Bitcoin NFTs, or non- fungible tokens on the Bitcoin blockchain have emerged as a groundbreaking trend reshaping the digital assets landscape. These tokens represent ownership of digital assets and are gaining insignificant traction within the cryptocurrency community.
Firstly, let's delve into what Bitcoin NFTs are and how they are created, as well as explore the current trends surrounding this innovative technology.
UNDERSTANDING BITCOIN NFTs
Bitcoin NFTs represent ownership of digital assets, such as artwork, collectibles, and in-game items.
Each NFT has a unique cryptographic signature that verifies it authenticity and ownership. This means that each NFTs is one-of-a-kind and cannot be replaced or replicated. This uniqueness is what underpins the value and appeal of NFTs in the digital realm.
CREATION OF BITCOIN NFTS:
The creation of Bitcoin NFTs involve a process known as "Ordinal inscription" where data is directly inscribed on-chain within the Bitcoin network. This method differs from Ethereum NFTs which rely on off-chain metadata that can be altered.
Ordinal inscription allow for all data to be permanently recorded on the blockchain, ensuring transparency and immutability in token ownership.
the process of creating a Bitcoin NFTs involved several steps. First, the digital asset is created or selected, such as a piece of artwork or an in-game item. Next, the item is tokenized by creating a unique cryptographic signature that represents ownership. This signature is then inscribed on the Bitcoin blockchain using Ordinal inscriptions. Once the inscription is complete, the NFT is created and can be bought, sold, or traded on various online marketplace.
The trends of Bitcoin NFTs is rapidly evolving, with a surge in interest and adoption witnessed across the cryptocurrency space.
Recent data indicates that Bitcoin NFTs have surpassed Ethereum NFTs in trading volume. Signaling a shift towards the Bitcoin blockchain for NFT transactions.
Some Examples Of Bitcoin NFTs Includes:
1️⃣RARE PEPES: The first NFT collection ever released on Bitcoin, created in September 2016 using the counterparty protocol. Despite their limited utility due to the constraints of counterparty's scripting language at the time, Rare pepes land the foundation for subsequent Bitcoin NFT projects and highlighted the potential for digital collectibles on the Bitcoin network.
2️⃣BITMAP: A metaverse project in the Bitcoin ecosystem based on an open source standard protocol proposed on Ordinals, primarily for the primary market sale of virtual land. What set Bitmap apart is it unique binding to blocks, creating inherent scarcity within it virtual land offerings.
3️⃣ ORDINAL PUNKS NFT series: A collection of NFTs on the Bitcoin blockchain, with examples like mineral having a market cap of 379.6btc (approximately $19.8M). This series symbolizes the intersection of art, technology and blockchain innovation, showcasing the potential for both creative expression and value generation.
HOW TO MAKE YOUR OWN BITCOIN NFT
Creating your Bitcoin NFTs on the blockchain is a relatively straightforward process and there are several tools and platforms available to help you get started. Here are the basic steps:
👉 Choose Your Digital Assets: the first step in creating an NFT is to choose the digital asset that you want to tokenized, this could be a piece of artwork, a collectible in-game item, or any other type digital asset.
👉Create a Digital Representation: once you have chosen your digital asset, you will need to create a digital representation of it. This could be a digital file such as a JPEG or PNG image, or it could be 3D model or other type of digital asset.
👉Mint Your NFT: you can mint you NFTs using a platform that supports Ordinal inscription on the Bitcoin blockchain, there are several platforms available including Raretoshi, Counterparty, and Tokenly. These platform provide tools for creating and managing NFTs on the Bitcoin blockchain.
👉Set Your Metadata: when you mint your NFT, you will need to set it metadata which includes information about the asset, such as name, description, and image.this Metadata is stored on the blockchain along with the NFT and it provides important context and information about the asset.
👉List Your NFT For Sale: you can list your NFT for sale on an online marketplace that supports NFTs on the Bitcoin blockchain(Binance NFT Marketplace), users can trade NFTs on the Binance NFT Marketplace by holding BTC or other crypto on their spot wallet.
👉 Promote Your NFT: once your NFT is listed for sale, you will need to promote it to potential buyers. This could involve sharing it on social media, creating website or blog to showcase it, or reaching out to collectors and investors in the NFTs community .
MARKET DYNAMICS AND CHALLENGES.
While Bitcoin NFTs are gaining momentum, challenges such as scalability and accessibility remain key area of focus for developers and users. The integration of Ordinals into the Bitcoin ecosystem has raised debate regarding block space usage and transaction costs. As more Ordinals are inscribed with additional data like images and audio clips, concern about on chain congestion and confirmation times have surfaced.
Scalability is a major challenge for the Bitcoin blockchain, as it has a limited capacity for processing transactions. This means that as more NFTs are created and traded on the blockchain, it could become congested and slow, leading to higher transaction fee and longer confirmation times. To address this challenge, developers are exploring ways to increase the scalability of the Bitcoin blockchain, such as through the Use of layer2 solutions like the lightning network.
Accessibility is another challenge for the Bitcoin NFTs, as they require a certain level of technical expertise to create and trade. This can be a barrier for entry to some users who may not have the necessary skills or resources to participate in the NFTs market. To address this challenge, developers are working to create more user friendly tools and platforms for creating and trading NFTs in the Bitcoin blockchain.
At the end of the day Bitcoin NFTs represent a model shift in how digital assets are tokenized and traded within the cryptocurrency ecosystem. The future of Bitcoin NFTs holds immense potential for reshaping the landscape of digital ownership and value exchange as this trends continue to witness how Bitcoin NFTs conquers the new market height....
Thank you for reading.
If you liked this article, pls do like, comment, share this post, and especially follow @King_of_info-001 and stay tuned, it motivate me for more research on financial freedom, #WAGMI #BitcoinNFTs #BNBChain #HotTrends 💯#trendingnews

A federal judge rejects Changpeng Zhao's $4.5 billion bond request for travel to the UAE, compelling him to remain in the U.S. In light of a potential 10-year prison term, Zhao consents to refrain from appealing any sentence shorter than 18 months.CZ Banned from Leaving the U.S Despite Agreeing to Pay 4.5 Billion USDDespite offering an unprecedented $4.5 billion bond, Changpeng Zhao, the former CEO of Binance, faces an obstacle in his attempt to leave the U.S. This comes in the aftermath of his admission of guilt to anti-money laundering charges, adding a significant chapter to the ongoing scrutiny of the cryptocurrency industry by authorities.U.S. Authorities Bar Zhao's Departure Despite $4.5 Billion Binance Stake ProposalZhao, who relinquished his position at Binance in November 2023, has become embroiled in a complex legal situation with the U.S. justice system. His proposal to pledge his entire $4.5 billion stake in Binance.US in exchange for permission to travel to the United Arab Emirates was met with a firm denial from the U.S. District Court in Seattle. This denial underscores the gravity of the charges against him and the court's serious consideration of the case.The ruling, outlined in a court filing by Judge Richard A. Jones of the Western District of Washington at Seattle, emphasizes the substantial financial offer made by Zhao in his bid for travel approval. Despite the magnitude of the bond, the court upheld its decision to confine Zhao within U.S. borders, citing the necessity to ensure his presence throughout the sentencing process scheduled for February 2024.The court order states, "It is ordered that the condition permitting Defendant to return to the UAE pending sentencing is stayed until such time as this Court resolves the Government’s motion for review."This legal saga marks a pivotal moment in the ongoing regulatory and legal hurdles confronting the cryptocurrency industry. Changpeng Zhao, a dual citizen of Canada and the United Arab Emirates, now stands at the epicenter of a case with potentially profound implications. The court's refusal to grant him travel permission reflects a zero-tolerance stance by U.S. authorities toward any violations of anti-money laundering laws.CFTC Issues Groundbreaking Ruling Against Binance and Changpeng ZhaoAdding to Zhao's complexity is the substantial financial penalties imposed on both him and Binance as part of a settlement with the Commodity Futures Trading Commission (CFTC). The court mandates that Zhao personally pay a $150 million civil monetary penalty. Additionally, Binance is obligated to disgorge $1.35 billion in alleged ill-gotten transaction fees and pay an additional $1.35 billion penalty to the CFTC.#trendingnews #trendingtoday #TrendingTopicChallenge #TrendingArticles #looz_crypto

Are you a Japanese Crypto Investor struggling with crypto taxes? Don’t worry you’re not alone. A majority of crypto investors in Japan struggle with crypto taxes given the complexity of the guidelines governing the taxation of such assets and the inherent complexity of crypto as an asset. Japan is among the strictest nations in the world when it comes to crypto taxes having one of the highest tax rates on crypto transactions which may go up to 55% in some instances. 
We realise that navigating crypto taxes can be an intimidating task for most investors, that’s why we have curated a detailed tax guide covering all the aspects of crypto taxation in Japan. In this guide, we will cover everything from crypto gains and income to DeFi and NFT taxes. We will also answer pivotal questions like “How is crypto taxed in Japan?”, “How to file crypto taxes?”, “Can the tax authority track crypto?”, “How to calculate crypto gains and losses?” and more. 
So let’s hop in.
How is Crypto Taxed in Japan

The Japanese National Tax Authority views crypto as property and any gains incurred from their sale attract income tax. Moreover, crypto received through airdrops, staking, and mining is also subject to income tax. So if the total gain or income from crypto assets exceeds 2,00,000 JPY in a tax year, you need to report your gains/income to the NTA and pay taxes on them in compliance with the Payment Services Act (PSA) and the Financial Instruments and Exchanges Act (FIEA). You can access the detailed guidelines here.
Any income/gain reported by an individual or business is categorized as “Miscellaneous Income” and the tax rates may go up to 55%, that’s pretty steep because gains from securities are taxed at a flat rate of 20% in Japan. 
Japan has a progressive tax on miscellaneous income, ranging from 5% to 45% on profits. Moreover, Japanese taxpayers are obligated to pay an inhabitant tax of 10% on their profits, which includes a prefectural rate of 4% and a municipal rate of 6%. Consequently, the effective crypto tax rate varies between 15% and 55%. For non-permanent residents of Japan, a flat 20% tax applies to all income earned within the country.
How to Calculate Crypto Gains and Losses
Even though there is no capital gains tax in Japan, you still need to calculate the gains incurred from disposing of crypto assets to be able to report them alongside your income and pay taxes on them.
Calculating crypto gains is a pretty straightforward process. All you need to do is to deduct your cost basis from the disposal amount. You can use the following formula to calculate your capital gains:
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However, most investors find cost basis intimidating as a concept. The cost basis is simply the amount your pay to acquire a particular asset inclusive of any additional fees paid in the process. 
Here’s an example:
Let’s say Toshiro san acquired 1 $ETH for 2,00,000 JPY
And he paid 2,500 JPY in transaction fees in the process.
Then the cost basis would simply be (2,00,000 + 2,500) JPY 
Let’s say Toshiro san finally decides to dispose of the #Ethereum(ETH) token for 2,50,000 JPY
In that case,
Capital Gain/Loss = Disposal Amount - Cost Basis = 2,50,000 - 2,02,500 = 47,500 JPY
derstanding of how lost or stolen crypto is treated by the tax authorities.
Crypto Tax Breaks Japan
The way Japan taxes crypto transactions, there’s not much you can do to lower your tax bill. As mentioned earlier, you cannot offset your losses against gains in Japan and beyond there’s barely any way to lower your taxes strategically.
One thing you can consciously decide to do is to dispose of your assets in a low-income year to keep the overall gains under 200,000 JPY, which is the regular income tax exemption limit in Japan. Japan also has an employment income deduction that allows employees from a corporate background to deduct a certain amount from their taxable income. Given below are the income brackets and the deductions allowed in each bracket.
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Although it’s not clear whether these deductions are permissible for income from crypto transactions. We suggest seeking guidance from an experienced tax professional to gain clarity on the subject.
Crypto Cost Basis Method Japan
Japan allows two accounting methods, the total average accounting method and the moving average accounting method or the ACB (Average Cost Basis Method). 
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The total average accounting method is what the investors/traders are supposed to use by default. However, if you choose to use the moving average accounting method, make sure you use it for all your cost-basis calculations to avoid discrepancies in your tax report. 
The moving average method also known as the Average Cost Base (ACB) method, assumes the average cost of the assets of the same kind you currently possess as the cost basis for a subsequent disposal. The total average method is quite similar with just one exception, it considers the average cost of all the assets (of a particular kind let’s say ETH) that you’ve bought in a financial year. 
In simpler terms, the cost basis might change for every disposal depending upon the disposal. However, when you use the total average accounting method, you have a constant cost basis regardless of time, place, or the sequence of your disposal. 
Here’s an example to understand how the Moving average accounting method works:
2022/02/21 - Ishida san bought 1 ETH for 2,00,000 JPY
2022/03/17 - Ishida san bought 3 ETH for 1,90,000 JPY each
2022/05/23 - Ishida san sold 1 ETH for 2,10,000 JPY
2022/06/04 - Ishida san bought 2 ETH for 1,70,000 JPY each
2022/08/27 - Ishisa san sold 1 ETH for 2,40,000 JPY
As evident from the above ledger of transactions, Ishida san made two disposals.
Let’s use the Moving Average Accounting Method to calculate the cost basis for both disposals.
Now, before the first disposal was made, ETH tokens were acquired on two separate occasions. So we have to calculate the average acquisition price:
Average Acquisition Price = (1*2,00,000 + 3*1,90,000)/4 = 1,92,500 JPY
So the cost basis now becomes 1,92,500 JPY for the disposal
Capital Gain on the first disposal = Disposal Amount - Cost Basis = 2,10,000 - 1,92,500 JPY = 17,500 JPY
But now since 1 ETH token is disposed, the total number of ETH tokens in possession goes down to three. And on top of that Ishida san bought 2 more ETH tokens at an average price of 1,70,000 JPY each.
So now the average acquisition price changes.
Value of 3 ETH tokens in possession = 1,92,500 * 3 = 5,77,500 JPY
Value of 2 ETH tokens acquired after 1st disposal = 1,70,000 * 2 = 3,40,000 JPY
Average Acquisition Price = (5,77,500 + 3,40,000)/5 = 9,17,500/5 = 1,83,500 JPY
Now the cost basis changes to 1,83,500 JPY
So, for the second disposal
Capital Gain = Disposal Amount - Cost Basis = 2,40,000 - 1,83,500 = 56,500 JPY
Total Gain from both Disposals = 74,000 JPY
Let’s now consider the same ledger of transactions and use the total average method for calculating the capital gains for both disposals.
Using the total average method is a lot simpler as it considers the average cost of all acquisitions made in a financial year divided by the total number of assets.
So, the average acquisition price = (1*2,00,000 + 3*1,90,000 + 2*1,70,000)/6 = 1,85,000 JPY
Which imputes a cost basis of 1,85,000 JPY
Now for the 1st Disposal
Capital Gain = Disposal Amount - Cost Basis = 2,10,000 - 1,85,000 = 25,000 JPY
And for the 2nd Disposal 
Capital Gain = Disposal Amount - Cost Basis = 2,40,000 - 1,85,000 = 55,000 JPY
Total Gain from both disposals = 80,000 JPY
Notice that the capital gain is 6,000 JPY higher when you use the total average accounting method.
Crypto Income Tax Japan
As mentioned earlier, any gains or income from crypto transactions is taxed as miscellaneous income by the NTA. You are viewed to be making miscellaneous income in Japan if you participate in the following transactions:
Disposing of crypto for fiatSwapping one crypto asset for anotherBuying goods or services with cryptoReceiving compensation in crypto Rewards from mining, staking and liquidity poolsRewards from DeFi transactionsConverting NFTs to crypto or fiatArdops or interest income
Any income or gain incurred from such transactions is to be added and reported in your tax return. The tax rate on such income can go up to 55% depending on the nature of transactions and where you reside in Japan. 
Crypto Income Tax Rate
The crypto tax rate in Japan can go up to 45% depending on which tax bracket you fall into. You will also have to pay a local inhabitant tax of 10% on top of the income tax. The following are the income tax rates in Japan:
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How to Calculate Crypto Income
Calculating your crypto income is pretty straightforward. You just need to add the gains/income from all transactions. We’ve discussed in the above sections how you can calculate your gains from crypto transactions, any tokens that you’ve received from airdrops, staking, mining, or liquidity pools shall be perceived as income and you must track the fair market value of the tokens on receipt, to later add it to your gains and report your actual taxable income base.
Tax-Free Crypto Transactions
Following are some tax-free crypto transactions in Crypto:
Buying crypto with fiatTransferring crypto between wallets
Taxed Crypto Transactions
Following are some taxed crypto transactions in Crypto:
Selling crypto for fiatSwapping crypto Staking cryptoMining cryptoLiquidity MiningYield FarmingSpending cryptoReceiving crypto as compensation
When to Report Crypto Taxes in Japan
The Japanese tax year runs from January 1st to December 31st, and you can file your taxes between February 16 and March 15 every year.
How to File Crypto Taxes in Japan
There are two ways you can file your tax return in Japan.
Using Paper FormsUsing NTA’s Online Portal
If you wish to file your crypto taxes using paper forms, you should use Form A to declare your employment and miscellaneous income. However, note that if the miscellaneous income from other sources does not exceed 2,00,000 JPY, you’re not eligible to file a tax return.
Here’s a stepwise tutorial on how you can file your crypto taxes using NTA’s online portal:
The first step is to log in on the NTA’s website using your registered credentials. If you’re not registered with the NTA, you can do that here.Once you’ve done that, navigate the options and go to “Salary” under “Relevant Income”.From here, go to “Miscellaneous Income” Once you do this, you will be asked the following question “Do you wish to receive deductions for your home?”. Answer with a Yes/No and move aheadIn this step, you need to enter your e-tax number or connect your account to the My Number Portal WebsiteNow you need to enter the total miscellaneous income you’ve earned during a tax year and the profit or lossNow select “Crypto” from the drop-down list to specify the categoryNow enter the name of the exchanges you’ve used and their legal addresses
What Records Will the NTA Want
There is no official guidance on crypto record keeping by the NTA. However, it would be prudent to maintain detailed records for all your transactions dating back to at least 3 years to ensure a hassle-free tax filing experience. Following is the list of documents you should maintain:
Date and time of transactionsNature of transactions and intent of the parties involvedA detailed record of FMV of assets received through staking, mining, airdrops, or as compensationWallet addresses that you have private keys toDetails of the type of assets ownedReceipts of purchase and disposals
How to File Crypto Taxes Using Kryptos?
Now that you’re aware of how your crypto transactions are taxed and what forms you need to fill out to complete your tax report, here’s a step-wise breakdown of how Kryptos can make this task easier for you:
Visit Kryptos and sign up using your email or Google/Apple AccountChoose your country, currency, time zone, and accounting method Import all your transactions from wallets and crypto exchangesChoose your preferred report and click on generate report option on the left side of your screen and let Kryptos do all the accounting.Once your Tax report is ready, you can download it in PDF format.
$BTC $BOME
#Japan #HotTrends #trendingnews
#ICP

Let me firstly state that I love my country, good or bad. I have no other to call my own and I am not in any hurry to japa anywhere else. Let me also state that I implore anyone indigene or foreign running any form of business in Nigeria to try and tidy up the regulatory guidelines and tax matters so it doesn't catch up with you. No country jokes with those.
But again, I dare say that one needs a rather weird sense of humor not to go nuts in the Nigerian business and regulatory space. Today it's one statement, tomorrow it is opposite, with the Senate, CBN, SEC and government passing the bucks left and right, chasing shadows and confusing operators.
They denied arresting and detaining Binance executives until it became public knowledge, then they turned and heaped all Binance sins on them. Persons that came of their own free volition for discussions and negotiations. They became 21st century hostages until one escaped.
Along came claims, true or false, bring badges that it is Binance exchange and the likes that are determining the naira exchange rate in Nigeria, no longer the Aboki FX as they earlier claimed. That's like looking for a scape goat for government's economic ineptitude.
Now we see a spurious document on crypto exchanges and freezing of accounts, circulating in banks and suddenly there are denials and counter denials, and we all know it was because the lid was blown off the clandestine move to catch many people napping and in the net.
My take is that Nigeria should spell out their regulations to business operators and the laymen so we all know where we stand and steps to take, instead of this Machiavellian vindictive hoodwinking style of business governance. Like we either take it or die.
On the other hand, I call on Binance as a big Crypto exchange to recognize the vast market in Nigeria and it's strategic position as a player in the crypto industry, and do all in it's power to reach a reasonable agreement with the Nigerian SEC and CBN so that people can go about their crypto businesses without all these underlying fears and tension.
Lastly, there are still so many global doorways to do your crypto business without getting into trouble with the Nigerian government. Be wary and be wise.
I come in peace.
#trendingnews #Binance #Follow4more