Cryptocurrency Tax Obligations

Maybe you have actually already purchased some cryptocurrency on your own. If so, you’ll eventually require to locate the right time to cash out on this treasure trove. However, before you get to that factor, you must think about just how you’re going to handle cryptocurrency tax obligations. That’s right– if you have a gain, Uncle Sam will most assuredly want his cut. So, while the virtual money may not actually exist, these settlements you’ll need to make most certainly do.

Cryptocurrency is digital money that uses encryption strategies, instead of a reserve bank, to create, exchange, and transfer systems of currency. Unlike cash purchases, no bank or federal government authority validates the transfer of funds. Rather, these online transactions are recorded in a digitized public journal called a “blockchain.” Specific devices of the currency are called “coins.”.

Bitcoin, Crypto, Btc, Cryptocurrency, Currency, Money

What is the cryptocurrency tax price?
The cryptocurrency tax obligation rate for federal tax obligations is the same as the capital gains tax obligation rate. In 2021, it ranges from 10-37% for short-term capital gains and 0-20% for long-term funding gains. In the US, crypto-asset gains are computed making use of 2 variables: your earnings, and for how long you have held them (holding duration).

Your holding period begins the day after you buy the possession or make the purchase as well as proceeds until the day that you trade/sell/send that capital asset. This is where short-term resources gains and also long-term funding gains come in.

 

Conclusion

Cryptocurrency appears to be right here for the long term, and thus the analysis bordering its reporting will certainly remain to magnify. It befits Certified public accountants– especially those whose customers preserve settings in several of these currencies– to keep abreast of the evolving regulative image bordering this new sort of possession.

When it comes to these assets being taxed, we are in a very particular era where these have to be carefully monitored and managed for them to be as accurate as possible. Of course with any taxation law, people will always try to find pertaining loopholes that they can benefit from. Every accountant now realizes that knowing how to properly advise their clients when it comes to these particular capital gains, can be a gamechanger for their clients and the growth of their client list.

There are still reviewing what type of laws should be added and which ones should be dropped, but one thing is imminent, there will be multiple attempts to create some type of regulation for these coins.

Cryptocurrency Company And The Technology Behind It

Blockchain is coming to be a legitimate disruptor in a myriad of markets. The technology has come to be so encouraging that none aside from tech titan IBM is spending more than $200 million in research. More than 90% of European as well as US financial institutions are investigating blockchain choices. A cryptocurrency company and the technology can transform government, finance, insurance policy, and personal identity protection, among hundreds of various other areas.

The lack of experience and skill is specifically problematic within the turbo-charged crypto neighborhood. The exchanges need extremely specialized experts, such as software application designers, conformity, lawful, threat administration, advertising, sales and recruiting workers to manage, scale their organizations and also deal with the awaiting tighter regulations and also federal government oversight.

Crypto Companies relocating from China to somewhere else

Bit Digital and also other cryptocurrency mining companies currently encounter numerous difficulties as they move their makers out of a country that formerly utilized two-thirds of the international energy dedicated to harvesting bitcoin. The devices are prone to damage if shaken or moved incorrectly, which makes packaging and delivering them globally a difficult task. A solitary brand-new computer can cost about $12,000.

Bitcoin, Table, Courses, Finance, Virtual, Crypto

Firms have needed to decide whether to relocate their computers by air or sea, considering the price as well as the length of transportation. Bit Digital stated it still had 9,484 mining devices– or almost a third of its computers– in China’s Sichuan province since June 30. The business has employed big global logistics firms to help relocate the hardware and hopes they will all remain in North America by the end of September, stated Samir Tabar, Little bit Digital’s chief strategy policeman. The business is sending machines to areas in Nebraska, Georgia, Texas, and also Alberta, Canada.
If we think about the power and influence that these companies may acquire in the future based on the growth of these currencies, the opportunities are endless and the sky can become the limit.
As a society, we have always had our questions about adapting new concepts and technologies, but if they are proven to be more beneficial than whatever was being used before, then the adaptation becomes exponentially quicker. This is something that we are seeing with the crypto market and most enterprises and governments are moving towards that direction know about the global impact that it has had in the last couple of years.

Cryptocurrency companies are here to stay. They will become the biggest names and the strongest companies in the upcoming years. As more and more research is happening about how to improve the crypto market, more of these companies will have a more solid foundation in order to continue growing and moving forward accordingly.

What Does The Crypto Market Entail?

The crypto market continues to attract a great deal of interest from capitalists, business owners, regulators as well as the general public. Much of the current public discussions have actually been triggered by the significant modifications in their rates. They also declare that the marketplace is a bubble with no essential value, and additionally worry about evasion of regulatory and lawful stipulations.

These worries have resulted in calls for enhanced policy and even an overall ban. Additional arguments worry inter alia: the category of cryptocurrencies as assets, cash, or something else; the potential advancement of cryptocurrency derivatives of credit scores agreements in cryptocurrency; the use of initial coin offerings (ICO) using innovation to finance start-up campaigns; and the problem of digital money by reserve banks employing cryptocurrency technologies.

This works on blockchain technology, but just what is a blockchain? The term has actually become so prevalent, its significance and also significance is often obscured. A blockchain is simply a digital journal of deals. This ledger (or data source) is dispersed throughout a network of computer system systems. No solitary system regulates the journal. Instead, a decentralized network of computer systems maintains a blockchain running and confirms its deals.

 

Proponents of blockchain innovation claim that it can enhance openness, increase trust funds as well as bolster the protection of data being shared throughout a network. Critics state that blockchain can be difficult, ineffective, costly, and can make use of too much energy. What about the arrangements used for financial properties taped in digital type (such as bank down payments, equities, or bonds yet not holder bonds or banknotes)? Possession arrangements for these assets depend on the information system preserved by a bank (commercial financial institution, custodian financial institution, fund manager) determining who is qualified to any type of income or other civil liberties it provides and has the right of sale or transfer. Originally these systems were paper-based, however because the 1960s they have used the very first mainframe and more lately computer systems.

If there is an imperfection in their details system, for example, a breach of security that causes burglary or loss or failure to execute a guideline for transfer, then the bank is legitimately responsible for compensating the owner of the property.

Cryptocurrency adoption.
Regardless of the inherent dangers, the blockchain market is continually growing more powerful. Much-needed monetary facilities are being constructed, and also capitalists are increasingly able to accessibility institutional-grade custody solutions. Professional as well as individual financiers are slowly obtaining the devices they need to handle and also safeguard their properties.

Crypto futures markets are being established, as well as several companies are acquiring straight exposure to this industry. Financial titans such as Square (NYSE: SQ) and PayPal (NASDAQ: PYPL) are making it simpler to buy and sell cryptocurrency on their prominent platforms, while other companies, consisting of Square, have collectively spent numerous countless dollars in Bitcoin as well as other electronic properties. Tesla (NASDAQ: TSLA) bought $1.5 billion well worth of Bitcoin in early 2021.

While various other variables still influence the riskiness of cryptocurrency, the enhancing rate of adoption suggests an industry growing. Individual capitalists, as well as firms alike, are seeking to acquire straight exposure to this market, considering it risk-free enough for spending large amounts of cash.

What Is Crypto Exchange?

You can’t simply get crypto from your bank or investment firm. When you have actually determined you intend to purchase some Bitcoin, Ethereum, or one more altcoin, you’ll require to create an account on a crypto exchange platform to trade your U.S. dollars (or other money) for electronic properties. 

A crypto exchange is a system on which you can deal with cryptocurrency. You can use interchange to trade for an additional– converting Bitcoin to Litecoin, as an example– or to buy crypto utilizing regular money, like the U.S. Dollar. These mirror the present market prices of the different coins they provide. You can also convert them back into the U.S. Dollar or one more money on a transaction, to leave as cash within your account (if you wish to trade back later on) or withdraw to your routine checking account. 

 

Released in China, in 2017, Malta-based Binance is among one of the most prominent trading transactions worldwide. In 2019, Binance US was launched in San Francisco for US homeowners. 

Binance permits you to get, sell, and trade cryptocurrency, billing 0.1% on trades. You have the alternative to make the rate of interest on your coins by laying them for some time and gaining an interest rate of between 0.5-10%. 

This primarily caters to inexperienced financiers seeking to sell their coins, so this is perfect if you’re a novice that’s aiming to discover the ropes without being overwhelmed by graphs and data throughout the display. 

Coinbase permits bank deposits, financial institution transfers, PayPal, and also credit/debit card transfer payments. However, the exchange has rather costly costs at $0.99-$ 2.99 for purchases under $200 and also an extra 0.5% charge depending on the amount traded. 

On matters of protection, Coinbase has an FDIC insurance policy that enables individuals to be relatively compensated if the firm disappears, and cold storage is made use of to set aside 98% of user funds, so in theory, just 2% of your cash can ever be stolen any time. 

 

Bisq is a downloadable software program and peer-to-peer decentralized Bitcoin and crypto exchange. This suggests that Bisq has no central point of failure and also cannot be taken down, similar to Bitcoin itself. Bisq is non-custodial, indicating no one aside from the user touches or regulates the user’s funds. 

 This differs from streamlined transactions, like Coinbase, as Coinbase controls the user’s funds in a custodial account to which the user does not have the exclusive tricks. Because scenario, Coinbase holds the right to seize your funds if it regards your account activity dubious, whether or not the activity is really illegal in your location. 

Bisq is instantaneously obtainable to any person with a computer or smart device as there is no registration process or KYC (Know Your Consumer) rule. This makes it perfect for those searching for personal privacy, objectors living within an oppressive program, or any individual with no government-issued identification. 

Final thoughts

If you’re seeking to get started with trading or investing, choosing the most effective exchange for your objectives is very important. Whether you want the most currencies, the lowest costs, or the easiest experience, there is an excellent alternative for you. Whether that’s our well-rounded champion Coinbase or a competitor like Binance, all you require is a financed account, and also you can buy your first cryptocurrency.

Is A Bitcoin Wallet Necessary?

Just like you need a budget to protect your cash as well as credit cards, you should additionally understand where you’re most likely to store your crypto. Typically this would be in a Bitcoin wallet. 

When you acquire electronic money on a trading platform or exchange, you may have the alternative to leave the “secrets” to your coins within the account– that’s one form of storage. However, you can additionally relocate them off the platform to a personal budget, which may be a software application linked to the Net (a warm budget) or an entirely offline device (freezer). 

The term “pocketbook” is a little bit of a misnomer, as a cryptocurrency budget doesn’t really store funds.

Rather, each wallet stores one or more exclusive cryptographic secrets, which are required to access funds that reside in several pieces on a decentralized online journal called the blockchain. It’s definitely crucial to maintain your exclusive tricks safe, as well as shedding your key can frequently indicate shedding your hard-earned cryptocurrency.

The simplest means to divide your Bitcoin pocketbook choices is in between equipment (freezer) and software (warm storage).

At the most secure end is what’s called “cold store.” Digital wallets that store secrets offline on a physical tool like a USB drive are called freezer purses since they’re not linked to the web. A customer retains full control over when as well as where the pocketbook is accessed, and all of the possessions are saved offline, making it harder for hackers to steal from. But if you need to access your purse quickly or on the move, it’s not one of the most convenient alternatives. 

 

Web-based budgets, like Coinbase and Blockchain.com, shop your coins with an online 3rd party. You can gain access to your coins as well as make deals with any type of device that allows you to link to the web. These web-based purses are regularly related to exchanges that permit you to trade as well as keep crypto all in one place.

While convenient, online pocketbooks still hold most of the exact same risks as mobile purses, specifically that since they’re linked to the internet, they can be hacked. Though this is an unusual incident and also stolen funds have typically been renewed with insurance, you might not want to take this danger with your money. In addition, there have been times when exchanges have closed down, and individuals shed the coins in their web budgets.

Desktop purses are set up on a desktop or laptop computer and also offer the customer complete control over the budget. Some desktop wallets additionally include extra capabilities, such as node software programs or exchange combinations.

However, desktop computer wallets are considered relatively unconfident, because of the threat that the computer could be jeopardized. Some well-known are Bitcoin Core, Depot, Hive OS X, and Electrum.1.

Encrypting your budget or your smartphone permits you to establish a password for anybody trying to withdraw any kind of funds. These assists secure against thieves, though it cannot protect against keylogging hardware or software programs. 


You ought to make sure you never forget the password or your funds will certainly be permanently lost. Unlike your bank, there are very limited password recuperation options with Bitcoin. As a matter of fact, you should have the ability to remember your password even after years without utilizing it. Doubtful, you may intend to keep a paper copy of your password in a refuge like a vault.

Just like you need a wallet to protect your money and charge card, you need to likewise recognize where you’re most likely to save your crypto.

The main advantage of a Bitcoin budget is that it safeguards financiers from prospective exchange hacks. While the significant exchanges are enhancing their cybersecurity constantly, breaches still occur every so often, with Binance– the world’s most significant exchange– being hacked as recently as May 2019.

Having your very own purse suggests you’re safeguarded from prospective hacks, and also yet it also safeguards customers from circumstances where an exchange freezes a customer’s funds or account. For instance, prominent cryptocurrency exchange Coinbase recognizes that in “extremely rare scenarios,” it will avoid access to client funds when required to comply with an order from a court or other authority. 

Blockchain in Telecom: How Bitcoin Latinum Can Service the Telecom Industry

Over the course of this utility series, we have learned about the potential benefits of Bitcoin Latinum to fill the emerging demands of corporations and consumers within the Media and Entertainment, Gaming, and Cloud Computing industries. This fourth and final segment will showcase how Bitcoin Latinum is primed to service the incoming demands of telecommunications providers and their customers.

The current telecommunications industry is lagged by the limitations of modern technology infrastructure and many traditional practices performed by telecom leaders. In this digital age, any form of internet communication can be tracked; from phone calls to Facebook posts, data is constantly being collected on every click users make. In fact, major companies have created billion-dollar empires from a freemium business model where they profit from selling user data to third party services, and tech companies are getting away with this solicitation because most users do not know better. If customer-to-enterprise data exchanges are going to be secure and private, than there needs to be a new system put in place.

The issues created by the centralized tech companies can be solved using decentralized blockchain technologies. Instead of transferring information through corporate servers, information can be transmitted through anonymous user nodes that all collaborate for validation. Through decentralization, data is exchanged on a secure network and sent directly to the desired recipient with no intermediary, eliminating unnecessary costs and reducing third-party facilitation risks. Without intermediaries, no centralized body controls the flow of communication, and no one else besides the sender and the recipient have access to the data. Additionally, decentralized infrastructures remove hardware entities that are vulnerable to hackers. The decentralization of telecom services allows information and data flow to be optimized with significantly less security risks than competing centralized services.

Blockchain technology helps facilitate information flow, however, not all blockchains or cryptocurrencies are equally good at data intermediation. Bitcoin, for example, performs 4.6 transactions per second (TPS), which is significantly slower than the TPS required for Bitcoin’s blockchain to be utilized at scale. To engineer greater scalability, the workload of Bitcoin’s blockchain can be offset and the rules changed via a hard fork.

The future of telecommunications relies on technology that is scalable, secure, and fast enough to manage the incoming demand to support widespread adoption of next-generation technologies such as Internet of Things (IoT) and 5G networks. The data being exchanged across these technologies never stops, and the proper deployment of the right blockchain network can help facilitate these never-ending data exchanges with minimal costs and lightning speed, sustainably.

Using Bitcoin’s existing protocols, Bitcoin Latinum is a hard fork of Bitcoin that enhances several blockchain infrastructure bottlenecks, providing tremendous upgrades to scalability, security, sustainability, and network governance. As a result of Latinum’s infrastructure upgrades, transaction speeds and costs per transaction are infinitesimally smaller than leading blockchains like Bitcoin and Ethereum. Additionally, Latinum’s secure and transparent governance allows holders to influence changes to the network, ensuring that those with the most stake in Latinum are most able to preserve its longevity. Through Bitcoin Latinum, traditional telecommunications practices may soon be overridden to better optimize processes industry-wide and aid in the seamless deployment of IoT and 5G technology.

Bitcoin Latinum partners with The H.Wood Group

In an exciting turn of events, Bitcoin Latinum is partnering with the world-famous luxury hospitality and lifestyle company, The H.Wood Group. The H.Wood Group, based out of Los Angeles, is a well-renowned hospitality company that combines luxury food with innovative concepts and warm hospitality to provide a unique experience.

The partnership between Bitcoin Latinum and The H.Wood Group will result in the next-gen Bitcoin being accepted across the entire chain and several cross-promotional marketing initiatives. Both the platforms will benefit by introducing their services to a new genre and pitch to the respective clienteles.

What does the partnership entail?

The partnership between Bitcoin Latinum and The H.Wood Group will involve several marketing initiatives, event sponsorships, and endorsements. The H.Wood Group will allow the guest to pay for tables, drinks, food, and merchandise using Bitcoin Latinum with Bitcoin and Ethereum Tokens.

This partnership is a vital step for both companies to expand their horizons. The co-founder of The H.Wood Group, John Terzian, expressed his excitement about the partnership,

“As entrepreneurs, Brian and I have always looked into the future rather than getting stuck in old ways. We are constantly watching, learning and adapting. Crypto and blockchain are the future in many ways and we want The h.wood Group to be ahead of the curve. We are excited for this endeavor with Bitcoin Latinum,”

Cryptocurrencies are gradually integrating with different industry verticals, and the hospitality and entertainment sector is one of the busiest industries. By integrating Bitcoin Latinum with a prominent hospitality company, Bitcoin Latinum will open up new opportunities.

“It is an honor to work with great entrepreneurs like John and Brian,” said Dr. Donald Basile, CEO of Monsoon Blockchain Corporation. “We look forward to our partnership, and helping companies and individuals understand the benefits of the blockchain to foster widespread adoption across the entertainment and hospitality industries.”

About The H.Wood Groups

The H.Wood Group is founded by entrepreneurs John Terzian and Brian Toll. They independently own and operate the entire network of restaurants, nightlife, and hotel venues worldwide. The H.Wood Group caters to the needs of celebrities and influencers and has won multiple awards for its unique concepts.

Some of the popular concepts under the company include, The NICE GUY, Delilah LA, Delilah Las Vegas at Wynn Resorts, Delilah Miami, SLAB, Mason, Petite Taqueria, and hospitality venues include Blind Dragon, Bootsy Bellows, Poppy, The Peppermint Club, SHOREbar, 40 LOVE and FOUND Hotels.

About Bitcoin Latinum

Bitcoin Latinum is the next-gen Bitcoin fork that offers faster, cheaper, and greener transactions. LTNM operates on a Proof of Stake consensus algorithm that bypasses Proof of Work’s network congestion and high power usage to offer a safer alternative to Bitcoin while staying true to its fundamentals.

Bitcoin Latinum does not restrict itself to a particular genre, as evident from this partnership with a leading entertainment and hospitality business. The company aims to introduce cryptocurrencies in several sectors such as media, entertainment, gaming, storage, cloud, and telecommunications. Bitcoin Latinum has a thorough roadmap planned which includes more strategic partnerships and launches coming soon.

Bitcoin Latinum in Cloud Computing

Blockchain and the Cloud: How Bitcoin Latinum Can Optimize the Cloud Computing Industry

As seen in prior segments, Bitcoin Latinum’s architecture is engineered to support the media and entertainment, gaming, cloud computing and telecommunications industries. This article will showcase Bitcoin Latinum’s unparalleled utility in the cloud computing space.

Data production increased exponentially over the last decade, igniting exponential growth of the cloud computing industry. Whether at the enterprise or individual level, everyone shares the same desire to protect their data. Furthermore, people desire custom-tailored data storage with enough customizability to support their changing needs for data processing. Cloud infrastructure is made up of a massive network of servers, which is not dissimilar from blockchain technology, which is an immutable data chain that relies on a network of user nodes to govern data storage. The data storage capabilities of blockchain technology make it an alternative to cloud storage, though use of blockchain has yet to be widely recognized as more effective than traditional cloud.

Although cloud dominates the market for digital storage, blockchain has potential to optimize data storage procedures in a more efficient manner. Quite arguably the biggest selling point of cryptocurrencies and blockchain technology is that they are for the most part decentralized, as opposed to cloud, where the biggest players are big tech firms like Amazon, Microsoft, Google, and Apple, respectively. While tech companies have spent billions over decades to establish consumer trust, blockchain only requires trust in the code that regulates the blockchain network’s community. Each ‘block’ of data created requires 51% validation from the network’s consensus mechanism, which governs the data input process and subsequent block creation. The most widely used blockchain networks are so large that a 51% attack on the network is almost impossible.

Blockchain’s node governance of data achieves greater transparency than centralized data storage because its record chain is interactive, unchangeable, and provenly secure. Centralized data storage, on the other hand, is often vulnerable to data breach as the associated software and/or hardware are targets for hackers. Despite blockchain’s apparent benefits, further development, testing, and consumer education are required before it reaches mass adoption.

Effective implementation of cloud-computing on blockchain requires a token faster, and more scalable, efficient and secure than Bitcoin. Groundbreaking in its time, Bitcoin’s code has not changed since inception and largely fails to meet the standards required to make blockchain cloud-practical. The issues with Bitcoin can be solved via a hard fork, where the Bitcoin code is duplicated, allowing a project to diverge based on Bitcoin’s core components.

Bitcoin Latinum is a Bitcoin hard fork that achieves what Bitcoin lacks: scalability, lighting speed, cost-effectiveness, undeniable security, and sustainability. Using the quintessential features of Bitcoin, Bitcoin Latinum increases the speed and efficiency of block creation and validation with potential to bring costs far lower than market leading centralized web services. Bitcoin Latinum’s utility in the media and entertainment, gaming, telecommunications and cloud computing spaces alike will encourage development of a unique arsenal of blockchain applications across several markets. While the Latinum ecosystem is still evolving, the lower costs, undeniable speeds, strengthened security, and sustainable practices of the blockchain are primed for greater market adoption. As industry partnerships grow, greater market integration is on the horizon, making the future bright for Bitcoin Latinum.

Bitcoin Latinum X Nasdaq Recap

On August 16th, 2021, Bitcoin Latinum was part of an insightful interview with Nasdaq Trade Talks. The CEO of Bitcoin Latinum and Monsoon Blockchain Corporation, Dr Donald Basile, talked about the new greener, cheaper and faster cryptocurrency.

Here are a few insights from the interview.

The interview started with the host Jill Halandrino asking about the relation and difference between cryptocurrencies and fiat.

Jill: “Let’s talk about the real use of digital currencies alongside the cash. How do these two exist together?”

Dr Donald expressed the unified interest of the global population in having a digital currency that can be used in day-to-day transactions. However, digital currencies are currently only used for large value transactions such as NFTs or other real-world assets. The use of cryptos for daily transactions such as buying a cup of coffee is still non-existent because of high transaction fees and low speed.

Jill: “What are the issues the industry still faces and how can hardware wallets alleviate those concerns?

Dr Donald: “Well, I think you have seen recently this week, where a $630 Million hack occurred of digital currency in a DeFi network, and a month ago in South Africa, $3.3 Billion were taken from a single exchange and a month before that in Turkey over 420,000 people reported by Bloomberg lost all their currency.

The issue here is the same, people should understand that in blockchain-based currencies, your money is out in public. It’s like a locked box in a bank, and whoever has the key can unlock it. You never hold it yourself. So what we are talking about is who holds the key to unlock that public box.”

A hardware wallet allows users to keep their keys on their person, ensuring no one can unlock the locked box. In hardware wallets, the locked boxes are kept with the users and not in a public area such as an exchange, making it safer to hack. A hardware wallet comes with a key, biometric lock and pins to ensure utmost safety. Hardware wallets are the solution to these problems, and several popular organizations such as Square corporation showed their support for such wallets and cryptocurrencies on the internet.

Jill: Why do you think Bitcoin Latinum is the next generation Bitcoin?

Dr Donald expressed that while Bitcoin is an amazing innovation and will continue to add value to the crypto ecosystem, Bitcoin Latinum focuses on day-to-day transaction capabilities. As several cities and entertainment hubs such as Las Vegas accept cryptocurrencies, including Bitcoin Latinum, in their clubs, restaurants, etc., the need for a digital currency that can perform daily transactions at low transaction fees and high speed is more important than ever.

Bitcoin Latinum focuses on these areas as it offers low transaction costs and high transaction speed and is backed by assets that support the currency. Bitcoin Latinum is the ideal solution for retail transactions as it will charge pennies for transaction fees rather than dollars that popular crypto charges. This is how Bitcoin Latinum achieves its goal of becoming the next-gen Bitcoin.

Jill: “ Why did Marsh and Mclennan choose Bitcoin Latinum to back?”

Dr Donald: “So I think there is great interest ultimately in bringing insurance products in the industry of digital assets and there is very little of it. But one of the things that is important is that there is actually an asset. So in the case of most currencies and coins, there is nothing behind them. There is zero, they can go to zero, there is no asset backing them. So the first thing you want in the insurance world is an asset that you can actually back. So in the case of the Latinum, a trust fund underlies it like a university trust.”

The trust fund backing Latinum protects against cyber theft and cyber hacks and supports the currency’s value. Additionally, 80% of the transaction fees, which is significantly lower than Bitcoin, is put back in the trust fund to increase the price of Latinum. Additionally, Latinum is backed by security features, speed features and addresses the entertainment industry in which Marsh and Mclennan are already involved.

This concluded the interview between Nasdaq and Bitcoin Latinum. The full interview is available here.

LTNM Gaming

Blockchain and Gaming: How Bitcoin Latinum Can Optimize the gaming Industry

With all the high anticipation revolving around the launch of Bitcoin Latinum, community members are eager to see displays of the token’s numerous use cases throughout the media and entertainment, gaming, cloud computing and telecommunications industries. In this blog series, we have seen the great measures blockchain technology has taken to bring improvements in optimizing distribution, remuneration and transparent practices to the Media and Entertainment industry. This article will showcase how Bitcoin Latinum aims to revolutionize the gaming industry and highlight what the future holds for the some 2.8 billion gamers worldwide.

It is no surprise that the gaming industry has been booming year to year with upgrades to overall graphics, advanced gameplay, and the advent of streaming.  These advancements have led to a surge of almost half a billion participants worldwide in the esports market. In 2020, the gaming industry generated around $162 billion in revenue, alongside a booming immersive virtual reality gaming space, which saw a 2000% rise in communal interest year-to-date. Gaming is here to stay.

Game developers are actively looking at ways to maximize viewership, increase overall number of active users, and maximize gaming satisfaction. Blockchain presents economic incentives to the gaming community.

Blockchain in gaming employs a wide array of opportunities for gamers, developers and fans. One of the most sought-after utilities of blockchain in gaming is cross game compatibility. For example, significant fiat has been used to purchase character “skins” in Fortnite, however, those skins have no use besides their cosmetic role within Fortnite. On the other hand, picture a scenario where one could buy a tokenized skin in Fortnite that can be sent to Grand Theft Auto or another game, allowing that skin to be worn across the gaming ecosystem. Or, imagine completing a mission in Call of Duty and receiving a limited item as a non-fungible token (NFT), which could then be listed on an out-of-game marketplace accessible for purchase by users who may not have the gaming skill sets required to win the item in the course of regular play. Interoperability is what blockchain in gaming is all about.

Blockchain games will incentivize gamers to engage in the platforms they love on a more frequent basis because in-game progress directly correlates to a real-world value that can be earned by selling accounts, characters, in game NFTs, etc. Currently the main source of revenue for gamers is by streaming gameplay, however, blockchain games will expand revenue opportunities for individual gamers.  As of now, only an extremely small fraction of streamers actually make significant money based on advertising revenue via high viewership.

If one uses a product for free, they are the product in a pay-to-play model.  The future of gaming will see a transition to a play-to earn-platform. Most mobile games operate under the model of free-to-play’ but with a purchasing mechanism for those looking for advanced game playing.  Getting enjoyment out of playing games is certainly the goal of most users, but the future of blockchain will allow users to reap the benefits of not only the games entertainment value but as a revenue stream through earning and purchasing NFTs that can, in time, appreciate in value.

The gaming industry needs a blockchain with the scalability and operational efficiency that can successfully intermediate the high incoming demand for in-game and inter-game digital asset exchange. Bitcoin Latinums increased block size and transactional speed is built for high network traffic and maximizing user capabilities. This network runs on exponentially less operational power compared to market leading blockchains. Bitcoins mining compounding energy consumption demand has increased with the coin’s network growth, making it much less sustainable and unscalable for broader utility. Bitcoin Latinums advanced version of Proof-of-Stake (PoS) consensus aims to fill the demand that Bitcoin fails to sustain, evident by slow transaction verification, high network fees, and massive energy consumption.

The ability to build a decentralized financial model that allows smart contracts and ease of funding from various institutions will be revolutionary for the gaming industry. Bitcoin Latinum seeks to enable the gaming universe with never-before-seen capabilities that will empower the next generation of gamers, developers, and the industry at large.