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RE: hiveBIT: Our New Hive Account Transaction Data Export + Sync Tool is now LIVE - Export Your Data for FREE!*

in HiveHustlers4 years ago

You're definitely right, brotha! Most people in the cryptosphere think that it's impenetrable, that they're impervious to the reach of law here, but the truth is that's a not true.

Every legit exchange requires KYC for a reason. Govt's want to know who's buying and holding what and when.

They want their slice of the pie, always - on the US forms, there is now a question that asks something to the effect of "Do you hold or control ownership in any digital assets/cryptocurrencies?"

While holding isn't a "taxable event", every time you sell a single token/trade/etc, it becomes a taxable event.

People don't understand that concept. ANd with Hive, many of us get hundreds of transactions a day between vote payouts/post payouts/comments/etc etc.

If we want crypto to survive the future, we have to pay the piper. So a crypto tax service, while appearing silly to most right now, is actually going to be a massive industry very,very soon, mark my words.