Study Finds Irish Crypto Sentiment to be Moving “From Suspicion to Curiosity”
A study carried out by Amárach Research in partnership with communications firm Red Flag has found Irish citizens to be viewing cryptocurrencies in an increasingly favorable light. The survey queried 1,000 Irish citizens aged over 16 years, and claims to be “the first in a series” of polls examining Irish engagement with financial innovations.
The research estimates that 120,000 Irish citizens currently own cryptocurrency, a 300% increase in four years. In total, the study estimates that 180,000 Irish citizens have at some point owned BTC.
General awareness of cryptocurrency appears to have substantially increased following the significant media coverage of last year’s bull run, with 85% of respondents indicating that they were familiar with bitcoin – up from less than half of Irish adults in 2014 as was found in a separate study conducted by Amárach.
Millennials are Three Times More Likely to Own Cryptocurrencies
Unsurprisingly, millennials were found to be the demographic most likely to engage with cryptocurrency, with 25 – 34 year olds estimated to be three times more likely to own crypto assets than the average person.
Despite the significant uptick in Irish crypto user adoption, Gerard O’Neill, the chairman of Amárach, stated that “Cryptocurrency advocates still have a long way to go in driving higher adoption in Ireland.”
Deirdre Grant, managing director of Red Flag Ireland, concluded that “This is a fast-growing sector in Ireland, particularly among young men. But, the level of understanding is still quite low, with one in eight respondents believing [cryptocurrencies] are used mainly by criminals.”
Irish Regulators Provide Tax Guidance for Crypto Users
Last month, Ireland’s Revenue Commissioners published a manual seeking to provide clarity regarding the tax obligations of the nation’s cryptocurrency users.
The document asserted that businesses and individuals transacting in cryptocurrency will be taxed according to existing regulations, with gains and losses on cryptocurrency trades accruing capital gains tax for individuals and corporate tax on chargeable gains for companies.
Do you think that cryptocurrency is a topic that most people are now familiar with? Join the discussion in the comments section below!
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The city of Zug, home of the Swiss Crypto Valley, will invite its residents to take part in an experimental blockchain-based vote. They are expected to share opinions on several questions of local importance, including the fireworks display during the annual Lakeside Festival and the use of digital IDs to borrow books and pay parking fees. This and other fintech and crypto-related stories from the Alpine nation and other corners of Europe are featured in today’s edition of Bitcoin in Brief.
Authorities in the Swiss city of Zug plan to ask local residents to participate in a consultative blockchain-based vote this month utilizing the city’s electronic ID system. They will be able to vote via their smartphones by downloading and installing an app. The experimental vote will be held between June 25 and July 1. Citizens will be asked if they are in favor of setting alight fireworks during the annual Lakeside Festival, and whether they think digital IDs should be used to borrow books from the library, pay parking fees, and for identification on regular referendums.
According to Swissinfo, the results of the vote will be non-binding. Nevertheless, the initiative, which aims to test whether blockchain can be used on a broader scale, highlights again the positive attitude of Swiss authorities towards cryptocurrencies and the underlying technology. The canton of Zug, dubbed Switzerland’s Crypto Valley, has become home to many fintech startups and even established crypto companies like the Chinese giant Bitmain, which has opened an office there.
For some time now, Zug has been accepting cryptocurrency payments for municipal services, including company registrations using bitcoin and ether. The city introduced its eID system to provide citizens with digital access to council services. The pilot phase of the project started last fall. The system is based on blockchain technology.
New Swiss Body to Simplify Capital Markets
In another example of Switzerland’s serious approach to fintech innovations, leading representatives of the country’s financial, technological, academic and legal sectors have recently formed the new Capital Markets and Technology Association (CMTA) to facilitate the use of blockchain in financial markets. In a press release, they noted that “the blockchain technology has the potential to reduce the complexity of the capital markets system and lower the barrier of entry for startups.”
According to CMTA’s founders, the lack of legal certainty is slowing and can potentially compromise development in the field. They hope to facilitate access to funding for new businesses by defining a set of industry-supported open standards. These should ultimately contribute to value creation throughout the economy said Jacques Iffland, CMTA’s chair and partner at Lenz & Staehelin, the largest Swiss law firm.
Swissquote Bank Ltd, a leader in online banking, and Temenos, which specializes in banking software, are also behind the initiative. CMTA promises to work to create toolkits that can be used by new or established companies, businesses and startups to access funding and raise capital securely and efficiently, using new technologies and leveraging digitalization. The association is based in Geneva.
Irish Blockchain Startup Delivering Aid to Refugees Raises €1m
An Irish startup, using blockchain to facilitate the distribution of humanitarian aid, has raised an estimated €1 million from investors, according to industry sources quoted by The Irish Times. The Dublin-based Aid:tech is working in refugee camps, often in hotspots like the Middle East. On Wednesday, Enterprise Ireland and SGInnovate, the venture capital arm of the Singaporean development authority, announced simultaneous investments in the Irish company. This is the first time both state-backed organizations have allocated funds to support a blockchain business, the Irish daily notes. Amsterdam-based Blue Parasol Investments and Tin Fu Fund, a closed private equity fund managed by Shenzhen Capital Group, also took part in the funding round.
Aid:tech aims to increase transparency in the distribution of aid, welfare, remittances, donations, and healthcare services through digitizing their delivery using blockchain technology on its platform. According to the company, only a fraction of the estimated €306 billion (~$360 billion) transferred each year by non-governmental aid organizations is currently delivered via transparent systems which, the startup claims, are extremely expensive to administer. The blockchain technology employed by the Irish firm would allow all international aid to be accounted for, including the distribution of medicine, food and other essentials, the publication details.
Government-Backed Platform to Promote Ireland as a Blockchain Hub
In an attempt to highlight Ireland’s capabilities in the blockchain ecosystem, authorities in Dublin have launched a new government-backed platform. Blockchain Ireland, founded in partnership with a young company called Consensys, aims to create conditions for greater cooperation between startups working in the sector, both on national and international level. The platform was launched by the Irish Blockchain Expert Group and backed by Enterprise Ireland, the Irish Department of Finance, leading members of the country’s blockchain industry and representatives from a number of academic institutions.
The online platform is a source of useful information about the Irish blockchain ecosystem. It will be used to promote the country as a blockchain hub by highlighting the Irish technology sector and business environment which turn Ireland into an ideal location for blockchain-enabled business, Silicon Republic reports. The services it will be offering include providing information on setting up a new company and support for blockchain projects in Ireland. Its activities, however, will stretch beyond Irish borders. Blockchain Ireland will be working to develop the European and international blockchain ecosystem as well.
What are your thoughts on today’s topics in Bitcoin in Brief? Let us know in the comments below.
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The Irish revenue service has published a manual with guidelines aimed at eliminating the uncertainty surrounding the taxation of crypto transactions. Investors and traders of digital coins, businesses working with cryptocurrency and tax advisors, of course, can now find answers to many but not all of their questions. The notice has been issued at a time when tax authorities across Europe are trying to tap into crypto incomes and profits in the absence of dedicated regulations in most cases.
The “Tax and Duty Manual” issued by authorities in Ireland attempts to clarify matters related to crypto taxation and mostly confirms that the existing regulations apply to the crypto sector. The document provides guidelines on the tax treatment of various transactions involving cryptocurrencies. The Irish Revenue Commissioners, the government agency responsible for customs and taxation, emphasizes that the advisory published this month is to be used as a reference for tax purposes only, as it does not cover regulatory and other aspects.
According to the instructions, direct taxes such as corporation tax, income tax and capital gains tax are applicable but each case should be reviewed separately, according to the individual facts and circumstances. In general, businesses accepting crypto payments for goods or services should keep records of crypto transactions. No special rules have been introduced so far and taxable profits should be calculated according to the current tax legislation.
The profits and losses of a company transacting in cryptocurrency must be reflected in accounts and are taxable under “normal CT rules,” the document states. Ireland’s Taxes Consolidation Act from 1997 recognizes that some businesses operate and prepare their accounts in a “functional currency” other than euro. The authors of the manual point out, however, that cryptocurrencies cannot be considered functional currencies as defined in Section 402(1) of the TCA. Therefore, accounts for tax purposes cannot be maintained in crypto. Instead, euro or other fiat currency should be used.
Irish tax officials have explained crypto income taxation, as well. “Profits and losses of a non-incorporated business on cryptocurrency transactions must be reflected in their accounts and will be taxable on normal income tax rules,” the notice reads. They have also informed taxpayers that gains and losses incurred on cryptocurrencies are chargeable or allowable for capital gains tax if they accrue to an individual, or for corporate tax on chargeable gains for companies.
Bitcoin Is Currency as Far as VAT is Concerned
In the absence of common European guidelines on how to treat cryptocurrencies for tax purposes, many member-states have decided to base their VAT (Value Added Tax) policies on a ruling by the Court of Justice of the EU from 2015. The Luxembourg-based institution has drawn a parallel between “virtual currencies” and fiat money, when they are used for payments. The Republic of Ireland is now joining these countries confirming that bitcoin constitutes a currency for VAT purposes.
In result, cryptocurrencies like bitcoin are regarded as “negotiable instruments” and exempt from VAT in accordance with the Irish VAT Consolidation Act of 2010. The manual notes this applies to companies buying and selling cryptocurrencies and acting as owners of crypto holdings. On the other hand, value added tax is due from suppliers of goods or services sold for cryptocurrencies. The taxable amount, however, should again be calculated in euro and at the time of the supply.
The Irish Revenue Commissioners point out that the value of bitcoin and other cryptos may vary between trading platforms. In the absence of a single exchange rate, a “reasonable effort should be made to use an appropriate valuation for the transaction in question,” the manual says, without detailing what “reasonable” and “appropriate” may mean in practice.
Income received from mining operations will generally be outside the scope of the value added tax. Crypto mining is not considered an economic activity for VAT purposes yet. It’s worth noting that no instructions have been given on the taxation of incomes, profits and other flows related to initial coin offerings. The document issued by the Irish revenue service does not say anything about digital tokens and token sales.
Do you think the Irish tax manual provides enough clarity in regards to crypto taxation? Share your opinions in the comments section below.
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With western Christianity set to celebrate the basis of its theology this weekend, bitcoiners the world over might be showing up to churches in droves, hoping one resurrection might lead to another. The ecosystem’s main prophet, Tom Lee of Fundstrat Global Advisors, has outlined four reasons why enthusiasts ought to be bullish on the future: growing trust in digital everything, the awakening millennial boom, crypto recognized as a genuine asset, and Wall Street’s inevitable entry into the space.
Though it’s Looking Bleak, Tom Lee Believes There’s Good Reason to be Bullish on Bitcoin
Cryptocurrency portfolio holders have not had a great few months. In fact, it has been downright miserable, and appears to be getting worse. Enter Tom Lee, quarter century professional financial veteran, who has been relatively “on” when it comes to generally predicting bitcoin prices.
He recently gave a talk about the basis of the crypto economy, and why it matters. First, understand Mr. Lee is a researcher. This means fundamentally he manages no capital, but rather his entire business is based on the trust of his clientele.
His are not opinions in the advocacy sense, as he urges everyone listening/reading to come to their own conclusions. He’s merely presenting data and making inferences. He’s no idealogue. He’s not a cypherpunk.
Mr. Lee’s thesis begins by positing how bitcoin is a head-scratcher for legacy finance. It was started with zero dollars invested, no venture capital, no board. It grew without going public. Even his own clients disagree with any emphasis on cryptocurrency as an investment strategy.
Nevertheless, modern equities have gone digital in significant ways. The top five tech stocks in the S&P 500, for example, are all digital. And what the digitization of economies allows is for decentralization of money. Centralization is increasingly looked upon as a vulnerability, as when the Malaysian central bank mistakenly wired 50 million USD to a hacker.
Furthermore, monetary systems are built on trusting governments, and that trust has steadily been eroding both in the United States and around the world. In fact, for Americans, trust in government is at a fifty-year low. In places like Brazil, Argentina, Greece, trust has bottomed out, and right alongside a blossoming of crypto interest. These simple facts would seem to not bode well for the future of fiat.
Millenials Are the Largest Single Generation in History
Trust erosion in government-backed banks has infected the present millennial cohort. Having lived through their parents getting rekt in 2008, this group is very distrustful of centralization. According to a 2016 survey, 92% of millennials do not trust banks. Cryptocurrencies like bitcoin are creating what they crave: decentralization, digital scarcity, and native trust – keys to future adoption.
Millenials are going to be a giant economic force, especially when one considers they’re roughly 96 million people, the largest generation in human history. In every financial respect, they’re going to move the needle. The average age of this group is 26 years old, and it’s important to learn to understand their thinking.
Boomers in their 20s embraced the birth of personal computing (1970s, 80s); Generation Xers in their 20s were around for the internet and ecommerce, Amazon, cellular, text messaging, and Google (1990s, 2000s). Each of those previous cohorts adopted disruptive, misunderstood advances the prior generation couldn’t grasp.
Presently, 20 year-olds (2000s-on), have grown up entirely digital: Facebook, Uber, online dating, Instagram, crowdfunding, and, of course, bitcoin. All of these, and more, advances in tech have been resisted by the previous two generations, to greater or lesser degrees. Imagine trying to explain to a person in 1990 there would be a half trillion dollar market cap company that would rely on folks voluntarily sharing their information, and its product would be free. They couldn’t conceive of such a thing. Yet, there Facebook is.
The present cohort is primed for decentralized currency, and a good analogy would be to see bitcoin as an emerging market. Generational economic moves tend to last a lot longer than ten years. For example, Boomers’ parents would’ve said the roaring Japanese economy in 1975 was a bubble. It had risen 40 times since 1950, a clearly unprecedented sign of overheating.
However, it turns out the emergence of Japan lasted from 1950 through 1990, a forty-year bull run, increasing 400 times. Many Boomers, such as John Templeton of the Templeton Fund fame, didn’t listen to their parents and are thankful they did not.
In the next thirty years, millennials are poised to make staggering economic gains. Right now, they’re in their home-buying and investing years. Housing tend to peak with every cohort’s peak size, which would mean housing is likely to boom through 2030 if figures hold, according to Mr. Lee.
Every year, there’s roughly a trillion dollars people ages 35 through 60 allocate for investment. Today, it’s dominated by Boomers and Gen X. Millennials are just now entering those prime income years. The Silent Generation, the cohort before the Boomers, bought gold during their prime years, and drove the price from 40 USD to over 600 USD in just ten years. Boomers turned 35 years old in 1982, and from 1982 to 1989 there was a stock market boom as they purchased equities like never before. Gen X, a much smaller cohort, didn’t move the numbers quite as much. Millenials are more like the previous generations prior to Gen X.
If the trend continues, millennials will soon have a trillion dollars in savings flow. Bitcoin’s rise around 2016 coincides with the first millennials entering their prime savings years. And for every set of one billion dollars thrown at crypto, it translates into 25 billion in price appreciation, according to Mr. Lee.
Millennials could very well place ten percent of their trillion dollars, 100 billion, into crypto, translating into a two and a half trillion rise per year. Mr. Lee surmises at the end of the millennial cycle, bitcoin’s price could be as high as 10 billion USD.
The St. Louis Federal Reserve branch recently released a paper agreeing crypto is a new asset class, a digital asset. With evolving financial strategies and realities (only 20% of all public tech companies actually earn a profit, for example), and a supermajority of the S&P’s value being “intangible,” value today is largely built on trust, a subject to which we return.
Where people tend to trust their money to grow in value is in the 280 trillion dollar collectables market: gold, art, real estate, government bonds, cars, etcetera. Bitcoin averages around a 200 billion dollar market cap, and if bitcoin captures just 1 percent of that market it would translate into 150,000 USD per coin, Mr. Lee stresses.
Another reason to be optimistic about bitcoin’s future is the prospect of Wall Street entering. Presently the largest exchange today is ICE, and its revenue is right around 4.6 billion USD. Crypto exchange Coinbase, by contrast, has only four currencies on it, and accounts for a mere 3 percent of trading volume. It will make about 600 million this year, Mr. Lee is estimating.
It’s not too far-fetched to think in as little as, say, 18 months Coinbase could overtake ICE as the most profitable exchange in the world. Indeed, legacy firms like Goldman and Morgan Stanley are building gateways into crypto in anticipation.
The crypto market cap is already larger than most countries of the world, and has regularly ranked in the top 20, at times bigger than Ireland, Spain, Greece. Wall Street has been heavily invested in such countries, and to think it would avoid crypto entirely is probably not financially rational. It won’t. There’s money to be made.
Lastly, bitcoin and crypto remain largely uncorrelated to other markets, a coveted spot in traditional portfolios known as uncorrelated alpha. Mr. Lee suggests that firms won’t have to dive-in entirely to crypto, and would see a nice rise in gains, less portfolio volatility, if they owned as little as 2 percent. That’s a risk he’s betting Wall Street is going to make.
What are your predictions for bitcoin/crypto? Let us know in the comments!
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Simone Paschetto, Politronica’s 3D Printing Robots Network Manager, the Company running on the back of 3D-Token ICO: “Right now I am really very excited; our Projects is meeting great success and our Robot’s Network International Development Campaign officially started. We already received several requests by new candidates to become Network Members, from United States, Canada, Ireland, Portugal, Hungary, Baltic countries, Iceland and Malta, who are showing a terrific interest in the project. 3D-Token ICO is a great accelerator of the project we launched two years ago, which is all about the creation of a Network of thousands of 3D Printers managed by a blockchain based software able to create the just-in-time, decentralized Factory 4.0, disrupting the industry standards by product cost and time-to-market.” Politronica, which has been acquired in 2017 by Etroninvest Ltd., London, counts on a nine years hi-tech research history. The Company was spinned-off from the renowned Italian Tech University “Politecnico di Torino”.
3D-Token ICO was launched on December,18th 2017 and is set to end on February the 11th, 2018. The soft cap of 1 million dollars was reached in just ten days.
Simone: “In order to develop its business, and according to 3D-Token ICO Whitepaper, Politronica is starting now the expansion of its 3D Printing Robot’s Network by looking for Hub candidates worldwide. We offer three 3D-Printing Robots to each new Hub as per a free loan-for-use contract, requesting the affiliate to work for the Network and to take part of the just-in-time manufacturing revolution, as you can see in the following video” https://www.youtube.com/watch?v=-xoc2pNYDHk
Politronica will provide the affiliate with the bioplastic material necessary for the manufacturing projects and will cover the logistics expenses, granting the affiliate a fee of $ 2 for each printing hour executed (the printing hours will be paid in Ether, https://www.3d-token.com/).
The Network Members will be provided with three Politronica’s QUBIT3D 3D Printing Robots (a FDM 3D-Printing Robot developed with proprietary technology) which as been designed for intensive industrial use, with a printing area measuring 300-400-240 mm, one of the largest currently on the market, original Arduino board, direct extrusion granting more precision and the possibility of using different materials.
After a successful test, started in 2016 in northern Italy, with 50 hubs and 100 3D Printing Robots installed, Politronica is now looking to expand the network and integrate it into a blockchain managed software in order to grow it up to 3000 3D Printing Robots in 1000 new Network Hubs to reach the amount of 22 millions hours of Robot’s Workforce able to transform 300 tons of bioplastic material per year.
Following the change in the global economic model from mass to just-in-time production, Politronica’s goal is to set up the decentralized “Glocal” Factory 4.0 creating a new concept of digital manufacturing able to run within the frame of the new economic challenges.
If you wish to participate to this pacific revolution then make a contribution to get your 3DT and be part of the just-in-time manufacturing technology which is changing the paradigm !
JOIN THE PROJECT at https://www.3d-token.com
This is a paid press release. Readers should do their own due diligence before taking any actions related to the promoted company or any of its affiliates or services. Bitcoin.com is not responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in the press release.
John-Charles, who’s deaf, appeared on the reality dating show in search of love. He was paired up with Stephen, a hearing person who studied sign language. And, the two got on like a house on fire!
„It would have been so strange for me being deaf to be paired with a hearing person who couldn’t sign,“ John-Charles told Stephen at the start of the date. „It would’ve been so awkward if there was an interpreter in between us translating,“ Stephen replied.
But, awkward the date was not. John-Charles told Stephen that he usually ends up communicating via his mobile phone when he goes on dates with men who can’t sign. „I absolutely hate it,“ he said. Read more…
So first things first: a quick recap. Basically the whole thing started last Tuesday, when The White Moose Cafe in Dublin, Ireland, shared an email they’d received from vlogger Elle Darby. Darby had suggested a deal where the hotel give her free accommodation in exchange for publicity across her YouTube and social media channels.
The post went viral, Darby’s name was discovered (the hotel had blanked it out but someone discovered it was visible when they turned the brightness up on their screen), and basically everything went south from there. Darby responded in a video, the hotel hit back, both parties were trolled, the hotel issued a blanket ban on all bloggers, and all-in-all it was a splendid example of the internet at its absolute worst. Read more…
Scientists say the fossilized remains of a brittle star that lived 435 million years ago belong to a new species.
The fossil was named Crepidosoma doyleii, after the paleontologist who discovered it. Eamon Doyle was a Ph.D. student when he discovered the remains of the thumbnail-sized creature in the late 1980s, embedded in a layer of fossils on a hillside in the Maam Valley in Ireland.
Though this species of brittle star (which are closely related to starfish) first developed nearly half a billion years ago, its modern day descendants are remarkably similar.
You’d think that even the most seasoned and professional of goalscorers would react to popping the ball into the net with a scorpion kick by frantically running around and losing their mind. But this little Irish lad, after scoring a once-in-a-lifetime scorpion kick, just calmly turned and trudged back toward the halfway line as if it was no big whoop:
Hopefully he was just too stunned in the moment, and has since properly gone insane over his feat of wonder.
After a lengthy and contentious debate that has raged on since the summer of 2016, Apple is finally settling its debt in Ireland. The Public Accounts Committee in Ireland will expect to see the collection of $16 billion in taxes.