Because you are a cash basis taxpayer, it does not mean you do not have taxable crypto transactions. Many crypto holders assume taxes are due when cash hits their bank account. However transactions such as staking, mining or airdrops are taxable even though there is no cash receipts. The fair market value of the crypto on the date received is the taxable income reported on the tax return. Swapping one crypto for another is also taxable. You must recognize a capital gain or loss based on the difference between the fair market value (FMV) of the new asset you received and the cost basis of the asset you gave up. This includes swapping Bitcoin for Ethereum, or trading any cryptocurrency for a stablecoin like USDC or USDT. This includes buying an NFT with crypto. Gifting crypto is generally not taxable for the recipient, but if the gift exceeds the annual exclusion ($19,000 for 2025/2026), the giver may need to file a gift tax return. It's a good reminder to make sure you report your crypto taxes properly, even if you do not see any activities in your bank account.