The Mogo Blog

All you need to know about your future-space-money in tax season

We love bitcoin! We hate doing taxes! They’re confusing! And yet! We have to! Dumb! That’s it, that’s the lede. We’re getting right into it because the Mogo blog is a *~ zero-pretension-zone~*. Today’s sad tax lesson: crypto taxes. #UGH If you make money on selling, giving, or transferring crypto (this includes just buying and selling!), you’re gonna have to tell the CRA. Stick with us and we’ll unpack a few of the funny rules around cryptocurrency taxation. Is Cryptocurrency Taxable? Generally, yep! Crypto earnings are taxed, though they are handled differently than normal income. In short, any “gains” you make from owning (or “possessing,” as the CRA calls it) crypto are taxable, but not all gains are treated the same way in the course of taxation. Generally, gains are treated as business income, or as a capital gain (again, distinct from your normal income from your job or whatevs). A capital gain is income earned on the sale of an asset which has increased in value since you first purchased that asset. Bitcoin is itself an excellent example here: if you own BTC, the price goes up, and you sell, the money you

Mogo Announces Bitcoin Wire Transfer

With the rising popularity of bitcoin, we’ve been hearing out your feedback on how we can help improve your Mogo Bitcoin experience. One of the biggest common denominators was wanting the ability to buy more than our current e-transfer cap. You asked, and now, we’re delivering. You can now make free wire transfers to your Bitcoin & Rewards account up to a maximum of $999,999.99, processed as quickly as the same day. ADD FUNDS NOW This is just one of the many things we’ve been working on to add to your bitcoin experience with Mogo...Your “bitcoin experience” being a secure, simple, low-cost experience, and Mogo (that’s us!) being the only FINTRAC regulated and publicly-traded company on the TSX and NASDAQ to offer bitcoin. Okay, that was a bit of a #HumbleBrag. P.S, friendly reminder: while we’ve been loving your enthusiasm for bitcoin, remember that bitcoin is volatile, which means that its value can change quickly at any time. Make sure you understand the risk involved in holding and transacting with cryptocurrencies, and never invest what you can’t afford to lose. ❤️ If you don’t know a lot about bitcoin, but

History of Bitcoin

POV: You’re at a dinner party. COVID is over. You bought your first bitcoin at the beginning of the week, and its value has since reached an eye-watering price. Congratulations. “Who invented bitcoin, or like, why is it a thing?” Your Cute Neighbour asks across the dinner table, glass of wine in hand. Oh no, you think. Cute Neighbour is saying words at me. Open mouth, answer question. Don’t sound dumb. There’s a lot at stake. They’re very cute. You focus. And you recall… this blog post. On the history of bitcoin. You take a deep breath in, and say: The Inception of Bitcoin, or, Who is Satoshi NakamotoIf you’re dealing in bitcoin, Satoshi Nakamoto is the first name you should know. In 2007, it was Nakamoto that began writing the code for bitcoin, a first of its kind peer-to-peer electronic cash system. This code would prove the foundation of the cryptocurrency that, since it was released in 2009, would change how we think about the arrangement of our financial systems.1 But who, or what, is Satoshi Nakamoto? Indeed, the name attached to the creation of this financial phenom is only a pseudonym; it’

The Digital Champs

With weeks of strict physical distancing measures, not only have Canadians been staying in and spending less, many online and digital technologies have been thriving. Use of digital entertainment services like Netflix and Spotify have gone up rapidly. You’ve probably also heard about online video communication services, such as Zoom, becoming wildly popular. But did you know that the most prominent digital currency in the world, bitcoin, is also experiencing some big changes? Its value has risen sharply over the last few weeks as it’s approaching its 550 millionth transaction. What’s even more interesting is that it’s “halving” some time this month. What’s “halving”? It means that the amount of bitcoin (BTC) being generated and entering circulation every 10 minutes will drop by half. It’ll be going from 12.5 BTC to 6.25 BTC some time in May. Bitcoin halving is programmed to happen every time the network processes approximately 210,000 megabytes of transaction data, which takes about 4 years. This has already happened twice, back in 2012 and 2016. Behaving similarly to gold mining, bitcoin is finite and it also becomes harder to produce over time. Once all 21 million coins

You Never Know

It might be hard to believe, but had you invested only $5 into bitcoin in March of 2010 it would now be worth approximately $20 million today. Over the decade, bitcoin has been a real theatre... Although the debate will continue, bitcoin’s now been around for over 10 years and there’s only ever going to be 21 million of them. Today, bitcoin is valued at around $13,500 per coin, about half of its all time high. Whichever side you’re on, remember that bitcoin can be volatile and is clearly a speculative investment. Experts generally recommend that you have no more than 10% of your investment portfolio in the speculative category. Whether you’re thinking about buying some bitcoin or not, there is an easy way to experience buying and owning without risking your own money. Check out the app hack below! The best way to learn about something is to actually do it, and we’re making it easy. Simply download the Mogo App & activate your Mogo Crypto account now. Don't have the app? Get it now. Approximate price of bitcoin is as at the time of writing on February 19, 2020. Buying and selling bitcoin