Tezos (XTZ) crossed past a major price resistance level.  The token has set the stage for a major bull run. There was a psychological barrier at $2; however, the token has broken past it, and the price is trending at 2.07%.  Tezos has shown a price rise of 475% in 2019.

There are several other Proof of Stakes (PoS) coins in the cryptocurrency market, and not all of them have achieved a similar growth.  PoS is based on a consensus algorithm where the network achieves using distributed consensus. The creator of the next block will be able to create a block based on the numbers of XTZ he or she holds.  The mining power is equal to the numbers of tokens the miner holds.

Tezos Market Cap Growing

While the market cap of Tezos is growing, whether the adoption factor is happening is one thing to think about. There is not too much adoption. With PoS, the staking rewards are taxable.  Staking income, according to Forbes, resemble the interest income.  However, both of them are not the same.  For tax purposes, both of them are not treated the same either.

Personal property refers to a property that is not real property. Virtual currencies by Notice 2014-21 are treated as property. Therefore, almost every kind of rule applicable to property applies to virtual currencies.

The income that is obtained from renting cannot be considered as interest income. With this being the case, staking rewards become rental income and come under the passive or non-passive income category.  It all depends upon the level of participation in the ecosystem. Reporting staking income is crucial per the IRS.

Thus, those who are holding Tezos (XTZ) should show staking income consistently. Forbes recommends checking yes for the Crypto Question in Schedule 1.

Tezos – Gold Standard in Blockchain Governance

Tezos provide their users with the ability to vote concerning the core protocol changes, facilitating self-amending blockchain. The holders have highly participatory voting rights.

Tezos Africa tweeted: “#Tezos is fostering a strong community in Africa. @Cameroun Tezos is organizing a meetup + technical training on #Tezos this coming Feb 29!”

Tezos Ghana tweeted, “In just two weeks of opening up our registration form for the first #Tezos meet up in #Ghana, we’ve had so many sign-ups more than what we even expected. At this point, we have forced close the registration and look forward to our first meet up.@TezosInAfrica @TezosFoundation.”

Sydney Ifergan, the Crypto Expert, tweeted:  “Ultimately, the miner who is holding XTZ is hoping to retire rich. Every mining method has pros and cons, whether using specialized hardware, pool mining, or cloud mining.”