Bitlands

A bit of magic and a bunch of lands. Peaceful, minimalist islands, floating in the tranquil sky.

[Bitlands @Bitlands_]

Hey Bitlanders, we are back 👉👈

Check out the new Bitlands app, optimized for mobile https://t.co/QXv6Fw0llH

[Bitlands @Bitlands_]

@IOHK_Charles You could let AI filter out the shit in the ocean.

Keep going Charles, changing the world is hard and a marathon. And unfortunately the haters are typically louder.

[Bitlands @Bitlands_]

@melonaire Isn’t that some sort of bad UX? Something like attention or you loose ADA would help I guess

[Bitlands @Bitlands_]

@IOHK_Charles @grok what’s the difference between Leios and Hydra?

[Bitlands @Bitlands_]

Bitlands is now available at bitlands(.)org

[Bitlands @Bitlands_]

Hey Cardano. Seems you are doing good

[Bitlands @Bitlands_]

Exploring new heights, even the pyramids are taking flight!

[$handle @adahandle]

After the Chang hardfork the $handle ecosystem is going to explode with utility!🧨

SubHandles are just the beginning for what we have in store for Cardano!👀

$ADA 📧

[Bitlands @Bitlands_]

Did you missed the clouds? No need anymore ☁️

[Chriz @chrizcros]

I brought my favorite Bitland to the real world.

Tell me if you want your own Bitlands on your wall 👇

[Bitlands @Bitlands_]

@ToshibaHero Great 🔥

[Bitlands @Bitlands_]

What do you think about the new logo?

[Bitlands @Bitlands_]

@AltcoinDailyio but but but but... $SOL is faster 🤡

[Charles Hoskinson @IOHK_Charles]

Hey, look, a centralized service took half the world down. Maybe we should start using decentralized services?

[Bitlands @Bitlands_]

What are the next steps?

🌱 Interactive Bitlands viewer: The main idea of Bitlands was to create a peaceful and tranquil experience. It should be enjoyable to just look at your Bitland, which needs we need to add some living to it.

💵 Staking: This was a great success just not sustainable for the long run. We need to come up with a plan for how we can make it sustainable. (Balance between too many NFTs and fun).

🏝️ Bitland as a wallet viewer: I love the idea of having a Bitland reflect your wallet. This means you don't interact with your Bitland directly but when you interact with your wallet, the appearance of your Bitland changes.

[Bitlands @Bitlands_]

Some recent updates on the development side and upcoming plans of Bitlands 🏝️

We've started to get the basics running again. This starts with the website. We've upgraded a lot of outdated tech and made a big cleanup. Now the (very) basic explorer is working again 📷 https://t.co/iu2bEccozA

The next step is to integrate the game scene so that the Bitlands are getting interactive again.

For more details, jump into Discord.

[Bitlands @Bitlands_]

@crayon_crew 🫶🤩🏝️

[Chriz @chrizcros]

🏦🫰 I had to pay a jaw-dropping 15,000€ more in taxes than I've earned from my NFT project. Here are some things I wished to know before I've launched the project. Read till the end if you are interested in how I still saved 6-figures of tax payment.

In 2021, I launched @Bitlands_ and made some significant tax errors that not only cost me a substantial amount of money but also valuable time.

💼 Disclaimer! This isn't financial advice, just my experience. Get a tax lawyer. I did my taxes in Germany, but tips may apply elsewhere.

3 Options
🚫 Option 1: Don't do taxes at all? Common in the crypto space, but risky. Every transaction can be tracked, and they are getting better! Not worth jail time but I guess 95% of all NFT projects are doing it like this.

✈️ Option 2: Move to a crypto-friendly country like Singapore? Sounds great, but not feasible for most and not the first thing you do before launching a new NFT collection.

💡 Option 3: Do taxes and learn from my mistakes. I launched Bitlands NFT in a booming market, didn't think about taxes initially.

1/ 📚 You'll need a crypto tax lawyer, which can be expensive, because not many are specialized in this field.

2/ 📋 Keep detailed records of all transactions. The tax department is allowed to request all transactions. You need to show from where do you got the money, and classify internal wallets.

3/ 👨‍💻 Consider using tracking tools like @accointing or @Coin_Tracking. They will help you a lot not loosing the overview. I used Excel templates which can be exported by some crypto wallets to easily import the transactions to the tools.

4/ 📝 Add notes to transactions. It'll save you time later. Wallets like @eternlwallet will help you with that.

5/ 💱 When NFTs are sold, taxes are incurred at the time of purchase. To make yourself independent from volatility of the crypto market, exchange a share of your crypto to your local currency on the mint day to cover taxes. (I didn't do that, which is the reason for having more taxes than profit).

6/ 🧾 Demand invoices or contracts for payments. If you want to take losses into account, you need to provide evidence.

7/ 💳 Create a wallet structure for easier tracking: Split into royalties, NFT sales, and business activity. Transfer between wallets carefully.

8/ 🔢 Classify each wallet as business or private wallet, even as a sole entrepreneur. Transactions between them can impact taxes.

9/ 📉 Take losses into account. In Germany, trading after one year of holding can be tax-free. Losses can reduce your tax liability.

10/ 🥇 Pro-Tip: If your crypto is down, selling crypto and buying the same amount afterwards in an exchange counts as a loss for the tax, which reduces your taxed income.
For example, "Wallet > Exchange Crypto > Exchange Fiat > Exchange Crypto > Wallet" counts as a taxable event which can reduce taxes. The event will only apply in the one-year period since the last event and may only be true in Germany.
Luckily, I did this in the end of 2022 which saved me 6-figures in tax payment.

🚨 Remember, that are only my experiences, no financial advice. Consult a tax professional for your specific situation. #CryptoTaxTips

[Bitlands @Bitlands_]

@AppelcoreJonas #LFGOAT

[Bitlands @Bitlands_]

Hi Bitlanders, we want to find out your priorities with a simple poll.

What’s most important for you?