In the U.S. tax season has arrived and many American cryptocurrency proponents are squirming because they have to pay for some of the gains they made last year. However, there are a lot of digital currency holders who could care less about taxes and they strongly believe that taxation is antithetical to cryptocurrencies. While there is a good portion of digital currency holders planning to file their gains and losses, many crypto-advocates don’t plan to pay their tax liabilities.

If you’re a cryptocurrency enthusiast then over the past few weeks you’ve probably seen a lot of articles on paying cryptocurrency taxes, how to pay them, and the horror stories involved with those who have to pay taxes on every transaction because — every single one is a taxable event in the U.S. Even though lots of people believe the Internal Revenue Service’s (IRS) classification is unjust by defining cryptocurrencies as a property rather than a currency, people still are forced to pay for their cryptocurrency gains. Just recently there’s been a multitude of reports on cryptocurrency taxation, and some of them explain that a lot of cryptocurrency proponents don’t seem to care about paying their digital asset taxes.

Tomorrow, taxes are due for American citizens, and there’s a good portion of cryptocurrency holders not willing to pay digital currency capital gains.
Jagjit Chawla, the general manager of Credit Karma Tax explained this week that out of 250,000 individuals who claim to hold cryptocurrencies like bitcoin; less than 100 people (0.0004%) reported their gains to the IRS.

“There’s a good chance that the perceived complexities of reporting cryptocurrency gains are pushing filers to wait until the very last minute,” explained Chawla.

Further a recent Pollfish conducted Lendedu survey of 1,000 U.S. residents who own cryptocurrencies revealed that 35.87 percent of respondents answered, “No, I do not plan on reporting gains or losses on my tax return” The news also follows the recent IRS Coinbase investigation that reported on how there are millions of Coinbase customers, but less than 900 individuals per year reported their taxes over the past few years.

Salty Tax Paying Bitcoiners Get Mad at ‘Tax Cheats’
The articles reporting on people not paying their cryptocurrency tax obligations has got a bunch of bitcoin users ‘salty’ this past week. One individual on the Reddit forum /r/bitcoin says that “tax cheats” are smearing the good name of bitcoin owners.

“This is just another way to try and defeat Bitcoin. Nobody likes a tax cheat. Convince the country that BTC holders don’t pay their taxes, and before you know it, you have large numbers of people against them,” explains the post on April 16 the day before tax obligations are due in the U.S.

I personally pay my taxes on BTC. It’s not an anonymous currency, and one day, (the IRS can look back seven years) you may get caught. If regulation forces exchanges to hand over all of their customer data, everyone who didn’t pay will be in for a wild ride.

‘Without Projects That Express Principles, You Have Nothing of What You Want With a Revolution’
However, the individual who wrote that post didn’t get the support he was looking for as many of the comments declared that “taxation is theft.” One person who specifically disliked the phrase ‘tax cheats’ in the post writes:

Even the term ‘tax cheating’ is a fallacy itself, implying people voluntarily agreed being taxed and are backing out of their agreement or set. If I live in a county where politicians can raise taxes without consulting the parliament or making a referendum who is cheating who? Because I FEEL it’s us the people who are being cheated into paying more taxes.

Another person details their issue with the post, “The financial system now is the problem — My government is a warmongering fascist state — F#&$ paying taxes in this shit hole!
It’s safe to say that cryptocurrencies and taxes are very topical conversations, and the subjects often get people upset. A large majority of the comments on the ‘tax cheat’ post disagreed with the person who wrote his opinion that tax cheats smeared the reputation of tax-paying citizens. There are a lot of cryptocurrency proponents who are also adamantly against paying taxes, and many of them are vocal about spreading the message that ‘taxation is theft’ over the years.

It’s safe to say that cryptocurrencies and taxes are very topical conversations, and the subjects often gets people upset. A large majority of the comments on the ‘tax cheat’ post disagreed with the person who wrote his opinion that tax cheats smeared the reputation of tax-paying citizens. There are a lot of cryptocurrency proponents who are also adamantly against paying taxes, and many of them are vocal about spreading the message that ‘taxation is theft’ over the years.

“Without a big expression of intentionality to what is considered not the ‘polite things to do with bitcoin’ — specifically money laundering, specifically private access to your coin, holding your own keys — without projects that express these principles, you have nothing of what you want with a revolution — This leaves me to proclaim that most people involved with bitcoin were not serious about that in the first place,” Defense Distributed founder Cody Wilson explains in a 2015 interview.

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New Feature: Now Pay Through Your Coinbase Account On CoinSwitch:

We are pleased to announce that CoinSwitch users will now be able to directly pay through their Coinbase account to exchange coins on the platform. This integration is aimed at enhancing user experience by providing a seamless way for them to use their Coinbase wallet to fulfill exchange orders placed at
NOTE: This feature is currently available for US region users and will be eventually rolled out to other regions as well.
How to use Pay with Coinbase account on CoinSwitch?
Step 1: Choose the exchange pair on the homepage and click on “View All Offers” button.
Step 2: Choose the offer that suits you the best. By default, we recommend using the offer that saves you the most.
Step 3: Enter the destination address and the refund address and click Next.
Step 4: Choose the “Pay with Coinbase” option to pay BTC.
Step 5: Enter the required amount (in USD) and authorise to initiate the payment.
Step 6: Your will receive your exchanged coin in the destination wallet address that you had provided in Step 3. Your order is complete.
About CoinSwitch:
CoinSwitch is a cryptocurrency exchange aggregator that currently supports over 300+ coins and 45,000+ cryptocurrency pairs — the highest in the world. Our platform enables users to exchange their cryptocurrencies on any of the partner exchanges ( KuCoin, Bittrex, ShapeShift, Changelly, Cryptopia, Changer) without having to create an account at any of these exchanges. Users on our platform can compare for the best price availability amongst the partner exchanges and execute the order through them directly from us. We also provide a dedicated end-to-end support to see through a successful order completion. In 10 months of its existence, CoinSwitch has driven volumes upto 1 million USD per day to these exchanges.
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CoinSwitch Adds 22 New Coins
CoinSwitch users can now trade 22 new coins on the platform. This is in addition to the support provided to 31 new coins last week. The following are the list of coins getting added on the platform:
Moeda Loyalty Points(MDA)
Trinity Network Credit(TNC)
Decision Token(HST)
This development comes in as a part of our commitment to provide our users with access to exchange most cryptocurrencies on our platform. In the coming weeks, we will be adding support for more exchanges and coins.
Here is a 90-second video guide on how to exchange coins on CoinSwitch
About CoinSwitch: is the world’s largest cryptocurrency exchange aggregator. It provides exchange service of 275+ coins and over 45,000 pairs from leading exchanges like KuCoin, Bittrex, Cryptopia, ShapeShift, Changelly, Evercoin, Changer, and KuCoin. It provides an easy way for users to trade coins across multiple exchanges based on price and reliability.
Please do write us to if you have any queries.
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CRYPTO HEADLINES — April 18, 2018
1. China’s Telecom Giant Huawei Launches Blockchain-As-A-Service Platform
Chinese telecommunications giant Huawei revealed its latest Hyperledger-fuelled Blockchainoffering at a conference in Shenzhen Tuesday, April 17. The Blockchain-as-a-Service (BaaS) tool, which comes a month after the release of Huawei and Hyperledger’s joint project Caliper, will be known as the decidedly low-key “Blockchain Service.” Read more at CoinTelegraph
2. Cambridge Analytica Planned ICO Before Facebook Controversy
Cambridge Analytica was planning to raise money by issuing a new type of digital currency before it became embroiled in a scandal surrounding the misuse of Facebook Inc (FB.O) personal data. rces said. The firm was looking to raise as much as $30 million. Read more at Reuters.
3. NASA Researches Ethereum Blockchain Tech for Deep Space Exploration
A research project funded and co-run by NASA is looking to leverage the Ethereum blockchain’s smart contracts technology to automate spacecraft maneuvering while avoiding space debris. In developments that could potentially have significant implications for deep space probes, NASA is putting resources behind a research project that fundamentally envisions the use of blockchain technology to enhance and make space communications and navigation more efficient and safer. Read more at CCN.