How to Make Your Own Cryptocurrency

Blockchain and cryptocurrency is almost everything. We all know how to make money by investing in cryptocurrency however if you ever had a thought about how these cryptocurrencies are created or are it possible for you to create one then, you are at the right place. Even If you are not an expert in coding you can create your own virtual currency. Let us go step by step,

Community

The first and foremost step is to find a community and focus on their requirement to get a direction for your coin. Once you have a trust or base of a community it becomes easy for the coin to establish social space. If the community would believe in you and your coin proposal is to their expectation they would invest in your currency.

Code

Coding is the next step and the most crucial one. You need an idea of C++ language to code your coin. The coding of the coin is based on open source code of Bitcoin or Altcoin which is available on Github. There should be originality in your coin with your unique ideas that could make a stand in the market. This can take a day, a month or year and it totally depends on you.

Mining of the currency

Once you have developed your coin you need miners to mine the coin which will increase the popularity of your currency. You need a set of dedicated people who can put words to your coin and establish recognition for your coin. The miners should have the hardware you need and the back of your coin to tolerate the risk.

Merchants and marketing

So, you have come along way with coding and establishing your coin. You have a good team to back up the process, but you need your audience. You need to do marketing to aware people about your coin, its value and how these digital bits can be an asset to them. You need to find vendors who can actually put their money to your coin. The advertisement is the key to the place of your coin on the market. You need to assure and re-assure your investors and traders that your coin is worth it.

The technical knowledge to create a cryptocurrency is not that important leading it to be successful is. The actual effort is building trust, infrastructure, maintenance, and stability. Not every coin launched in the market is successful. In the end, you have to win trust and prove it.

Blockchain to Allow Gold Trading for Virtual Currencies.

Gold from ancient times is considered as the important asset and money since ever. Soon users will be able to trade in gold as a HongKong based company is working on creating a digital environment where gold can be traded as a virtual currency. Not only gold but the company’s goal is to introduce tangible assists like platinum, diamond, gold, White gold etc. in the trading world.

This new platform is known as Digital Gold Exchange which will allow quick and safe trading without any intermediate interruption. This system will be based on blockchain like cryptocurrencies and any user, company or trader will be able to trade from wherever they are in the world. The system will be totally secure, well designed and easy to use for all age groups.

Elements of DGE

There are three elements of Digital Gold Exchange which together makes this ecosystem. The first element is known as “The Midas Touch Gold” (TMTG). This token will not be the primary asset but will be used to buy other currencies on the platform. TMTG will be used on this platform for internal transactions for real gold as well as decentralized gold. Another element of this ecosystem will be MDG. Traders can buy/sell/exchange MDG using TMTG and can be traded on this platform only. The platform including TMTG and MDG is known as Digital Gold Exchange and it allows trading of real gold at any time.

DGE is developed by a Hongkong based company and was is testing phase in May and June. The company has tested presales of these token between July 10-25. The developers wish to expand this platform globally through international business partnerships. The cryptocurrency TMTG is already listed in the IDCM platform which is one of the Hongkong exchange platforms. The company aims to expand the listing on number or coin exchange platforms and the next platform will be CoinSuper Exchange. It is expected that after gold diamond will also be listed soon in 2019. 

The users holding these coins can get real gold from the branch registered exchange. This project has already established some of the partnership like the one with Korea Gold Exchange which is one of the largest gold merchants.

The news seems to be very positive and it can take the value of Gold to another level. This can increase the liquidity in the market. This is exactly a real currency in the virtual world with real values.

Investing in Cryptocurrencies? Tips to Survive in The Bear Market

Crypto market is the most volatile market and there is nothing new if you see the market in red. There could be any reason for this like a new listing of the coin, listing on a new exchange, blockchain dependency, etc. A single bad news turns the market red with a big bump. The stillness in the market develops negativity and results in no new money flowing in the crypto market.

That is why a good crypto investor should have a strategy and should know when to buy or sell. There are some tips you can keep in mind to bear this volatile market and make the best out of it as the bear market gives the best opportunity to grow in the crypto world.

1. Look for the best time to buy

Sometimes the best way to not lose money is to hold on to fiat and wait for the right time to buy. Wait for the market to stabilize and buy when you see the dip. This is the best strategy to grow in every crypto market for the short term and for the long term. As a financial investor, it makes a lot of sense to buy your coin in the lower market.

2. Load your technical analysis

When investing in crypto coins we should always do our research to plan our margins and learn future growth. It is very important to know minute details of the coin you are investing in. Go through the Coinmarket charts, its strength, and future opportunities. Learn the pattern of the coin to analyze its growth after the market starts rising.

3. Search for potential coins

Even if the market is sinking some undervalued coins are the good opportunities to bear the loss. Not all coins are affected at the same time. It would make a big sense to invest in such coins to grow your money instead of waiting for the bear market to overcome.

4. Do not panic sell

Panic selling is a sign that you are not a good trader. Hold your coins instead of selling all your investments at a loss because if the market is down it will go up for sure and then you will regret losing your money.

Thought of losing your money is scary so you always need to be very sure before investing and before selling too. The base of the crypto market is blockchain and it is as strong technology to help you come out of every bear. Cheers !!

How to do Intraday Cryptocurrency Trading, Vital tips

Trading in cryptocurrency is not everyone’s cup of tea. You must have a good strategy to understand how to start trading.

What is intraday trading?

Intraday is another word for “within a day”. Intraday trading is a term in the trading world which means buying and selling cryptocurrencies in a day. People also call it day trading as all the orders are completed within a day. This kind of trading gives a decent benefit and even if you are at loss it’s in the limit.

Cryptocurrencies have sometimes high fluctuations within hours and are a prominent factor in various altcoins. This market is young and intraday trading is an experiment.

Factors you should keep in mind before Intraday trading.

1. Learn the technology used(blockchain)

Basically, blockchain is the foundation of all cryptocurrencies including altcoins. A dive in the technology and how it works gives a wide picture of its growth.

2. Learn the trend of currency you want to trade.

There are like 100 of cryptocurrencies like bitcoin, Ethereum, ripple, Litecoin, etc. Select your coin and do a detailed analysis. Learn the fluctuation and chart to have a clear picture of near future though no prediction could be right, however, a rough image is helpful.

Buy the coin in dips and keep the history of coin in your mind. Timely check the averages and trends of the coin on weekly and monthly charts to know if the coin is overvalued or not.

3. Risk factor

Cryptocurrency is a volatile market and the price is dependent on various factors predictions and speculations. The more this market is set for growth the more there is a risk. When you invest in the crypto market you put your money on risk. Learning risk factors of the coin you want to invest in could really help in avoiding risk on your investment.

4. Extent of loss you can afford.

Profit and loss go parallel in the crypto market. You cannot make a profit without loss in your hand. Always set a mark of your loss and sell your coin before going down. Add this security level to your coin by adding a limit to your loss and I would say profit too as coin reaches a level for few seconds at times.

You always must be active and keep monitoring the market before you trade. And as they say, “invest the amount you can afford to lose” is a key to a good investment. Investing 1/3rd of your savings could help you stand still in the storm as well. Cheers!!

How to Trade Cryptocurrencies in India

Cryptocurrency is the new trending and as of now, we all know what cryptocurrency is, so we are not going to talk about that. Knowing cryptocurrency is not enough if you want to make money out of it. Let me tell you how you can trade cryptocurrencies in India.

To trade in cryptocurrencies, you need two things

1.    A cryptocurrency exchanges

2.    A cryptocurrency wallet

To buy or sell any digital currency you need a platform. Cryptocurrency exchange is a platform which allows users to trade in crypto-currencies. So first of all, you need to choose an exchange to create an account.

How to choose a cryptocurrency exchange

1. Currency pair availability

Many exchanges will offer you bunch of coins mainly Ethereum or bitcoins however you need to select the exchange based on the availability of coins you need to trade in as well as the variety.

2. Trading Fee

The only reason you are risking your money is, you want profits. So before using any exchange, it is very important to check the trading fees to prevent your profits to be swallowed.

3. Security

You are investing your money and of course, your money should be secure. The exchange should provide multiple security layers with email and password encryption for every login or transaction, 2-factor Authentication. Multiple security layers increase the security of your account.

4. Minimum/maximum investment

You surely should check what is the minimum/maximum investment and whether it falls in your requirement criteria.

5. Customer support

As this is digital world and everything is actually virtual there are chances of issues in transactions, deposit, withdrawal, etc etc and so we need a dedicated and responsive support team. A good customer support can save a lot of your time.

Choose your exchange platform wisely and open your account. Once your account will be open, the first thing you need to do is complete your KYC.

How to Complete KYC (Know your customer)

To complete the KYC, you need scanned copies of your documents to verify your identity. Remember in any Indian exchange it is important to complete KYC first, however, you do not need it in foreign exchanges.

1.  Aadhar card (front and back)

2. PAN card

3. Bank Account statement with the account number and your name clearly visible

4. Your scanned photograph

After your KYC is done you are all set to start trading. Deposit your INR(money) and once your deposit is credited buy the coins you want to trade in like Bitcoin, Ethereum, ripple, etc.

Tron (TRX) After the MainNet launch, All You Need to Know

Tron (TRX) has been one of the very promising cryptocurrencies since the beginning of its struggle in this mighty crypto market. Tron has been in the eye of many investors and traders for quite a long time. This token is at the 10th position with the market capitalization of $2,794,294,745 as per coinmarketcap.com.

Tron (TRX) has been very much transparent with its investors and the market even before its launch. Tron team is very active and about the development of the token and the fact that all its upcoming updates have already been published in its white paper before its launch. This transparency has gained the trust of the investors across the globe as they are always aware of what is happening with the token.

Development and Status

If we talk about the development of the coin, the coin is in its Odyssey2 phase after the imperial Mainnet launch. Tron team is continuously working in its technical development and various changes have been implemented recently. The interface of the token has been changed and RPC (Remote Procedure Call) has been removed to increase. Multiple payment methods have been introduced and it is now more user-friendly. Tron (TRX) wallet has also undergone few changes during the week and is still under debugging process. Soon they will be testing the optimization of browser wallet.

In our last article, we shared that as per the Tron whitepaper, Tron (TRX) is going to own BitTorrent soon which now has been confirmed. When it comes to entertainment Tron never fails to impact the globe. On June, 11 BitTorrent is officially acquired by Tron, however, no other financial details have been provided. Neither Tron team nor the BitTorrent has commented on the same.

This Mainnet launch has increased expectations from the coin and now it’s the turn of TRON super representative election. Many big companies and organizations have enlisted themselves to be the part of this election. Justin says, “you do not have to be a big organization to be the super representative you just have to submit your server location, official website, team members, and social media accounts”. Surely this election is going to be exciting.

Though we are seeing a huge dip in the price, however, the correction phase will be over soon. Once the price will come to a stable platform, investors’ confidence will be restored. This token has been performing great and justifying its whitepaper and so saying that future of the coin is secure wouldn’t be wrong.

Monero (XRM), Lithium Luna Update and New Listing

Monero, an open source crypto launched in April 2014 by Bitcointalk forum user was initially named BitMonero. BitMonero is a compound of Bit (Bitcoin) and Monero (means coin). The coin was later decided to be named Monero as a short of BitMonero. The Monero coin has set its absolute spectrum in the crypto market due to its high privacy, security and untraceable feature.

The coin is really unique in terms of its privacy and ensures that all the trading transactions of users should be kept confidential which is untraceable as well.

Lithium Luna, the latest update

Recently this coin has come up with its digital walled upgrade. On June 4th, official twitter handle of Monero announced that new Monero update is available for its users. The new Monero version “Monero CLIv0.12.2.0” commonly known as Lithium Luna will be available with full ledger support as per the development team of the coin. This fully-fledged ledger support has been long expected by XRM holders however the Monero development team seems to delay the update however the team soon is going to release GUI binaries for the new update. This new release is expected to be in next week which means X holders can expect GUIT binaries in few days.

This Lithium Luna update isn’t just a small update for the development team as they also changed Proof-of-Work (PoW) algorithm. The team has tightened the belt to make sure that the new update fits in the existing security parameters with the updated features of the Monero coin. That is how Monero cannot compromise on its security and privacy and now is making more safe and secure asset.

Monero listing on Huobi Pro

With the latest launch of lithium Luna, Monero touches the listing to Huobi Pro which surely is a treat for its holders. Huobi pro tweeted that Monero (XRM) will be available with trading pairs BTC and ETH on June 8th and all interested investors will be free to trade XRM on this exchange.

Of course, after the latest update and delisting from two Asian exchanges, Monero needed a big platform to strategically increase its visibility in the market. Korbit and Coincheck decided to delist all the privacy coins including Dash and Zcash with Monero.

So far Monero has maintained its record to be one of the superior coins. Monero (XRM) might have lost two listings but Huobi Pro listing is expected to pull the strength back to skyrocket in following weeks.  

Digibyte (DGB) is Upcoming Gem, a Safe Investment Now

We always talk about well settled, well known and established cryptocurrencies like Bitcoin (BTC), Ethereum (ETH), Tron (TRX) etc. Let’s spread the light to DigiByte. Most of us have not heard about this coin, one because it's new and two because it’s not among the top cryptocurrencies which are the only problem of this coin. DigiByte is currently ranked 49^th in cocinmarketcap.com with the market cap $327,743,271 at the price of $0.031594 with -11.75% rate at the time of this writing.

DigiByte (DGB) is one of the superior currency which offers high scalability, security and is super fast at the same time. The lack of publicity is another reason why so less number of people know about this coin, however, DigiByte team is forming DigiByte Awareness Team with the purpose to increase the awareness among people. The coin has started receiving a positive response from social media and investors too.

Fast forward Blockchain

People who know about DigiByte (DGB) couldn’t stop applauding its superior blockchain which is spread over 200,000 servers and extremely safe. The fact that this coin uses five secure and advanced algorithms couldn’t stop the adoption of artificial intelligence for its progress. Its blockchain is more secure reason being it uses five equally-weighted mining algorithms with its own difficulty level of adjustment. This blockchain implements use of Digisheild with Miltishield to protect the coin from malicious attack.

The DigiByte wallet is available in several significant platforms and is compatible with few third-party wallets of Coinami, Trezor, Nano Ledger, and Exodus. The DigiByte (DGB) wallet is available on Windows, Linux, Mac, Android, and Chrome extension as well.

Read Also: How to start cloud mining

Invest in low, return in high

The coin is in its early stage which means that investing in low now is directly proportional to the returns in high later. Coins like Bitcoin Ethereum has already grown up and is good for stable investments however the new coin with such a great feature is always a good option for higher growth.

The current price of the coin is less than 10 cents which experts are expecting to increase soon. With the blockchain availability of its wallet and easy to use feature will surely going to put this coin in the race soon. DigiByte (DGB) crypto team is doing as much as they can to cover all the lack this coin has to make it one of the most popular currencies. The amazing features and the undervalued position of the coin will surely give a promising future to its investors.  

OmiseGo (OMG) an Altcoin or Much More is Surely Your Next Big Investment.

Omisego (OMG) created by a venture-backed payment services company is a separately operated platform commonly known as a crypto token. Omisego (OMG) is owned by its token holders and not by its venture Omisego. This crypto toke is built on Ethereum platform and uses Proof-of-state(PoS) algorithm.

We have known Omisego as cryptocurrency however its goal is to provide an alternative to online exchanges. Since a couple of months, this 20th best-ranked cryptocurrency has been through some very interesting exchanges which could lead to its growth more.

Listing on Unocoin

As we all know to list to some new exchange is always a good news in terms of new opportunities and growth as coin gets new exposure in the new exchange environment. Unocoin, one of the very absolute promising exchange platform is also among the top Asian exchanges. That being said, this has given Omisego an altogether a great opportunity to probe into the Asian market.

Omisego and Cosmos to be one

Yes, you read it right !! This trending altcoin has announced its “Hard spoon” with another altcoin Cosmos. Hard spoon is different from classic term hard fork in which a crypto coin is basically upgraded resulting in totally new coin like Bitcoin Cash from Bitcoin or just a feature upgrade. In simple terms, a Hard spoon is predominantly merging of two crypto tokens to generate a new token.

It's been long that Omisego and Cosmos are already working towards this merge to give a new crypto asset to the market on the tendermint blockchain. This newly launched asset will surely provide a logical balance to both the cryptos Omisego and Cosmos. So, after this merge, Omisego is supposed to take a rise in its position in the crypto market. There is no specific date announced for the hard spoon event however it is expected to be until the end of June.

Omisego is one of the cryptocurrencies that I believe has provided a good profit to its investors and disappointed at the same time with its value fell to very low numbers. It is a strong currency with always expanding the market. With its upcoming projects, Omisego has already pulled the seat belt and geared its drive. This hard spoon and a new listing are surely gonna be a good news for Omisego traders and I am sure this will increase its price value and market cap. So keep your eye to your token as it is gonna hit something big soon. Cheers !!

Blockchain is Just a Technology or Revolution, How it works

The concept of the internet was a start of the new era on the 1990s and now this new technology "Blockchain" seems to be the same. Blockchain will exactly play the same role in financial sector what internet played in information technology. This new technology is promising enough to make a difference what we think about monetary transactions. The blockchain is a digital ledger of currency transaction that is programmed to record everything of value. By Design, Blockchain technology is decentralized which means any transaction executed is managed by its network not by any central point.

The blockchain is used in cryptocurrency so as to ensure a peer to peer connection platform. Cryptocurrency is a digital currency or we can say digital monetary unit to which blockchain provide advanced encryption techniques. Back in 2008, Blockchain was introduced as a piece of the proposal with the giant digital currency “Bitcoin”. Hence Bitcoin cryptocurrencies are the application of Blockchain technology. The currency which isn’t using this technology till now also have plans to switch, as many of you must have heard about altcoins like EOS, TRX etc.

How Blockchain works

Blockchain provides an additional layer of security to transactions. It’s a connection of records called blocks which are linked and secured using cryptography. Information is stored in these blocks which are shared by everyone connected to the network. These block stores all the information of all the transactions with past details of its usage which is available for public access. There is no need for a central point to manage or approve the transactions and so it eliminates the risk with peer to peer data information transmission.

Another most important fact I got to know about blockchain is that with transparency records are irreversible which of course increases the level of trust towards the technology.

Impact on Financial Sector

Saying that Blockchain will bring revolution to the financial sector wouldn’t be wrong as its just the start and the technology has taken a stand in the sector. Blockchain came into fame with Bitcoin however numerous banks are looking forward to adapting the technology. Banks deal with the number of transactions every day with the risk of Cyber-attack as it is all based on the centralized system. You must have heard about another digital currency ripple. Ripple provides blockchain technology platform to financial institutions to increase the payment efficiency. Ripple facilitates global payment with peer to peer flow with quick verification of transaction.

This new technology is leading wherever it stepped in, let’s see how far it goes. Cheers !!

Holding Tron (TRX)? Here is What You Need to Know - MainNet Launch

The market seems to be disappointing since a week, however, Justin sun, the founder of Tron has given positive signals to Tron holders. Numerous events have been lined up in coming days with the mainnet launch. The coin is strongly holding its place in the market and still in 9^th position as per coinmarketcap.com. Tron has the vision to make the web space totally decentralized. The mainnet launch is surely a good news for Tron Holders as Tron will now have its own Blockchain platform instead of Ethereum’s.

Most of the time after a big event or launch, price takes a dip. That is because the pre-event pump is often more than the expected post-event pump. During the last major event of Tron, there was a huge price dump However, this is very unlikely in this case as multiple events are lined up to balance the dip if happens. So with every second passing, there are speculations to what could happen with the price, a dip or boom most likely positive expected.

Post MainNet Launch

Before the MainNet launch, Tron team has worked on testing of Tron wallet, MainNet and stability operations. The Developers have performed various test to test new tokens on the Tron Wallet and their bug fixing. Developers have improved exception handling and log information. Various modules have been prepared to increase the transaction speed and pressure testing. At this MainNet launch, Tron is to migrate from its existing ERC-20 standards to its own blockchain.

After the MainNet launch Tron also has its virtual machine launch nearby and after that, they have planned token swap event. This swap event will require help from various crypto exchanges and will force users to move their money to the exchange from the wallet they are using. If your token is held in Crypto Exchanges as Bitfinex or Binance you don’t need to take any step, however, if it’s in some other exchange or wallet, which is not listed in the supporting official list you need to transfer the token before it gets too late. Well, there is time for this upgrade so exchanges and holders have plenty of time to switch.

We also have heard that Justin sun is moving towards torrent and there might be a good news in that area too as this fact is mentioned in the Whitepaper. This definitely states that Sun has a great business mind and investing in his business can make you great money as well.

The Ways Cryptocurrencies Could Revolutionize the Automobile Industry

The CEO of Berkshire Hathaway Warren Buffet has said, “Regarding cryptocurrencies, generally, I can say almost with certainty that they will come to a bad ending.” Plenty of people have their doubts and anxieties about blockchain, such as Bitcoin and other cryptocurrencies. However, if they prove to be a long-term success, in what ways could cryptocurrencies revolutionize large industries such as automotive?

Some of the Crypto-Risks to Automotive

Indeed, a cash-based currency system has well-known perils, such as bank liquidity risks. However, cryptocurrency is young in comparison. Therefore, some of the potential dangers are still getting worked out. Moreover, some, naturally, are yet to be discovered. Already significant cases of fraud and malware have occurred. With major industries such as automotive, breaches in security are not only a massive concern but also a current one.

On a more ground-floor level, the risk to car dealers accepting cryptocurrency may be where a big part of the gamble exists. Bitcoin's value can fluctuate more than $400 in a half-hour. Some digital currency services require multiple confirmations before they convert into dollars. These programs can also be slowed down by network congestion. Imagine a line to exchange arcade coins for money, but your arcade coins can drop in hundreds of dollars in a single hour. Now imagine an extensive line ahead of you before you can make your exchange. If you’re dealing with car sales in the range of hundreds of thousands, that can change the profit of your sale significantly.

The Benefits to Buyers and Businesses

Traditionally, in dealing with more hefty purchases of items such as cars, a middleman such as a bank or credit card company is required to complete the transaction. Not only do consumers have to deal with applying for car loans, worry about their credit if it’s less than ideal, but the credit card companies and banks charge fees for their use. These third-parties also store consumer information and their centralized system. Blockchain was created to solve that problem. Cryptocurrency creates a decentralized environment for buyers and businesses where the middleman is no longer in control.

Motorcars of Georgia, a high-end dealership of Lamborghinis and Ferraris, has seen some exciting business with cryptocurrency. In 2013, they started taking payments via Bitcoin—a year in which the cryptocurrency experienced fluctuation as low as $100 up to over $1,000. The dealership now accepts Bitcoin using BitPay. BitPay is a third-party company (so a middleman in a sense is still involved) that permits transactions for a one percent fee to the dealership. In fall of 2017, Peter Saddington, cashed in 45 bitcoins and drove off with a $200,000 Lamborghini Huracan. Saddington, a coder, had early interest and initially bought those 45 Bitcoins for less than $155.

Variations on Cryptocurrency for Cars

Dearborn, Michigan-based Ford Motors was granted a US patent for a cryptocurrency-run technology to power its cars. Cooperatively Managed Merge and Pass (CMMP) is a token-based system, run within its own network and out on the highways. Participating drivers must enable CMMP via GPS, so cars can “talk” to one another. For example, giving information about traffic conditions. In addition, CMMP would gather info on drivers—a potential privacy concern for some. However, it could be helpful regarding the safety of the roads and those who drive them. It allows the user vehicle “preferential lane access” through phases of heavy traffic. This access permits them to weave around the congestion for a price.

MOBI and Porsche

Motor companies like BMW, GM, Renault, and Ford are pioneering partakers in the Mobility Open Blockchain Initiative (MOBI). The mission of MOBI is the test how this technology can effectively and safely obtain data, allow transactions, manage ride-share and car-share transactions, and provide better service in general to buyers. Installing a system like this could have long-term implications. Automobile histories, car sharing and ride sharing, and insurance information will concern some people. However, MOBI believes faster and simpler dealings and more secure data sharing could be a massive upside.

Porsche has also studied the ways that a blockchain server could enhance customer dealings. Because these customers didn’t have to deal with third-party permission, they cited rapid response times for commands on the Porsche blockchain app. Porsche suggested their app could showcase features like unlocking the vehicle, allowing a third-party to use the trunk of the car and speeding the sending, receiving, and storing of information. In the case of car accidents, insurance payments could go through much quicker with blockchain.

If Porsche and organizations like MOBI ensure that security is encrypted, and they use ethical practices, widespread use of not only cryptocurrency but vehicle variations of blockchain may be in the very near future.

IRS Starts Taxing Cryptocurrency Investors - This Is What You Need To Know

Many cryptocurrency investors have never considered the tax implications associated with the digital currency. That is until now. The Internal Revenue Service (IRS) has just started sending out tax bills to bitcoin and other cryptocurrency traders, with one investor finding they owe $50,000. With the IRS hot on the heels of unpaid tax, and the popularity of cryptocurrency continuing to soar, this is what you need to know about dealing with a sudden tax bill.

Work out what you owe

Whether you’ve been dealing in cryptocurrency for years or have only recently got into the revolution, sit down and determine whether you owe anything to the government and, if so, how much. The IRS takes the stance that any items, products or services purchased using a digital currency are liable to be taxed as a capital gain. Not declaring these gains may be seen as tax evasion, so it’s essential you act now to prevent problems from arising in the future. Should you be unsure whether you owe the IRS anything or want to determine how much you owe, contact them directly to discuss your situation with them.

Make a plan

Once you have a figure in front of you, you need to make a plan as to how you’re going to pay it. If you’ve got savings, now is a great time to delve into them and put them to good use. However, if you haven’t got a nest egg to fall back on there’s no need to worry. Consider asking close friends or family if you can borrow some cash from them. Alternatively, use a credit card, such as a cash back credit card to pay off your debt.

Learn from your mistake

There’s no point dwelling on the mistake you’ve made. It’s understandable to assume that dealing in cryptocurrency is a non-taxable currency. But, the US tax authorities view cryptocurrency as property rather than currency, which is why so many owe thousands. For those who enjoy trading and investing in cryptocurrencies, this shouldn’t put you off continuing to do so. Though, it is advisable to put money aside regularly to cover the cost of any future years’ tax bills so you don’t find yourself in the same predicament again.

Even if you’ve only dabbled in cryptocurrency, there’s a chance that a bill from the tax man could be coming your way. So, be sure you have the means to pay it and remember to plan for anything you’ll owe over the coming years.