Capitalizations Index – B ∞/21M
Set to Launch on March 22nd, In Time for the IRS Reporting Deadline
[Note: This is a press release]
New York, NY – March 22, 2017 – , one of the world’s largest blockchain infrastructure hosting services, has built a game-changing software product that allows every single American to properly report their digital currency gains to the taxman. Node40 Balance, available for Dash users today and bitcoin users later this year, is setting a completely new standard in precision and simplicity because it calculates net gains and losses for every single transaction made throughout the calendar year, and rolls it all into the IRS approved Form 8949 with attachable worksheets for the user; an industry breakthrough given the First In First Out (FIFO) method currently used by competitors often causes gross misreporting. Node40 Balance, two years in the making, has been under comprehensive beta testing using real-world use cases. The product has been anticipated by high frequency Dash traders, miners, accountants, lawyers and tax professionals.
Node40 CEO Perry Woodin explains:
Node40 Balance is a feature packed blockchain accounting service that brings the familiarity of services like QuickBooks or TurboTax to the world of digital currency. Node40 Balance analyzes the blockchain and provides valuation data for all of your transactions. You annotate your transactions according to your real-world needs and Node40 Balance provides reports with your gains, losses, and income. What makes Node40 Balance unique is the precision in which gains and losses are calculated. A simple FIFO strategy is not sufficient for dealing with digital currency transactions. Node40 Balance uses the true carrying cost and days held to calculate precise valuations that ensure you are not over-reporting your tax liability.
The need for innovation like this is vast for two simple reasons. Firstly, government direction for tax reporting digital currency has been ambiguous at best, given that the IRS policy for digital currency users was last updated in 2014. Although it is clear that digital currency is taxed as a property, most people are unsure how to properly calculate gains, losses, and income from incredibly small fractions of a currency with different valuations and different days held. Secondly, current means of tax reporting are categorically flawed; people currently self report without taking minute-by-minute price fluctuations into consideration, or use existing software that favors aesthetics over accuracy.
Discussing the need for a product like Node40 Balance, Woodin says:
The burden of calculating tax liability falls completely on the user. Most people do one of two things; use software that does not calculate the level of accuracy that we required, or go to accountants who will apply a very simple FIFO strategy to determine gains or losses, which we know to be incorrect. This strategy works well for traditional investments where you are selling whole units, but it is not a good strategy for digital currency. When transacting in digital currency, most transactions will have multiple inputs, each with a different cost basis. Unless you are able to create an exact transaction, the cost basis of the change needs to be tracked along with the amount of days carried. Users of Dash and bitcoin, both experiencing meteoric rises this year, have genuinely been crying out for a product like this for a long time. We anticipate significant demand.
is a Software as a Service (SaaS) available for purchase by subscription at one, three, and twelve month durations, as well as a free trial period. The product caters to every demographic because individuals, small business, large corporations and government departments meet their tax reporting obligations at varying times of the year.
Woodin goes on to state:
As a company that accepts digital currency as payment for service, we do not want to over or under pay our tax liability, nor let our customers do so either. In business and in life, every penny counts. If you aren’t accurately calculating your gains, losses, and income, you could end up leaving money on the table. We want this to become an indispensable tool for every digital currency user across America.
is one of the leading server hosting providers for the Dash network. In the now popular world of distributed Peer-to-Peer (P2P) decentralized blockchain applications, stability is of paramount importance. Node40 was founded to encourage participation in and add value to P2P networks like Dash by hosting an incentivized node yielding monthly rewards. Founded by CEO Perry Woodin and CTO Sean Ryan in 2015, Node40 is based in Albany, New York. Node40 are the creators of Node40 Balance, a revolutionary new SaaS product making cryptocurrency tax reporting much easier, and much more accurate.
Images courtesy of Node40, Twitter, AdobeStock
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Electroneum Price Surge Brings Value Close to 200 Satoshi Again As most of the cryptocurrency markets remain rather subdued right now, one has to wonder how all of this will pan out moving forward. Some […]
Estonia is seriously thinking about creating its own digital currency called the estcoin. This move could bolster the country’s digital residents to almost ten times its actual population.
There’s no denying the stellar rise of cryptocurrency. What many initially scoffed at has now become a major economic force. Large financial institutions, such as Goldman Sachs and , have jumped onto the cryptocurrency bandwagon. Now a major seismic shift may occur as a country, Estonia, is considering : ESTcoin. Will this new currency become the Baltic bitcoin?
Actually, the thought of Estonia creating its own virtual currency isn’t far-fetched. The small country occupies a unique position and is known for being extremely tech-savvy. It has the sixth-highest level of mobile broadband penetration in the world. In addition, the Wall Street Journal and Heritage Foundation have as the sixth-freest country in the world, and the World Bank has ranked the country as number 12 in its Doing Business in 2017 report. The country’s income and corporate tax rates are very low as well, which does help draw in entrepreneurs.
Another point in Estonia’s favor when it comes to cutting-edge technology is its , which was started back in 2014. This program allows anyone in the world to become a digital resident of Estonia and gain specific benefits. All residents of the country (digital and real) are issued an ID card that allows them to use public and private sector services, encrypt files, and remotely sign documents. Digital residents can open and run a company online, conduct their banking online, declare taxes online, verify the authenticity of signed documents, and have access to international payment service providers. So far, over 20,000 people from around the world have become digital citizens of Estonia. Basically, a person sitting in Ghana or Brazil could become a digital resident, open a business in Estonia, and enjoy quite a few benefits of the country’s economic climate.
The goal of Estonia’s estcoin is to raise funds to help expand the country’s economy and increase its global presence. The estcoin would be usable to purchase goods and services in the country and could be used to power domestic startups. Another thought is that the estcoin could be used to strike a blow for independence as of the country’s market is controlled by foreign firms.
It appears that the estcoin could be based upon Ethereum, and Vitalik Buterin, the co-founder of Ethereum, offered his opinion. He said, “An ICO within the e-Residency ecosystem would create a strong incentive alignment between e-residents and this fund, and beyond the economic aspect makes the e-residents feel like more of a community since there are more things they can do together. Additionally if these ESTcoins are issued on top of a blockchain (they could possibly be issued in multiple formats at the same time, nothing wrong with this) then it would become easy and convenient to use them inside of smart contracts and other applications.”
There are some proverbial flies in the ointment to consider. First is that all holders of estcoins will have a say in how the overall fund is used, which could mean that digital residents could have greater sway than the actual citizens of Estonia. It’s expected that the Estonian ICO would add 10 million digital residents, which would far outnumber the country’s 1.3 million current population. Another issue is whether an Estonian cryptocurrency would cause economic disruptions with their current currency, the Euro. Still, this plan is still in the early stages, but it’s exciting to see a country leaning towards creating its own digital currency.
What do you think about Estonia’s consideration of creating its own cryptocurrency? Let us know in the comments below.
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