Bitcoin is a decentralized digital currency that operates on a peer-to-peer network without the need for intermediaries like banks. It was created in 2009 by an anonymous person or group known as Satoshi Nakamoto. The Bitcoin blockchain uses a consensus mechanism called Proof of Work (PoW), where miners validate transactions and secure the network by solving complex mathematical problems. Bitcoin is known for its fixed supply of 21 million coins and its role as a store of value and medium of exchange.

With Kryptos, you can easily track your Bitcoin wallet in real-time and gain insights into your holdings, generate holdings and tax reports, and manage your portfolio.

Managing your portfolio with Kryptos

After integrating your Bitcoin wallet, Kryptos offers a suite of tools to help you manage and optimize your portfolio effectively. Here are some key use cases:

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• Real-Time Portfolio Tracking: Monitor your crypto assets with real-time insights into holdings, transactions, and market movements for informed decision-making.
• Asset Allocation Insights: Analyze the distribution of your investments, identify overexposures, and rebalance your portfolio to diversify and reduce risk.
• Integrated DeFi & Staking Overview: Manage both traditional crypto assets and DeFi investments, with a consolidated view of earnings and positions.
• Tax-Loss Harvesting: Identify opportunities to sell underperforming assets to offset gains and reduce tax liability, especially during year-end planning.
• Transaction Categorization: Automatically categorize transactions for better organization, making it easier to analyze your portfolio and generate reports.

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Tax Reporting

How to generate Tax Reports

Once you have integrated all of your wallets and exchanges, generating tax reports is straightforward:

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• Go to Reports from the main menu.
• Scroll down and you’ll see the “Reports” section.
• Choose your desired report and click on the Complete icon to download the report.

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How are Bitcoin transactions taxed?

• Income Tax: If you earn rewards from staking, lending, or receiving crypto payments, you may need to pay income tax.
• Capital Gains Tax: Profits from selling or disposing of crypto assets, such as BTC or ETH, are typically subject to capital gains tax.

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Kryptos automatically calculates these taxes based on your Bitcoin transaction data, ensuring accuracy and compliance with local regulations.

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Troubleshooting and Support

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Common Issues

• Invalid Credentials: Make sure to copy the entire wallet address string.
• Sync Failed: Make sure to copy the correct address from the respective network.

Support Channels

• Help Center: Visit the Kryptos Help Center for detailed guides and FAQs.
• Live Chat: Use the live chat option on the Kryptos website for immediate assistance.
• Email Support: Contact support@kryptos.io for email support.

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