HiveBit.io Beta - Export Your Hive Transaction History In Seconds & Import/Sync to Tax & Portfolio Svcs (Koinly, CoinTracker & more)

in #hive-18363013 days ago (edited)

The day is finally here - we are extremely excited to announce the beta launch of our new service, HiveBit.io!

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What is HiveBit?

@HiveBit was created to solve a problem I personally faced - when accounting and importing my crypto transactions from various exchanges, wallets, etc into my portfolio + tax software (I use Koinly and CoinTracker, personally), I noticed that there was 0 support for Hive.

I reached out to them, and both services expressed very little interest in adding support for Hive - only if the community demanded it, essentially.

So I decided to take matters into my own hands. Working alongside @rishi556, we've put together a service that now allows you to export your ENTIRE Hive account transaction history in seconds.

It is the first dApp in the @HiveHustlers ecosystem that will utilize $HUSTLER tokens as well!

HiveBit displays a variety of transaction information including:

  • Date
  • Amount Received
  • Currency Received
  • Amount Sent
  • Currency Sent
  • "Description" aka transaction memo (if any exists)
  • USD Value of the transaction

Currently, the way our CSV is formatted, it's importing into Koinly.io perfectly - we're working on formatting it for CoinTracker.io as well. (simply a matter of tweaking the headers slightly).

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The current system developed was able to export the entire transaction history for the @nulledgh0st account in 4 seconds - 647 transactions in total.

We've tested this on the @Bittrex account, and it took a total of 11 seconds to pull EVERYTHING. @Blocktrades account took a total of 68 seconds.

This service is absolutely FREE for the Hive community.

We will, however, be offering a premium feature/service soon, that will accept Hive/HBD/$HUSTLER as payment. This will allow you to have API access so that you can connect + sync with your external services - removing the need to manually export/import your data as it changes.

Pricing for the premium service will be established soon - all funds earned from advertising/BAT donations/and premium subscriptions will be used to pay for dev/server costs, and anything extra will be used towards our @HiveHustlers $HUSTLER token buyback + burn program!

Here are some shots of how this looks when imported into Koinly.io:

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We are still debugging some things - it's not 100% perfect yet, however, we wanted to open up our "beta" to the first 75 people that wish to participate - if you'd like to obtain a CSV file with your account transaction data for yourself, simply visit our website and fill out the form (2 questions - Hive username, and email address to where we can send your exported CSV).

Visit HiveBit.io to join the Beta!

Please allow us 48 hours to send out your data exports - we are working through this manually at the moment in addition to building out the final site template (our current website is only temporary).

Also, it's extremely important to note: THIS SERVICE IS ONLY COMPATIBLE WITH HF23 DATA. This will NOT pull in ANY steem data on your account.

Massive shoutout to @Rishi556 for all of the hard work and time he's put in on this so far - definitely give him a follow and show some love!

Also, be sure to follow the @HiveBit account for future updates - and join the @HiveHustlers community while you're at it 😎

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I'm currently working on a python script to create an excel file that can be imported.
I will compare the results. How do you handle powered up Hive (currently waiting on my report from your site)?

As I understand it, powered-up Hive is not accessible by the taxpayer and therefore events that increase the powered-up Hive amount do not immediately lead to tax-relevant events. Only when I do a power-down, I trigger tax events, as I'm only able to sell and move powered down Hive.

I have therefore two accounts, one for liquid Hive/HBD and one virtual account for powered up Hive.

Powering up/down really had me confused on how to handle them. For now I've ignored both of them, but on powerdowns to your own account, I was triggering events. I think it would be more accurate to make it so that if any account powers down to you (withdrawl routes) it should trigger an event since you are receiving liquid funds.

How are you handling VESTs received? I was thinking of getting the historical pricing of them somehow and use the equivalent HIVE value at first, but the more I think on it, the more I feel like ignoring that would be best, since it'd get captured by the powerdown amount and no need to work out historical vests pricing.

I'm counting all powered up HIVE. When there is a power-down that exceed the powered up HIVE, I create a deposit with the remaining HIVE. Powering up HIVE and powering the same amount is not a tax event, only when I power down more hive then powered up, I have created a tax event. The powered down HIVE, which was not powered up before, is then a staking reward (Could be author, curation, witness or staking reward, but I few all as staking reward regarding tax).

Receiving HIVE through a withdrawal route is the same as a normal transfer.

I do not consider VESTS, as they do not have a price. Only when the get accessible by the tax payer through a power down, a tax event is created. So meaning when I receive an author reward as hive power, I only have to pay taxes, when I more power down as I have powered up.

Hope this makes sense.

That makes sense. Smart way to do it as well. Thanks for sharing your ideas.

These are excellent questions, and ones we've had to internally debate ourselves.

@Rishi556 handled pretty much all dev regarding the actual scripting of this - I am more of the marketing/idea/front-end of this project.

However, you are correct in that technically, this isn't a taxable event so long as there's no "sale" - I'm not even sure a power-down would trigger a taxable event, as you're not technically "selling" or "transacting" anything, simply making it liquid vs staked.

We'd love it if you joined our Discord so we could discuss further - this is an open-source project as per @Rishi556's wishes (only our API would be the "premium/paid" version, which I'm personally reaching out to multiple companies to integrate support for).

Discord: https://discord.gg/6bvkta7

This is awesome for the evolution of Hive! Great job!

I have picked your post for my daily hive voting initiative, Keep it up and Hive On!!

We've fixed a few bugs, and are working out one last item in regards to emailing/etc - and also finishing up the new UI/UX tonight.

We have to delay distribution of our transaction report exports by ~24 hours, and we do apologize for this everyone - trust me though, it will be worth the wait.

We heard back from CoinTracker.io today and they're already working on building out DIRECT support for Hive/HiveBit on their site - meaning they'll be one of the absolute first tax/portfolio companies to accept our sync API!!! This is amazing news.

Thanks for your understanding, we love you all and appreciate your unwavering support!

Very nice work!

Update: We are at nearly 50 requests now! Only ~25 more slots left for our initial beta round - so if you haven't already, visit HiveBit.io and join in to get your data sent to you! (We'll be sending out all data requests within the next 48 hours).

Thank you so much for the participation so far, everyone - it's been an overwhelming response from the community!

Nice sharing. Thanks for that.

Wow this is a very good tool, thanks a lot for making it.

Keep it up bro

I love you guys if this works as you pointed out here! If you manitain and improve it over time this will a top5 app for HIVE someday!
I would really appreciate support for cointracking.info as this is the one I use for exchange transactions API. Would love to be avble to just import transaction history csv.

Keep in mind: Hive is a fork so the starting balance is ultra important.

Thanks for dropping by! We are definitely working on supporting as many services as possible - as each one uses slightly different methods/approaches to how they import data, we do have to modify our file headers and such, which then leads to troubleshooting any bugs that arise from that.

We will add it to the list, though, so that we can get it worked out - and once we have our API live, it should be a breeze 😁

Sounds good 😀.

If you are doing a good job with this app, I will definitely pay for premium features.

You can make the discord banner clickable with the a href ;)

Yeah you're right, guess I was just a tad too drinky dranky drunkkkkkk xD

Lol

😉

Keep up the good work Team

Thanks - help support our efforts through your Twitter awesomeness, bro!

We put our time, effort, and $$ into this to help Hive THRIVE - we need the community's support to continue to do so!

We got this.

We just building the foundation to grow our HIVE network exponentially

Great work team....

Thanks for creating a useful tool for the community

This is super useful. I've shared this post on Torum as well for more exposure!

Well done, crypto accounting is an important pillar every entrepreneur should have at her/his side.

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This is very nice portal built to help Hivers. Greate work team