Is it worth giving up your financial liberty? Is it worth giving up your stake in the financial networks of the future? Think about why you read or listen to this newsletter instead of spending more time with friends and family. Why aren’t you shopping, playing video games, running errands, or taking leadership and management courses? Why do you put this effort into crypto instead of your business, trade, or household? You’ve given up time, effort, and money to read and listen to the things I post. I appreciate it! You have no idea how humbled and happy it makes me feel. Some of you also paid me for portfolio reviews and consulting. You probably do this with other content creators, too. Why? Know now, before it matters Answer these questions now so you know what you want to get out of this market. Maybe financial freedom isn’t that important. Maybe you want something more, or simply something else. Maybe you feel comfortable with whatever your government is doing and you see crypto as a way to get ahead. Maybe you have a different idea in mind. If 2022 was the last best time to get into crypto, 2023 is the last best time to get the mental clarity you need to navigate this market. Figure out your honest goal now, before that altcoin does 100x or bitcoin’s price reaches $150,000 or whatever other visions the bull market champions have put into your head. You’re sacrificing business opportunities, professional growth opportunities, and opportunities to generate cash flow and passive income. Obviously, there is something about cryptocurrency that’s more compelling than anything your government’s money can do for you. What is that? Find it now. For me, financial freedom is not possible. I have a wife and kids and need to set aside money in case we need to care for parents and loved ones. I’ve already gone over the numbers with my financial advisor. There is no amount of money that I can put into the crypto market that could ever deliver financial freedom. Once the kids grow up, that might change. We’re a long way from that! So financial freedom is off the table. It’s ok! I’ll be happy with long-term wealth and financial security. While the Fed tries its best to hold down wages and make it harder for businesses to make money, you try to do the opposite. It’s a struggle that few ever win—to the point that most investors give up. “Don’t fight the Fed,” as they say. With cryptocurrency, you don’t have to fight the Fed. Instead, you can peacefully, quietly choose an alternative. You can play a new game. You can assert your financial liberty. That’s something no amount of money can buy. Relax and enjoy the ride!   The post The Choice You Will Eventually Face With Cryptocurrency appeared first on SuperCryptoNews.

Amir Bruno Elmaani, famously known in the cryptocurrency world as “Bruno Block” and the founder of the Oyster Protocol has been sentenced to four years in prison for tax offenses amounting to over $5.5 million. The United States Attorney for the Southern District of New York, Damian Williams, announced the verdict, highlighting the severity of Elmaani’s actions that violated both tax laws and investor trust. Conviction of Tax Offenses Elmaani’s conviction stems from a series of deceptive practices related to the cryptocurrency “Oyster Pearl.” In September and October of 2017, he began promoting Pearl tokens, claiming they would be used for an online data-storage platform called Oyster Protocol. Operating almost exclusively under the pseudonym “Bruno Block,” Elmaani concealed his true identity from prospective employees and business associates. Elmaani conducted an initial coin offering (ICO) to sell Pearl tokens, intending to retain a “founder’s share” for personal use. He controlled Oyster Protocol Inc. through a shell company unassociated with his real name, maintaining a deliberate veil of secrecy. His actions led to significant financial gain, but his evasion of tax responsibilities eventually caught up with him. The founder’s deceptive actions took a toll on the value of Pearl tokens. In late October 2018, he exploited his access to blockchain technology to mint new Pearl tokens for personal use, significantly increasing their total supply. Shortly after, he converted these newly minted tokens to other types of cryptocurrency on an online marketplace or exchange. This scheme led to a halt in trading and a substantial drop in the price of Pearl tokens held by investors, eventually resulting in their delisting from the primary exchange. Elmaani’s conduct not only damaged the trust of investors but also highlighted the need for regulatory oversight in the cryptocurrency market. Participants in the cryptocurrency markets must adhere to established rules, and this case serves as a stark reminder of the consequences for those who fail to do so, according to U.S. Attorney Damian Williams. Exposing Elmaani’s Tax Evasion Scheme Elmaani’s extravagant spending habits further exposed his tax evasion scheme. Despite filing a false 2017 tax return claiming only approximately $15,000 of income from a “patent design” business, he made substantial expenditures in 2018. These included the purchase of multiple yachts, a significant investment in a carbon-fiber composite company, extensive spending at a home improvement store, and acquiring two homes, one titled in the name of a shell company and the other in the name of associates. The tax loss to the United States resulting from Elmaani’s actions amounted to approximately $5,523,794. This case underscores the importance of transparent financial reporting and the consequences for those who attempt to evade their tax obligations. The post Oyster Protocol Founder Receives Four-Year Sentence for Tax Evasion appeared first on CryptoPotato.

Amir Bruno Elmaani, the 31-year-old founder of the now-defunct cryptocurrency scheme Oyster Protocol has been handed the maximum sentence of four years in prison for tax evasion. The United States Attorney’s Office said on Oct. 31 that Elmaani — also known by the alias “Bruno Block” — was sentenced to prison following his April 6 guilty plea where he admitted to secretly minting and selling Pearl tokens while not paying income tax on a swathe of profits from the project. Elmaani admitted that he caused tax losses of over $5.5 million. “Amir Elmaani violated the duty he owed to pay taxes on millions of dollars of cryptocurrency profits, and he also violated the trust of investors in the cryptocurrency he founded,” said District Attorney Damian Williams in relation to the sentencing. Between September and October 2017, Elmaani promoted a cryptocurrency called Pearl (PRL), marketed as a way for investors to purchase data on a blockchain-based data storage platform called Oyster Protocol. However, under the nose of the Oyster Protocol’s team and investors, Elmaani secretly minted a mass of new PRL tokens and dumped them on the market for his own personal gain in October 2018. “On or about October 29, 2018, I used the smart contract to mint new PRL, without telling anyone, including others who worked on the Oyster Protocol project. I then sold these newly minted PRL on a digital trading platform,” Elmaani admitted in his plea agreement. “I was aware that the counterparties who were buying these newly-minted PRL likely were not aware of my reopening of the smart contract and did not know that I had just substantially increased the total supply of PRL,” he added. Despite raking in millions of dollars from the exit scheme, Elmaani filed a tax return in 2017 claiming he had only earned a total of $15,000 from a patent design business and reported zero income to the tax authorities in 2018. The court found that in 2018, Elmaani spent more than $10 million on multiple yachts, $1.6 million at a carbon-fiber composite company, hundreds of thousands of dollars at home improvement stores and more than $700,000 to purchase two homes. One home was purchased through a shell company, the other was under the names of two of Elmaani’s associates. He also “dealt substantially” in precious metals and kept gold bars in a safe on one of the yachts he owned. “In truth, Elmaani did not report or pay tax on any of his cryptocurrency proceeds. At various points, Elmaani used friends and family as nominees to receive cryptocurrency proceeds and transfer them or U.S. currency to his own accounts,” the DoJ said. In addition to his four-year prison sentence, Elmaani was sentenced to one year of supervised release and was ordered to pay $5.5 million in restitution. Magazine: Ethereum restaking — Blockchain innovation or dangerous house of cards?

According to Cointelegraph: Japan's principal financial regulator, the Financial Services Agency (FSA), has taken the initiative to amend the tax code surrounding digital assets in the country. According to local media reports, the FSA submitted a request on August 31 to free domestic firms from the end-of-the-year “unrealized gains” tax on cryptocurrencies. This move comes in response to long-standing demands from the crypto industry in Japan to revise the national tax regime. In contrast with legislations in some countries where legal entities pay taxes on crypto assets only after they are sold to fiat, Japanese companies are taxed on a yearly basis. The FSA's proposal has garnered support from the Ministry of Economy, Trade, and Industry, indicating that the amendment could likely be accepted. The regulator's 16-page document highlights that this reform would "improve the environment for the promotion of Web3 and promote business startups that make use of blockchain technology." In July, the Japan Blockchain Association (JBA), a non-government group, called on the country's government to make three substantial changes to crypto regulation. Apart from eliminating the unrealized gains tax on corporations holding crypto assets, the JBA also suggested switching from personal crypto asset trading profits taxation to self-assessment separate taxation with a uniform tax rate of 20%. Lastly, the group proposed abolishing income tax on profits generated whenever an individual exchanges crypto assets.  

Creator of Bitcoin – Satoshi Nakamoto.Eternal student and researcher. nChain Chief Scientist. Lawyer, banker, economist, pastor, coder, investor, mathematician, stats, and world-curious.By Craig Wright | 25 Oct 2023 | EconomicsEconomic systems play a crucial role in shaping the structure and functioning of societies worldwide. Different economic systems, such as capitalism, socialism, communism, and hybrid models, offer distinct approaches to organizing and distributing resources within an economy. Each system has its own advantages and disadvantages, impacting factors like income inequality, individual freedom, social welfare, and economic growth. Understanding the fundamental characteristics and trade-offs associated with these economic systems is essential for comprehending the diverse approaches to wealth creation, resource allocation, and societal well-being in various countries and regions.Predominantly Capitalist EconomiesThe capitalist economic system, exemplified by countries such as the United States, United Kingdom, Germany, and Japan, offers several advantages. Firstly, capitalism fosters economic efficiency through competition and entrepreneurship, driving increased productivity and effectiveness in the allocation of resources. Secondly, it promotes freedom by allowing individuals to pursue their economic interests and accumulate wealth according to their abilities and efforts. Additionally, capitalism catalyzes innovation and growth, as the profit motive incentivizes businesses to invest in research, development, and technological advancements, ultimately driving economic progress.However, the capitalist system is not without what some argue to be a severe drawback (Piketty, 2017). Income inequality is represented as a concern (Piketty, 2021). Capitalism can result in vast disparities in wealth distribution, but so do many authoritarian systems. While some individuals amass great fortunes, others struggle to meet their basic needs, leading to social and economic disparities. Furthermore, capitalism places less emphasis on social safety nets and welfare programs, potentially leaving vulnerable populations with inadequate support. Lastly, unregulated capitalism is stated to experience market failures such as monopolies, negative externalities, and financial crises, highlighting the need for effective regulations to mitigate these risks. However, monopolies are generally created through government and regulatory control where fair market conditions exist (Sowell, 1989).It’s important to note that these pros and cons are generalizations, and the actual implementation and outcomes of capitalism can vary in different countries depending on various factors such as government policies, regulations, and societal norms. Moreover, many individuals who oppose capitalist systems fail to argue valid points creating strawman arguments for systems that lead to poverty. For instance, while capitalism creates disparity, the alternative is a system where people are equally poor. In analyzing capitalism, people have forgotten the past, where once millions, if not billions, of people worldwide would face starvation (Koyama & Rubin, 2022).SocialismThe socialist economic system, exemplified by countries such as Sweden, Norway, and Finland, is said to offer certain advantages (Oftedal Telhaug et al., 2006). One of the primary goals of socialism is to reduce income disparities and promote income equality. By implementing progressive taxation and wealth redistribution policies, socialist systems aim to create a more equitable distribution of wealth among the population. Moreover, socialist economies often provide extensive social safety nets, including comprehensive social welfare programs, healthcare, education, and unemployment benefits, ensuring a certain level of economic security for citizens. Public services like transportation, utilities, and infrastructure also receive significant attention and investment in socialist economies. Of course, the rich oilfields and other resources these countries own allow the government to provide services that would not be available elsewhere (Cleary, 2016).However, socialist systems also face some challenges. One primary concern is the potential reduction in individual incentives. As personal gain is less emphasized, some argue that socialism may dampen individual motivation and initiative, impacting innovation, creativity, and productivity. What is more, the centralized decision-making and state control inherent in socialist systems can lead to economic inefficiencies and resource misallocation. The government’s involvement in various sectors can introduce bureaucratic processes and hinder market responsiveness. Additionally, socialist economies tend to have more government regulations and restrictions on market activities, which can limit market freedom and entrepreneurship, potentially stifling innovation and economic dynamism.Mises argued that socialism inherently lacks a price mechanism that efficiently allocates resources (Mises, 1978). Without market prices, he claimed that socialist planners would lack the necessary information to make informed decisions about resource allocation, leading to inefficiency, misallocation, and economic stagnation. Mises famously developed the concept of “economic calculation under socialism” to highlight this issue.Hayek expanded on Mises’ ideas, emphasizing the importance of decentralized decision-making and the role of knowledge in society (Hayek, 1942). He argued that individuals’ dispersed knowledge in a market economy is crucial for making efficient economic choices. Hayek contended that socialist systems, with their top-down planning, would fail to harness this dispersed knowledge effectively, resulting in economic inefficiencies and reduced overall welfare (Hayek, 2014).Both Mises and Hayek were concerned about the implications of socialism for individual freedom and the potential for authoritarianism. They believed that the concentration of power in the hands of the state, necessary for socialist planning, could lead to the erosion of individual liberties and create an environment ripe for authoritarian control (Hayek, 2014).In summary, Mises and Hayek regarded socialism as fundamentally flawed because of its inability to effectively allocate resources, disregard for the dispersed knowledge in society, and its potential to undermine individual freedom. They argued for the superiority of market-based economies and the importance of individual liberty in fostering economic prosperity and societal well-being.CommunismThe communist economic system, exemplified by countries such as China, Cuba, and North Korea (although some argue that these countries are more accurately described as state capitalist), presents certain perceived advantages. One of the core goals of communism is to achieve economic equality by eliminating private ownership and distributing resources equally among the population. By prioritizing collective well-being and emphasizing social cohesion, communist systems aim to create a society where everyone is equal. Additionally, centralized planning allows for the coordinated allocation of resources based on societal needs, potentially leading to more efficient resource utilization and distribution (Sowell, 2011).However, the communist system faces significant challenges and criticisms (Sowell, 1989). One of the major concerns is the lack of individual freedom. Communist regimes restrict individual liberties and choices, including limited freedom of expression and limited private property rights. The absence of profit motives and competition can dampen incentives for innovation, efficiency, and productivity. Without the drive for personal gain and rewards, individuals may lack the motivation to push boundaries and explore new ideas. Moreover, communist systems often concentrate power in the hands of a few, leading to centralized control and potentially paving the way for authoritarianism and corruption (van Ree, 2015).Hybrid systemsThe hybrid economic system, exemplified by Nordic countries such as Denmark, Iceland, and others, combines elements of capitalism and socialism, aiming to find a middle ground between economic freedom and social welfare. This system offers several advantages. Firstly, it balances market dynamics and social welfare, providing individual incentives and a strong safety net. It provides generous social welfare programs, ensuring access to healthcare, education, and social support while maintaining market incentives for innovation and entrepreneurship. This balance contributes to a high standard of living in Nordic countries, as evidenced by their quality of life, education, healthcare, and social equality rankings.However, there are challenges associated with the hybrid system. One of the primary concerns is the high tax burden imposed on individuals and businesses to fund the extensive social welfare programs. While these programs provide significant benefits, the high taxation can financially burden some individuals and may hinder economic growth and investment. Another challenge is the potential for government intervention. The government’s role in the economy can lead to overregulation, limiting market efficiency and innovation. Striking the right balance between regulation and market freedom is crucial to avoid stifling economic growth. Additionally, sustaining the equilibrium between market dynamics and social welfare programs in the long term requires careful management and adaptation to changing economic conditions.Friedrich Hayek expressed concerns about the potential consequences of a mixed economy evolving into an authoritarian system over time (Hayek, 2014). Hayek argued that when a society adopts a mixed economy, combining elements of market-based capitalism and government intervention, it can create a slippery slope toward increased government control and authoritarianism. Hayek believed that as the government assumes more control over economic decision-making, it expands its influence beyond economic matters and other aspects of society. This expansion of government power can lead to the erosion of individual freedoms and the concentration of power in the hands of a few.According to Hayek, the process unfolds as follows: Initially, the government intervenes in the economy to address perceived market failures or social injustices. However, each intervention introduces a new set of regulations and restrictions, which, in turn, require further government involvement to enforce and manage. This cycle of intervention and regulation gradually expands the scope and reach of government authority.Over time, as the government assumes more control, it becomes increasingly difficult to reverse the trend. Hayek argued that the original intentions behind government intervention might be well-intentioned, but the unintended consequences of expanding government authority can lead to unintended and undesirable outcomes. This includes the stifling of individual freedom, the suppression of dissent, and the concentration of power in the hands of those controlling the government machinery.In Hayek’s view, expanding government control in a mixed economy can undermine the decentralized decision-making and freedom essential for a vibrant civil society. He cautioned that without proper safeguards, a mixed economy could pave the way for an authoritarian system where personal liberties are curtailed, dissent is suppressed, and economic and political power becomes concentrated.It’s important to note that Hayek’s concerns were primarily focused on the potential dangers of unchecked government expansion within a mixed economy rather than a wholesale rejection of government intervention in all forms. He advocated for a limited role of government that preserves individual freedom and allows market forces to operate effectively (Sowell, 2011).The Ideal for the United StatesConsidering the ideas of influential thinkers like Milton Friedman (Friedman, 2020), Ayn Rand(2014), and Friedrich Hayek (1943), it is recommended that the future of the United States lies in a balanced and open capitalist economy. This approach combines the strengths of capitalism, including competition, individual freedom, and innovation, with the recognition of the need for fixed controls and constraints on businesses to ensure fairness and prevent abuses.Milton Friedman’s advocacy for economic freedom and limited government intervention aligns with the core principles of capitalism (Friedman, 2007). He argued for the importance of free markets, individual choice, and voluntary exchange as the driving forces of economic prosperity. Embracing Friedman’s ideas, the future United States should prioritize the preservation of individual liberties, promoting entrepreneurship, and removing unnecessary regulatory barriers that hinder innovation and growth.Ayn Rand’s philosophy of objectivism emphasizes rational self-interest and the importance of individual rights (Rand, 1990). Rand’s ideas support establishing a capitalist system that rewards individuals based on their voluntary interactions and contributions to society. By upholding property rights and personal responsibility principles, the United States can foster an environment that encourages individual initiative, risk-taking, and entrepreneurial ventures.In line with Friedrich Hayek’s insights, a future capitalist system should recognize the value of decentralized decision-making and market mechanisms. However, Hayek (Lister, 2013) also cautioned against the dangers of unchecked government expansion and emphasized the need for transparent and predictable rules to prevent arbitrary interventions. Incorporating this perspective, the United States should establish fixed controls and constraints on businesses that are well-known in advance, ensuring that regulations are transparent, fair, and applied consistently. By doing so, businesses can operate confidently, making informed decisions while operating within the parameters of a fair and regulated system.In this recommended capitalist economy, regulatory oversight should address market failures, safeguard consumer interests, protect the environment, and promote fair competition. Clear rules and constraints can provide businesses with a level playing field and prevent monopolistic practices that stifle competition. Moreover, the government should actively invest in education, infrastructure, and social safety nets to create an environment conducive to growth and equal opportunity, ensuring that the benefits of capitalism are shared more broadly among the population (Al-Ubaydli et al., 2022).Policymakers must strike a delicate balance between allowing market forces to operate freely and ensuring the necessary regulations and constraints to maintain fairness and prevent abuses (Sowell, 1998). By integrating a more open capitalist system with well-known and fixed controls, the United States can embrace the spirit of capitalism while ensuring that it serves the best interests of society as a whole. This approach offers the potential for sustained economic growth, individual prosperity, and a more equitable distribution of opportunities and benefits throughout the nation.ConclusionIn conclusion, after considering the perspectives of economists such as Friedrich Hayek and Ayn Rand, it becomes evident that the most viable path forward lies in a managed and regulated fair system of capitalist competition. Hayek’s insights highlight the importance of decentralized decision-making and the role of market mechanisms in efficiently allocating resources. Ayn Rand, known for her defense of individualism and free markets, emphasizes the value of individual freedom and the potential for innovation and prosperity that arises from competitive capitalism (Rand, 2005).While acknowledging the drawbacks of unregulated capitalism, such as income inequality and market failures, it is crucial to recognize that a well-managed and regulated capitalist system can mitigate these issues. By implementing appropriate regulations, including measures to address income disparities and promote social welfare, a fair system of capitalist competition can provide the benefits of economic efficiency, individual freedom, and innovation while ensuring a more equitable distribution of wealth and opportunities.The key lies in striking a balance between market dynamics and social welfare, leveraging the power of competition and entrepreneurship to drive economic growth while implementing safeguards to prevent abuses and promote fairness. Doing so requires creating markets that solve economic problems in society and not leaving it to the government. By carefully managing and regulating the capitalist system, societies can harness its potential to foster innovation, create prosperity, and ensure that the benefits are widely shared among the population.In this pursuit, it is essential to continuously evaluate and adjust regulations to address emerging challenges and evolving societal needs. It requires an ongoing commitment to promote equal opportunities, protect individual rights, and provide a robust social safety net that supports those in need. By doing so, we can create a sustainable and equitable economic system that capitalizes on the strengths of capitalism while addressing its shortcomings, ultimately leading to greater overall prosperity and well-being for society as a whole.What do you learn from this Article?

Main TakeawaysOn October 9, 2023, Binance Futures introduces its Copy Trading feature in selected markets, allowing users to replicate the trades of expert lead traders.Being a lead trader presents an avenue to monetizing your trading expertise thanks to revenue streams from profit shares and commission rebates.Copy trading is a great way for beginners to delve into futures trading, but it's important that users also fully understand the risks so they can make well-informed decisions.Dive into Copy Trading, the latest feature from Binance Futures, designed to revolutionize your trading experience by leveraging the expertise of seasoned traders.Note: This is a general announcement. Certain products and services may not be available in your region.Venturing into the dynamic world of crypto futures trading has never been easier. The launch of the Copy Trading feature on Binance Futures in selected markets opens up the expertise of seasoned traders for novices to benefit and learn from. In this blog, we take a look at the concept of copy trading, the advantages of becoming a copy or lead trader, and the associated risks, ensuring you're well-equipped to embark on an exciting new trading journey.The World of Copy TradingAt its core, copy trading is a form of social trading that lets users, especially those new to the markets, copy the strategies of their seasoned and more experienced peers. Ever dreamt of peeking into a pro trader’s playbook? With copy trading, you're not just peeking; you're mirroring their moves. Imagine a situation where every trading move made by a pro is automatically replicated in your own trading account – that is exactly what copy trading is about. You start with selecting a lead trader based on various metrics such as their return on investment (ROI), trading history, and preferred strategy. Once you commit to copying, every trade they make is replicated in your account. The amount of each trade is adjusted according to your chosen total investment size. As the lead trader profits, so do you. However, note that the opposite is true as well: if they face a loss, then so will you.A Guide for New Copy Traders: Lowering the Barrier to EntryCopy trading offers an excellent gateway for beginner and intermediate traders to leverage the power of experts. As a copy trader, you have the unique advantage of accessing top trading strategies without needing years of experience. Beyond the potential for profit, copy trading offers an educational experience, allowing you to understand market dynamics through real-world trades. Let’s dive into the world of copy trading from a beginner's perspective to understand how to become a copy trader, what the potential rewards are, and how to extract the educational opportunities that copy trading offers.Steps to Embarking on Your Copy Trading Journey1. Discover Lead Traders: Browse the list of established lead traders and review their trading patterns, past performance, and areas of expertise.2. Analyze and Follow: Don’t rush. Take your time to analyze different traders’ portfolios, risk profiles, and strategies. Choose to follow the lead traders whose strategies align with your investment goals.3. Set Your Investment Parameters: Binance Futures offers modes such as Fixed Ratio and Fixed Amount. Understand these settings and determine the right investment amount for you.4. Monitor and Learn: As you begin copy trading, monitor the trades being replicated in your portfolio. It's not just about potential profits, but also about understanding the 'why' behind each trade.The Benefits of Being a Copy Trader on Binance FuturesCopy trading is more than just a passive investment tool; it's a bridge to the often challenging world of futures trading. For those at the beginning of their journey, it offers a unique blend of potential rewards and rich learning experiences. Here are some of the benefits you can get:1. The Power of Expertise: Regardless of your training or experience, you can leverage the wisdom and strategies of seasoned traders.2. Learning Opportunities: Copy trading is a live classroom where you learn the dynamics of markets by watching real trades in action and strategies being applied.3. Diversified Strategies: By following multiple lead traders, you can enact a diversified trading strategy, potentially hedging risks.4. Flexibility: Copy trading doesn't tie you down. Feel that a particular strategy isn't working for you? You can easily switch or stop following a lead trader.5. Binance’s Liquidity: Using Binance, the world's largest digital asset exchange, for copy trading ensures that you can trade with significant liquidity and low slippage.Becoming a Lead Trader: Benefit While Showcasing Your SkillsIn the dynamic world of crypto futures trading, lead traders – the experienced individuals whose strategies are followed and replicated by others – often find themselves in the spotlight. But what does it take to be a lead trader, and what are the benefits that come with this status? Being a lead trader presents an avenue to monetizing your trading expertise. Lead traders receive a 10% profit share and 10% trading commission rebate (capped) from users who replicate their trades. Lead traders can further create content on Binance Feed to share their trading strategies and techniques. But embracing the lead trader role is not just about strategy; it's about building trust and transparency with your followers. To become a lead trader on Binance, you have to complete the identity verification process and have an equivalent of at least $1,000 in your Lead Trading wallet.The Benefits of Being a Lead Trader1. Monetize Your Expertise: Gain more from your trading skills! With Binance Futures offering a 10% profit share on copied trades and a 10% commission rebate (capped), the earning potential is significant. For as long as you maintain your trading activity, the profit-sharing from your copy traders can act as a passive income, augmenting your earnings without any extra work.2. Grow Your Personal Brand: As you build a following, your reputation within the trading community may flourish, which could create additional opportunities.3. Feedback Loop: Interacting with your followers can also provide insights into how others perceive the market, further refining your strategies.That said, being a lead trader has its challenges. Your decisions impact not just your portfolio but also the copy traders who follow you. This responsibility necessitates careful planning, thorough research, and a commitment to maintaining the trust your copy traders place in you.Futures Trading: Understanding the RisksCopy trading features are associated with inherent risks whereas you are encouraged to consider your financial position and risk appetite before you decide to use these features. You should take into consideration that copy trading can also lead to significant losses. You are solely and exclusively responsible for determining whether the signal providers whom you follow or copy the trades from, have the trading experience, skills and strategy among other key attributes that fit your risk appetite and objectives.Knowledge is your best defense. Stay updated with market news, don't put all your eggs in one basket, and consider diversifying to potentially spread risk. Review your strategies regularly: what worked yesterday might not work today. Above all else, only invest what you can afford to lose. It's an age-old adage, but it holds. Ensure that what you're investing won't affect your financial stability if lost. Always remember: informed trading is smart trading.Further ReadingThe Ultimate Guide to Trading on Binance FuturesCrypto Futures and Options: What Are the Similarities and Differences?Six Strategies to Minimize Liquidation Risks in Crypto FuturesDisclaimer: Binance is not responsible for any trading decisions of copiers and/or traders whereas any content/material/information and/or past performance should not be construed as an indication of future results as it is used for informative purposes only. You should perform your own research and should not rely on the opinion/advice of the signal provider (s) and/or trader (s) as such do not constitute financial advice and should be treated with caution. It is further not guaranteed that what any profits and/or losses of the signal provider will be achieved by the copier whereas Binance cannot secure that a trade/position will be executed at the same time as the signal provider and/or order price and a higher amount may be lost as can be affected by numerous variants such as account balance, number of deposits/withdrawals, market, account settings and features of the signal provider’s account.Attention must also be placed on the variations between past performance and the actual results of the copy trading as there are inherent differences such as financial risk and ability to incur losses at the time of trading. Therefore, should you decide to engage in copy trading, you agree to proceed at your own responsibility and any opinions/view expressed between traders and/or signal providers do not amount to investment advice and/or financial advice either directly and/or indirectly. All traders should seek independent financial and/or tax advice should they decide to proceed with copy trading and they remain responsible for any actions and/or trading decisions on their trading account prior and/or once they engage with the copy trading feature.

Having $50,000 in hand is a significant financial opportunity, but it comes with the responsibility of making wise investment choices. Before diving into the world of investments, it's crucial to heed the wisdom of legendary investor Warren Buffett: "The best investment you can make in life is to invest in yourself." This report outlines a strategic approach to grow your wealth wisely, starting with self-education. Investing in Yourself: Warren Buffett's philosophy underscores the importance of knowledge in the investment world. Ignorance can lead to costly mistakes. Therefore, the first step is to allocate a portion of your $50,000 to self-education: Financial Literacy Courses: Invest in books, online courses, or workshops that cover topics like personal finance, investing, and wealth management. Understand the fundamentals of financial markets, risk assessment, and asset allocation. Mentorship: Seek guidance from experienced investors or financial advisors. Learning from their insights and mistakes can be invaluable. Building a Financial Plan: Develop a comprehensive financial plan that aligns with your goals, risk tolerance, and time horizon. This plan will serve as the foundation for your investment strategy. Creating Your Investment Portfolio: Once you've acquired essential knowledge and established a financial plan, you can begin building your investment portfolio. The allocation of your $50,000 should align with your financial goals, risk tolerance, and investment horizon: Emergency Fund: Set aside a portion of your funds (usually 3-6 months' worth of living expenses) in a high-yield savings account or money market fund. This serves as a safety net for unexpected expenses. Diversified Stock Portfolio: Consider allocating a portion of your funds to a diversified portfolio of individual stocks or exchange-traded funds (ETFs). Diversification spreads risk and can include various sectors, such as technology, healthcare, and consumer goods. Bonds: Bonds can provide stability to your portfolio. Allocate a portion of your funds to investment-grade bonds or bond funds. The specific allocation depends on your risk tolerance and time horizon. Real Estate: Explore real estate investment options, such as real estate investment trusts (REITs) or rental properties. Real estate can offer both income and potential for capital appreciation. Retirement Accounts: Contribute to tax-advantaged retirement accounts like a 401(k) or Individual Retirement Account (IRA). These accounts provide tax benefits and long-term savings potential. Continuous Learning: Dedicate a portion of your funds to ongoing education and market research. Staying informed and adapting to market trends is crucial for long-term success. Conclusion: Warren Buffett's advice to invest in yourself serves as the cornerstone of any successful investment journey. By acquiring knowledge and building a solid financial plan, you can make informed decisions with your $50,000. Remember that investing is a long-term endeavor, and prudent choices today can lead to financial security and wealth accumulation in the future. Disclaimer: This report is for informational purposes only and does not constitute financial advice. Consult with a qualified financial advisor before making any investment decisions. $BNB #Binance

Discover how to buy Bitcoin (BTC) with our comprehensive guide, covering step-by-step processes for purchasing BTC on top platforms like eToro, Binance, and Coinbase. What Is Bitcoin? Bitcoin (BTC) is a decentralized digital currency introduced in 2009 by an anonymous entity, Satoshi Nakamoto. Utilizing blockchain technology, Bitcoin enables secure and transparent peer-to-peer transactions without intermediaries like banks. As a digital store of value and alternative to fiat currencies, BTC is often compared to gold due to its capped supply of 21 million coins. Its value is determined by supply and demand, resulting in significant price fluctuations. Bitcoin's blockchain technology has inspired numerous cryptocurrencies, known as altcoins, and innovative applications in various industries. Investing in Bitcoin carries risk, so thorough research is essential for potential investors.  Where to Buy Bitcoin? There are several methods to buy Bitcoin, but the most common way is through a crypto exchange or trading platform such as Binance, eToro, or Coinbase. These platforms offer several features, allowing users to buy, sell, and hold cryptocurrencies and other digital assets. Crypto exchanges are divided into two types: centralized and decentralized. Centralized exchanges follow "Know Your Customer" (KYC) procedures, verifying users' identities, while decentralized exchanges allow for anonymity and typically don't require any personal information. How to Buy Bitcoin on eToro 1. Sign Up on eToro: Register on eToro with a chosen username, email address, and password. Complete identity verification for a seamless experience. 2. Add Funds: Click "Deposit Funds" on the left-side navigation bar, choose your fiat currency, input payment details, and click "Deposit." 3. Buy Bitcoin: Visit Bitcoin's page, click "Invest," and opt for either "Trade" or "Order." The former buys BTC at current rates, while the latter initiates an automatic purchase upon reaching a set value. 4. Use eToro Crypto Wallet: Download the eToro Money crypto wallet for added security. Transfer bitcoin to the eToro wallet by clicking on a portfolio position and selecting "Transfer to Wallet." How to Buy Bitcoin (BTC) on Binance 1. Set up a free account: Register via the Binance website or app, complete verification, and provide your email and mobile number. 2. Select a purchase method: Click "Buy Crypto" to explore Bitcoin buying options in your region.    A. Credit/Debit Card: Use Visa or MasterCard for new users.    B. Bank Deposit: Transfer fiat from your bank account to buy Bitcoin.    C. P2P Trading: Acquire Bitcoin through Binance's peer-to-peer service.    D. Third Party Payment: Consult Binance FAQ for region-specific channels. 3. Review and confirm payment details: Your order remains valid for 1 minute at the current rate. Refresh to update the order based on the newest market price. 4. Manage your Bitcoin: Hold it in your Binance account, personal crypto wallet or trade with other assets. Consider Binance Earn for passive income, or explore Trust Wallet for decentralized asset trading. How to Buy Bitcoin With PayPal Here's a concise guide on purchasing cryptocurrency with PayPal on the web and the app: For web users: 1. Navigate to the Crypto section on your PayPal Dashboard. 2. Choose the desired cryptocurrency from the landing page. 3. Click 'Buy' and confirm your account if required. 4. Input the purchase amount and select a payment method. 5. Click 'Buy.' For app users: 1. Tap 'Crypto' in the app. 2. Select your preferred cryptocurrency. 3. Tap 'Buy' and confirm necessary information if needed. 4. Read the Terms and Conditions, and tap 'Agree and Continue.' 5. Enter the purchase amount and tap 'Next.' 6. Choose a payment method and tap 'Buy Now.' How to Buy Crypto on Coinbase 1. Log in to Coinbase. 2. Choose Buy/Sell in the upper right-hand corner. 3. Select your desired asset in the Buy panel. 4. Input the purchase amount in crypto or local currency. 5. Pick your payment method. 6. Click Preview Buy to review the transaction (use the back arrow if needed). 7. Confirm by clicking Buy, completing the purchase. Conclusion: Do's and Don'ts of Buying Bitcoin In conclusion, this comprehensive guide on how to buy Bitcoin has provided you with step-by-step instructions for purchasing BTC on popular platforms like Etoro, Binance, and Coinbase. The process for each platform is user-friendly, ensuring a seamless experience for both beginners and seasoned traders alike. As with any financial endeavor, certain do's and don'ts should be followed to maximize your success and security. First, always do your own research (DYOR) to make informed decisions when buying or trading Bitcoin. Understand the platform's fee structure, security measures, and reputation within the market. Secondly, use proper security measures such as enabling two-factor authentication (2FA) and using strong passwords. Be cautious with your private keys and avoid sharing them with anyone. On the other hand, refrain from investing more than you can afford to lose and avoid hurried decisions based on market hype, FOMO, or unverified information. Moreover, don't store large amounts of Bitcoin on exchanges—utilize personal wallets for better security. Lastly, don't ignore tax implications associated with trading and investing in Bitcoin, as compliance is crucial for long-term success.  #BTC #Bitcoin