The Internal Revenue Service (IRS) has made it known to the public that cryptocurrencies are taxable assets and they would treat it similarly to how they deal with property. When you file for taxes, you’ll have to state any transactions you’ve done within the past tax year. Depending on the transaction, it may be taxable.

Cryptocurrency is not just an alternative form of currency. It has also become the focal point of much investment activity. Despite its market volatility, cryptocurrency in all its forms continues to gain value.

The reason for this is because a part of these circulating bitcoins are lost, with owners losing access to their public keys. Furthermore, some of them have been taken away due to cyber theft.

Whichever side of the trading turf you belong to, you must be brushing up on the happenings of Wall Street. If you have, you will have come across a buzzword that has become the focal point of much “hype”—meme stock.

Staking allows a cryptocurrency holder to lock his coins in a system to participate and help maintain its operations. It works for blockchains that have integrated a proof of stake (PoS) system. Through staking, you help a system maintain its liquidity and also get rewards as a result.

In 2008, a person (or possibly a group of persons since identity remains unknown) named Satoshi Nakamoto invented the cryptocurrency called Bitcoin (BTC). Bitcoin up to now remains a decentralized digital currency, meaning the trading is done peer-to-peer without the need of an intermediary such as banks.

Founded by Andre Cronje, Yearn is a set of protocols that run on the Ethereum blockchain, which is different from Bitcoin’s. Bitcoin’s blockchain aims to decentralize products and services other than crypto. This means that Ethereum’s blockchain is not only focused on the digital gold (cryptocurrency), but it also allows users to create assets along with their respective programs to govern them.

PancakeSwap, an automated market maker (AMM) with pools where users can gain fees from staking, lending, and yield farming, was released in September 2020 by unknown developers. It is the third largest exchange by volume in the DeFi field for exchanging BEP20 tokens on the Binance Smart Chain, and it is a decentralized exchange (secure peer-to-peer cryptocurrency transfers without the need for an intermediary including banks or brokerages).

As opposed to active income — where you have to render services and get paid a certain amount within a particular time frame — passive income is being able to continuously generate money over time, even after you’ve done the work. Contrary to popular belief, some measure of work is still involved in passive income, but what makes it so appealing for people is that you don’t have to do a regular 9-to-5 shift for it.

In 2008, Satoshi Nakamoto published the whitepaper for Bitcoin. It unknowingly marked the birth of cryptocurrency. He envisioned a transaction system that didn’t have middlemen and large financial institutions. It led to the gathering of a small passionate community of developers who began developing the programming for Bitcoin.