When the Bitcoin whitepaper was published by ‘Satoshi Nakamoto’ in 2008, there was a strong focus on the network’s tokenomics. Put simply, Nakamoto opted to limit the overall supply of Bitcoin to just 21 million tokens. Not only that, but new BTC tokens will enter circulation every 10 minutes. For many crypto traders who are in it for the medium to long haul, there are some other ways to make money on cryptocurrency that’s just sitting in your crypto wallet: staking and yield farming on DeFi networks. “DeFi” is just a catchall term for “decentralized finance”—pretty much all the services and tools built on blockchain for currencies and smart contracts. The IRS treats cryptocurrency as property, not currency. Transactions in cryptocurrency spot markets are thus considered taxable by the Internal Revenue Service IRS whenever a taxable event occurs, such as selling cryptocurrency for a fiat currency i.e., U.S. Dollars, Euros, etc. or when traded for another asset. Investors are responsi