Every week we will highlight a project that is making an impact on the crypto space. We'll explain the product, give our 2 cents, and give you a link to learn more.
On Chain FX is a cryptoasset rankings and metrics site that is similar to Coinmarketcap.com. Although coinmarketcap has more coins listed, the value in On Chain FX is in its diverse number of metrics and its easy to use toggling features that let you display data how you want to see it. They are taking more of a holistic ecosystem approach, giving insight into more than just market cap and price. Just this week, they added new components that track code commits from developers, which can often say a TON about the progress of the development team. As the adage goes,"quiet on git, did the team quit?" Anyways.... Here are a few cool features we love:
This week's featured product is Coinflash. Coinflash rounds up your change to the nearest dollar from your credit and debit card purchases and invests it automatically into the cryptocurrency of your choice. It does this by first counting up your spare change from the previous week or month. It then uses your Coinbase account to make a purchase for that amount. It is similar to some traditional financial "rounding-up" apps that you may have heard of before such as Acorns.
Figuring out how to buy and sell cryptocurrencies is hard enough, but managing how those investments are performing is even more difficult. Blockfolio helps you to customize a crypto portfolio and manage/track your investments in over 2,000 different coins. You can view your portfolio performance, create price alerts, get information on orderbooks, and stay up to date with their news reader. It's an all encompassing app to help you understand the cryptocurrency market.
With its ease of use, real time data, and ability to track your entire portfolio performance from a mobile device, our team would definitely recommend Blockfolio for both new and seasoned investors.
The team at TokenTax has released a software that solves one of the hardest problems in crypto: taxes. Whether you are interested in just viewing your gains and losses in real time against your purchasing cost basis, or if you want fully completed 1099's to submit with your taxes, go check out this product - we're huge fans. *Note that this service is only available in the US at this time.
Although services like TokenTax are great, we strongly encourage you to be smart about your crypto trades, and only make trades if you really understand what you're doing. As of today, US legislation says that every time you spend or trade a cryptocurrency it is considered a taxable event. If you understand when and how you will be taxed, it makes the use of cryptocurrency a lot more real and a lot less stressful. Also keep in mind that as adoption increases, the government isn't going to let the gains from this magic internet money go unnoticed. Don't try and fly under the radar, do your research and claim your gains (or losses...).