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cryptocurrency

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Meet The Black Woman Rocket Scientist who is Building in the Metaverse

Mary Spio is a deep space engineer, tech innovator, and entrepreneur. She is also the CEO and Founder of CEEK VR Inc, a blockchain based streaming service for virtual events and other virtual experiences.

The CEEK VR platform includes a patented VR headset currently available at major retailers like Best Buy and Target. In addition, CEEK VR features artists like Ziggy Marley, and much more.

The platform simulates the communal experience of attending a live concert, being in a classroom, attending a sporting event and other ‘money can’t buy’ exclusive experiences with friends from anywhere at anytime.

ceek vr

In this interview, with Mary, we discuss:

  • Creating several patented products.
  • Presenting the idea of the metaverse to Facebook in 2015.
  • The role of NFT’s in the metaverse.
  • How her cryptocurrency, CEEK coin helps creators monetize their content.
  • CEEK’s role in the upcoming Black-In Festival.

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Tony O. Lawson


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How is Cryptocurrency Taxed? Everything You Need To Know

Cryptocurrency continues to be the talk of the town, with the whole world watching the increasing price of Bitcoin as it hit its highest ever price twice this year. In October 2021, its price reached $64,000.

As of October 2021, the total crypto market cap reached $2.6 Trillion. With such an increase in adoption, it’s important to understand how cryptocurrency is taxed so that they can better manage their wealth.

Here in this article, we have discussed everything you need to know about how cryptocurrency is taxed.

What is Cryptocurrency?

Cryptocurrency is a virtual currency that does not depend on intermediaries such as banks. Instead, it utilizes blockchain ledger technology to store and verify transactions.

The ledger is secured using strong cryptography. Cryptocurrency is designed as the medium of exchange.

Many different types of cryptocurrencies are available globally, such as Ethereum, Dogecoin, Cardano, Aave, etc.

How is Cryptocurrency taxed?

Many people believe that the government does not back cryptocurrency; therefore, it does not involve taxation. However, that is not true. In the United States, cryptocurrency is taxed almost the same way as traditional assets.

Crypto exchanges report user activity on gains and losses to IRS (Internal Revenue Service) because the IRS treats cryptocurrency as a capital asset which one must pay tax on gains and losses.

How to calculate tax on your Cryptocurrency

Tax on cryptos depends on various factors such as:

Capital gains: When you sell crypto, and its price exceeds the original cost.

Capital loss: When you sell crypto, and its price is less than the original price.

Duration: The length of time you held the assets. The time duration of holding assets determines the gains or losses as “short term” or “long term” and are subjected to tax differently.

Short-term capital gains or losses: If you buy a Cryptocurrency and sell within 365 days, it is considered a short-term gain if the cryptocurrency made a profit.

According to IRS, the Short Term Capital Gain Tax on Cryptocurrency profits is 10% to 37% in 2021.

Tax Rate

Single Married

Head of Household

10%

$0 – $9950 $0 – $19,900 $0 – $14,200

12%

$9951 – $40,525  

$19,901 – $81,050

 

 

$14,201 – $54,200

22%

 $40,526 – $86,375  

$81,051 – $172,750

 

$54,201 – $86,350

24%

$86,376 – $164,925 $172,751 – $329,850  

$86,351 – $164,900

 

32% $164,926 – $209,425 $329,851 – $418,850

$164,901 – $209,400

35%

$209,426 – $523,600 $418,851 – $628,300 $209,401 – $523,600
37% $523,601 or more  $628,301 – more

$523,601 – more

Long-term capital gains or losses

If you own a crypto asset and sell it after one year, the difference between the sale price and purchase price determines long-term capital gain or loss.  Long Term Capital Gains are 0% to 20%, which depends on your income.

The chart below shows how cryptocurrency profits (Long Term Capital Gains) are taxed when held for more than a year.

Tax Rate

Single Married

Head of Household

0%

$0 – $40,400 $0 – $80,800 $0 – $54,100
15% $40,401 – $445,850  

$80,801 – $501,600

 

 

$54,101 – $473,750

20%

$445,851 – more  

$501,601 – more

 

$473,751 – more

 

The Bottom Line

The taxation of cryptocurrency is not as simple as it seems. Cryptocurrencies are highly volatile, therefore, challenging to determine tax. However, crypto gifts below $15,000 do not involve taxation but are subject to capital gain tax if you sell the gift. Inherited cryptos are also subject to tax like other assets.

Its also important to stress that not reporting your Bitcoin earning is considered tax evasion by the IRS, and you have to pay the penalty if you don’t pay the tax after the deficiency notice from the IRS.


Presented by CryptoShare, a lending platform that allows people to lend and borrow money without banks or credit checks.

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Intro to Cryptocurrency Lending: What is it and How does it work?

Cryptocurrencies have now been around for many years and have gained a lot of mainstream attention. The adoption rate of cryptos is so large that this industry is expected to reach $2.2 billion by 2026. There are many investment options in the crypto space for you to look into if you so desire.

Cryptocurrency lending, also known as “crypto lending”, is quickly becoming a go-to alternative for investors frustrated with minuscule yields from banks savings accounts.

Crypto lending may be a new concept for you but fear not! In this article, you will learn all you need to know about cryptocurrency lending.

So, let’s dive in!

What is Crypto lending?

Crypto lending allows investors to earn interest on their assets without actually selling them. An investor lends his cryptos to a borrower and earns dividends in return. The lender remains the sole owner of his assets. The interest rate ranges between 4% to 17% yearly.

On the other hand, a borrower has to offer collateral to get a crypto loan. He retains the ownership of his collateral but cannot use it until he pays back the entire loan amount by the end of the lending period.

How does Crypto Lending work?

Crypto lending involves lenders, borrowers, and a third-party i-e lending platform. Crypto lending consists of the following steps.

  • A borrower goes to a crypto lending platform and requests a crypto loan.
  • Upon approval of the loan by the platform, the borrower has to attach collateral.
  • A lender transfers the loan amount to the borrower through the lending platform.
  • A borrower has to pay back the entire loan amount within the loan period to get back his collateral.
  • If the borrower could not pay the loan amount, the lender can liquidate the borrower’s collateral to cover the losses.

Pros and Cons of Crypto Lending

Crypto lending has some pros and cons, which are mentioned below.

Pros

  • Crypto loans are easily accessible. Anyone can get a crypto loan with or without a credit score.
  • Crypto loans are faster. It takes only a few hours to receive funds after approval.

Cons

  • Some lending platforms have minimum borrowing requirements that you must have to get a loan. The requirements can be sometimes very high, causing barriers for some.
  • If you fail to pay the loan amount within the specified period, the platform will liquidate your collateral, and you will end up losing whatever you put up.

Top Crypto Lending Platforms

The following are few leading crypto lending platforms.

  • Celsius
  • Binance
  • CoinLoan
  • BlockFi

Conclusion

Crypto lending is different from traditional bank lending in many ways. It has many benefits but comes along with risks as well. Therefore, you need to be very careful when you start crypto lending.

Always choose a well-reputed lending platform and make sure how much interest rate you will earn, or you will have to pay and how much collateral is required to secure a crypto loan.

Crypto lending is rewarding but risky at the same time. Therefore, always do your own research and keep educating yourself.


Presented by CryptoShare, a lending platform that allows people to lend and borrow money without banks or credit checks.

Cryptocurrency lending

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Intro to Blockchain: How it can be used in Everyday Life

Blockchain technology is one of the exciting developments of this century, having great potential to revolutionize many industrial sectors. But the question arises: What is blockchain technology, and how can it be used in our everyday lives?

Keep reading, and let’s find out!

What is blockchain technology?

In simple words, blockchain is a combination of two words; “block” and “chain.” It is a system of storing information such as digital transactions in a way that cannot be changed. The Block stores the information and the Chain is the record of the Blocks. It is Blocks of information that sit on a chain also known as a Digital Ledger.

Think of Blockchain as a type of advanced database that captures, records, and replicates data to make sure it is accurate.

Decentralization, transparency, immutability, and no third-party involvement are the main pillars of blockchain technology, and most of the blockchain projects are built around these core properties.

Applications of blockchain technology in everyday life

Blockchain technology is widely used in our daily life. Some of the examples are given below.

Digital Identity

The internet has become a part of our everyday lives, and today digital security is the primary concern because hacking is common.

Blockchain technology can help in this situation because of its potential to track and manage digital identities. It can not only store information securely but manages everything in one place, reducing the overall expenses.

Healthcare

The Healthcare sector has tons of information such as patient records. It is not easy to manually handle this considerable amount of data. Although the existing digital system is efficient, blockchain technology can make it more secure and easily accessible by combining different databases, comparatively saving a lot of time.

Digital voting

Transparent voting is essential for a successful democracy. Blockchain technology can help organize a transparent, reduced-cost, online voting system while ensuring voters’ privacy.

In 2014, Liberal Alliance in Denmark was the first organization that used Blockchain technology for voting.

Construction Industry

Blockchain-based smart contracts can be used in the construction industry. Using these contracts, involving parties in the project set their rules and regulations and work accordingly. Each milestone is appropriately recorded, and payments are released accordingly.

If any of the conditions are not met, the system will act according to predetermined terms. In this way, the entire system works in a manageable manner, where everyone involved in the project has access to the information and is accountable.

Blockchain can significantly improve the efficiency of the entire construction industry, reducing the chances of disputes.

Government Sector

Government databases store the information of the entire country and can be a perfect target for hackers. It is challenging for the current system to manage this large amount of data.

Blockchain technology can significantly mitigate the risks by ensuring more transparency, immutability, and accessibility. Governments can trace back any transaction to ensure there is no corruption in the system.

Conclusion

There are many other examples of blockchain technology implementation in various sectors such as the food industry, retail industry, financial services, real estate, etc.

Record keeping is the biggest concern in most sectors, and blockchain technology is the best solution that ensures speed, low cost, streamlines, and easy access within the network.

Many industries are warmly embracing blockchain technology, while some are still reluctant. But the truth is, blockchain technology is here to stay!

Presented by CryptoShare, a peer-to-peer lending platform that allows you to lend and borrow money without banks or credit checks.

blockchain

 

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Black Data Scientist Creates a Digital Wallet For Lending and Borrowing Cryptocurrency

The World Data Science Institute is an SEC-registered financial data science research and development company. They develop Blockchain and financial technology applications.

So far, the startup has raised over $145,000 to launch its flagship product, CryptoShare. CryptoShare is a digital wallet and peer-to-peer lending app that provides the unbanked and credit challenged with the ability to borrow money.

THE PROBLEM

According to Fico statistics, African Americans have the lowest credit scores and are declined for loans three times as much as white applicants. Nearly 30% of African Americans and Hispanics do not have a bank account at all!

African Americans and Hispanics are also disproportionately forced to use high-interest cash advances and pawnshop loans that can be up to 500%.

This clearly shows that an inexcusable amount of African Americans and Hispanics do not have access to adequate loan products.

THE SOLUTION

CrypstoShare replaces the need for a bank account (think Paypal) and allows peer-to-peer lending to be done within the app, giving users the option to use physical and digital assets as collateral at much lower interest rates.

Physical assets can be placed in a Blockchain Smart Locker similar to the Amazon lockers that are used for deliveries.

The borrower places physical assets in the locker and if they don’t pay, the lender will have access to collateral in the locker or it will be mailed to them.

The digital wallets come with a Digital Debit Card so borrowers can use funds immediately to shop online and if they need cash they can withdraw from ATMs.

The most important part is interest rates will range from 10 – 20%. Essentially eliminating the need for expensive high interest loan options that plague the African American and Hispanic communities.

THE FOUNDER: Anade Davis

Anade Davis

What inspired you to start CryptoShare?

I have struggled with either credit and access to funding to grow businesses my entire life. Sometimes I struggled to have access to both at the same time!

As I grew older and traveled to different countries; I realized how many people were dealing with the same struggles internationally.

The problem is the current global banking and credit system excludes billions of people. One thousand US dollars ($1,000) is enough in many countries to jumpstart a business.

These are the reasons that inspired me to create a lending solution for people around the world utilizing Cryptocurrency and ATMs.

What advantages does CryptoShare offer borrowers and lenders?

  • It’s convenient. The only document borrowers will need to provide is their ID.
  • It’s flexible. Ability to customize the loan terms to suit lenders’ needs. Both borrower and lender can customize their loan terms according to their requirements.
  • It’s accessible to everyone because there is no need for a bank account, credit score, or income statement.

How can people support you right now?

You can support us by investing as little as $100 before the investor close date of October 1!

 

Tony O. Lawson


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