How to connect Bitcoin with Kryptos

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How to connect Bitcoin with Kryptos

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Reviewed by
min read
Last updated:
2023-04-12
Follow the steps below and get insights into your Bitcoin on-chain portfolio and file your crypto taxes stress free with Kryptos

How To Calculate Your Bitcoin Taxes With Kryptos

Bitcoin blockchain is a decentralized public ledger that securely records every transaction made with the cryptocurrency. Its distributed nature and consensus algorithm ensure trust, transparency, and immutability in the network. If you are using Bitcoin, follow these steps to connect it with Kryptos – auto-sync all your transactions, analyze your portfolio, and calculate your crypto taxes in minutes.

  1. To get started – Sign up on Kryptos here and choose your country and currency.
  2. Once done, link your Bitcoin wallet to Kryptos. 
  3. View and analyze all your transactions in a single dashboard and manage your portfolio
  4. Kryptos automatically categorizes all your Bitcoin transactions into gains/losses or income.
  5. Now you can sit back and relax while we calculate your Capital Gains Tax and Income Tax.
  6. Generate the Bitcoin tax report for free and download it once everything looks good.
  7. File your Bitcoin taxes online or leverage our crypto tax accountant network to help you out.

How To Connect Bitcoin With Kryptos 

On Bitcoin :

  1. Go to your browser-based or any Bitcoin wallet.
  2. It can be Exodus, Ledger, or any wallet that supports the Bitcoin blockchain.
  3. Copy your wallet address.

On Kryptos :

  1. Go to kryptos.io & signup using your Google account.
  2. From the menu, click on Add Wallets/Exchanges. Go to the Wallets/Exchanges page.
  3. Search for Bitcoin or select it from the list below.
  4. Now, click on the Bitcoin icon.
  5. Name your wallet anything you would like.
  6. Paste your Bitcoin wallet address.
  7. Click on Import Your Transactions. All transactions are directly imported and tagged by default.
  8. If you wish to import custom history, select Advanced Options.
  9. Now you can specify the start and end date of your transaction history.
  10. Sit back and let Kryptos generate the report for you!

How are Bitcoin transactions taxed?

The crypto tax laws may vary depending on the country you reside in and other factors such as your filing status, income bracket, and marital status. But, in general, there are mainly two types of taxes applicable to Bitcoin transactions.

  • Income Tax- If you are earning rewards (e.g. through lending or staking) or receiving, you may need to pay income tax.
  • Capital Gains Tax- If you profit from the disposal of your crypto assets (e.g. by selling your tokens, AAVE, UNI, ETH, etc.), you incur capital gains tax. 

Essential things to keep in mind while integrating Bitcoin

  • In your wallet, make sure you’ve selected the correct network.
  • Do not use your private keys for integrations on Kryptos.

Facing Issues While Connecting Bitcoin To Kryptos?

Go to Resources and head over to the Help Centre page from the dropdown menu. Or send us your queries via the Support Desk. If a critical or urgent issue needs to be resolved, you can use our live chat option on the right side of the screen or email us at support@kryptos.io.

Ready To Experience A Stress-Free Crypto Tax Journey?

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