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Q: When a client connects their wallet to Bitwave Ops to enable crypto payments, is this a one-time thing? Or must they connect the wallet every time the wish to execute a payment?
🅰️ We must connect the wallet to Bitwave Ops everytime when we want to execute payment.
Q: What is wrapping a treatment?
🅰️: Wrapping treatment involves converting a digital asset from one blockchain into a compatible token on another blockchain. This process allows the asset to be used within a different blockchain ecosystem while maintaining its original value.
For example, Ether (ETH), the native cryptocurrency of the Ethereum network, can be wrapped into Wrapped Ether (WETH). WETH is an ERC-20 token that can be used in decentralized applications (dApps) and decentralized finance (DeFi) platforms on the Ethereum network. For more information on wrapping treatment see: Bitwave Documentation on Wrapping Treatments
Q: What is Solana Associated Token Account program and how to validate these ATA balances ?
🅰️
The SOL balances in Bitwave tend to be higher than of onchain balance, it is due to ATA ( Associate token program), The cost of an Associated Token Account (ATA) on Solana includes an initial fee.When an ATA is created, the System Program transfers 0.00203928 SOL to the ATA. This amount is deducted from the account that initiates the transaction.
Here's a quick way to validate solana balances against the blockchain.
Grab bitwave SOL balance, subtract on chain solscan balance.
Go to 'token accounts' and multiple the number of token accounts by 0.00203928 (a fixed fee).
Q: Why does a transaction show a $0 FMV even though it involves a token with a known price?
🅰️:
If the transaction amount is zero, the Fair Market Value (FMV) will also be zero, regardless of token price. Ensure the amount field is correctly populated in the import.
Q: Why is Bitwave applying $0 cost basis to some transactions when using FIFO?
🅰️:
A $0 cost basis might be applied due to how staking rewards or imports are recorded. If these tokens are treated as "created property," they enter inventory with $0 cost basis, and FIFO will pick them first. Check your inventory lots to verify.
Q: How can I resolve an unrealized loss in Bitwave caused by a deleted deposit transaction?
🅰️:
If a previously recorded token deposit was deleted but its corresponding burn remains, this can lead to an unrealized loss despite a zero token balance. One option is to re-enter the deposit with a 0 market price to offset the disposal. Alternatively, request a resync of the wallet from Bitwave support to restore the deleted transaction. A resync does not affect existing categorizations.
Q: Can I get the balances as of year end? Can I get the balances today?
🅰️:
I would screenshot where in the app you can grab these balances:
1.Wallets page - explaining how this data is populated (via the API) and is the most current as of today.
2.Reports > Balance Report - explaining that this report can be used to pull balances filtered by wallet for a specific date in time as well as current day (with the caveat that the balance if it’s being pulled for today’s date may be off due to timing issues of when the last transaction synced in from onchain)
3.Balance Check Report - explaining this is where you pulled the balance validation information that you sent him and how this report compares the balance from report #2 above with the onchain API balances
Balance check Report : which takes the Balance Report and compares it to third party balances.
Q: Why are USDC transactions in Bitwave showing incorrect exchange rates, like $1.53?
🅰️:
This issue can occur due to a data or syncing error within Bitwave. USDC is generally a stablecoin pegged to $1, so significantly different exchange rates suggest a bug. Bitwave’s engineering team has investigated similar reports, and manual correction steps may be necessary until a permanent fix is released.
Q: Why do some TRX transactions show $0 fair market value even after pricing?
🅰️:
If a TRX transaction shows $0 FMV, it may be due to a recorded amount of 0, often linked to fee misclassification or import formatting. Bitwave's backend team can recache pricing.
Q: How can I fix a “Not enough acquired assets” error in Bitwave?
🅰️:
To resolve this error, review the “Ignored” tab in your inventory to identify any relevant transactions that may have been excluded. If key transactions were replaced by manual entries, consider restoring the original ones. This can help correct the asset balance and eliminate the error.
Q: What does the error “Errored: More than one imputed fee found on txn” mean and how do I fix it?
🅰️:
This error occurs when a transaction contains multiple imputed fees, which Bitwave currently does not support. To resolve it, use the “trade treatment” method for the transaction. This approach helps Bitwave interpret the transaction structure more accurately and avoids conflicts with fee handling.
Q: What is “trade” and when should it be applied in Bitwave?
🅰️:
Trade treatment is used when a transaction behaves like a trade or exchange, especially when wrapping or converting tokens across blockchains. Applying trade treatment helps Bitwave process the transaction correctly for valuation and inventory updates.
Q: Why am I not getting fair market value when I restake the tokens.
🅰️:
This may occur if Bitwave has not yet integrated pricing for the restaked token. In such cases, you can request pricing by providing the token’s name, contract address, and pricing source (e.g., CoinGecko). Once added, Bitwave can calculate accurate fair market value for restaking events.
Q: How does Bitwave handle staking and mining rewards with a $0 cost basis?
🅰️:
If you're deferring income on staking/mining rewards and treating them as created property, you can upload rewards via CSV and set the cost to $0. This creates tax lots with zero cost basis, deferring gain until sale. Bitwave's CSV import supports custom cost inputs for this purpose.
Q: Can I adjust the value of a token disposed of during a trade in Bitwave?
🅰️:
Yes, to adjust the proceeds or FMV of the asset received in a trade, uncategorize the transaction, then use the pencil icon to change the using rate before recategorizing and saving it. This ensures gain/loss is calculated based on the received asset's value, not the disposed asset.
Q: Why is my gain/loss report showing incorrect basis or mismatched proceeds?
🅰️:
This could be due to the valuation method used (e.g., using FMV of disposed instead of received asset). Gain should be calculated based on the FMV of assets received. Bitwave may require manual rate adjustments or pricing updates to reflect accurate gains. Use the Lots report for detailed insights and contact support if mismatches persist.
Q: Why do my Inventory Cost Basis Rollforward and reconciliation reports not match?
🅰️:
Mismatches can occur if token pricing is incorrect (e.g., defaulting to $0) or if Advanced Pricing Rules are not properly configured. Verifying and updating pricing rules, and ensuring consistent token mappings, is key to aligning these reports.
Q: How does Bitwave calculate gains and losses?
🅰️:
Bitwave calculates gains and losses based on your chosen accounting treatment (e.g., FIFO, LIFO). The system uses transaction data, pricing information, and wallet balances to compute realized and unrealized gains and losses. You can view these in the Tax Scenario and gain/loss reports. For a full walkthrough, request a call or consult Bitwave documentation.
Q: What is the source of USD rates used in Bitwave?
🅰️:
Bitwave sources USD pricing data from market APIs like CoinGecko. This ensures real-time and historical pricing for tokens is accurate and aligns with fair market value assessments. For any discrepancies, you can configure overrides using Advanced Pricing Rules.
Q: Can I simulate a hypothetical liquidation scenario (e.g., sell $1M of crypto using FIFO) in Bitwave?
🅰️:
Yes, Bitwave's Gain/Loss tool allows for simulation of hypothetical liquidation scenarios using FIFO or other accounting methods. Ensure your transactions are categorized and inventory is accurate. If the report fails to generate, check for errors like missing cost basis or incomplete data.
Q: Can I force Bitwave to use low-cost basis lots under Spec ID?
🅰️:
Bitwave’s Spec ID strategy determines lot selection based on the overall configured picking strategy and does not allow manual lot selection on a per-transaction basis. While you can manually override the fair market value (FMV) of a transaction or force gain/loss to zero, the actual lot relieved will still follow the picking strategy. To ensure low-basis lots are used for donations, a manual workaround may be required.
Q: What does the “force gain/loss to $0” checkbox do in Bitwave?
🅰️:
This checkbox overrides the calculated gain or loss to $0, typically used for non-taxable events like charitable donations. However, the cost basis of the relieved lot will still be determined by your configured picking strategy (e.g., Spec ID, FIFO, LIFO).
Q: What happens when I use “Force 0 Gain/Loss” on a transaction in Bitwave?
🅰️:
Using “Force 0 Gain/Loss” adjusts only the dollar values, not the quantity. It sets the proceeds (FMV disposed) equal to the cost basis relieved, which results in a zero gain/loss. Quantities, cost basis, and unrealized balances remain unchanged.
Q: How Bitwave handles NFT acquisitions and disposals (e.g., as trades for crypto like ETH), and NFTs are marked to market using floor price or another method?
🅰️:
Since there is no reliable real-time pricing source for NFTs, Bitwave determines fair market value (FMV) based on actual trades — either acquisitions or disposals involving another token.
For example, if an NFT is acquired for 1 ETH (valued at $1,200 at the time), the FMV shown in the inventory view will be $1,200, which matches the cost basis. If the NFT is later disposed of for 2,000 USDC, Bitwave would reflect an $800 gain.
The FMV displayed on the inventory views dashboard is based on cost basis only, and not marked to market using floor prices or other data sources.
