๐ Blockfolio: If you are investing/trading cryptocurrency and aren't using this yet, you should! Best and easiest tool for tracking your investments! ๐ฑ
Most veterans of the scene will likely be using this already, but if you are new to cryptocurrency you may not have heard of Blockfolio yet. Blockfolio is simply the best and easiest tool to track your cryptocurrency portfolio, all in one place.
It is an app, available for Android and iPhones, which you install on your mobile device. It works very simple: You add all the coins that you have invested in, and tell it how much you have of each, and which exchange you want the prices to be shown for. It will then keep track of your investment in one easy overview. The neatest feature is that it shows you the current worth of your entire portfolio as well, in dollars or BTC.
This is really handy and useful, especially if you have your funds spread out over exchanges. You can usually see the dollar value on one exchange if you store everything there, which is great, but when you use multiple exchanges and keep funds in offline wallets, it becomes a little trickier to know exactly how much your portfolio is worth. This app fixes that for you with ease. It's really nice. It shows you the percentages gained/lost, for your individual investments as well as your entire portfolio.
Another great feature is that you can enter when you purchased something, and for how much. Then in the future, you can always see what the worth was back when you bought or sold. This is especially handy since sometimes prices increase in dollar value, but not in BTC and vice versa. You may have gained dollars, but lost BTC! This is an easy way to keep track of that.
You can also see a graph for each of your investments (and also one for your entire portfolio, which is awesome too!).
And it even has a button with which you can quickly see all the news articles from the biggest cryptocurrency news websites, for when one of your alerts goes off (yes, you can set alerts too in this app!) and you need to quickly know what's going on!
If you're not using this yet, you should definitely give it a try. It can be a bit of a hassle to input all your investments manually, but once you get the hang of it it becomes easy as pie. And it adds another, quite fun dimension to keeping track of your portfolio.
Thank you @pandorasbox my spreadsheet method was getting tiring
Oh yes, then seriously do use this! hehe. I know what you mean! I had it all on a stickynote at one point, but trading back and forth will make you lose track of what price you bought and sold! Good luck! :)
True its bad enough just going back to look for all the data to populate this app with but totally worth it. Thanks again so much it was a great recommendation. I am re-steeming.
I didn't bother to input the history, but you can. It's a major hassle like you say! I just input everything as if I had just bought it all at the same time, when I initially set it up. It makes it seem rather strange on the chart and initially it says you made 100000% in one day or whatever. But after a few weeks things will even out and you can actually keep track. But, looking back and seeing as how often i use this tool nowadays, I kind of I wish I had gone through the trouble. It's really cool to see the graph represent your total growth!
I think i answered my own question. It is basically a tax and accounting problem. Anything you earn that is reinvested should be recorded at its market value as earnings. That way the earnings are taxable at current value but your portfolio cost basis gets recalculated so that the capital gains cost basis is correct. This avoids you getting taxed twice.
Ah yes, for tax purposes I am not sure this program really helps. There doesn't seem to be any way to export the data in any way. Though it would be rather handy if it were possible, so you can easily do taxes too at the same time!
I think though that as long as you don't sell for dollars, you don't actually get your fiat money back out of it. USDT is US-Tether, which is not dollars but also a cryptocurrency. So as long as you keep it in cryptocurrencies, even Tether, you have not really sold? I'm not sure though.. it's vague
Out of curiosity what do you do with earnings on steem from curation and posting. when you claim them, are you putting the cost as zero or the going rate at the time you add the transaction. The same question also for any mining transactions
I've no idea how this works/should work! My steem profits are small enough that it doesn't really matter at this point.. I think generally unless you sell for fiat, you don't pay taxes? but I am grossly underschooled in this subject and it varies from country to country, and in some cases there is no regulation at all.
Awesome, thanks for this!
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