If you spend bitcoins at a price higher than you purchased them, you’ll owe tax. A cryptocurrency can be used for a variety of different things, but it depends on what it was created for. While the term cryptocurrency conjures images of a payment system, it’s more useful to think of it as a token that enables you to do some action, like a token in a video arcade. You buy some tokens and feed them to the machine, and it allows you to play the game. Owners of the currency may store it in a cryptocurrency wallet, a computer app that allows them to spend or receive the currency. To make a transaction, users need a “key,” which allows them to write in the public ledger, noting the transfer of the money.
For example, users retain ownership of the digital assets they create in Decentraland and can convert them to cryptocurrencies other than MANA. Binance is the largest cryptocurrency exchange in terms of trading volumes. Formerly called … Read MoreView More Cryptocurrency Market and the Role of Social Media