Category Archives: The Crypto Recruiters Blog

Mastering U.S. Crypto Taxes: Key Insights from Our Recent Tax Event

A couple weeks ago, we had the privilege of featuring crypto-tax experts Cameron Browne, Shehan Chandrasekera, and Taylor Zork, who each brought their rich knowledge and insights into U.S. cryptocurrency taxation. As the tax season approaches, the information they provided becomes increasingly vital for anyone dealing with crypto tax filings. Below is an amalgamation of direct insights and overarching themes from the event.

Navigating U.S. Crypto Tax Laws for the Upcoming Season
The panel, led by experts including Shehan Chandrasekera, CPA and Head of Tax Strategy, tackled the complexities of the U.S. crypto tax landscape.

Shehan highlighted, “The landscape of cryptocurrency taxation is ever-evolving, and staying informed is not just beneficial; it’s essential for compliance.”

The discussion revolved around recent legislative changes, IRS guidelines, and the importance of staying current to ensure compliance and effective tax strategy development.

Compliance Challenges in DeFi: What You Need to Know
As Decentralized Finance continues to grow, the panelists underscored the significance of precise reporting and diligent record-keeping. Taylor Zork, a seasoned CPA in the industry, pointed out, “DeFi transactions present unique challenges and opportunities for taxpayers this season.” The panel went on to discuss specific examples of DeFi scenarios, highlighting the need for a nuanced understanding of these transactions for the upcoming tax season.

Strategies for Effective Crypto Tax Reporting
Cameron Browne shared his expertise on effective crypto tax reporting strategies, emphasizing, “The key to effective crypto tax reporting is thoroughness and attention to detail.” The discussion then expanded to cover a range of strategies, from dealing with IRS audits to maintaining comprehensive and accurate records of all on-chain transactions, ensuring attendees were equipped with practical and actionable advice.

The Future of Crypto Taxation
Looking forward, the panel delved into the future of crypto taxation, discussing anticipated regulatory changes and the potential impact of emerging technologies like AI. “As we look to the future, we can expect continued innovation and regulatory evolution in the crypto tax space,” was a sentiment echoed by the speakers, highlighting the importance of staying informed about future trends for effective long-term planning in our ever-evolving industry.


For those who missed the event or want to revisit these critical discussions, the full recording is available on our YouTube channel. Be sure to watch it and stay well-prepared for this tax season!

Best Practices for a Positive Networking Experience

These days it’s not about what you know, it’s about who you know. Meeting for coffee with the right person at the right time can have a huge impact on your career. To change the course of your professional life, it’s important to keep networking with as many valuable people as possible. Speak to people who know things that you don’t. People in different fields and at all levels. This gives you the opportunity to trade ideas and share information. You never know when one conversation will turn into a long-term professional relationship.

Contrary to popular belief that “opposites attract,” we are more likely to be attracted to like-minded people. Imagine that! Make it a point to seek out individuals that share your professional interests.  We’ll explore some tips on how to handle uncomfortable “in real life” networking situations so you can walk into your next in-person event feeling a little more confident and ready to chat the night away. 

Create a plan: 

Prior to arriving at your event, prepare yourself by having a clear goal in mind. Think about what you want to achieve by having conversations with people. Think about the type of people you’d like to meet. Some events provide you with a list of attendees on their registration page. Use that to your advantage and make a list ahead of time. Having a good networking plan in your arsenal will improve your communication skills and start building your reputation within your field.

Market yourself:

Before the event, have an updated resume, portfolio or website ready. Ideally, you’ll have solid exchanges that can help move your career forward. This could involve getting a job offer, the promise of a recommendation letter, bringing in an investor or landing a client that’s been at the top of your list. Your business card should include links to any information that you want people to easily access. You may also include your LinkedIN or LinkTree QR codes so that everyone you meet has direct access to your information.

Prepare a strong elevator pitch or unique proposition: 

Everyone needs a strong elevator pitch to call their own. It should tell people what you do, demonstrate the value of your work and show your level of expertise in a clear and concise manner. Speak as if the person listening has zero knowledge or experience in your industry.  Clearly defining your goals, products or services and presenting them in a way that resonates with your listeners while keeping them curious, will help you to come across as assertive, but not aggressive. It’s easier to connect with people at events if you can speak to them in a way that makes them feel important while still sharing your own strengths and talents in a relative context. Make sure to practice your elevator pitch with someone you can trust to give you honest feedback on your delivery. Ideally, your pitch will give you (no more than) 30 to 60 seconds to sell yourself and turn an acquaintance into your next client, employer or business partner.

Research other attendees:

A networking event is a great place to meet new people, learn new things and have fun with potential connections in a less formal setting. Taking some time beforehand to learn what the event is about can help boost your engagement with other attendees. If there is a virtual space where a list of attendees can be accessed, you can exchange LinkedIN accounts, schedule time with speakers, message other event goers and even plan to grab drinks together. When picking an event, start by looking for popular conventions and conferences hosted by notable companies within your field,  and speaking engagements specific to your industry. Round table discussions and other casual social events such as trivia nights or happy hours are also great ways to meet new contacts. Social media is the best place to find these events but there are other online tools like Bizzabo, Eventbrite and Meetup.

Update your social media platforms: 

If you’re giving new connections your social media links, you’re going to want to make sure they’re in tip top shape. These can include Twitter, Discord, Instagram, Telegram, LinkedIN, etc. Make sure you’re using the correct size profile photos and that they aren’t blurry. Using the same photo (or a similar one) and user name across all of your platforms will increase your recognition as a consistent brand. Make it a routine to review posts that you’re tagged in to make sure they don’t include anything inappropriate. When tailoring your profiles, make sure to use keywords that will lend themselves to proper SEO (search engine optimization) in your niche. You can use tools like SEMrush or Google Keyword Planner to find out what words people search for while looking for professionals in your field. Use Linktree to create a link that includes all of your social media accounts. Use this link whenever you can include a website link in your profile. Of course you should make sure that every link is in working order, and perhaps ask someone to test them for you to make sure. You can also ask colleagues to leave you endorsements and recommendations on LinkedIN to help build social trust.

Choosing the appropriate dress code: 

“Dress how you want to be addressed” is a great motto when deciding what to wear to a networking event. Your outfit should reflect you. Your values, your profession and your personal brand. No matter what you wear, a little confidence goes a long way. Don’t overcomplicate it because you fear judgment from other attendees. Rather, aim for a simple, comfortable outfit so you can feel your best during new conversations. Before deciding what to wear, look at the vibe of the event. Is it formal? Is there no dress code at all? If you can, find a list of attendees before the event. If they are all freelancers and creatives, you might want to opt for more casual attire. If the event is being attended by mostly professionals from the law, banking or accounting industries, business or business-semi-formal is more appropriate. The purpose of the event can cause attire to differ as well. A summer rooftop bar event is going to hold a much different vibe than an event held in a business center with keynote speakers. If the event is annual, check the organizers socials to see if there are any photos from last year’s event to point you in the right direction.

Be ready to attend afterparties: 

Believe it or not, many foundations for lasting partnerships and genuine connections are not made during the event itself. They’re made at the after party. These “off the book” encounters often create the perfect atmosphere for inspiring and productive conversations while giving you the freedom to ask questions in a more laid back setting. These parties can play a pivotal role in maximizing your brand awareness, so don’t skip out!

Develop a post-networking follow-up plan: 

Following up with every single person you meet at an event is not necessary, but do take time to reach out to those that you share common interests with. This will help to solidify these relationships and open doors to great collaborations. Following up also gives you the opportunity to schedule a time to get together in the near future to continue a particular conversation you were having at the event or afterparty. Send a message within one to three days after the event reminding them of your meeting and thanking them for their time. Include specific details pertaining to the conversation you had. Before you ask your new contact for help, offer help. You may be able to introduce them to someone in your industry, or share some useful resources or trade secrets that can benefit their company. Don’t forget to connect on social channels like LinkedIn and Twitter

Networking do’s and don’ts:

Remember not to be overly aggressive. Don’t chase people down. Respect their time, and never use their contact information to spam them. Make sure all communication after the event is thoughtful.

Do bring breath mints and a lighter. If someone asks for one of these, having one to offer is a great way to start a conversation. Have your business cards or a QR code at the ready, a phone charger, and your laptop/ipad to show presentations and take notes. 

Conclusion:

Proper networking is bound to open new doors for you and provide you with valuable  advice and feedback. You’ll make connections that will write you letters of recommendation and provide words of encouragement when you need them most. With a little personality and professionalism, you’ll be making long-lasting, authentic relationships in no time.

 

The History of Crypto Currency

Cryptocurrency has come a long way since its humble beginnings in the early 2000s. The first decentralized digital currency, Bitcoin, was created in 2009 by an individual or group of individuals using the pseudonym Satoshi Nakamoto.

Bitcoin was designed to be a peer-to-peer electronic cash system, with transactions recorded on a decentralized public ledger called the blockchain. The blockchain is a decentralized ledger that records all transactions on the network and is maintained by a network of computers, rather than a central authority.

Bitcoin’s success sparked the creation of many other cryptocurrencies, including Litecoin, Ripple, and Ethereum. These new cryptocurrencies were created to address specific issues with Bitcoin, such as transaction speed and scalability. Ethereum, for example, introduced the concept of smart contracts, which are self-executing contracts with the terms of the agreement written directly into code.

In the early days of cryptocurrency, the market was largely unregulated and the value of cryptocurrencies was highly volatile. However, as the market has grown and matured, governments and financial institutions have begun to take notice. Many countries have started to regulate cryptocurrency and some central banks are even exploring the possibility of creating their own digital currencies.

Despite the increased regulation, the cryptocurrency market has continued to grow. The total market capitalization of all cryptocurrencies has grown from a few million dollars in 2010 to over $1 trillion in 2021.

While the future of cryptocurrency is uncertain, one thing is certain: it has forever changed the way we think about money and the potential for decentralized systems. It has sparked a global conversation about the role of technology in finance and the potential for decentralized systems to disrupt traditional financial institutions. As the technology continues to evolve and more people become familiar with it, it is likely that we will see even more innovation and disruption in the coming years.

All about token design

Creating a new token or digital asset in the crypto world involves a number of important considerations and steps. The token design process is critical to the success of any crypto project, as it determines the utility, value, and overall appeal of the token to potential investors and users.

The first step in the token design process is to identify the problem or opportunity that the token is intended to solve. This will help to determine the overall purpose and utility of the token, and will guide the development of the project. For example, a token that aims to improve supply chain management will have different features and use cases than a token that aims to be used as a digital currency.

Once the problem or opportunity has been identified, the next step is to determine the overall structure of the token. This includes decisions such as whether the token will be a utility token, security token, or a hybrid of the two. Utility tokens are intended to be used within a specific ecosystem or platform, while security tokens represent ownership in an underlying asset, such as real estate or equity in a company.

Another important aspect of token design is the token issuance model. This includes decisions such as the total number of tokens that will be created, the release schedule, and the mechanism for token distribution. For example, some projects may choose to conduct an initial coin offering (ICO) to raise funds and distribute tokens, while others may opt for a more traditional fundraising approach.

Once the overall structure and issuance model have been determined, the next step is to develop the technical specifications of the token. This includes decisions such as the consensus mechanism, network architecture, and smart contract functionality. These technical specifications will determine the security and scalability of the token, and will have a direct impact on the overall performance of the network.

The token design process also includes the development of a comprehensive whitepaper. This document should provide a detailed explanation of the problem or opportunity that the token is intended to solve, the overall structure and issuance model of the token, and the technical specifications of the network. The whitepaper should also include information about the team behind the project, the project roadmap, and the use cases for the token.

One of the most important steps in the token design process is testing and auditing. This includes conducting thorough security audits of the network, smart contract code, and token issuance model. It is also important to test the network under different conditions to ensure that it can handle the expected load and usage.

Finally, after the token design process is completed, the next step is to launch the token and the network. This includes listing the token on cryptocurrency exchanges, promoting the project through marketing and community building efforts, and continuously updating and improving the network and the token.

In conclusion, the token design process in the crypto world is a critical step that determines the success of any crypto project. It involves identifying the problem or opportunity that the token is intended to solve, determining the overall structure and issuance model of the token, developing the technical specifications of the network, and conducting thorough testing and auditing. A well-designed token and a robust network are essential for the long-term success of any crypto project.

What is the Blockchain?

The blockchain is a revolutionary technology that has the potential to change the way we conduct transactions and manage digital assets. It is a distributed digital ledger that records transactions across a network of computers, making it tamper-proof and transparent.

At its core, a blockchain is a digital ledger of transactions that is replicated and distributed across a network of computers. Each block in the chain contains a number of transactions, and every time a new transaction is added, it is recorded on every copy of the ledger. This creates a permanent, unchangeable record of all transactions on the network.

One of the key features of blockchain technology is its decentralization. Unlike traditional ledgers that are maintained by a single organization or institution, a blockchain network is maintained by a network of computers that work together to validate and record transactions. This eliminates the need for a central authority to oversee and control the network, making it more secure and resilient.

Another important feature of blockchain technology is its transparency. All transactions on the network are recorded on the public ledger, making them visible to everyone. This makes it possible for anyone to verify the authenticity of a transaction, and to trace the history of an asset or digital currency.

The first and most widely known application of blockchain technology is Bitcoin, the digital currency that was created in 2009. Bitcoin uses a blockchain to record and validate transactions, making it possible for people to send and receive money without the need for a central authority such as a bank.

Since then, many other digital currencies have been created that also use blockchain technology, including Ethereum, Litecoin, and Ripple. Blockchain technology is also being used in other areas, such as supply chain management, voting systems, and property registration.

One of the most promising use cases for blockchain technology is in the field of smart contracts. A smart contract is a self-executing contract with the terms of the agreement directly written into lines of code. Smart contracts use blockchain technology to ensure that the conditions of the contract are met, before it is executed automatically. This has the potential to revolutionize industries such as finance and legal services, by reducing costs, speeding up processes and removing intermediaries.

Despite all its advantages, blockchain technology is still in its infancy. There are many challenges that need to be addressed before it can be widely adopted, such as scalability, regulatory compliance, and security. But with the rapid development of blockchain technology, it is likely that we will see more and more use cases in the near future, making the blockchain an essential technology for the digital economy.

In conclusion, blockchain is a revolutionary technology that has the potential to change the way we conduct transactions, and manage digital assets. It is a decentralized, transparent, and tamper-proof digital ledger that can be used to record, validate and track transactions across a network of computers. With the potential to revolutionize industries such as finance, legal services and supply chain management, it is worth keeping an eye on the blockchain and the exciting new developments that are to come.