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RE: 📈 Blockfolio: If you are investing/trading cryptocurrency and aren't using this yet, you should! Best and easiest tool for tracking your investments! 📱
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.