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Re: Suddenly I'm curious, do I need to pay taxes on Bitcoin income?
But that is only when you sell it. If you continue to hold it, no tax.
This is a massive and important distinction IMHO.
Some of us just plan on holding for a long, long time.
Re: What are the pros and cons of gold compared to bitcoin?
Those are just some of my thoughts to start the thread. For those who own both gold and bitcoin what are your thoughts?
Pros of Gold: Stability and Tangible AssetCons of Gold: Physical Storage and Lower Potential Returns
Pros of Bitcoin: High Growth Potential and Ease of Transfer
Cons of Bitcoin: Votality and regulatory risks
Above are simplest the pros and cons of both gold and Bitcoin.
This is more or less what I was going to say.
The volatility of BTC is still at turn off to many.
When in doubt, simply zoom out.
I've actually seen two new BTC ATMs very close to my town, and more small businesses in my area accepting BTC as payment. These services of course are smaller enterprises like carpet cleaning, house cleaning, house repair, plumbing, etc. It's still a positive move forward in my honest opinion. It reminds me of the era when PayPal wasn't as ubiquitous, nor was ordering anything from Amazon. Now people have PayPal debit cards (most trusted websites use it as payment), and we more or less all live off of Amazon orders. I see BTC further integrating into society in a similar manner in the relative future.
Re: Bitcoin surpasses silver to become second largest ETF commodity in the US
Silver has been an absolute disappointment over the last several years (one could argue decades), so this is no surprise. Good news! I feel like if silver was going to move, the pandemic etc. was going to be the time. It can't even hold 24/oz.
1. The government does not want to shut down bitcoin I don't know where you got that from. They approved 11 Bitcoin ETF's a couple days ago.
But what does this mean? Compare it to a gold ETF.
The government wants to control the market. They will do this by taking over the exchanges. One of the things they want at this point, is to force all crypto wallets to apply KYC. They hate the aspect of anonymous wallets. They want to know what you own so they can take it from you or tax the shit out of you.
While the ETF opens the gates to global adoption of BTC, it also means that institutes like Blackrock will do everything in their power to control the market. I expect them to forbid self custody of BTC. You can only buy BTC via their ETF. Meaning they will control all BTC supply. You will not own the BTC by yourself, privately. You will own a contract that says that you own 1 BTC, that they store for you. It is like this with gold. For every bar of gold, there are loads of people who own a contract that says this gold is theirs.
This is how Blackrock rigs all markets and manipulates prices. You are not allowed to own anything. They own it for you and they rig the entire market. If 200 people own the same bitcoin, that eliminates the scarcity which makes bitcoin expensive. They can crash the price this way.
Surely they will have to convince the little people that this is best for them. I expect some terrorist attack of which they will say that it was paid with bitcoin
People will laugh, but you're essentially spot on here. BTC exists to preclude the very centralization the elite/banks/Blackrock pines for. Stack and hodl.
What happens next (for me, anyway) = DCA.
Friendly reminder that on this very day last year, we were floating around 21-22K. You're still up over 100% for the year. When in doubt, zoom out.
Friendly reminder that on this very day last year, we were floating around 21-22K. You're still up over 100% for the year. When in doubt, zoom out.
1. The government does not want to shut down bitcoin I don't know where you got that from. They approved 11 Bitcoin ETF's a couple days ago.
2. Yes, you can buy on a KYC exchange and then transfer the funds to an address that the government cannot link you to. Use the bitcoin address of any non-custodial wallet of your choice. You will not get taxed until you move it from that Non-KYC wallet back to an exchange to sell. That's the best way to go about it in your situation. Reporting anything stolen won't help you.
can the government shut down bitcoin if want? it's not possible because bitcoin is not controlled by any government or organization.2. Yes, you can buy on a KYC exchange and then transfer the funds to an address that the government cannot link you to. Use the bitcoin address of any non-custodial wallet of your choice. You will not get taxed until you move it from that Non-KYC wallet back to an exchange to sell. That's the best way to go about it in your situation. Reporting anything stolen won't help you.
if government imposed tax on bitcoin earnings that is fine but it sounds really ridiculous if it's taxed because of holding bitcoin.
dex is the best solution in this situation, you can buy coins and to sell your coins just use p2p feature, government can not trace your wallet.
The government can't control BTC.
BTC was created to preclude centralization.
Fiat will eventually fail. The problem is they're trying to use inflation to "inflate away" the debt, but actual markets can only deal with that for so long. They have the money printer; we don't.
Wow this thread took off 
.
I feel very confident after using my TREZOR several times now. I understand how it works and have moved much of my BTC off of the exchange and onto it. What an awesome piece of tech.
.I feel very confident after using my TREZOR several times now. I understand how it works and have moved much of my BTC off of the exchange and onto it. What an awesome piece of tech.
BTC by its very nature precludes centralization, and thus governments. They can attempt to do whatever they want. BTC will fill the cracks of attempted centralization like water seeking its level.
I feel strongly this is just some people taking profits early after the news. People pumped and dumped a tad. The price of BTC isn't going anywhere but up in the longterm. Big picture!
Re: DCA (Dollar Cost Averaging) method is a simple way to invest in Bitcoin
It also works great for lump sums, as well. I.E. not just dumping a grand into BTC, but say in chunks of 100 at a time across various dates/prices, etc.
Whether it's chunking lump sums - or just regularly scheduled amounts - this has only worked positively in my favor, in my experience.
Whether it's chunking lump sums - or just regularly scheduled amounts - this has only worked positively in my favor, in my experience.
I personally find that most people, on average, already do not grasp the horrors of fiat currency, fractional banking, centralization, etc. It's no surprise they then also misinterpret BTC as a result. Most people have a hard time understanding gold's appropriation as a store of value, not an investment. People have a really, really hard time with little complexities and nuances that can, have, and do impact crucial distinctions in outcome, etc.