While cryptocurrency is awesome in its own right, there will be a time when you might need to value your coins in USD for taxation purposes. Bitcoin has several companies specializing in just that, but what about the altcoins? Darkcoin may very well be the first altcoin to have its very own USD accounting PHP script, which was released to the public a few hours ago.
Even though the taxation is digital currency is still far away for now, and might not even happen in every country in the world, it is important to prepare for the worst in any case. And with altcoins gaining more and more mainstream interest, they could get caught in the crosshairs of pending regulations and legislation.
One of the most popular altcoins to date is Darkcoin. Not only because of non-stop development and a massive community of loyal followers, but also because DRK is being accepted by more and more merchants every month. Especially gambling sites, such as Directbet.eu and UnicoinCasino.com, seem to be taking a liking to this cryptocurrency.
Imagine the “worst possible scenario” in which Darkcoin owners would have to value their amount of coins in USD, in order to pay taxes on their holdings. How would you go about this, exactly? Different amounts of DRK have come in and gone out at different times, but how much were they worth at that exact date and time? Nobody has time to look all of that up, have they?
Luckily for us cryptocurrency enthusiasts, there are some incredibly bright minds around in the altcoin communities. Kristov Atlas is one of those fine gentlemen who has pondered upon this conundrum, and come up with a simply yet elegant solution in the form of a PHP script.
DRKUSDAccounting is the aptly chosen name for this project, and the script is able to provide the USD value for each incoming amount of Darkcoin for any given address. The USD value is determined by looking at the average DRK and BTC prices for the date of the transaction.
While Kristov Atlas’s PHP script is suited for Darkcoin accounting , it is by no means an “official and legal method” to calculate potential taxes owed, but it can also serve as a nifty tool to calculate capital gains and/or losses. This script does however provide a basis to work with, and does exactly what it promises. The code quality might be a bit low, but as the source is available on GitHub, I’m sure we will see updates over the next few months.
You can find DRKUSDAccount here : https://github.com/kristovatlas/drkusdaccounting/