GAM3S.GG is your one-stop shop for web3 gaming, offering a comprehensive platform with games, news, reviews, quests, and analytics, along with the G3 token for governance, payments, and rewards.

 gaming space is thriving, with new projects entering it every day. While this robustness is positive, there's still the major challenge of keeping up with all that's happening in the space. Information about web3 games remains scattered, with many potential participants missing out on opportunities.

For this reason, GAM3S.GG has created an integrated web3 gaming platform where you can discover new games, access game content, get early access to new gaming projects and find reliable reviews.

Let's learn more about GAM3S.GG, the one-stop shop for all your web3 gaming needs.

 is a one-stop-shop web3 gaming platform where you can access in-game content, such as the latest immutable games, news, exclusive quests, reviews, guides and early access to gaming projects. 

A world-class team of gamers created the platform to help gaming enthusiasts keep up with what's happening in the web3 games industry by providing a central place to access quality information.

By leveraging strategic partnerships with other players in the web3 gaming space, GAM3S.GG has created a robust platform that curates everything you need to know about web3 games and projects. The platform helps you discover the best blockchain games, read game reviews and access analytics on the latest statistics and trends in web3 gaming.

 to integrate the Immutable ecosystem into its offerings so that users can enjoy Immutable zkEVM platform features, such as 

 and Immutable Passport, for a smoother gaming experience. Gamers also get to enjoy exclusive rewards and quests for games built on 

GAM3S.GG has also released the GAM3RS NFT collection, a limited edition of 333 

 that allows holders to unlock diverse perks and rewards. The collection represents four gaming archetypes: Achievers, Explorers, Socializers and Killers.

As a GAM3RS NFT holder, you’ll access various benefits and exclusive rewards. These include gaining access to the G3 token private sale, becoming part of an exclusive community, getting early access to top games, receiving exclusive skins in partner web3 games and qualifying for the G3 airdrop.

The GAM3S.GG gaming ecosystem is powered by the G3 token.

To provide a holistic gaming experience, GAM3S.GG works using the following components.

In order to use the GAM3S.GG platform, you first create an account and receive a unique user profile. The platform has an innovative algorithm that constantly looks at every user’s profile, using the information to provide you with a more personalized experience on the platform.

GAM3S.GG user profiles display the following information:

Quests are an essential component of GAM3S.GG, as they provide an opportunity for gaming enthusiasts to participate in challenges and games to accumulate XP and earn rewards. The quests involve completing missions in various games to win on-chain and off-chain rewards.

The GAM3S Quest platform has held over 100 Quests, attracting at least 320,000 participants who have completed over 3 million missions.

The core functionality of GAM3S.GG’s content and discovery product offers these key features:

G3 is the native token that fuels the GAM3S.GG ecosystem. Its utility is categorized as follows:

, separated into three phases, in which 30% of the total supply of G3 tokens will be allocated to the platform’s users. The first phase contains 15 million G3 tokens, and will be distributed exclusively to GAM3S.GG's early supporters. Part of the eligibility requirement for the first G3 Airdrop is being one of the 333 GAM3RS NFT holders.

G3 has a total supply of 1 billion tokens, which are being allocated as shown below:

You can buy G3 tokens on Bybit through its Spot trading platform. To celebrate the listing, Bybit is holding a

 through Apr 25, 2024, 9AM UTC, with 160,000 USDT up for grabs for new users and traders. In addition, there will be a Lucky Draw for rewards from a 20,000 USDT prize pool. Check out the 

GAM3S.GG centralizes various facets of web3 gaming, offering gaming enthusiasts a comprehensive platform that meets all their needs. This ease of access to all web3 gaming information also facilitates the onboarding of Web 2.0 gamers into web3. As the gaming niche expands rapidly, GAM3S.GG is well-positioned to capitalize on this growth.

Beginner

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GAM3S.GG (G3): Unveiling the Best in Web3 Gaming

Discover how to easily mint and buy Runes tokens with the Xverse Runes wallet and Magic Eden marketplace, unlocking investment opportunities on the Bitcoin blockchain.

) reward halving is a monumental occasion for both the crypto industry and users. Halving is a once-every-four-years event that always draws significant attention. However, the April 2024 event is special on an entirely new level, thanks to the highly anticipated launch of the 

 protocol, schƒeduled to go live right after the halving kicks in.

Runes is a revolutionary standard for creating fungible tokens on the Bitcoin blockchain. The standard is widely anticipated to set a new paradigm on the Bitcoin network, turning it into a thriving multi-asset ecosystem with significant trading and investment opportunities. Most importantly, Runes is vastly more efficient and user-friendly than BRC-20, an earlier Bitcoin fungible token standard.

 is a new token standard and technology for creating fungible cryptocurrencies on Bitcoin’s blockchain. (This new token standard is not to be confused with RUNE, the native token of 

). It allows users to issue and manage fungible tokens using Bitcoin's unspent transaction outputs (

), which represent the outputs of standard Bitcoin transfers. The concept of Bitcoin Runes was introduced in September 2023 by Casey Rodarmor, the enigmatic developer who also created Bitcoin 

Runes is widely expected to go live right after the Bitcoin 

 event (scheduled to occur on Apr 18, 2024, it's estimated to actually occur on April 19 or 20). The first Runes token will most likely be issued by Rodarmor himself. Following that, it's expected that a large number of Runes tokens will appear on Bitcoin, quickly leading to a thriving trade and creating investment opportunities on a scale that Bitcoin has probably never seen before.

Back in 2023, Rodarmor's Ordinals technology opened up a unique way of creating Bitcoin-based 

. Runes will now usher in an era of fungible crypto tokens on the blockchain. While it's not the first fungible token standard for Bitcoin, it's estimated to be the first technology that facilitates an efficient and user-friendly way of creating Bitcoin-based cryptos.

Runes will introduce a lightweight method for creating fungible assets on Bitcoin, thanks to its utilizing the blockchain's native UTXO model. The process of creating and transferring Runes tokens involves attaching messages, called Runestones, to a Bitcoin transaction. As such, there's no need to create any additional UTXOs or other unnecessary elements on the network. By using ordinary UTXOs generated during Bitcoin transfers, Runes avoids placing any significant load on the network.

Which Projects Are Building on the Runes Protocol?

Although the first fungible Runes tokens won't appear on the network until after the halving event, some projects have already begun experimenting with the concept by introducing Runes-themed Bitcoin NFT collections based on the Bitcoin Ordinals protocol. Typically, these projects promise 

 of their future fungible tokens to people who have purchased NFTs from their current collections.

Runestone is one of the earliest and most popular Runes-themed projects. It’s a Bitcoin NFT collection based on Ordinals, with each NFT depicting a 3D stone that has an ancient rune symbol inscribed on it.

There are 112,400 Runestone NFTs in the collection, and many of the items are listed for sale on 

, a popular multi-chain NFT marketplace. As of Apr 17, 2024, the most expensive Runestone NFT is listed for an asking price of 787 BTC. Notably, with a market cap of 9,779 BTC ($606,042,181), Runestone is currently the highest-capped Rune-themed Bitcoin NFT collection and the second highest-capped NFT collection overall, right behind the legendary Ethereum-based 

Rune Pups is another high-profile Runes-themed Bitcoin NFT collection. Each NFT in the collection is a rune-laced drawing of a broadly smiling creature, which does somewhat resemble a pup. There are 10,778 NFTs in the collection.

Pups are among the most popular Runes NFTs, with a highest asking price of 777 BTC (for item #10,733) and a market cap of 1,301 BTC (~$80 million).

 is a collection of 21,000 NFTs, each with a dynamically changing set of ancient rune symbols. Owning an NFT from the collection will automatically open up ways to mine new fungible tokens that the project plans to introduce as soon as Runes is operational. As such, this collection goes beyond simple NFT ownership, turning your non-fungible tokens into yield-generating assets.

Runes isn't the first fungible token standard for Bitcoin. This honor belongs to the 

 standard introduced in March 2023. Unfortunately, BRC-20 is a cumbersome and inefficient way of creating Bitcoin-based fungible cryptos. It relies on inscribing data into tokens using the Ordinals protocol, and generates a lot of "junk" UTXOs on the network.

Due to the novelty of the BRC-20 technology, many Bitcoin users jumped on the idea of using it to issue their tokens, seriously congesting the network and creating a significant "anti-BRC-20" sentiment within the Bitcoin community.

Runes fungible tokens are, however, vastly different from 

. The Runes technology utilizes Bitcoin's native UTXO model, doesn't generate "junk" outputs on the network and places a very modest load on the blockchain. Thanks to all of these advantages, Runes tokens are likely to lead to a much more active and robust trade in fungible assets as compared to BRC-20.

In Runes terminology, issuing a new fungible token is called “etching,” while adding tokens to the existing supply is known as minting. If you prefer to etch and mint Runes tokens on your own, the process is relatively easy for the technically minded.

 software and run your own full network node. Then, install 

 for the Ordinals and Runes protocols. The latter has been implemented under the Ordinals software packages. Ensure that you thoroughly practice etching, minting and transferring on the test network to familiarize yourself with the protocol.

You can also pre-buy Runes on Magic Eden. Probably the best wallet to use for these purposes is Xverse's 

, as it’s specifically designed for user-friendly Runes token management and easy integration with Magic Eden. This marketplace is currently the go-to platform to get early Runes tokens and Runes-themed NFTs.

You can buy any Runes-themed Bitcoin Ordinals NFT on Magic Eden in order to have Runes fungible tokens airdropped to your wallet once the protocol's operations kick in.

If you’re not able to buy your NFT in time, it’s still not too late to get your hands on one of the most promising assets in the market. You can still wait for Runes to be listed on 

The arrival of the first Runes tokens is expected to liven up Bitcoin like virtually nothing before. Ordinals were a paradigm-setting innovation, but they were focused on non-fungible assets, which have traditionally lagged behind cryptocurrencies in terms of trading and investment applications. BRC-20 tokens were the first fungible assets on the Bitcoin platform, but their inefficient, network-clogging mode of operation severely limited their adoption and use cases.

Runes are different: For the first time in the history of Bitcoin, there’s an efficient, native way of creating and managing fungible crypto assets on the Bitcoin blockchain. This heralds a plethora of unique 

 for Bitcoin enthusiasts — at the very moment when the much-anticipated halving has arrived!

Advanced

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How to Get Into Bitcoin Runes With the Runes Launch at Halving

Discover BitBrawl (BRAWL), a cross-chain compete-to-earn game on Solana with diverse modes, playable NFTs, and a fun, competitive experience.

 gaming has continued to grow with diverse projects looking to tap into this vibrant and promising space. That said, most of the games have focused on the play-to-earn (P2E) aspect of web3 gaming, which has saturated the web3 space with games that lack both enjoyable gameplay and sustainable reward systems.

 is looking to change that by creating the first cross-chain compete-to-earn (C2E) web3 game that encompasses fun, competition and rewards.

 is a cross-chain compete-to-earn (C2E) fighting game built on 

 that aims to provide fun and sustainably reward players. 

Its native token, BRAWL is used to power its compete-to-earn ecosystem.

s mission is to accommodate every player type — from games for competitive players to games for fun that you can play with friends and family. It's also focused on supporting a sustainable compete-to-earn ecosystem featuring weekly, monthly and even yearly tournaments to fairly reward players.

s storyline is based on 10,000 NFTs (brawlers) competing for glory, each one of them with unique skill sets originating from four regions: Nedunia, Ghule Islands, The Dynasty and The Underground.

The Nedunia region is a distant, secret planet consisting of one-eyed humanoids who use logic and rules to maneuver in it. In contrast, the Ghule Islands consist of ghouls who thrive on the adrenaline that comes with fighting.

The Dynasty is a city in the sky whose occupants are known for their ability to wield steel and move around in airships. Finally, The Underground is situated inside a dome on a gas-based asteroid. Its inhabitants have implanted artificial chips in order to manage the fluctuating levels of oxygen and nitrogen at different levels of the dome.

s gameplay involves player vs. player (PvP) matches known as brawls. Each player starts with three lives. Once a player loses all three, the game ends. There are also 2v2 or 3v3 matches for more fun online.

Gameplay consists of the following elements.

Non-fungible tokens (Brawlers) are a crucial component of the 

 game. Each of the NFTs has varying rarity, which will influence the amount of rewards you receive. There are four rarity classes of BitBrawl NFTs: common, epic, mythic and legendary. Each of the four regions in the game has been allocated 2,150 common NFTs, 250 epic NFTs, 100 mythic NFTs and 25 legendary NFTs.

Skins help you customize the in-game appearances of your Brawlers (NFTs). Once you 

 on OpenSea, you can connect your wallet and customize how you want to appear in the game. Skins are purely cosmetic, and do not enhance your NFTs’ power.

 has also partnered with other NFT games to allow you to play for free with their characters. Some notable names partnering with 

 include Karate Combat and G2A, in addition to UFC players such as Khamzat Chimaev and Darren Till. Better yet, 

s individual licensing method for NFTs allows you to play using NFTs such as those of 

BRAWL is the native utility token for the 

 game. It’s built on Solana, and has a total supply of 10 billion. As a functional token, BRAWL powers the game's in-game economy. BRAWL use cases include the following:

 in which you can use tickets to spin the wheel and earn points. As a BitBrawl NFT holder, you’re guaranteed daily tickets, with a chance to earn between 10 and 10,000 points.

You can also earn more tickets by partnering with the community, referring friends or participating in missions in the mission hub. Of the total BRAWL supply, 5% has been allocated to rewarding the community through airdrops.

The online gaming world is highly competitive, and 

 has designed a game in which everyone's a winner. The focus of the game is more on competing to earn, rather than simply playing to earn. As such, its competitive and rewarding design makes it fun and enticing.

 has adopted a unique licensing method that allows players to use playable characters from other games. This design makes the project scalable and flexible, so essential to the rapid growth being witnessed in the web3 gaming space. In fact, 

 could experience remarkable growth, especially when the NFT gaming narrative returns.

That said, this isn’t financial advice, and doesn’t guarantee future returns on BRAWL tokens. We highly recommend that you 

 or any other projects in the cryptocurrency market.

You can buy BRAWL on Bybit. It’s available on the Spot trading platform as a 

 provides a competitive but fun way to engage in web3 gaming. With over 10,000 Brawlers to choose from, players can explore the four regions and engage with others through the three modes in the game. 

s partnership with projects that allow the use of other NFTs in the game is also a unique approach.All in all, 

 is one Solana-based project to watch, due to its innovative gameplay and fun approach to gaming.

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BitBrawl (BRAWL): Fight for Glory in a Cross-Chain Combat Adventure

Nolus is a decentralized finance lending protocol with cross-chain capabilities. Learn more about how it works in this article.

One of the big advantages of decentralized finance (

) is that it provides more options for users. People who cannot get traditional loans because a typical bank deems them "high-risk" can turn to the DeFi sector to borrow crypto assets. The Nolus Protocol is a new DeFi lender that offers users all sorts of exciting opportunities. To see how this intriguing project works, explore this guide to learn all about Nolus.

 is a DeFi lending protocol. It has cross-chain capabilities that let people choose the most favorable rates possible and avoid the need to save up funds for liquidity.

Nolus was founded by Ivan Kostov and Kamen Trendafilov. Kostov worked in traditional finance, while Trendafilov has a background in marketing and business. During their time in these sectors, Nolus's founders realized that blockchain networks had the potential to revolutionize banking. They decided to join together and create a new leasing system that makes the most of DeFi products instead of just trying to mimic past banking methods.

Nolus started work on its plans in 2022 and officially launched its mainnet in 2023, having successfully completed several investing rounds and receiving 

 Token Metrics, Autonomy Capital, Everstake and more.

Nolus aims to tackle three problems common in crypto lending markets:

 software developer kit (SDK). Its code is entirely open sourced, and is updated and changed only when all stakeholders in the Nolus community vote to do so. According to the Nolus white paper, its ecosystem’s goal is “to build a novel user experience–driven automated money market” that facilitates direct interactions between lenders and borrowers without involving any other users.

The Nolus lending method starts with lenders choosing to supply 

 to the system. Any borrower who submits a down payment can get a loan from this supply of stablecoins. Both the coins and the down payment are 

, and interest is determined based on the value of the items. There’s no fixed repayment schedule, but the smart contracts ensure that interest is automatically removed from the collateral, and then paid to the lender at regular intervals. Once the user decides to repay the lease, the original assets are released from the smart contract.

Nolus's lending protocol includes many ways for customers to profit and enjoy convenient services. Here are the main DeFi products you can access through Nolus.

DeFi leasing on Nolus is designed to be as convenient as possible. Customers don’t have to go through a lengthy application or pay a lot of fees to other users. You just enter your collateral and get a loan of up to three times the value of the initial investment. Interest rates vary between 11% and 18%, based on the market value of the digital assets. The 

 allow the loan to be repaid on your own schedule. However, keep in mind that you pay more interest if you wait a longer amount of time to repay the loan.

If you want to earn money based on your existing crypto, you can join one of the many 

 on Nolus by submitting stablecoins in exchange for interest-bearing Nolus crypto. When you're ready to withdraw your funds and stop participating in DeFi leasing, you can cash out your Nolus tokens to receive your initial asset, plus any additional interest or network fees you’ve earned.

Nolus's system of money markets isn't the only thing they provide. Users who decide to 

 a crypto asset on Nolus can earn more money. The Nolus ecosystem offers the option of staking NLS tokens in exchange for various incentives. Lenders receive higher amounts of rewards for lending stablecoins, and borrowers get a lower interest rate.

Nolus has had some impressive growth since its launch in 2023. In just six months, the lending protocol has assisted with thousands of loans, collectively worth $8.6 million in total. Its team calculates that they've managed to achieve an average 

Nolus hopes to expand on this momentum in 2024. Its main plan is to continue marketing the lending protocol heavily, attracting more users who want to do their own research and find the best possible loans. To further attract users from the DeFi sector, Nolus aims to add more support for other crypto tokens and increase network liquidity. Nolus stands for community-led governance, so they don't have a long-term road map in place. Instead, they plan to evolve and adjust to suit whatever community needs arise in the future.

. It allows users to adjust their interest rates, and it's also a 

. People with NLS tokens can vote on how the platform is run and help implement new changes for the platform. The NLS token has a total supply of 1 billion. Nolus’s plan is to gradually mint tokens over a ten-year period, and implement a token buyback program to help maintain value. NLS token distribution will be as follows:

When the NLS token was released in the summer of 2023, Nolus prices were fairly stable. However, now that investors can sell their NLS tokens, prices have become more volatile. Starting in December 2023, NLS prices 

, and although the token currently seems to be dropping from its all-time high of $0.10, more price increases seem likely in the future.

Not only is the market for the NLS token quite bullish right now, but the Nolus lending protocol is also attracting a lot of positive attention in the crypto space. If the network can maintain its positive attention and attract more users, prices seem likely to rise even further. CoinCodex predicts Nolus prices will stay in the $0.04 to $0.19 range for 2025, and hit 

. This attitude is backed up by crypto influencers such as Crypto Revolution, 

 an underrated crypto with a lot of potential for growth.

The Nolus project is a well-thought-out crypto protocol that offers users significant advantages. Its innovative approach to lending could potentially attract a lot of users from the DeFi space. In addition to having a reliable system backed with effective technology and a detailed white paper, NLS digital assets have also experienced some promising growth patterns. The crypto asset has had a slow yet steady climb in price, and now that it's trending in crypto news, it seems poised to take off.

However, keep in mind that it's still important to 

 on digital assets. Some crypto investors might find it concerning that the Nolus project is mostly backed by marketers, instead of blockchain enthusiasts. There have also been some tech issues, such as the 

 that led to some unnecessary margin calls. Subsequent issues could limit price appreciation of its crypto assets. Therefore, it's necessary to approach Nolus with caution and not overextend your finances.

Nolus's DeFi lease system allows people to obtain easy access to crypto. Its innovative approach provides investors with significant advantages. Unlike traditional finance, there's no lengthy application process, and in contrast to many other blockchain networks Nolus doesn't have frequent margin calls or high network fees. As long as Nolus doesn't run into any technological issues or financial problems, its network is likely to have a lot of success in the DeFi space.

Intermediate

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Nolus (NLS): Crafting Liquidity's Future With Leading DeFi Leases

Bybit Learn

Investing

Take advantage of crypto tax-loss harvesting during this bear market to offset capital gains from other investments and reduce your total tax liability.

In recent months, the Federal Reserve has created stricter policies while also increasing interest rates by a considerable amount in an attempt to curb high inflation. As is the case with nearly all financial markets, the crypto market has been hurt by the rising interest rates as well as the worsening economic conditions.

When you perform crypto tax-loss harvesting, you can reduce the amount of taxes you owe by selling assets at a price that's lower than what you paid for them, which can be helpful if you have any capital gains for the year. Keep in mind that realized gains can be taxed. Selling assets at a loss lets you accrue capital losses, which will directly offset your capital gains.

It's common for crypto investors to use this tax strategy toward the end of a given tax year or when the broader market has dipped by a considerable amount. If you use the right tool or piece of software, you can lower your taxes with crypto tax-loss harvesting.

If you're worrying about the possibility of crypto tax-loss harvesting being illegal, the truth is that this strategy is completely legal and isn't considered tax evasion. However, you'll need to adhere to specific 

 if you want to properly use crypto tax-loss harvesting to reduce your income taxes for the year. These rules can differ from country to country.

Is There a Limit to Crypto Tax-Loss Harvesting?

When looking at the tax laws in the U.S., U.K., Canada and Australia, there are different capital loss limits that apply in each of these countries.

The U.S. doesn't place a limit on the amount of capital losses that can be used to effectively offset capital gains. On the other hand, some special rules apply if the total capital losses you accrue are higher than your capital gains. In this situation, you'll only be allowed to use $3,000 of capital losses to offset capital gains. Any remaining losses can be carried forward into future tax years.

In the U.K., a capital gains tax allowance that amounts to £12,300 is available for every individual. If the amount of capital gains you earn is higher than the tax allowance amount, you can use your capital losses to reduce your capital gains until they’re under the allowance. At the moment, there isn't a limit on the amount of capital losses you can use for crypto tax-loss harvesting.

Capital losses can be used to offset your capital gains if you live in Australia. There isn't a limit to this option. However, your capital losses must be used up before you can carry them forward into future tax years. What this means is that you're unable to carry capital losses forward if capital gains still remain.

The capital loss rules for Canada are somewhat unique in that it's only possible to offset half of your total capital losses. However, there isn't a maximum amount that can be offset against capital gains. If your losses exceed your gains for a financial year, these losses can be carried forward indefinitely.

How Does Crypto Tax-Loss Harvesting Work?

Cryptocurrencies are considered to be a capital asset, which means that they function like stocks or real estate. Crypto gains or losses can only be realized after the currency is traded, sold or spent. Let's say that you currently hold a cryptocurrency that’s lost 50% of its value since you purchased it. This isn't realized as a crypto loss until you trade or sell your holdings.

Crypto tax-loss harvesting is a useful strategy that can help you offset your capital gains and reduce the amount of taxes you owe on your annual tax return. Keep in mind that harvesting is still possible even if you don't have any capital gains for the year. Harvesting for additional losses can also help you reduce your taxable income, or potentially offset the gains you've accrued from stocks or other asset types.

For example, let's say that you have $8,000 in capital gains this year, with a certain amount of ETH that's currently valued at $3,000 less than the amount you originally paid for it. In the event that you decide to hold the amount of ETH you currently have, you’ll be tasked with paying taxes on $8,000 of your capital gains.

You can, however, choose to use the crypto tax-loss harvesting strategy to harvest the ETH losses you've accrued. With this strategy, you would sell your current ETH holdings, which will allow you to obtain $3,000 in capital losses. As such, your capital gains would drop to $5,000, which should significantly reduce the amount of taxes you owe.

Benefits and Risks of Crypto Tax-Loss Harvesting

As with any tax strategy, there are benefits and potential risks that you should be aware of before you perform crypto tax-loss harvesting.

The main benefit of the crypto tax loss harvesting strategy is that you'll be able to lower your capital gains taxes. However, additional perks are available, depending on your country. 

For instance, it's possible for you to offset some of your capital losses against your income, which may place you in a lower tax bracket. By dropping to a lower tax bracket, the taxes you owe would be reduced by a considerable amount.

Keep in mind, however, that crypto tax-loss harvesting doesn't necessarily allow you to avoid paying capital gains taxes indefinitely. The purpose of this strategy is to defer these taxes. By deferring your capital gains taxes, you'll have more money every year to use for crypto investing purposes.

While this tax strategy can be highly beneficial, there are also several potential risks. As long as you adhere to the necessary 

, you won't receive a visit from tax officials.

However, performing numerous purchases and sales of crypto means that your transaction fees will build up. Depending on the exchange you're using, these fees can be as high as 4% for every transaction. If you want to make sure that you're actually saving money, it's essential that you take these fees into account when calculating how much crypto tax-loss harvesting will reduce your tax bill.

As touched upon previously, crypto tax-loss harvesting doesn't eliminate your capital gains. You'll still be required to pay taxes on these gains at a later date. When you eventually sell crypto assets that you bought back, you'll need to pay taxes on your capital gains.

In the event that you buy crypto at a much lower price because of the recent dip, your capital gains may eventually be much larger than anticipated. Depending on how large these gains are, they may effectively cancel out your original tax savings from this strategy.

In order to take full advantage of the crypto tax-loss harvesting strategy, you'll need to adhere to a crypto wash sale rule, which can differ from country to country. This rule states that when a taxpayer ends up harvesting losses on a security or stock but decides to buy the same asset within 30 days of the sale, the IRS won't allow these losses to be deducted.

This rule was directly put in place to discourage taxpayers from selling assets solely to obtain the tax benefits of doing so. Let's say that you have a high amount of capital gains for the year. If so, you may look at your holdings and find that you also have an ample amount of unrealized losses.

In this situation, these cryptocurrencies could be sold to obtain a realized loss. You could then buy all of these currencies back at the reduced price before the crypto increases in value. By taking advantage of a wash sale, the capital losses you've gained aren't actually losses, since you've invested your proceeds from the sale into the exact same asset. These losses would be artificial losses, but could still be used to lower your tax bill.

Tax offices understand how easy it is to exploit crypto tax-loss harvesting, which is why many have implemented wash sale rules. These rules can stop an investor from taking advantage of a wash sale. 

Let’s say that earlier in the year, you purchased $15,000 of Bitcoin. Eight months later, your holdings may only be worth $8,000 — thanks to the bear market, which means that you have the ability to use crypto tax-loss harvesting on $7,000 in unrealized losses. The price that you purchased Bitcoin at would be considered the cost basis. The current price is known as the 

. Any difference between these two prices is known as 

If you want to harvest your losses, you'll need to sell your Bitcoin before the current tax year has ended. In the U.S., the tax year ends on December 31. In Australia, the tax year ends on June 30. Some of the many tools that can make it easier for you to take advantage of crypto tax-loss harvesting include Koinly, ZenLedger, Taxbit, TokenTax and CoinTracker.

, create a free account, after which you can sync your crypto wallets with the platform. Once your wallets and any exchanges you use have been added, your short-term and long-term capital gains will be calculated. The same is true of your crypto income, capital losses and expenses. All of these details will be displayed on the tax report page.

You can also use the Koinly tool to track any unrealized losses and gains you have with your crypto holdings. Koinly will implement the specific cost basis method that applies to your location. If you live in the U.K., Koinly uses the Share Pooling technique. 

Keep in mind that you can change the method that the tool uses by navigating to 

. Once it comes time to file your taxes, you'll be able to download your tax report from the tax report page. For U.S. taxpayers, this report will include Form 8949 and Schedule D.

 is another popular tool that assists investors in taking advantage of the crypto tax-loss harvesting strategy. It allows users to identify how much unrealized capital loss they have with every token they hold. You can use these details to determine if you’d like to realize this loss. This process can be completed in three easy steps. 

First, launch the tool, which you can do by selecting the tax-loss harvesting area on your ZenLedger dashboard.

Then, read the results in the harvesting report (via a Google spreadsheet). Every tab in this spreadsheet shows your capital losses and gains with your preferred accounting method.

The third step in this process involves deciding what action you'd like to take after viewing the report. For instance, you could choose to show this data to your current tax professional to explore all of your options. You could also begin by selling your current crypto holdings. Keep in mind that ZenLedger doesn't tell you what wallet or exchange to use when selling your assets.

 makes it easy for investors to use the crypto tax-loss harvesting strategy with its 

, which allows you to identify when the value of an asset drops below the purchase price. You can also set your preferred accounting method. When you use the Tax Optimizer tool, you can view your short-term and long-term capital gains, understand what tax-loss harvesting options you have, and see all of your unrealized losses and gains.

 makes it relatively simple for users to perform crypto tax-loss harvesting. You can sync your profile to the CoinTracker dashboard to view your holdings at a glance. This allows you to easily identify current crypto holdings that can be harvested for a loss. You can then sell unrealized losses for a stablecoin, crypto or fiat currency, and buy back the same asset at the same amount. Once you’re done, you can send the assets back to your wallet.

While crypto tax-loss harvesting shouldn't be exploited constantly, the best time to use this tax strategy is when market conditions are in a downturn. This strategy is an effective way to use your unrealized losses to make sure that your capital gains aren't immediately taxed. When the market is poor, this strategy can help you maintain your assets.

As crypto sales in the U.S. aren't subject to the wash sale guidelines, there aren't many problems with implementing this strategy. When you do intend to apply this approach, make sure to use some of the tools mentioned previously to help you avoid making costly mistakes.

Crypto tax-loss harvesting is a highly beneficial tax strategy that allows you to defer capital gains taxes to a later date. If you want to make sure that you get through the crypto bear market without losing too many of your assets, there's no reason you shouldn't take advantage of the tax strategies at your disposal.

Crypto Tax-Loss Harvesting: Surviving Through the Bear Market

Grab Up to 5,000 USDT in Rewards

Grab Up to 5,000 USDT in Rewards