– Answer: Your crypto betting record-keeping should include transaction details, bet information, winnings/losses, wallet addresses, fees, and tax implications. Keep track of dates, amounts, and currencies for each bet and transaction.
– Detailed answer:
When it comes to crypto betting record-keeping, it’s important to be thorough and organized. Here’s what you should include:
• Transaction details: Record every deposit and withdrawal you make to and from betting platforms. Include the date, time, amount, and cryptocurrency used.
• Bet information: Keep track of each bet you place. Note the event or game you’re betting on, the odds, and your stake.
• Winnings and losses: Document all your wins and losses. This includes the amount won or lost and the corresponding cryptocurrency value at the time.
• Wallet addresses: Save the wallet addresses you use for betting transactions. This helps you track the flow of funds and can be useful for tax purposes.
• Fees: Don’t forget to record any transaction fees or platform fees you incur while betting.
• Exchange rates: Note the exchange rate between the cryptocurrency and your local currency at the time of each transaction.
• Platform information: Keep a record of which betting platforms you use and any account details (excluding sensitive information like passwords).
• Tax implications: Research and document the tax rules for crypto betting in your country. This will help you prepare for tax season.
• Screenshots: Take screenshots of important transactions or bet slips as backup evidence.
• Running totals: Maintain a running total of your overall profits or losses to easily track your performance.
• Withdrawal limits: Note any withdrawal limits imposed by betting platforms and how they affect your strategy.
• Bonus information: Record any bonuses or promotions you take advantage of, including terms and conditions.
– Examples:
1. Transaction record:
Date: 05/15/2023
Time: 14:30 UTC
Platform: CryptoBet
Action: Deposit
Amount: 0.1 BTC
Wallet address: 1BvBMSEYstWetqTFn5Au4m4GFg7xJaNVN2
Fee: 0.0001 BTC
BTC/USD rate: $27,500
1. Bet record:
Date: 05/16/2023
Event: NBA Finals Game 1
Bet: Lakers to win
Odds: 2.5
Stake: 0.05 BTC
Result: Win
Payout: 0.125 BTC
Profit: 0.075 BTC
1. Withdrawal record:
Date: 05/20/2023
Time: 10:15 UTC
Platform: CryptoBet
Action: Withdrawal
Amount: 0.2 BTC
Destination wallet: 3J98t1WpEZ73CNmQviecrnyiWrnqRhWNLy
Fee: 0.0002 BTC
BTC/USD rate: $28,100
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