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follow anonymous 2017 Nov 5, 3:36pm
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Also, how are gains taxed compared to typical stock market gains?
but why even bother converting if merchants will directly accept bitcoin?
In my opinion, Cryptocurrency has just started. Once the institutional money starts trading it it will take off even more.
Coinbase ordered to report 14,355 users to the IRS. Anyone moving more than $20,000 on the platform is subject to the new order.
The introduction of various financial products around Bitcoin will amplify the amount of risk investors can take. Cantor Fitzgerald, a large broker which owns an exchange, announced today that it plans to launch Bitcoin derivatives in the first half of 2018. Futures and derivatives allow investors to place bets on bitcoin without owning any of the actual currency, amplifying the amount of financial leverage on the underlying asset. It was an explosion of derivatives pegged to real estate assets like mortgages that underpinned the financial collapse of 2008.
BayArea saysAlso, how are gains taxed compared to typical stock market gains?There are no taxes on bitcoin gains, since no one knows who the owners are. I suppose you could get caught at the point of converting it to dollars, but why even bother converting if merchants will directly accept bitcoin?
Paying with bitcoin is also a taxable event, if I understand the IRS gibberish correctly.
KimJongUn saysPaying with bitcoin is also a taxable event, if I understand the IRS gibberish correctly.I don't even know if it's gibberish. If you start with 1 and end with 2, the IRS is getting something in between. I'm not sure the currency matters, at least if you're a US citizen. I could be wrong of course, but fighting the IRS most the time is a losing battle.
no taxation on gains
BayArea saysno taxation on gains wrong
Also, what is the smallest fraction of bitcoin that I can buy today? And is Coinbase or GDAX preferred for a first time investor?
I’m not so worried about being able to acquire it but I’m terrified of not being able to turn it back into cash when I want to... any thoughts on that?I had similar concerns at the beginning. I happened to have two colleagues I trusted that were using Coinbase/Gdax. Based on their experience combined with internet research/reading investor reviews I decided to sign up. If people had issues turning cryptos back into USD on Coinbase, it would make the headlines. Apparently, they have now 11,9M users (see link below). Personally, I had no issues with trading on both.https://www.cnbc.com/2017/11/03/coinbase-adds-100000-users-after-cme-announces-bitcoin-futures-plans.html
You have the constant never ending verdicts that Bitcoin etc. is a scam, bubble, etc. and then you have some like this. Why Bitcoin's Price Will Be Valued At $150,000 By The End Of 2018, According To An Expert. 2017 may be the last year middle-class people will still be able to afford to buy and hold on to a few bitcoins.Growth in 2017 Hit 1000 PercentBitcoin started the year valued at $963 dollars each and has seen a staggering 1000 percent growth within the last 11 months. To put that into perspective, a $1000-dollar investment in Bitcoin is now worth more than $10,000. As an example, an investment in January equivalent to the price of an iPhone 7 could now buy you 10 of the iPhone X. The reason behind the staggering growth is the money that has been flowing into cryptocurrencies.Demand Is Spiking at Rapid SpeedCoinbase, the San Francisco-bed Bitcoin exchange and the largest in the U.S., has more than 12 million user accounts and is estimate...
Coinbase has had some moderate severity bugs in their sign up / verification process for at least 3 months. That really worries me...if their programmers are either too busy, or just don't realize they have these bugs, well...neither reflects well on them. Stuff like this doesn't make me feel comfortable giving them my info + money.
BTW, if you plan on investing (some say gambling) in cryptocurrency its recommended to store them on a hardware wallet (trezor, nano etc.). Hackers wont be able to access your currency as it's stored offline. " Trezor is an isolated environment for offline transaction signing and using a small display you can visually verify the transaction contents"
Does anyone know if there are some legitimate US based companies that will allow me to buy IOTA?
How many will end up in the bottom 10%?