First of all thanks for all the responses.
I figured I'd update what I've been doing.
1.) I opened up a coinbase account. Why? Because Swanbitcoin (based in Nevada) is only for purchasing Bitcoin you cannot sell. I wanted to make sure I would be able to buy and sell. Their website says if you want to sell you can always transfer to another exchange free of charge (free of fees from them) and sell it from there.
2.) I did a little bit more researching on the tax situation in my area. If you hold the asset for less than 1 year it's considered income and is taxed as a regular income tax. If you hold the asset longer than one year it becomes a long-term investment and is taxed as to capital gains. So basically less than one year could be taxed as high as 35% more than one year it will generally be somewhere between 15 and 25%. So the longer you hold it the less taxes you pay on it.
Now I'm gonna start looking for a hardware wallet. I was thinking paper wallet before for security, but I read Blazrs post Time to bust a myth. Paper wallets are less secure than normal encrypted wallets & started thinking it might just be easier/faster to do digital hardware wallet. Suggestions? I wanted this one -> ( SecuX W20 ) But I'm having second thoughts because some of the people, in the reviews, are saying that your coins are being stored on their website and they're charging 1% fees when you transfer. I don't know if that's true but if it is that's kind of messed up. The information about it (on the Amazon site) says that they do not store it on their website, so I don't know.
Starting with $10 will be good as you are still a beginner and you need to learn more, especially learning about trading because trading is not just to buy low and sell high.
Buy low and sell high is the basic thing in trading but with learning many things related to trading, your chance to make a profit will be bigger, which means you can make money from trading.
You can continue to have more bitcoin and trade it to make a profit.
Good luck.
Thanks! I'm actually not worried about making big profits, etc. I'm basically learning the basics of how to use bitcoin & ready to use it if necessary. Meaning I believe that hyperinflation (if only "transitory") is coming and the dollar is going to be in some severe trouble here real soon. I already have other investments and I'm looking for more diversity. Also if things started going crazy really fast this is a pretty easy/fast asset to dump some USD into if needed. Besides, whether it's Bitcoin or some government shitcoin. I believe digital currency is the future. Might as well get use to using it.
I figured I'd update what I've been doing.
1.) I opened up a coinbase account. Why? Because Swanbitcoin (based in Nevada) is only for purchasing Bitcoin you cannot sell. I wanted to make sure I would be able to buy and sell. Their website says if you want to sell you can always transfer to another exchange free of charge (free of fees from them) and sell it from there.
2.) I did a little bit more researching on the tax situation in my area. If you hold the asset for less than 1 year it's considered income and is taxed as a regular income tax. If you hold the asset longer than one year it becomes a long-term investment and is taxed as to capital gains. So basically less than one year could be taxed as high as 35% more than one year it will generally be somewhere between 15 and 25%. So the longer you hold it the less taxes you pay on it.
Basically, the short answer is between 10-37%.
Thanks for that, that's all I wanted was generalization. I'm not expecting anybody to open up the IRS code and start researching it for me. I was just curious. Now I'm gonna start looking for a hardware wallet. I was thinking paper wallet before for security, but I read Blazrs post Time to bust a myth. Paper wallets are less secure than normal encrypted wallets & started thinking it might just be easier/faster to do digital hardware wallet. Suggestions? I wanted this one -> ( SecuX W20 ) But I'm having second thoughts because some of the people, in the reviews, are saying that your coins are being stored on their website and they're charging 1% fees when you transfer. I don't know if that's true but if it is that's kind of messed up. The information about it (on the Amazon site) says that they do not store it on their website, so I don't know.
Okay after looking at it more closely I believe I can invest immediately the minimum buying is $100 from my linked account. If wiring the money you have to wire at least $2,500. So I believe that was (again) my own mistake I feel kind of dumb.
In order to take full control, and be able to transfer the coins to my wallet, I have to wait 10 days. That way things aren't reversible and it's easier to make sure that they don't get fraud on their exchange. This is why they have lower fees.
I'm officially a Bitcoin owner now I used the $10 that they give you for free when you sign up and bought my first Bitcoin! YAY 😁
Good to see you buy your first bitcoin. Congratulations on that but you need to be careful because bitcoin prices can go down for more.In order to take full control, and be able to transfer the coins to my wallet, I have to wait 10 days. That way things aren't reversible and it's easier to make sure that they don't get fraud on their exchange. This is why they have lower fees.
I'm officially a Bitcoin owner now I used the $10 that they give you for free when you sign up and bought my first Bitcoin! YAY 😁
Starting with $10 will be good as you are still a beginner and you need to learn more, especially learning about trading because trading is not just to buy low and sell high.
Buy low and sell high is the basic thing in trading but with learning many things related to trading, your chance to make a profit will be bigger, which means you can make money from trading.
You can continue to have more bitcoin and trade it to make a profit.
Good luck.