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Dogecoin Can’t Be A Good Investment Option

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Dogecoin Can’t Be A Good Investment Option

Dogecoin was just started as a fun coin that would be used for payments.

Key Points:
  • Dogecoin is a meme coin with no use case
  • Dogecoin has plunged 12 months straight
  • Bitgert tops among the best crypto investments

If you invested in Dogecoin at a time like this last year and still holding, then you must be counting huge losses. This is because Dogecoin has plunged 84.45% over the past 12 months at the time of this writing. The bad news is that Dogecoin might continue plunging for the next few months, which means more losses for investors.

According to crypto analysts, Dogecoin does not make a good crypto investment. This is based on Dogecoin’s performance over the past 12 months. Dogecoin has been plunging, and the worst thing is that nothing is holding Dogecoin from plunging further.

This is because Dogecoin is a meme coin and has no use cases. According to the Dogecoin founder, Dogecoin was just started as a fun coin that would be used for payments. The hype for the meme coins has been dying fast, and Dogecoin has been one of the most affected. With no real utility, then Dogecoin stands no chance of posting significant growth going forward.

This is not the same case with Dogecoin competitor Bitgert (BRISE). In fact, Bitgert has been posting massive growth when Dogecoin has been crashing. When Dogecoin was hitting lower lows, Bitgert was hitting new ATHs. Here is more about Bitgert and why it is an ideal crypto investment:

 

Bitgert

Bitgert fast growth and development have been the most talked about things in the market. But there are many investors attracted to Bitgert by the disruptive products and projects in the Bitgert ecosystem. The fast-growing Bitgert ecosystem is the biggest reason why many crypto investors are joining Brise coin.

Bitgert is delivering the project fast, with the Bitgert roadmap V1 successfully delivered in 6 months. The roadmap delivered the BRC20 blockchain, the first zero gas fee chain. The Bitgert team has launched roadmap V2, which has a big list of DeFi, NFTs, and Web3 products.

The Bitgert team also partnered with the Centcex team to increase products on the Bitgert chain. The Centcex team will be building an unlimited number of products. There will also be 1000+ Bitgert projects from Startup Studio added to the Bitgert ecosystem. So Bitgert has massive developments coming up.

The bottom line is that Dogecoin is dying while Bitgert is growing exponentially. Bitgert has proved to be one of the best crypto investments today. Bitgert is a project with the potential to explode 1000x.

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Portugal To Tax Cryptocurrency Income According To Minister Of Finance

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Portugal To Tax Cryptocurrency Income According To Minister Of Finance

Portugal, one of the countries considered a crypto tax haven due to its absence of crypto-related taxation, is preparing to change this policy. Fernando Medina, minister of finance of Portugal, stated that the country is working on a framework to allow the taxation of cryptocurrency income gains following the principles of “justice” and “efficiency,” and declared that there cannot be gaps for any income gains to be obtained without taxation.

Portugal to Tighten Cryptocurrency Taxation Policy

Portugal, one of the countries that has been touted as a crypto haven due to the absence of taxation in this regard, is working on the establishment of laws that will allow it to tax these digital assets. The statements on the subject were made by the minister of finance of the country, Fernando Medina, during a state budget discussion.

Medina explained:

Several countries are building their models regarding this matter and we are going to build ours. I do not want to commit myself to a date at this moment, but we will adapt our legislation and our taxation.

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The government had already given signs of its future direction regarding cryptocurrency taxation. The Ministry of Finance asked the Portuguese Tax Authority to study how crypto assets were taxed in other regions in 2021 “in order to propose an adequate tax framework for these new instruments, taking into account the necessary balance between the fair distribution of income and wealth and the attraction of foreign investment.”

Models Still Not Decided

While the models by which cryptocurrency gains will be taxed are still unclear, Medina stated that these would be set up following the principles of “justice” and “efficiency,” aiming for a tax system that would not scare cryptocurrency investments out of the country. Medina declared this system should make taxation “adequate,” but not of an “exceptional character that ends up reducing revenue to zero, which is contrary, in fact, to the objective for which it exists.”

However, he was firm in the belief that cryptocurrency should be taxed eventually, stating that there could not be “gaps that cause there to be capital gains in relation to the transaction of assets that do not have a tax.”

Recently, cryptocurrencies are starting to be used as a means of payment in real estate transactions in Portugal. On May 8, the reported first transaction of this kind happened in the country, when an apartment in Braga was sold for 3 BTC.

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What do you think about the statements on crypto taxation made by Portugal’s minister of finance? Tell us in the comments section below.

Sergio Goschenko

Sergio is a cryptocurrency journalist based in Venezuela. He describes himself as late to the game, entering the cryptosphere when the price rise happened during December 2017. Having a computer engineering background, living in Venezuela, and being impacted by the cryptocurrency boom at a social level, he offers a different point of view about crypto success and how it helps the unbanked and underserved.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products

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Indian Regulator SEBI Proposes Banning Public Figures From Endorsing Crypto Products

The Securities and Exchange Board of India (SEBI) has reportedly proposed banning public figures, including celebrities and sportsmen, from advertising and endorsing crypto products. The regulator also proposed that public figures be held liable for any law violations when promoting crypto products.

SEBI’s Crypto Advertising and Endorsement Proposal

The Securities and Exchange Board of India (SEBI), the country’s securities and commodity market regulator, has proposed prohibiting public figures, including celebrities and sportsmen, from endorsing crypto products, Businessline reported last week. In addition, the regulator proposed requiring advertisers to disclose possible law violations.

SEBI recently shared its view on the subject with India’s Parliamentary Standing Committee on Finance when it was questioned about various crypto issues, sources told the publication. The regulator subsequently submitted a detailed written response to the committee.

The Indian Ministry of Finance also asked SEBI to give its view on the crypto advertising guidelines published in February by the Advertising Standards Council of India (ASCI).

SEBI reportedly wrote:

Given that crypto products are unregulated, prominent public figures including celebrities, sportsmen, etc. or their voice shall not be used for endorsement/advertisement of crypto products.

Furthermore, the securities regulator proposed that public figures be held liable for endorsing crypto products, which could violate certain laws, including the Consumer Protection Act.

In addition, SEBI suggested adding the following statement to the ASCI disclaimer: “Dealings in crypto products may lead to prosecution for possible violation of Indian laws such as FEMA, BUDS Act, PMLA, etc.”

ASCI’s crypto guidelines, which went into effect on April 1, state: “Since this is a risky category, celebrities or prominent personalities who appear in such advertisements must take special care to ensure that they have done their due diligence about the statements and claims made in the advertisement, so as not to mislead consumers.”

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Meanwhile, the Indian government is working on the country’s crypto policy. Finance ministry officials have met with the International Monetary Fund (IMF) and the World Bank to discuss crypto regulation. India’s finance minister recently said that the decision on crypto regulation will not be rushed. Crypto income is currently taxed at 30% in India.

What do you think about SEBI’s view on prohibiting public figures from endorsing crypto products? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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Iran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions

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Iran Blocks 9,200 Bank Accounts Over Suspicious Foreign Currency, Crypto Transactions

Iran’s Ministry of Intelligence has reportedly blocked almost 10,000 bank accounts over suspicious foreign currency and cryptocurrency transactions. The action was carried out in collaboration with the country’s central bank.

9,219 Bank Accounts Blocked

Iran’s Ministry of Intelligence issued a statement Saturday stating that it has blocked a number of bank accounts due to suspicious foreign currency and cryptocurrency transactions, local media reported. The ministry detailed:

A total of 9,219 bank accounts belonging to 545 individuals were blocked.

The statement adds that the total transaction value blocked was over 60 trillion Iranian tomans, which is approximately $2 billion based on the daily dollar exchange rate in the Iranian open market. Iran’s currency recently hit a four-month low against the U.S. dollar.

However, the ministry did not provide any details on the accounts or how much of the turnover was in digital currency.

The Ministry of Intelligence’s action was carried out by the order of a judge and in collaboration with the country’s central bank. It was part of the Iranian government’s recent plan to combat illegal and unauthorized foreign currency and cryptocurrency transactions. In December last year, the ministry announced that it froze bank accounts of more than 700 “illegal” foreign exchange traders in the country.

Meanwhile, Iran is also cracking down on unauthorized cryptocurrency mining. The authorities have shut down about 7,000 unauthorized mining facilities in the past two years. The Iranian government has also drafted new rules to increase penalties for illegal cryptocurrency mining, including additional fines and imprisonment.

What do you think about Iran blocking bank accounts over suspicious crypto transactions? Let us know in the comments section below.

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Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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