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TurboTax Cryptocurrency: How to Do Crypto Taxes with Ease in 2025
Navigating cryptocurrency taxes can be a headache, but TurboTax cryptocurrency tools make it easier for investors in the U.S., UK, and beyond. Whether you’re a beginner trading Bitcoin in USD or an experienced trader managing portfolios in GBP or CAD, TurboTax offers robust crypto tax software to simplify reporting. This guide explores how to do crypto taxes on TurboTax, answers whether TurboTax does crypto, and provides tips for seamless tax filing in 2025.
Does TurboTax Do Crypto?
Yes, TurboTax supports cryptocurrency transactions, making it a top choice for crypto tax software. It integrates with major exchanges like Coinbase, Binance, and Kraken, allowing users to import trading data directly. This feature is especially helpful for U.S. investors filing with the IRS or UK investors reporting to HMRC, ensuring compliance with local tax laws.
- Why it matters: TurboTax streamlines reporting for capital gains, losses, and income from crypto trading or staking.
- Best for: Beginners and experienced traders in countries with complex crypto tax regulations.
- Key feature: Automatic import of up to thousands of transactions, saving time and reducing errors.
how to do crypto taxes on TurboTax?
Heres a step-by-step guide tailored to your trading experience and location:
1.Choose the Right TurboTax Version:
2.Import Your Transactions:
Connect your crypto exchange accounts (e.g., BYDFi, Coinbase) to TurboTax. TurboTax aggregates data from platforms like Bitcoin (BTC), Ethereum (ETH), and more, calculating gains or losses automatically.
For manual entry, download CSV files from your exchange and upload them to TurboTax.
3.Categorize Transactions:
Classify trades, staking rewards, or airdrops as capital gains or income, per IRS (U.S.) or HMRC (UK) guidelines. TurboTax guides beginners through prompts, while experts can customize entries for complex DeFi or NFT transactions
4.Review and File:
TurboTax generates IRS Form 8949 for U.S. users or equivalent forms for other countries, ensuring compliance. Double-check calculations, especially if trading in multiple currencies (USD, GBP, CAD).
Why TurboTax Is a Top Crypto Tax Software
TurboTax stands out for its user-friendly interface and robust crypto support, making it ideal for:
- Beginners: Simple prompts guide new traders in the U.S. or Canada through tax reporting.
- Experienced traders: Advanced features handle high-volume trades or DeFi activities.
- Global users: While U.S.-focused, TurboTax’s tools can adapt for investors in the UK, Australia, or EU, though local regulations vary (e.g., ATO rules in Australia).Key Considerations for Crypto Taxes
- Local Regulations: U.S. investors face IRS scrutiny on crypto gains, while UK traders report to HMRC. Check your country’s tax laws to avoid penalties.
- Currency Impact: If trading in GBP, EUR, or AUD, convert crypto gains to your local currency for accurate reporting.
- Trading Experience: Beginners should stick to major coins like Bitcoin, while experts may need TurboTax for complex transactions like staking or cross-chain transfers (e.g., via the Wormhole protocol).
- Cost Tracking: Use TurboTax to track your cost basis, especially for volatile assets like Bitcoin or Ethereum.
Tips for Stress-Free Crypto Tax Filing
- Use Trusted Exchanges: Platforms like BYDFi provide detailed transaction histories compatible with TurboTax.
- Stay Organized: Track trades year-round to avoid last-minute stress during tax season.
- Monitor Market Trends: Follow crypto news on platforms like X to stay informed about tax law changes or price movements affecting your gains.
- Consult a Professional: For complex portfolios, pair TurboTax with a crypto tax accountant, especially in countries with strict regulations like the U.S. or EU.
Why 2025 Is the Year to Master Crypto Taxes
With crypto adoption soaring and tax authorities tightening regulations, 2025 is the perfect time to streamline your tax process. TurboTax cryptocurrency tools make reporting easy, whether you’re a Bitcoin beginner in New York or a DeFi expert in London. By staying compliant, you can focus on growing your portfolio.
Ready to Simplify Your Crypto Taxes?
Take the stress out of tax season with TurboTax and start trading smarter with BYDFi. Sign up with BYDFi today to manage your Bitcoin, Ethereum, and other crypto assets, and let TurboTax handle the rest!
2026-01-16 · 19 days agoCryptocurrency List 2025: Best Crypto to Buy Now for Long-Term Gains
With thousands of cryptocurrencies available, finding the best crypto to buy now can be daunting. Whether you’re a beginner in the U.S. trading in USD, an investor in the UK using GBP, or exploring options in Australia with AUD, this cryptocurrency list highlights top picks for 2025. From established coins to emerging tokens, we’ll guide you on what crypto to buy for long-term success, tailored to your trading experience and goals.
Why Invest in Cryptocurrency?
Cryptocurrencies offer a unique opportunity for diversification and potential high returns. However, volatility and regulatory differences across countries require careful selection. Are you a novice investor in Canada or an experienced trader in Singapore? This cryptocurrency list addresses your needs, helping you decide which crypto to buy today for long-term gains.
Top Cryptocurrency List for 2025
Here’s a curated list of the best cryptocurrencies to invest in, based on market trends, technology, and adoption potential.
Why its a top pick: As the leading cryptocurrency, Bitcoin is a stable choice for investors in any country. Its value in USD, EUR, or GBP remains resilient, making it a cornerstone for portfolios.
Best for: Beginners and long-term investors.
Risk level: Low to moderate.
Why now?: Institutional adoption and global acceptance make Bitcoin a must-have.
2.Ethereum (ETH)
Why its a top pick: Ethereum powers DeFi and NFTs, with upgrades enhancing scalability. Its a favorite in tech hubs like the U.S. and Japan.
Best for: Investors with moderate trading experience interested in smart contracts.
Risk level: Moderate.
Why now?: Ethereum’s ecosystem growth positions it as a top crypto to invest in.
3.Binance Coin (BNB)
Why its a top pick: BNB fuels the Binance ecosystem, offering utility for trading and DeFi. It’s popular in regions like the EU and Asia.
- Best for: Traders seeking utility tokens with strong exchange backing.
- Risk level: Moderate.
- Why now?: Binance’s global dominance supports BNB s long-term potential.
4.Polkadot (DOT)
Why its a top pick: Polkadot’s interoperability (similar to the Wormhole protocol for cross-chain transfers) connects multiple blockchains, appealing to investors in tech-forward markets like Australia.
- Best for: Experienced investors eyeing innovative projects.
- Risk level: Moderate to high.
- Why now?: Polkadot’s growing ecosystem makes it a strong contender for 2025.
How to Choose What Crypto to Buy
When deciding which crypto to buy today for long-term gains, consider these factors:
- Market Trends: Monitor price movements and adoption rates. For example, Bitcoin’s stability in USD is ideal during economic uncertainty.
- Trading Experience: Beginners in the UK or Canada may prefer Bitcoin, while experts might explore Polkadot or BNB.
- Local Regulations: Check crypto laws in your country (e.g., SEC in the U.S., FCA in the UK) to ensure compliance.
- Currency Impact: If trading in GBP, EUR, or AUD, account for exchange rate fluctuations to maximize returns.Tips for Investing in Cryptocurrency
- Start Small: Beginners should invest only what they can afford to lose.
- Use Trusted Platforms: Trade on reliable exchanges like BYDFi, widely used in the U.S., EU, and beyond.
- Stay Informed: Follow crypto news on platforms like X to track market sentiment and trends.
- Diversify: Spread investments across multiple coins from this cryptocurrency list to reduce risk.
Why 2025 Is the Year to Invest
- The crypto market is set to thrive in 2025, with growing adoption and technological advancements. Whether you’re in New York, London, or Sydney, now is the time to explore the best cryptocurrency for your portfolio. By choosing coins that align with your goals, you can position yourself for long-term success.
Ready to Build Your Crypto Portfolio?
- Don’t miss out on the best crypto to buy now. Start investing with BYDFi today to trade Bitcoin, Ethereum, BNB, Polkadot, and more, and take the first step toward financial freedom!
2026-01-16 · 19 days agoWhat Is Saga and How Saga Enables Unlimited Horizontal Scaling for Crypto ?
Key Points
- Saga is a revolutionary layer-1 blockchain platform enabling developers to deploy custom appchains with ease.
- It allows infinite horizontal scaling, letting each appchain (chainlet) operate independently.
- Developers can leverage multiple virtual machines including EVM, Solana VM, MoveVM, and more.
- Saga offers shared security, removing the need for separate validator networks for each appchain.
- Its native token, SAGA, supports ecosystem growth, incentives, and developer programs.
What Is Saga? Unlocking Infinite Scaling for the Future of Crypto
In the ever-evolving world of blockchain, scalability has long been the holy grail. The rise of decentralized applications, booming DeFi ecosystems, and the explosive growth of gaming and entertainment on-chain have highlighted one undeniable truth: traditional blockchains struggle to keep up.
Enter Saga, a groundbreaking Layer-1 solution designed to empower developers to deploy their own independent blockchains — or chainlets — unlocking near-limitless horizontal scaling for the crypto ecosystem.
From Monolithic Chains to Appchains: The Evolution of Scaling
In the early days, most blockchains were built as monolithic structures. A single chain handled everything — from consensus and transaction execution to settlement and data availability. This setup worked when blockchain activity was minimal. However, as adoption surged, cracks began to appear. Ethereum, for example, faced skyrocketing gas fees during the ICO boom of 2017 and again during the 2020–2021 bull market, with transaction costs sometimes hitting the hundreds or even thousands of dollars.
These challenges pushed developers to rethink scaling strategies. Ethereum introduced rollups, which moved transaction execution to separate Layer-2 chains while still anchoring security on the main Layer-1 chain. By batching transactions together, rollups drastically reduced fees for users while maintaining security.
Meanwhile, the Cosmos ecosystem pioneered the concept of appchains — specialized chains designed for a single purpose, whether a decentralized exchange (DEX), a lending platform, or a gaming application. This approach allowed developers unprecedented flexibility and customization, inspiring other projects such as Avalanche with subnets, Polygon with zero-knowledge Ethereum Virtual Machine (zkEVM) chains, and independent Ethereum L2 deployments.
Yet, even with these options, deploying highly customized, secure, and scalable solutions remained complex — until Saga appeared.
Saga: The Gateway to Infinite Horizontal Scaling
Saga positions itself as a one-stop platform for developers, enabling them to deploy dedicated appchains effortlessly. Instead of building a chain from scratch, developers can simply deploy their smart contract binary to the Saga mainnet. Saga’s validators then process the deployment automatically, creating a dedicated chainlet tailored to the developer’s project.
What makes Saga unique is its approach to flexibility and independence. Each chainlet hosts only a specific set of smart contracts, ensuring predictable transaction fees and optimized performance. Developers are not constrained by the blockspace limitations of a shared chain. Additionally, Saga is VM-agnostic, supporting multiple virtual machines such as the Ethereum Virtual Machine (EVM), Solana VM, MoveVM, and others. This allows teams to build using the technology best suited for their project. Moreover, Saga’s modular architecture allows chainlets to be updated independently, without impacting other chainlets or the main network — a game-changer for continuous development and innovation.
Security and Parallelization: Solving Early Appchain Challenges
One of the most difficult aspects of launching an appchain has traditionally been securing it. Building and managing a validator set while maintaining network security often proved too costly or complicated for smaller projects. Saga tackles this issue by offering shared security across all chainlets. Its validators are orchestrated to manage thousands of chainlets running simultaneously, ensuring both safety and reliability.
Saga also leverages parallelization, meaning each chainlet operates independently, free from competition for resources. Developers can even shard a single application across multiple chainlets. Imagine an automated market maker splitting its operations into chainlets for each liquidity pool — this structure allows virtually unlimited scaling and performance optimization.
While Saga initially targets gaming and entertainment, where high-speed transaction processing is crucial, DeFi applications can also harness its capabilities to unlock new financial primitives and advanced protocols.
FAQ
Q: What is a chainlet?
A chainlet is a mini blockchain deployed on the Saga network to run a specific set of smart contracts or a single application. Each chainlet operates independently for predictable performance.Q: Can I use different virtual machines on Saga?
Yes, Saga supports multiple VMs, including EVM, Solana VM, and MoveVM, giving developers flexibility in deployment.Q: How does Saga handle security for multiple chainlets?
Saga uses shared security, meaning its validator network secures all chainlets. Developers don’t need to maintain separate validators for each appchain.Q: What industries benefit most from Saga?
Gaming and entertainment are the initial focus, but DeFi applications and other high-demand blockchain use cases can also leverage Saga’s infrastructure.Q: What is the SAGA token used for?
SAGA is used to incentivize developers, reward ecosystem participants, and fund the growth of the Saga platform.Saga Tokenomics: Building an Ecosystem for Growth
Saga launched its mainnet alongside a genesis airdrop, rewarding communities from Cosmos, Polygon, Avalanche, and Celestia for their contributions to the appchain ecosystem. These allocations celebrated their respective innovations: Cosmos for pioneering appchains, Celestia for enhancing data availability, Polygon for enabling fast deployment via its chain development kit, and Avalanche for introducing subnets.
The SAGA token has a maximum supply of 1 billion tokens, with an initial circulating supply of 90 million. Tokens are primarily allocated to ecosystem development, investors, and core contributors. Allocation schedules are carefully structured, with vesting periods extending over several years to ensure long-term stability and growth.
For early adopters and developers, the SAGA token represents not just a utility token but a gateway into a vibrant ecosystem where they can launch, scale, and innovate with confidence.
The Future of Appchains Is Here
Saga is redefining what’s possible in blockchain development. By providing developers with a platform to deploy customizable, secure, and independently operating chainlets, Saga brings horizontal scaling to crypto — a feat many thought impossible. Its innovative approach removes barriers for new projects, accelerates time-to-market, and opens doors for applications that require high-performance environments.
As the blockchain space continues to evolve, Saga’s technology could become a backbone for the next generation of gaming, DeFi, and beyond. With unlimited scaling, flexible development environments, and a robust tokenomics model, Saga is poised to empower creators, developers, and investors alike.
For those looking to explore this new frontier, Saga offers the tools, security, and freedom to make your blockchain vision a reality — a true leap forward in the evolution of decentralized networks.
Ready to Take Control of Your Crypto Journey? Start Trading Safely on BYDFi
2026-02-03 · 17 hours agoPump.fun Introduces Pump Fund to Replace Traditional VCs
Key Points
- Pump.fun launches Pump Fund, an investment arm to democratize funding for early-stage projects.
- $3 million will be allocated to 12 eligible projects via a Build in Public Hackathon.
- The fund allows regular users, not VCs, to participate in early crypto project investments.
- Focus on market-driven validation, reducing VC manipulation and rug pulls.
- Powered by PUMP tokens and the Solana network, offering low fees and revenue-sharing perks.
Pump.fun Launches Pump Fund: Redefining Early-Stage Crypto Investment
Pump.fun, the Solana-based cryptocurrency launchpad, is shaking up the world of early-stage crypto investments with the launch of its new investment arm: Pump Fund. This bold move aims to put the power of investment back into the hands of everyday users, bypassing the traditional reliance on venture capitalists (VCs) and letting the market itself determine which projects thrive.
A $3 Million Hackathon to Empower Developers
The inaugural initiative under Pump Fund is a Build in Public Hackathon, designed to provide funding to promising early-stage projects. Pump.fun has allocated $3 million across 12 projects, giving each project an opportunity to receive $250,000 in funding.
This isn’t just about handing out money. The hackathon is designed to foster transparency, collaboration, and community engagement. Developers are encouraged to present their projects publicly through short video presentations and share updates on social media. By doing so, participants demonstrate commitment, clarity of vision, and readiness to engage with the broader crypto community.
Who Can Apply?
Pump Fund opens its doors to a wide array of projects—both crypto-native and non-crypto projects are welcome. However, applicants must meet key eligibility criteria: the project must be active, and the developers are required to hold at least 10% of the project’s token supply.
Submissions are simple: developers only need to fill out an online form via Google Docs, including a two- to three-minute video showcasing the project’s roadmap, vision, current progress, and team members’ roles. Transparency is a central requirement, as projects are encouraged to share their presentations across social media channels to build community trust and engagement.
Winners will be announced 30 days after the submission deadline, allowing ample time for the community to engage and observe each project’s development.
Pump Fund’s Mission: Democratizing Crypto Investment
The underlying philosophy of Pump Fund is to give regular users—not just VCs—the chance to participate in early-stage crypto projects. By tokenizing investment opportunities, the platform allows the market itself to validate the project’s potential.
This approach prioritizes organic traction over flashy marketing designed to impress venture capitalists. By focusing on genuine user adoption and utility-driven growth, Pump Fund minimizes the risk of early-stage rug pulls, a common problem when developers or investors sell off large portions of a token’s supply prematurely.
Building a Safer, Market-Driven Ecosystem
Unlike traditional venture capital, which often favors projects with strong pitch decks and marketing teams, Pump Fund empowers users to invest based on real performance and community engagement. This market-driven validation ensures that successful projects are rewarded for genuine value and consistent execution rather than just hype.
The model also encourages startups to deploy products in a timely manner, creating a healthier environment for both developers and investors. Projects that demonstrate utility, solve real problems, and maintain transparency are more likely to succeed under this structure.
Frequently Asked Questions (FAQ)
Q: What is Pump Fund?
A: Pump Fund is the investment arm of Pump.fun, aimed at providing funding to early-stage crypto and non-crypto projects while democratizing access to investment opportunities.Q: How much funding is available?
A: The fund will allocate $3 million across 12 projects in its initial hackathon phase, giving $250K per project.Q: Who can participate in the hackathon?
A: Any live and active project, whether crypto-native or not. Developers must own at least 10% of the project’s token supply.Q: What is the main goal of Pump Fund?
A: To let market-driven validation determine project success, reducing reliance on venture capital and minimizing risks like rug pulls.Q: How does Pump.fun benefit PUMP token holders?
A: Through a revenue-sharing model, 50% of Pump.fun’s earnings are distributed to PUMP holders via SOL payouts.Q: Why is this important for the crypto community?
A: It democratizes investing, encourages transparency, and rewards projects based on real traction and utility, not marketing hype.The Pump.fun Advantage
The Pump.fun platform itself is a powerhouse within the Solana ecosystem. Powered by PUMP tokens, the platform generated hundreds of millions in annual fees, according to a 21Shares report from mid-2025. At its peak in January 2025, Pump.fun accounted for 70% of all new token launches and 56% of trading activity across Solana-based exchanges.
One of the most attractive features for users is the revenue-sharing model: Pump.fun directs 50% of its earnings to PUMP token holders, distributed via Solana payouts. The platform also benefits from Solana’s extremely low network fees, ranging from 0.000005 SOL to 0.00001 SOL per transaction, making it cost-effective for users to engage with the ecosystem.
Looking Ahead
With Pump Fund, Pump.fun is not just creating another investment platform—it is redefining the rules of early-stage crypto funding. By putting market validation over venture capital approval, the platform is fostering a more transparent, fair, and efficient ecosystem for both developers and investors.
This move signals a shift in the crypto landscape: a world where community-driven success and organic growth take center stage, and where early-stage investors are empowered to participate in projects that have real utility and potential.
Pump.fun’s bold approach could very well shape the next generation of crypto innovation, proving that democratized investment is not only possible but essential for sustainable growth in the blockchain space.
Ready to Take Control of Your Crypto Journey? Start Trading Safely on BYDFi
2026-02-03 · 17 hours ago
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