Cryptos have become a popular investment model. Bitcoin 2009 became the first crypto to enter the global market. The primary purpose of cryptos was not an investment. Rather, the token is aimed at enabling peer-to-peer transactions easier. But, as the industry grew the volume of investments also increased. Bitcoin became a lucrative investment model to many. Additionally, many other cryptos also made their entry into the global investment market. To gain a better understanding of the top 5 cryptocurrencies including bitcoin, read more about them.
All cryptos make use of blockchain technology and the decentralized finance model. This means every user transaction is broken down into many units of chains. Such blocks are assigned with unique user credentials and hosted on a public network. The process of validating and assigning these unique ids is known as data mining. Bitcoin was always under the radar due to its negative effects on the environment. The data mining process undertakes a huge amount of energy on power and the internet.
With more than 14k cryptos in the market, there is also an increased demand for the technology in it. Today, many companies are investing their funds in research and development. People are interested to understand blockchain technology better. Leveraging this technology to advantage and enable easier services is the ultimate aim.
Growth of crypto exchanges
One major service that grew along with cryptos is the crypto exchange platform. Many crypto exchanges have made their way to the global investment market. Investors also found these exchanges useful for technical support and effectiveness. Most of these exchanges work on artificial intelligence and machine learning. Additionally, crypt exchanges also make investment decisions much easier for investors. It helps in gaining an exact understanding of the price prediction, and market performance. Additionally, these crypto exchanges also work as a global platform enabling easier transactions.
Understanding Cointracker
Looking at a quick summary about cointracker, this is a popular exchange. It allows its users to gain an understanding of the diverse group of investments all in one place.
The global platform also enables you to easily track down taxes on all your cryptos. Other than, crypto tokens the exchange also hosts various non-fungible tokens.
Cointracker became a popular tool for crypto portfolio tracking and tax support. The application is available on desktop and mobile-based. Users can purchase this application for a cost ranging up to $199 per year. Also, it makes it easier to integrate with various other products and service lines.
Cointracker is one such tool in the market that enables users with accessibility. It provides a consolidated view of your investment, historical data, and market performance. Users can also gain an understanding of the total market capitalization of each token. More than $20 billion in transactions are undertaken using the coin tracker.
Let us understand various features offered by Cointracker
Easier transaction tracking
Cointracker allows for easier tracking and wallet features for all users. It allows you to link all your crypto wallets in one place. Using this, the tool can track all incoming and outgoing transactions in your wallet. Currently, the exchange lists more than 8k+ crypto tokens.
Ascertaining tax compliance on your investments
Now, it is important to understand that every country has its tax regimen. Irrespective of the number of investments, it is also important to stay compliant with taxes. The platform provides insights to reduce tax liabilities on each of your investments. Also, the tool works on computing taxes for each type of investment. At the end of the financial year, you just need to download and submit the form.
Tracking fees per transaction
If you have been following cryptocurrencies, then you might be well aware of fees. Yes, every token has different transaction charges. These charges also vary depending on the number of tokens bought. Cointracker allows you an insight into the fees applicable for each transaction.
Cointracker’s entry into the Indian market
Cointracker made its announcement to make its formal entry into the Indian market. The crypto exchange aims to make crypto trading and tax benefits easier for Indians. The move comes after the Indian government announced a tax scheme on crypto investment. The country is aiming to impose a 30% tax on crypto investments. The popular exchange is now targeting to make their strong investment in India. The platform will aim to compute capital gains and losses easier.