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How To Make Money From Ethereum Name Service?

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How To Make Money From Ethereum Name Service?

Learn how you can use ENS to become rich

We all love to reap the benefits of advanced technologies, but anyone hardly ever wants to deal with the technical complexities that come with them. To search for websites and URLs, just as DNS was created to make the numbered address easier for human access, similarly, ENS is a protocol that links machine-generated codes to human-friendly names.

A crypto wallet user still can’t send or receive digital assets by simply typing in another user’s name. This practice might change though thanks to the rise of Ethereum Name Service (ENS), a blockchain-powered service that recently registered its one millionth domain name. Currently, there are more than one million active ENS domains, and thousands of new domains are being registered through the platform daily. ENS domains that consist of four digits or fewer are the most popular, likely due to their rarity. Only 10,000 of these exist, and they sold out within six hours of their release. Some have recently sold on secondary for amounts up to 90 ETH (about $255,000).

The system has been going for a few years and was even funded by Ethereum itself. But while the Ethereum Name Service is based on the Ethereum blockchain, it doesn’t only use Ether. You can send and receive pretty much any kind of cryptocurrency with the system’s wallets, although the service’s annual fees are payable in Ether. The system’s own token, ENS, is only used for governance purposes at present. It is only recently, though, that ENS has been available on the open market, which makes an Ethereum Name Service price prediction tricky, because there is fewer data to go on, meaning less of a percentage time frame to transfer forward.

According to the ENS technical documentation, the naming system was developed to “map human-readable names like alice.eth to machine-readable identifiers such as Ethereum addresses, other cryptocurrency addresses, content hashes, and metadata”.

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Even though past performance is never any indication of future results, especially when there is relatively little to go on, if we are trying to estimate the coin’s future worth then the Ethereum Name Service price history is still worth looking at to see how ENS has responded to various market activities over the past few months. The Ethereum Name Service coin has been trading openly since the end of 2021. When it came out on 9 November that year it was worth $33.66 and, even though it fell to an intraday low of $22.92, it rebounded to close the day at $43.66.

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Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

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Biggest Movers: DOGE, XRP Hit Highest Point Since Late September

Dogecoin was trading near its highest point since late September on Wednesday, as prices rose for a second straight day. The rally comes as the meme coin continues to trade above a key resistance level, following a breakout on Tuesday. Xrp was also in the green today, trading close to a one-week high.

Dogecoin (DOGE)

Dogecoin (DOGE) was one of today’s notable movers, as the meme coin hit its highest level in over a week.

Following a low of $0.0606 on Tuesday, DOGE/USD rallied to an intraday high of $0.06646 earlier today.

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The move saw the token continue to trade above a resistance level of $0.0640, hitting its strongest point since September 24.

DOGE/USD – Daily Chart

Looking at the chart, it can be seen that prices have declined, which came as the 14-day relative strength index (RSI) hit a resistance point of 60.00.

This collision has since prompted traders to exit previous positions, securing earlier profits in the process.

The memecoin continues to trade above its $0.0640 level, with the 10-day (red) moving average also trending upwards, which could be a sign of further gains to come.

XRP

Another relatively big mover on hump day was XRP, which also rose close to a one-week high in today’s session.

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XRP/USD hit a high of $0.4938 earlier, which came as prices of the token rose for a third consecutive day.

This rise in price saw XRP hit its highest point since September 30, and it moved closer to a key resistance level in the process.

XRP/USD – Daily Chart

Looking at the chart, the token edged closer to this $0.510 mark, which hasn’t been hit since September 25.

As of writing, earlier gains have somewhat faded, which comes as the RSI looks set to hit a ceiling of 62.00.

Should the index move past this point, then there is a strong possibility that XRP will continue to climb higher.

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How high do you believe XRP can climb this month? Let us know your thoughts in the comments.

Eliman Dambell

Eliman brings an eclectic point of view to market analysis, he was previously a brokerage director and retail trading educator. Currently, he acts as a commentator across various asset classes, including Crypto, Stocks and FX.

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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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Binance And Kazakhstan To Share Information About Crypto-Related Crime

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Binance And Kazakhstan To Share Information About Crypto-Related Crime

Cryptocurrency exchange Binance has agreed to support Kazakhstan in ensuring the safe development of the country’s crypto market. The trading platform and Kazakhstan’s financial regulators intend to inform each other about cases involving the use of digital assets for illicit purposes.

Binance Exchange to Help Kazakhstan Authorities Combat Crime Linked to Cryptocurrencies

The world’s leading coin trading platform, Binance, and Kazakhstan’s Financial Monitoring Agency have recently signed a Memorandum of Understanding expressing their mutual interest in the safe development of the Central Asian nation’s virtual assets market.

An announcement explained that the agreement will govern joint efforts to fight crimes involving digital assets. The crypto exchange and the regulatory body plan to share data that can be used to identify and block crypto holdings obtained by criminal means as well as those employed in the laundering of proceeds from crime and the financing of terrorism.

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According to Tigran Gambaryan, global head of intelligence and investigations at Binance, the company has the most robust compliance program in the industry, incorporating the principles of anti-money laundering and sanctions compliance as well as tools to detect suspicious accounts and fraudulent activity.

During the meeting, Gambaryan and Chagri Poyraz, who heads Binance’s global sanctions department, presented reports devoted to investigations in the crypto space and suppression of illegal activities leading to sanctions evasion using cryptocurrencies.

The signing was also attended by the Chairman of the Financial Monitoring Agency of the Republic of Kazakhstan Zhanat Elimanov, executives and employees of the regulatory body, and other representatives of the Binance ecosystem, the exchange noted in a press release.

The memorandum is part of Binance’s global training program for representatives of regulatory and law enforcement agencies. Its main purpose is to develop cooperation with local and international authorities in the fight against cyber and financial crimes. The initiative has already been implemented in France, Germany, Italy, the U.K., Norway, Canada, Brazil, Paraguay, and Israel.

The agreement follows the signing of another Memorandum of Understanding with Kazakhstan’s Ministry of Digital Development and Innovation in May, under which Binance will advise the government in Nur-Sultan on crypto regulations. In August, the exchange was granted preliminary approval to provide trading and custody services for digital assets in Kazakhstan, a major crypto mining hub.

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agreement, Binance, Crime, Crypto, crypto exchange, crypto trading, Cryptocurrencies, Cryptocurrency, Cryptocurrency Exchange, Exchange, Financial regulators, Kazakhstan, memorandum, Money Laundering, Sanctions, sanctions evasion

Do you expect Kazakhstan to seek assistance from other global crypto companies as it tries to regulate its digital asset economy? Tell us in the comments section below.

Lubomir Tassev

Lubomir Tassev is a journalist from tech-savvy Eastern Europe who likes Hitchens’s quote: “Being a writer is what I am, rather than what I do.” Besides crypto, blockchain and fintech, international politics and economics are two other sources of inspiration.

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Image Credits: Shutterstock, Pixabay, Wiki Commons, Binance

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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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What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax

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What Steps Should Be Taken For Crypto Holders Who Don’t Pay Tax

Want to invest in cryptocurrencies? Here is how you will pay your income tax.

A cryptocurrency is a form of electronic cash and a decentralized digital asset. Launched in 2009, Bitcoin was the initial cryptocurrency in the world. The Indian cryptocurrency market has faced numerous regulatory obstacles. An estimated 5 million dealers across 24 exchanges traded in India, with daily trading volumes of up to 1,500 Bitcoins equaling about Rs. 1 billion. Moneycontrol.com reports that during the nationwide lockdown, bitcoin trading volume in India soared by 400%. The tax implications of cryptocurrency gain realization are currently unknown under Indian income tax law. It is important to note that India’s tax authorities have not yet classed cryptocurrency return income under any specific bracket and there are currently no plans to do so.

The aforementioned transaction won’t be subject to taxation under the Income Tax Act of 1961 (“ITA”) if cryptocurrency is classed as money. The phrase “income” as defined under section 2(24) of the ITA gives an inclusive list that does not cover “money” or “currency,” and the RBI does not regard cryptocurrencies as currency. While cryptocurrency would fall under “Capital Gains” or “Profit and Gains from Business or Profession” if it were viewed as property or goods, respectively.

With Mr. Anurag Singh Thakur, Minister of State for Finance, stating on March 28, 2021, that “the gains resulting from the transfer of cryptocurrencies/assets are subject to tax under a head of income, depending upon the nature of holding of the same,” it is now certain that cryptocurrency gains will be taxed. It has been decided that cryptocurrencies would not be considered legal tender in India and will be subject to taxation. The main question is whether virtual currency revenue is considered company income or capital gains. The money should be taxed as business income if the seller is a trader by profession. If it is not company income, it would be subject to capital gains tax.

If cryptocurrency is bought by a taxpayer to invest in it, it may be considered to be a capital asset. A person’s possessions of any type, whether or not they are related to his or her business or profession, are referred to as capital assets under Section 2(14) of the ITA. Although the word “property” has no legal definition, it refers to any kind of interest that a person would be able to acquire, own, or enjoy. Therefore, if bitcoin is held for investment purposes, any gain from its transfer may be regarded as capital gains. Depending on the holding time, infrequent crypto transactions may be seen as long- or short-term capital gains. Gains from holding cryptocurrencies for 36 months or longer would be taxed as long-term capital earnings; gains from holding them for less time would be taxed as short-term capital gains. Short-term capital gains are taxed at the applicable taxpayer-specific slab rates. And with the benefit of indexation, long-term capital gains are taxed at a flat rate of 20%.

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However, it may be determined that the taxpayer is trading in cryptocurrencies if the transactions are considerable and regular, in which case any earnings would be subject to business income tax. Similarly, money derived from cryptocurrencies will be subject to tax under business income if they are held as “stock in trade.” As a result, the ongoing cryptocurrency trading activity and any profits made are taxable as business income. Although the revenue authorities could argue that such trading is classified as speculative income, which would hurt taxpayers.

In closing, virtual currencies have the potential to improve India’s digital infrastructure and lower infrastructure costs incurred by banks due to international payments, securities trading, and regulatory compliance. Government clarification on cryptocurrency taxation is still needed, especially regarding matters like how capital gains or business income should be handled, whether income is considered to be speculative, whether losses can be set off against gains or carried forward, and whether gift tax provisions are deemed should be used.

The post What Steps Should Be Taken for Crypto Holders Who Don’t Pay Tax appeared first on Analytics Insight.

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