Quote from: slowinahurry on December 01, 2014, 03:01:24 PM

Hello,

Until recently I had only vaguely heard of Bitcoin but during the course of starting up a new business we came across a web developer who requested to be paid in Bitcoin, thus marking my nose first dive into all things Bitcoin. I'm still incredibly new with all of it and at first it was more than a little overwhelming but I'm learning more and more and plan to continue doing so.

On to my first point, I was wondering if anyone had a strategy for buying Bitcoin... it seems to be a bit volatile to me so come on guys, what's the secret? Money is a little tight and I'm finding the fluctuations either cause quite a thrill or a sinking depression. Any advice?

Lastly, we're considering accepting Bitcoin in our new business. It's a largely online venture and it seems to be a good option for Bitcoin but I'm not sure if my excitement is getting the better of me, are there any intricacies or major complications for businesses and Bitcoin? Especially come tax time or maybe something else altogether I'm not thinking of?

Thanks for taking the time,
Grant

Hi Grant,
I am bying bitcoins as part of my porfolio. I do not see a strategy. Each week I transfer few thousands Eur to exchanges and start buying. If you want to save few bucks from thousand do not buy few BTC's at once, because market depth of exchanges is not too big.

Another advice: never leave unused money at exchanges, withdraw them immediatelly, if you do not intend some active trading, which is not your goal anyways.

As for the taxes: the simple truth that everyone will hide, because most ppl do nt want to feel guilty... BTC is here and one of the values of BTC is tax evasion. BTC does not cut just transaction costs, but also overall costs, because simply many trades, buying labourforce etc. is not necessary to report. Love it or hate it, one day your competition will for sure take advantage of it and that day can be end of your business if you do not adopt.