Why Tax Reporting For Cryptocurrencies Is So Stressful?
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Why is Tax Reporting For Cryptocurrencies so Stressful?The evolution of cryptocurrencies — the virtual “coins,” was supposed to disrupt the very concept of money itself. But it didn’t go as planned.With no physical manifestation, no central bank, and no government regulation, cryptocurrencies provided a perfect spot for some investors to dodge tax authorities.Crypto Is No Longer “Bogus”Bitcoin, the most popular cryptocurrency, and other “privacy coins”, such as Monero and Zcash, used to rule the dark web — the shady part of the Internet where weapons, pornography, and gambling are easily available. But this is slowly changing.Gone are the days when the government considered cryptocurrency as a “bogus” economy.Today, government regulations are now playing a vital role in legitimizing cryptocurrencies (...)