MyBitPrices is a tool that is extremely easy to use and its primary purpose is to give you insight into the USD price history of your BTC transactions. At the moment, the beta version of the tool is available and we have decided to take it for a test run. In this MyBitPrices review, we shall report all the details we have discovered during our analysis of this simple price history reporting and auditing tool and share our impressions.
How MyBitPrices Works
The good news is that no sign up is required in order to use MyBitPrices. All you need to do is enter you public BTC addresses and the tool generates reports of your BTC movements. The reports contain your full transaction history with information about the value of BTC in fiat currency (USD and many other currencies) on the date of every transaction.
The process of obtaining the transaction history and the BTC prices is extremely straightforward. The history of transactions for each address you provide is obtained from the blockchain while the daily average prices of BTC are retrieved from bitcoinaverage.com. The prices are matched to the corresponding transactions and thus a report is formed.
The main advantage of MyBitPrices is that it allows you to create a single transaction history for several wallets. The main downside, however, is that it has not yet been certified by a CPA, so you are warned not to use the reports you receive for tax reporting purposes. Of course, this sounds a bit ridiculous since that is precisely the main use of such reports.
MyBitPrices offers two basic tools: the Price History tool, which is the main tool we spoke about previously in this MyBitPrices review, and the HD Wallet Discovery tool. The Price History Tool can be used to obtain three main types of reports: Price History, Matrix, and Schedule D.
Price History reports represent lists of BTC movements and provide you with a wealth of available columns and customization options. The columns present in the standard Price History report include BTC amounts, historical fiat amounts, present fiat amounts, present gain/loss, and movement type.
You can also choose from a variety of column grouping options, depending on the information you need. The options available include Balance (BTC incoming, outgoing, balance, and realized gain), Realized Gain (BTC amounts, fiat amounts, and short-term and long-term realized gain), Then and Now (historic price and fiat amounts, present price and fiat amounts, and present gain/loss), Incoming and Outcoming (BTC incoming and outgoing, historic price, and fiat incoming and outgoing), Blockchain (Transaction ID, full address, and BTC incoming and outgoing), All (all available columns), and Custom (any combination that you choose).
If you have ever used LibraTax, MyBitPrices’ Matrix reports should look rather familiar to you. You get a list of outgoing movements, including realized gain. The realized gain is normally calculated using the FIFO (First-In-First-Out) method, although the LIFO (Last-In-First-Out) method is also available.
Schedule D reports are similar to the Matrix reports, with the difference being in the fact that they only contain the columns you need for the USA Schedule D tax form.
As far as the limits of the service are concerned, if you are using the web-hosted service, you can get reports for up to 100 addresses with up to 1000 transactions per address. If you wish to use the service without any limits, you can download the command-line tools used by MyBitPrices directly from the website and use them locally.
Finally, let us take a look at the HD Wallet Discovery tool. This tool can be used to obtain all your wallet addresses that have ever been used. The list of addresses is generated based on the wallet Master Extended Public Key (xpub) that you provide. The tool also allows you to generate addresses for empty wallets. To do so, you should use the Include Unused Addresses report option. What makes this tool different from many other kinds of wallet software is that it includes change addresses in its address lists.
Privacy & Security
By using MyBitPrices, you are not placing your funds in danger in any way, as you only provide your public addresses. However, keep in mind that depending on your activity, your anonymity could potentially be compromised. For example, if you provide a number of addresses at the same time, there is a great chance that they are of common origin, that is, that they come from the same wallet and belong to you. This would theoretically open up a window for MyBitPrices to store the addresses and trace you.
Luckily, MyBitPrices only stores the addresses for an hour, which is the amount of time available for downloading the reports. Thus, there is no particular reason to worry about your anonymity, but MyBitPrices still gives you a friendly warning – it is never a good idea to trust a third party, which is why it is smart to use the tools locally.
It is also important to note that the addresses provided while using the HD Wallet Discovery tool are transmitted to blockchain.info. However, MyBitPrices is currently working on adding a feature that would prevent such transmission of data.
- No sign up required
- Extremely simple to use
- Generates Price History, Matrix, and Schedule D reports
- A variety of column grouping options for Price History reports
- Allows you to create a single transaction history for multiple BTC wallets
- Useful Wallet Discovery tool
- The tools can be used locally without any limits and with complete anonymity
- Not certified by a CPA