Quote from: cryptomaniac_xxx on June 26, 2021, 08:38:53 AM

Quote from: Auroraner on June 26, 2021, 03:07:47 AM

I’m sure everybody loves paying taxes, but I am no expert but say with this current drop In price if I moved bitcoin outside of the US and to an El Salvador wallet, would that be saving on the future sale of bitcoin or what would that look like for capital gains?
I’m asking for a friend, I already lost all my bitcoin in a boating accident.

Why not just move your bitcoin to a hardware wallet? I'm also not expert on taxes, but what advances that El Salvador? Yeah, I know that they have legalised and adopted bitcoin but I'm sure you have to pay government some taxes if you are holding your bitcoin in that country? Just friendly advice, not your keys, not your coins.

You are right that hardware wallets provide extra security of funds like keys don't leave the device and you can backup the seed phrase on safe place and providing confirmation from the device for any transaction makes it more secure.

But the El Salvador has made btc legal tender and capital gain tax are exempted for the bitcoin users which is good thing as mostly they take 30-40% of your profits but El Salvador has made this decision not to tax bitcoin gains.But the residents are to benefit from it not other users living outside the country.So it is better to have your funds safe with you.