I hesitate to recommend Hive to non-crypto people because explaining it puts them off. The magic internet money explanation doesn't work well.
More importantly, there are tax implications that they are piling on by participating. As there are no tools for exporting your Hive transactions, and a serious social media person would have many thousands, then you have to manually do all that. If they are successful and manage to generate considerable income, now they're seriously under the microscope for taxes.
I really do not understand how people, in the USA in particular, are able to be so active on Hive and also have time to manually do the bookkeeping. Either they have scripted something for themseles or aren't really doing the bookkeeping.
So, I hesitate to introduce people who don't realize the crypto implications.
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In many places, the earnings aren't realized until they are sold into fiat, which is where they pay their tax. Hive earnings themselves aren't taxable in most cases (afaik) until this point, and exchanges do have tools to export transactions.
My understanding is that Hive rewards are considered income. The price of Hive at the time serves as cost basis. When you sell, you realize capital gains/loss. You would have to track transactions both as income and as basis for capital gains or losses.
This all becomes even more complicated with tokens like LEO. You then have to track the cost basis of LEO to calculate capital gains and also calculate income. I'm not aware of a place with historical prices for all the hive engine tokens. These then have to be converted to something else that has an off-ramp to fiat.
All of this discussion demonstrates the mess I'd be creating in the life of somebody who decides to try Hive. Even if they don't bother tracking their transactions on Hive, they would have to deal with crypto transactions on the exchanges, which adds a layer of complexity and cost to their tax preparation.
I would recommend Hive to an entrepreneur or somebody who is already conscientious about their finances, no problem. But, to everybody else, I'd be cursing them with accounting headaches they do not currently have or want. Most people aren't entrepreneurial like that. They want things to operate like a candy machine, you put in your coin and twist the knob to get your candy.
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Where do you live? That is not the case here or in most of Europe.
Texas
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