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Coinbase users can now instantly pay BitPay merchants directly from their Coinbase account

Recently, we enhanced our integration with Coinbase to allow users to make instant payments directly from their Coinbase Exchange accounts

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Coinbase account customers needed an easier and streamlined way to pay for goods and services through BitPay.  Linking your Coinbase Exchange account is one of our most popular features and has been part of the BitPay Wallet App for years. Recently, we enhanced our integration with Coinbase to allow users to make instant payments directly from their Coinbase Exchange accounts, eliminating the peer to peer movement of funds.

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Coinbase Connect Integration

Even better, users pay no network fee, miner fee or Coinbase withdrawal fee when paying in Bitcoin, Bitcoin Cash, ETH or USDC from a Coinbase account through BitPay. Currently the default daily limit set by Coinbase is $1,000 per day, but plans to increase this limit are already being developed.

Within one month, you will also have the option to monitor, manage, and pay with all of your Coinbase funds in the BitPay Wallet App, no matter where the funds are stored. At the same time, the update lets you see your funds exactly as if you were in the Coinbase platform and also have the ability to spend those funds.

We had our designers focus on providing an experience that made you feel connected to your Coinbase account. Funds can be managed and are presented in a simple and user-friendly fashion.

Specifically, accounts that were previously using Coinbase to pay BitPay Invoices benefit from a simple, quick and secure payment experience. We have eliminated the copy and paste, peer to peer function with a tight integration into the Coinbase account, removing mistypes and typos that could slow down transactions and result in payment errors and cause transactions to fail.

We eliminated a few steps to make it even easier to buy, spend and accept cryptocurrency with the Coinbase account.

Let’s walk through how easy the new process is:

BitPay currently accepts Bitcoin, Bitcoin Cash, as well as XRP and ETH USDC, GUSD, PAX and BUSD. This means that Coinbase customers add ETH and USDC as payment options through the BitPay Invoice which previously were not available to Coinbase customers. Coinbase accounts users can purchase USDC at Coinbase, which currently has no fee, and instantly use the stablecoin to pay a BitPay Invoice anywhere in the world.

And last but not least, one of the best ways to use the Coinbase integration is through the BitPay Extension, available on Chrome, Brave Browser, Firefox, and Opera. Just click on the BitPay Extension icon when you’re browsing to spend crypto at more than 150+ major brands! Link your Coinbase Exchange account and pay directly at checkout. Take a look at how it works:

Check out our BitPay Merchant Directory to browse popular BitPay Merchants who now can accept direct payments from Coinbase accounts.


Source: https://bitpay.com/blog/coinbase-users-can-now-make-instant-crypto-payments-directly-to-bitpay-merchants/

Blockchain

Bitcoin’s Halving May Not Pump Price Like Last Time – Here’s Why It Doesn’t Matter

With sideways trading, a bearish sentiment, and a slowing two months, Bitcoin has seen a slump from $14,000 USD highs to under $7,000 USD in recent weeks. With the Bitcoin Halviening less than 6-months away, will the market change pace and fuel the bull run that we’ve all been hoping for? While camps are divided, … Continued

The post Bitcoin’s Halving May Not Pump Price Like Last Time – Here’s Why It Doesn’t Matter appeared first on CryptoCanucks.

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With sideways trading, a bearish sentiment, and a slowing two months, Bitcoin has seen a slump from $14,000 USD highs to under $7,000 USD in recent weeks. With the Bitcoin Halviening less than 6-months away, will the market change pace and fuel the bull run that we’ve all been hoping for?

While camps are divided, here’s why we believe this Bitcoin halving will be beneficial for the market and help propel the industry to new heights.

bitcoin clock

Understanding the Potential Downside:

Bitcoin halvenings occur every 210,000 blocks. This is, on average, about every four years and was likely designed as a way to maintain a stable circulating supply and avoid hyperinflation.

When this happens, a miner’s reward per block is cut in half. As the reward level for a block decreases and difficulty for the block increases (as there are more miners competing for a smaller block reward), opportunistic miners are effectively priced out of the competition. The idea is, theoretically at least, that low-end miners cannot afford to continue mining.

As rewards for the block decrease, miners need an ever more efficient way of competing in the marketplace. Those that cannot compete, sell-off Bitcoin in an effort to cut losses and take their gains.

Historically this has only happened after Bitcoin halvenings after reward blocks are cut in half. The worry is that even with low prices now, after the halvening there will be additional selloff because of reduced block rewards, and there may not be a significant upward move for Bitcoin for months to come.

donedonedone

(source: Digital Asset Research – statistical model, not price predictions)

 The above chart as an example shows what happens with the price (light blue line) after halvenings (dotted red lines) occur. What we’re seeing here, is that there was no price increase after the last halvening. Instead, the price started increasing in the middle of the cycle, suggesting that the increase may have already been priced in. Or said another way, that the price increase from $3,000 levels earlier this year, up to $12,000 levels already represent potential gains that might have otherwise occurred after the halvening.

But this is only part of the story.

Reviewing the upside:

Weeding out inefficient miners effectively helps boost the long-term health of the overall market. Both halvenings and low prices help drive this. With continued low prices, this might actually mean that we’ve already priced in ‘miner reduction’ simply because of the current sluggish Bitcoin prices. Only the most efficient Bitcoin miners can sustain a drop in price from $14k to current $7k levels. Many miners have already been forced to shut down their rigs.

Which could mean that the halvening may not force as much sell-off as initially thought.

If it does force additional sell-off, there could be a temporary downslide before a strong bullish movement forward. If it doesn’t force additional sell-off, the halvening will only support a strong bullish trend as supply is limited, rewards are halved, and only the strongest miners remain.

Industry Strength

If we take a step back and look at long-term projections, both cases are more than positive for the industry as a whole. While short-term gains may suffer in the worst of cases, the Bitcoin halvening should help drive a long-term bullish trend.

A simple supply and demand scenario is the easiest explanation, although there are many more nuanced theories.

As halvening difficulty increases, supply is reduced. As supply is reduced the cost of each Bitcoin is likely to rise due to scarcity. Additional factors, such as global economics, increased awareness about cryptocurrency, and increased demand for Bitcoin itself should add fuel to a bullish rally.

It has yet to be determined, and the narratives surrounding the halvening are mixed at best. Yet when we look at the long term possibilities on the state of the industry, two things are very clear.

One – cryptocurrency is here to stay. And two – in the long-run Bitcoin will see a bullish movement forward.

Are you ready to take advantage of the future?


CoinBerry

Buy Bitcoin safely and securely with Coinberry – the only FINTRAC registered & PIPEDA compliant digital currency platform trusted by Canadian Government municipalities.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinberry

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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Source: https://cryptocanucks.com/bitcoins-halving-may-not-pump-price-like-last-time-heres-why-it-doesnt-matter/

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What Are “Crypto/Digital Assets” and How Can They Be Taxed?

By: Amanda Rosenstock and Aaron Grinhaus Thinking about buying or selling digital, or “cryptographic” assets such as Bitcoin, Ethereum and other cryptocurrencies? Does your business already deal with digital assets? Regardless of whether you’re an investor or a business owner, you should be aware of your potential tax liability when managing your Digital Asset portfolio. … Continued

The post What Are “Crypto/Digital Assets” and How Can They Be Taxed? appeared first on CryptoCanucks.

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By: Amanda Rosenstock and Aaron Grinhaus

Thinking about buying or selling digital, or “cryptographic” assets such as Bitcoin, Ethereum and other cryptocurrencies? Does your business already deal with digital assets? Regardless of whether you’re an investor or a business owner, you should be aware of your potential tax liability when managing your Digital Asset portfolio. Read on to learn more!

What are “Digital Assets”?

A Digital Asset is a cryptographic, often Blockchain-based, unit of value that is exchanged through a decentralized ledger system, based on cryptographic verification as opposed to a traditional third-party verifier such as a bank. “Blockchains” are decentralized payment systems, which allow parties to transfer and verify value exchanges directly, without the need for an intermediary.

Digital Assets are also called “Coins” and “Tokens”. Coins operate on their own Blockchain, store value and can be thought of as an asset intended to replace government-created, or “fiat”, currencies. Tokens are typically Digital Assets that convey information or value on a Blockchain platform created for a specific purpose.

Tax Treatment of Digital Assets

 The way that a transaction involving a Digital Assets is taxed depends on the nature of the transaction. One way the proceeds of disposition of Digital Assets purchased and held for investment may be viewed is as a capital gain. For example, when cryptocurrency that has increased in value is subsequently sold for fiat, the gain will be included in the calculation of an individual’s income for tax purposes in accordance with the current capital gains inclusion rate. On the other hand, when Digital Assets such as cryptocurrencies are exchanged for goods or services, or different cryptocurrencies are exchanged, any gains or losses associated with these transactions may be taxed as business income or barter income. Furthermore, cryptocurrency that is sold for fiat currency will be recognized as business income if trading volumes are frequent and short-term profits are consistently realized. Any profit that is made is fully taxable as business income, subject to any allowable deductions for business expenses. While business income is fully taxable, presently only 50% of capital gains are subject to tax, therefore making it more desirable to handle your Digital Assets in a manner that will trigger capital gains.

Barter transactions occur when goods are exchanged for other goods instead of fiat money. If this is done in the course of business, the fair market value of the goods being exchanged is included in the income of each respective participant in the transaction. For example, if a dentist agrees to perform dental services worth $1500 on a carpenter who, in exchange, offers to build a new deck worth $3000 for the dentist, the dentist must include $3000 in her income while the carpenter must include $1500 in his. In the case of Digital Assets: if an individual trades cryptocurrencies on a daily basis as her primary source of income then every trade could trigger a taxable event, even if no fiat currency was received. This results in a tax liability on the part of the trader even though she didn’t actually realize any gains, which is problematic.

As one of Canada’s earliest law firms specializing in the tax treatment of Digital Assets, the lawyers at Grinhaus Law Firm have the knowledge and expertise required to properly structure your crypto and Digital Asset business and holdings and mitigate your tax consequences. If you are looking to buy, sell or structure Digital Asset holdings, call or email us right away to give you peace of mind regarding your tax liability.

You may also consult with the book published by our founder, Aaron Grinhaus entitled A Practical Guide to Smart Contracts and Blockchain Law (Toronto: LexisNexis Canada Inc., 2019).

PLEASE NOTE: THIS IS NOT INTENDED TO BE LEGAL ADVICE AND SHOULD NOT BE RELIED ON AS SUCH. IT IS IMPORTANT THAT YOU CONSULT WITH A LICENSED PROFESSIONAL.

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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Source: https://cryptocanucks.com/what-are-crypto-digital-assets-and-how-can-they-be-taxed/

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The Most Common Types Of Cryptocurrency Scams in 2020

Millions of crypto investors have been scammed out of massive sums since the inception of cryptocurrencies. According to Reuters, in 2018, losses from cryptocurrency-related crimes amounted to $1.7 billion. At Coinberry, we have strived to provide our members with the safest and most secure cryptocurrency trading experience. In this article, we will cover cryptocurrency scams you … Continued

The post The Most Common Types Of Cryptocurrency Scams in 2020 appeared first on CryptoCanucks.

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Millions of crypto investors have been scammed out of massive sums since the inception of cryptocurrencies. According to Reuters, in 2018, losses from cryptocurrency-related crimes amounted to $1.7 billion. At Coinberry, we have strived to provide our members with the safest and most secure cryptocurrency trading experience. In this article, we will cover cryptocurrency scams you need to pay attention to the most and how to avoid them.

Crypto Scam 1: Fake Crypto Exchanges

The most common form of scam that you will come across is fake exchanges. These exchanges sprang up overnight and started bragging about their new features, low fees, and enticing promotions.

One needs to be very careful with such exchanges because once you trust them and deposit your coins or cash there, you have no way to get it back. To avoid this, you should stick with well-known cryptocurrency exchanges that comply with FINTRAC and other related government regulations such as Coinberry.

Crypto Scam 2: Fraudulent ICOs

The second most common way to pull off a scam by fabricating a fake ICO, creating marketing hype and persuading people to buy.

Doing a thorough analysis before investing in an ICOs is vital. Usual signs of fraudulent ICOs are as follows:

  • Anonymous team
  • No clear roadmap
  • Copied or fake whitepaper
  • Unusual hurry in execution
  • Fast ROI claims
  • Mismatch of written words on the website
Crypto Scam 3: Fraudulent Wallets

In an environment like the current cryptocurrency market, potential investors should be very careful to research what they’re putting their money into. With the rise of cryptocurrencies, many fraudulent android wallets have also been launched on Google Play Store.

Google is making efforts to root these posers and keep their platform more secure but they are not fully able to identify all these fraudulent apps. Avoid using unknown wallets that haven’t existed for long and are mostly shady. We recommend using only well-known wallets in the market.

Crypto Scam 4: Ponzi Schemes

This scam is the easiest to spot but many people still fall for it.

Investors are promised high returns and, at first, it appears to be successful and profitable. This attracts new investors to the system. The money from the new investors is then used to pay off the original investors and the cycle continues. This scam works on the model of scamming the one who enters the system later. Does it promise regular returns that exceed average market returns? It’s a Ponzi.

Crypto Scam 5: Phishing Scams

Phishing scams are one of the trickiest types of crypto scams.

Scammers send malicious emails to thousands of people with a great offer in the email that makes people believe that they win some money. They use psychological manipulation to make you believe that the site is legitimate. Naturally, this page looks exactly like a legitimate crypto-trading service. Once you enter your username and password, they get access to your information and steal your money. In order to make sure the website is legitimate, check out the domain name very carefully. There is no way that they can use exactly the same domain name as your original website.

Crypto Scam 6: Pump & Dump Groups

Pump and Dump scams are actually one of the oldest scams in the world. In fact, economic analysts argued that this type of fraud goes all the way back to the early 18th century.

It’s a plot aimed at inflating specific cryptocurrency prices in a bid to buy low and sell high. The scammers usually congregate over Facebook Messenger, Telegram or Slack. On average, such a group would total some 100,000 members. This scam works when the scammers dump their wrongfully acquired coins, the prices will plummet, leading to investors losing their money fast.

Crypto Scam 7: Crypto-Giveaways

Scammers use many different methods to scam people. One of the methods they use is offering free giveaways of bitcoin or other cryptocurrencies in exchange for sending a small amount to register to their crypto exchange store, or by providing some personal information. Don’t fall for these scams as there is no way that they will give you free giveaways without them getting something bigger in return.

Crypto Scam 8: Unrealistic Returns Bait

One of the scams that people usually fall into is Unrealistic Returns Bait. Companies offering you guaranteed high profits by trading on their platform or just simply signing up. These companies use fake reviews on different review sites to create trust. We recommend doing thorough research before you sign up for any platform. First, check out that site’s reviews on different review platforms and read the top Reddit comments. Secondly, check out their website carefully to see if there are any inaccuracies or unrealistic return claims made by the company.

Crypto Scam 9: Scammers Posing As Canada Revenue Agency (CRA) Employees

Arrests were made recently by the RCMP as part of their larger investigation into the CRA telephone scam, called “Project Octavia”. These are callers who pretend to be CRA, RCMP or other federal agents and intimidate victims into paying fines, and/or taxes. The reported losses are more than $30 million from such scams. In addition, CRA has put together resources on Canada.ca so you don’t fall for it.

Bottom Line

Scammers are clever and take advantage of the cryptocurrency market’s flexibility. We covered the most common scams in this article. For an extra layer of protection on your Coinberry account, we recommend turning on Two Factor Authentication (2FA).


CoinBerry

About Coinberry Limited 

Coinberry is a Toronto-based, FINTRAC-registered, financial technology solutions provider focused on blockchain and digital currency solutions. Coinberry operates the Coinberry.com cryptocurrency trading platform, offering members the safest and simplest way to buy, sell, and process payments made with Bitcoin and other cryptocurrencies in Canada.

Buy Bitcoin, Ethereum, XRP, and other cryptocurrencies on Coinberry

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Disclaimer: CryptoCanucks.com is not intended to provide tax, legal or investment advice, and nothing on CryptoCanucks.com should be construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any asset by CryptoCanucks.com or any third party. You alone are solely responsible for determining whether any investment, asset or strategy, or any other product or service, is appropriate or suitable for you based on your investment objectives and personal and financial situation. You should consult an attorney or tax professional regarding your specific legal or tax situation.

Source: https://cryptocanucks.com/the-most-common-types-of-cryptocurrency-scams-in-2020/

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