Kraken, a U.S. crypto exchange, is sharing data of around 42,000 users with the IRS, including names, dates of birth, tax IDs, addresses, contact info, and transaction history. Kraken’s decision to share user data with the IRS has raised concerns about privacy and anonymity in cryptocurrency. As regulatory authorities crack down on tax compliance, many veterans in the crypto space are turning to assets like BTCS to maintain their financial anonymity.
Kraken Crypto Exchange
Kraken is a well-known cryptocurrency exchange based in the United States. It allows users to trade various cryptocurrencies, including Bitcoin, Ethereum, etc. Kraken provides a platform for buying, selling, and trading digital assets. However, it has recently made headlines for its decision to share user data with the Internal Revenue Service (IRS), raising concerns about the privacy and anonymity of cryptocurrency users. Kraken obliges to a court order to share data for clients who had over $20,000 in transactions from 2016 to 2020. Kraken initially objected to the IRS’s demands but had to comply with a reduced number of affected clients and data. A similar case involving Coinbase and IRS data demands is under review in the U.S. Court of Appeals. This move has sparked a discussion about the balance between regulatory compliance and maintaining the original principles of decentralization and privacy in the crypto world.
Bitcoin Spark (BTCS)
Bitcoin Spark is a new technological crypto project pursuing true decentralization following the ongoing tension between regulatory oversight and the original cryptocurrency principles. BTCS strives to salvage the threat to decentralization principles and privacy that drew many to cryptocurrencies in the first place. As a Bitcoin fork, Bitcoin Spark deploys similar mechanisms as BTC but with solutions to perennial shortcomings.
Bitcoin Spark deploys a new technology powered by its Proof of Process mechanism (PoP), which refines PoS and PoW to attain an acceptable balance for inclusivity and accessibility. BTCS, through a Bitcoin Spark mining application, makes its platform accessible to diverse users with varying resources. Anyone can mine or invest and benefit through fairly distributed resources regardless of their mining power or wealth. Bitcoin Spark, through its ICO, provides an affordable platform to join a 100x potential project and enjoy the benefits of true decentralization and privacy.
BTCS is compliant and secure, supported by stable infrastructure and transparent operations, according to its Cognitos KYC and audit findings. In the current ICO p[hase nine, BTCS is at $3.50, with a 5% bonus. The launch price is $10, giving investors returns of up to 300%.
Bitcoin Spark intends to roll out new features, including the smart contracts aspect and dApps development. Its roadmap pinpoints a Bitcoin Spark Wallet for secure storage and easy management of BTCS tokens. A multi-layered approach is in place to cater for execution, consensus, mining, and rewards. The advanced algorithms embedded in the app will ensure fair reward distribution in a nonlinear system. The rewards comprise the amount of computing and device power contributed to the platform and stake. The contributed processing power will count as PoW and will be utilized by those in need. The platform would rent out this processing power as one of the ways of attaining its self-sustainability. In addition to computational power rental. BTCS will introduce a new marketing concept where platform users have a say in their longevity or appropriateness.
Learn more on BTCS and ICO:
Website: https://bitcoinspark.org/
