Ongoing trends of Virtual Currency Market by top key players like Coinbase, Elliptic, CoinJar …

Ongoing trends of Virtual Currency Market by top key players like Coinbase, Elliptic, CoinJar, GoCoin, Unicoin, Ripple, Bitpay, Safello, Xapo, Milli pay …

Virtual currency, or virtual money, is a type of unregulated digital currency, which is issued and usually controlled by its developers and used and accepted among the members of a specific virtual community. Virtual currency exists in the virtual world, these currencies are used to purchase real-world services and goods, but do not have a valid tender. Virtual currency is also called as digital cash. Virtual currencies have been called “closed” or “fictional currency” when they have no official connection to the real economy. Nowadays Virtual currency is demanded across the globe.

Globalmarketers.biz publicizes a new report titled as Virtual Currency Market into its massive depository of reports. The circulation converses about the modest drivers that are impelling the development of the business and the troubles rising against the market by large. It also includes the crucial outlines that are trending in the market. The report has been examined with the contribution of the industry experts. Mentioning about the growth drivers and restraints that offered a thorough segmentation of the market, which probes into the competitive landscape. It impacts on the market-leading meticulous tools to comprehend the predictions and downsides that is piled up for the players

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Top key players:

Coinbase, Elliptic, CoinJar, GoCoin, Unicoin, Ripple, Bitpay, Safello, Xapo, Milli pay systems

Virtual Currency Market Segment by Regions, regional analysis covers

North America (United States, Canada and Mexico)

Europe (Germany, France, UK, Russia and Italy)

Asia-Pacific (China, Japan, Korea, India and Southeast Asia)

South America (Brazil, Argentina, Colombia)

Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)

The report also creates a clear picture of the various factors that will drive the global Virtual Currency Market in the years to come. In order to help companies spot potential threats and to give them a clear picture of the opportunities that exist in the market, the report offers a SWOT analysis of the global market. For the purpose of the study, market analysts have employed rigorous primary and secondary research techniques. This makes the analyses and forecasts more accurate and helps analysts to examine the market from a broader perspective.

The report is an all-inclusive research study of the global Virtual Currency market taking into account the growth factors, recent trends, developments, opportunities, and competitive landscape. The market analysts and researchers have done extensive analysis of the global Virtual Currency market with the help of research methodologies such as PESTLE and Porter’s Five Forces analysis.

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The Report Answers Following Important Questions:

* What is the current CAGR of the Global Virtual Currency Market?

* Which product is expected to show the highest market growth?

* Which application is projected to gain a share of the global market?

* Which region is foretold to create the most number of opportunities in the global market?

* Will there be any changes in market competition during the forecast period from 2019 to 2025?

* Which are the top players currently operating in the global market?

* How will the market situation change in the coming years?

* What are the common business tactics adopted by players?

* What is the growth outlook of the market?

On The basis Of Type, the Global Virtual Currency Market is segmented into



Bitcoin

Litecoin

Dash

Peercoin

Dogecoin

Primecoin

On The basis Of Application, the Global Virtual Currency Market is segmented into



Telecomelecom and IT

Mediaedia and entertainment

Healthcare

Retail

Travel and hospitality

Transportation and logistics

Energy and utility

Peer to peer payment

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Table of Content:



Chapter 1 Virtual Currency Market Overview

Chapter 2 Global Market Competition by Manufacturers

Chapter 3 Global Virtual Currency Production Market Share by Regions

Chapter 4 Global Market Consumption by Regions

Chapter 5 Global Virtual Currency Production, Revenue, Price Trend by Type

Chapter 6 Global Market Analysis by Applications

Chapter 7 Company Profiles and Key Figures in Virtual Currency Business

Chapter 8 Market Manufacturing Cost Analysis

Chapter 9 Conclusion of the Global Virtual Currency Market Professional Survey Report 2019

Chapter 10 To be continue…

In conclusion, the Virtual Currency Market report is a reliable source for accessing the Market data that will exponentially accelerate your business. Besides, the report presents a new task SWOT analysis, speculation attainability investigation, and venture return investigation.

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Our huge database with up-to-date and latest information will definitely help the businesses in planning and shaping their business strategies. Accurate market analysis backed by comprehensive research methodology will drive the growth of an industry. Our company offers the wide variety of research reports related to chemical, technology, healthcare, automobile and various other sectors.

Global Marketers is the trusted brand when it comes to satisfying the research needs of any industry vertical located across the globe.

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Individuals Should Not Rely on Insurance to Protect Their Cryptocurrency Holdings

Many individuals and businesses hold some amount of cryptocurrency. According to a recent survey, nearly 10 percent of Americans have invested in …

By Michael Menapace, Esq.

Michael Menapace

Many individuals and businesses hold some amount of cryptocurrency. According to a recent survey, nearly 10 percent of Americans have invested in cryptocurrency since the first Bitcoin was “mined” in 2009. And, along with the rise in prevalence of virtual currencies in recent years has come a surge in cryptocurrency theft, with one Ponzi scheme defrauding cryptocurrency investors out of $2.9 billion dollars in 2019. Those who invest in, use, and hold cryptocurrency should protect their assets. While individuals can purchase insurance to protect themselves if certain types of assets are destroyed or stolen, such as a house, car, or personal property, individuals may have difficulty obtaining coverage for their cryptocurrency.

Bitcoin is just one cryptocurrency built on the technology called the blockchain. Other virtual currencies include Ethereum, Ripple, Litecoin, Monero, and ZCash.

Homeowner’s insurance protects an insured against the loss of certain property. For example, if a thief breaks into your home and steals your television, that loss will likely be a covered loss of property under a standard homeowner’s policy. For an overview of what homeowners insurance typically covers, see here.

Is theft of cryptocurrency covered under homeowners insurance?

Getty Images

But, is an owner of cryptocurrency insured if a thief hacks their computer and steals virtual currency? Part of the answer relates to the question – what is cryptocurrency? Are these virtual currencies a security, money, property, a commodity, or something else? As discussed below, it seems unlikely, and inappropriate, for the loss of cryptocurrency to be a covered loss under a homeowners policy.

The Securities and Exchange Commission takes the position that cryptocurrency is, or at least can be, a “security” and cautions that “issuers [of virtual currencies] cannot avoid the federal securities laws just by labeling their product a cryptocurrency or a digital token.” On the other hand, the IRS has issued Notice 2014-21, identifying cryptocurrency as “property” for federal income tax purposes. Still a third possibility is that cryptocurrency, which can be used to purchase goods and services, is properly classified as money.

As the above demonstrates, the same word, or virtual product, can have different meanings depending on the context. Here, we are considering how cryptocurrency is interpreted under an insurance policy. There does not seem to be any reason why cryptocurrency must be treated as the same thing by the SEC, IRS and insurers. Therefore, the pronouncements of the SEC or IRS should be only of limited assistance.

A common homeowners insurance policy states that the insurer will cover the loss of the insured’s dwelling, other structures, and personal property. Crytocurrency is clearly not a dwelling or structure, so the question is whether cryptocurrency is “property” in the general sense because homeowners policies often protect against the loss of property. Beyond the IRS guidance discussed above, there is authority for the position that cryptocurrency is property. For example, an Ohio state trial court held that cryptocurrency was property covered by a homeowners policy. That ruling is discussed further below.

Not all homeowners policies are the same

Even if cryptocurrency is property in a general way, however, the insurance analysis does not end there because not all property is treated equally under a homeowners policy. For example, coverage for the loss of personal property often has a $200 sublimit for “money, bank notes, bullion, gold and [other precious metals], coins, medals, scrip, stored value cards and smart cards.” Likewise, a homeowners policy may have a sublimit of $1,500 for “securities, accounts, deeds, letters, of credit, notes other than bank notes, . . . tickets and stamps.” When considering these common sublimits, is it more appropriate to apply the $200 limit for money or the $1,500 limit for those items akin to securities? At least for some cryptocurrencies, like Bitcoin, an analogy to money seems more appropriate because Bitcoin is specifically designed to be an alternative to traditional currency. Considering an individual’s ownership of Bitcoin a security does not seem to make sense. After all, when one thinks of a person owning a security, such as a share of stock in Acme Corp, the comparisons with Bitcoin are thin.

Beyond the issue of whether cryptocurrency is insured generic property, money, or a security, there is another fundamental issue to consider under a homeowners policy. The insuring agreement in many homeowners policies states that personal property is insured for “direct physical loss to the property described” such loss from vandalism or theft. Because cryptocurrency is a virtual currency, there is nothing to physically lose or destroy. What is lost or destroyed is the record of ownership or the “key” to demonstrate ownership of the currency. Cash can be burden by fire – not so for a currency that never exists physically. A policyholder would have a difficult time explaining how the plain meaning of “direct physical loss” is met when the virtual currency is stolen.

A couple cautionary notes are required for this discussion. First, not all homeowners policies are the same. The terms and conditions of each policy will control; therefore, a generalized discussion about homeowners policies is just that – general. For example, some policies treat money and securities the same, which could change or eliminate the need for the above analysis.

Is cryptocurrency considered property under a homeowners policy

Second, individuals should not take too much comfort in the one reported decision on cryptocurrency as property under a homeowners policy. In the Kimmelman v. Wayne Insurance Group decision from an Ohio trial court, the court ruled that cryptocurrency was generic property, not money, and the policy’s $200 sublimit did not apply. Whether this decision is persuasive in other courts remains to be seen, but there are reasons why it should not. The Ohio court did not provide a fulsome analysis of the issues, which limits its usefulness. For example, there is no discussion on whether the policy’s submits for electronic funds or securities should apply. In addition, the policy language is at issue in that it was drafted in 1999, years before cryptocurrencies were invented. Newer policy language may not be the same. Finally, the court relied heavily on the IRS guidance mentioned above, which states that cryptocurrencies are treated as property. But that IRS guidance also states that cryptocurrency is treated as property “for income tax purposes.” While IRS guidance on tax issues is persuasive, that guidance should have no impact on how insurance contracts should be interpreted.

The court was also persuaded that Bitcoin was general property, not money, because it could be exchanged for money, i.e. it is a convertible virtual currency. But that rationale doesn’t explain that various forms of currency are converted to other kinds of currency all the time, e.g. Euros are converted into dollars. Indeed, Bitcoin was originally conceived as a currency “akin to cash” by Satoshi Nakkamoto in his whitepaper Bitcoin: A Peer-to-Peer Electronic Cash System. And outlets such as the Wall Street Journal report Bitcoin value under “Currencies” with the Euro, U.S. Dollar, the Japanese Yen, etc., not under Stocks, Bonds or Commodities. No one would argue that the Yen is not money but is property that can be converted into U.S. Dollars.

It also bears a mention that the focus on Bitcoin, even if the Ohio decision were correct, does not necessarily apply to other cryptocurrency platforms that have different purposes from Bitcoin. For example, Ethereum was created for a different purpose from Bitcoin. Ethereum, while it has a value associated with its coins/tokens, its original and fundamental purpose included providing a platform where one can build out new applications rather than simply being a substitute for traditional currency. (For an explanation of the different types of cryptocurrencies, see this tutorial (last updated Jan. 2020)). In all, I believe that Kimmelman was wrongly decided or, at least, of limited persuasive value that other courts should not find persuasive.

What Can Individuals Do?

The bottom line is that individuals should not rely on their homeowners policies to protect them from the loss of cryptocurrencies. Commercial entities, in contrast, can buy crime policies or cyber insurance policies, which are largely unavailable to private individuals. What can individuals do? They must take proactive steps to protect themselves rather than relying on someone compensate them if their assets are lost or stolen.

For example, if an individual is using “hot” storage for their Bitcoin, i.e. having the virtual currency accessible online, the currency is vulnerable to theft by hacking or ransomware attack. The owner might consider, therefore, having a commercial third party hold the virtual token or coin in its digital wallet for the individual. That commercial entity can be insured under a crime or cyber policy. If the individual is using “cold” storage, e.g. storing the currency offline on a flash drive, the cold storage is vulnerable to physical destruction or old-fashioned theft. In that case, the individual should secure the flash drive from theft and physical description by keeping it in a fire-proof safe. Frankly, these are precautions that individuals should be taking even if the risk of loss were covered by a homeowners policy. But, until coverage for cybercurrency for individuals is widely available under a homeowners policy, owners would be wise to take steps to protect their digital assets from bad actors and physical accidents.

Michael Menapace is a Non-Resident Scholar of the Insurance Information Institute, a partner at Wiggin and Dana LLP, and a professor of Insurance Law at the Quinnipiac University School of Law.

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The IRS Asks Very Deep Questions Regarding Your Cryptocurrency Activities

Filing taxes related to cryptocurrencies in the US can be a very painstaking endeavor. It now appears that the IRS crypto tax audit letter being sent out …

Filing taxes related to cryptocurrencies in the US can be a very painstaking endeavor. It now appears that the IRS crypto tax audit letter being sent out to users is a lot more invasive than initially assumed.

It is no secret that the IRS wants to target cryptocurrency holders.

The IRS Goes All-in on Cryptocurrency Usage

To do so, the agency will ask some very tough questions.

Some of those questions will not go over well with the general public.

As it turns out, the IRS wants to know a lot of things most people would never expect.

The copy of the 2017 tax return is perhaps the least annoying part of it all.

Detailed records of virtual currency acquisitions and liquidations are also somewhat easy to come by.

However, those records must include ATM transactions, cash transactions, and correspondence with counterparties for any of those activities.

Interestingly enough, the IRS also wants to know about airdrop tokens, currencies obtained through hard forks, faucet usage, and tips.

While this is all-encompassing, it will also create a ton of headaches for American users.

It does not appear that any of the current tax software solutions will be able to check all of these boxes.

It is a very interesting approach by the tax agency, but not necessarily the correct one.

Image(s): Shutterstock.com

Cryptocurrency Personal Property Exchanges Pre-TCJA

We’ve been discussing virtual currency, cryptocurrencies, and digital currency quite a bit lately here. That’s by design. They’ve all been in the media a …

We’ve been discussing virtual currency, cryptocurrencies, and digital currency quite a bit lately here. That’s by design. They’ve all been in the media a lot lately. That’s largely due to the increased tax collection efforts by the IRS. Many bitcoin holders started out with the impression that they were “outside the system”. Despite those impressions, though, the IRS has made it abundantly clear that this isn’t the case.

Now, the IRS is looking at cryptocurrency investors and their cryptocurrency transactions with focused attention. The IRS is just like any other person or entity. That is, it doesn’t want to waste its time and energy. And this means that it wisely directs its attention to those who have the most resources. Many bitcoin holders have massive tax liabilities to the IRS. The media is focusing on them. The IRS doesn’t want to lose its slice of the pie. Accordingly, we’re now we’re seeing it exert increased efforts to use the tax law to move in that direction.

Personal Property Classification

The IRS’ classification of cryptocurrency as “personal property” for a tax year has some interesting implications. One implication is that cryptocurrencies may have been eligible in “personal property” 1031 exchanges prior to the Tax Cuts & Jobs Act (TCJA). This issue is moot now, though, because the TCJA eliminated all personal property exchanges. But we may also see reviews of exchanges which occurred before the TCJA was implemented. In this post, we will go over the basics of personal property exchanges and then discuss some of the issues which may come up when pre-tax reform crypto exchanges are examined by the IRS in an audit. We’ll look at issues like potential short term capital gains taxes.

Personal Property Exchanges Pre-TCJA

Prior to the TCJA, taxpayers were able to exchange personal property held for business or investment purposes under Section 1031 in like kind exchanges. Many intermediaries specialized in personal property exchanges, and those intermediaries went out of business the moment that the TCJA took effect. Common exchange items, pre-TCJA, were for assets like business jets, cars owned by rental agencies, precious metals and antique cars. The rules for exchanging personal property were a bit different than the rules for real estate. The like-kind requirement, for instance, was interpreted more narrowly, as personal property had to be matched, according to “asset class.” This meant that a business jet couldn’t be exchanged for gold, for instance.

Before the TCJA, many crypto holders asked the question: does Section 1031 apply to bitcoin and other cryptocurrency? Is Form 8824 a required attachment to a Form 1040 personal income tax return? ? In light of the IRS position in Notice 2014-21, the logical response appears to be “yes.” If bitcoin and other cryptocurrency is taxable, then they should also be eligible for tax deferral. But, in light of the novelty of cryptocurrency, it’s likely that crypto exchange gains or losses occurring pre-TCJA will be reviewed by the IRS.

Review of Pre-TCJA Crypto Exchanges

If the IRS does review crypto exchanges occurring in the pre-TCJA era, what will be the outcome? These exchanges would seem to touch on key legal requirements, such as the like-kind requirement. If a person exchanges bitcoin for another cryptocurrency, such as Ethereum, does that satisfy the like-kind requirement? The answer seems to be yes, as they are both “cryptocurrency” and have similar features. But, what if there is a bitcoin exchange for another currency altogether, such as Japanese Yen or Mexican Pesos? If cryptocurrency is classed as property, then a logical argument can be made that it should also be in the same asset class as other currency. This could even mean that cryptocurrency exchanged for U.S. dollars could qualify for tax deferral. We won’t know the answer until we know the asset class which cryptocurrency falls into. That, in turn, will require an IRS ruling.

As we know, exchanges are documented at the time of their occurrence, in order to be valid. Accordingly, crypto holders cannot retroactively go back and try to claim that a particular transaction was an “exchange” after the fact. If someone sells their rental property and then later tries to use that property in an exchange, they will fail. That’s because that property became ineligible the moment it was sold without a contract with an intermediary. But clearly we can see that many issues come up when we discuss cryptocurrency in the context of Section 1031. If personal property exchanges return, and there’s a chance that they might, we’ll undoubtedly see cryptocurrency figure prominently in the debate.

Contact MC&C to Learn More Today

So there you have it. We may see a few crypto exchanges scrutinized by the IRS to see if those exchanges qualified under the old rules. If this does happen, the outcome will be interesting. There’s a chance that personal property exchanges may again be recognized in the future; so crypto exchanges may return. Who knows, we may even see this issue lobbied for by cryptocurrency enthusiasts during the next tax law change.

At Mackay, Caswell & Callahan, P.C., we try hard to stay on the cutting-edge of tax law. We do this by keeping up with current issues and reviewing current cases. We’ll continue to keep a focus on the evolving cryptocurrency tax treatment. That’s because we know that this is a key topic, both in the media, and the tax world, today. In addition to helping clients who have crypto tax debt, we handle cases involving New York income tax debt, sales tax debt, OICs, installments, and other tax matters. If you have a tax case and need assistance, don’t hesitate to reach out to us. Contact us and one of our top New York City tax attorneys will review your issue right away.

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Is China Finally Easing Up on Cryptocurrencies?

… according to experts, the establishment is beginning to see the benefits of mainstream coins like bitcoin, Ethereum, Litecoin, EOS and bitcoin cash.

It looks like some people (or entities) can change their minds after all. Despite a mixed relationship with cryptocurrency in the past, the People’s Bank of China (PBC) appears to finally be easing up to it.

Is China Becoming “Friendlier?”

As China’s central bank, the financial institution is looking to release its own digital currency in the future. This is not the same digital currency that China had initially announced weeks ago as a means of combating Libra. This would be an entirely separate entity, as according to experts, the establishment is beginning to see the benefits of mainstream coins like bitcoin, Ethereum, Litecoin, EOS and bitcoin cash.

This should come as relatively surprising news given that China has not always been kind (or fair) to digital currencies. The country has initiated a full ban on initial coin offerings (ICOs) and foreign exchanges and is even considering a full ban of cryptocurrency mining, though the country has been slow to act on this.

Kevin Sekniqi, co-founder and chief protocol architect at AVA Labs, says:

China’s foray into digitizing the yuan is a key milestone in changing how money is represented, stored and moved. Global sovereign level adoption of digitized assets is a testament to how transformative and impactful decentralized ledger networks have become… Coupled with the fact that China has completely adopted digital payment technologies, we can hope that a digital currency issued by the PBOC will further augment China’s ability to build many new financial primitives.

Dave Hodgson, director and co-founder of NEM Ventures, seems to agree with Sekniqi, though he’s critical of the centralized nature of the bank’s new digital currency, commenting that this goes against everything crypto is all about. He states:

It’s positive to see the Chinese Central Bank engaging with digital financial services and moving towards a better user experience for its citizens, but the proposed approached is still a centralized system, run by a national government… This wouldn’t be considered a decentralized cryptocurrency and in the People’s Bank of China’s words, ‘It is to protect our monetary sovereignty’ – a pseudonym for control over currency… I believe that this move will likely disrupt other digital currencies in China, such as WeChat and Alipay. While other governments may take note and follow suit, this currency doesn’t appear to be cross-border and is centrally controlled, which makes it a different proposition to cryptocurrency altogether.

Many Banks Will Do the Same Thing

Tomer Afek, CEO and co-founder of Spacemesh, says that other banks are likely to copy the work of China’s Central Bank, which could lead to a world of multiple cryptocurrencies:

Cryptocurrencies are a necessary evolution – and revolution…I envision a world where multiple cryptocurrencies exist, each one serving a different need. The central banks will become another set of competitors and service providers in this system.

Tags: china, China Central Bank, cryptocurrency