"How to buy Bitcoin" -

MichiganWagon

kiwifarms.net
But then does the person who traced it back to you have any access to the private key portion (password)?
Your Private Key is your's unless you let it slip (ex: you emailed it to yourself and then your email account gets broken into).

And to answer the original question, if Coinbase links your IRL ID to your bitcoin wallet, they (or anyone with that info) can search your transactions and link it back to your name. (disclosure: I don't use Coinbase and don't know how secure their servers are. But assume that they will eventually get hacked or get lawyer'd).
 

Fervent Champion

kiwifarms.net
I hate to Necro this thread but it seems like the best place to ask: What exchange is best to buy cryto from? I've want to get in for years but I don't want my bank account stolen by Coinbase or some other company.

If it helps I doubt I'd ever do more than $200 worth of trading a month.
 

mulliganfarmer

kiwifarms.net
This is the first time I've set foot in this part of the forum because I only have the vaguest notion of what cryptocurrency is. A well-meaning relative sent me this article:


I'm assuming this is a scam that's got Jim Davidson suckered in and he's stupid enough to promote it to more idiots who know even less than I do about bitcoin?
 
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Kacchan

Carbon-based lifeform
kiwifarms.net
Localbitcoins has a bunch of pajeet sellers, and my only advice is to not use shit like Zelle with them. Bank suspended my access to Zelle because of these shitlords.
 
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No Exit

I was only pretending to not be exceptional
True & Honest Fan
kiwifarms.net
Is there a good site for Canadians to buy coin and not have to upload photo ID and shit. I'm trying to get this shit figured out but for some reason most places only allow US citizens to sign up?
It's a lot of fucking around just to turn real money into fake money.
 
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Orange Rhymer

kiwifarms.net
Reminder: crypto is worthless and you'll lose all your money. Other reminder: if you make money trading cryptocurrencies, you have to report it on your taxes as capital gains.
Wrong on both. But I'm sure your intent was good.

1) Value is subjective. Baseball cards are worthless, 'collectors items' are worthless. Buy low, sell high. At some point all currencies and stocks fail. Don't be left holding the bag.
2) Crypto is valued as a COMMODITY (iirc, im not an accountant) in the US, not as capital. Styxhexanhammer666 had a GREAT interview with a tax accountant that specializes in crypto reporting to the IRS. Youtube has plenty of vids too. Take advice ONLY from a licensed tax accountant in YOUR COUNTRY/STATE. Call a professional before you self-report.

Other items:
I have used Localbitcoins.com and it worked for me. I traded Amazon cards for BTC, me fees came out to @ 25% including escrow. The transactions went through completely anonymously, and I didn't get fucked. YMMV. BE FUCKING CAREFUL ON THAT SITE. Always use escrow.

Tumble your coins to remain anonymous.

Mining is fun, but will wreck your hardware (esp graphics cards) after a while. Also, there are cheaper ways to heat your house, electricity ain't free.
 
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Ghostse

Waffle SS Untermenchenfurher
kiwifarms.net
I don't get why the OP was longer than "Don't".

2) Crypto is valued as a COMMODITY (iirc, im not an accountant) in the US, not as capital.
I came here just to shit post, You are dangerously wrong on that, your info is out of date. IRS changed the rules, and ALL Bitcoin/crypto transactions are taxable now, subject to capital gains taxes.


Fairly decent summary: https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

tl;dr Bitcoin is treated now like a stock. If you transfer bitcoin (or fractional coins), you incur the same tax liability as if you transferred stock (or fractional shares of stock) .

Of course unlike stock, unless you are using an exchange there is no central authority reporting your transactions to the IRS for easy auditing.
While that didn't save Al Capone, the IRS isn't raiding the local Hooters because the waitresses are under reporting tips neither.
 
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Orange Rhymer

kiwifarms.net
I don't get why the OP was longer than "Don't".



I came here just to shit post, You are dangerously wrong on that, your info is out of date. IRS changed the rules, and ALL Bitcoin/crypto transactions are taxable now, subject to capital gains taxes.


Fairly decent summary: https://www.investopedia.com/articles/investing/040515/are-there-taxes-bitcoins.asp

tl;dr Bitcoin is treated now like a stock. If you transfer bitcoin (or fractional coins), you incur the same tax liability as if you transferred stock (or fractional shares of stock) .

Of course unlike stock, unless you are using an exchange there is no central authority reporting your transactions to the IRS for easy auditing.
While that didn't save Al Capone, the IRS isn't raiding the local Hooters because the waitresses are under reporting tips neither.
The IRS is SUPER powerful. If you are a BTC trader or investor, I beg you to use a tax accountant licensed in your country and state, and is familiar with BTC. These tax laws are literally changing by the month. The 2018 tax laws were a big change, and going forward the IRS will be structuring BTC transactions differently.

Under Obama, the IRS vowed to make all BTC transactions illegal. That didn't work, so now they are taxing BTC.

Again, use a tax accounting professional.

Remember: Unless you have taken precautions (and you understand 100% how to do this), your transactions are recorded and reported to the IRS.
 

Ghostse

Waffle SS Untermenchenfurher
kiwifarms.net
The IRS is SUPER powerful. If you are a BTC trader or investor, I beg you to use a tax accountant licensed in your country and state, and is familiar with BTC. These tax laws are literally changing by the month. The 2018 tax laws were a big change, and going forward the IRS will be structuring BTC transactions differently.

Under Obama, the IRS vowed to make all BTC transactions illegal. That didn't work, so now they are taxing BTC.

Again, use a tax accounting professional.

Remember: Unless you have taken precautions (and you understand 100% how to do this), your transactions are recorded and reported to the IRS.
Agreed with tax professionals.

I was mainly taking issue with your disagreement with @Joan Nyan about taxes. They were completely spot on, as the linked IRS publication shows, 2018 was simply a clarification and enforcement of previously published rules.
 

Orange Rhymer

kiwifarms.net
Agreed with tax professionals.

I was mainly taking issue with your disagreement with @Joan Nyan about taxes. They were completely spot on, as the linked IRS publication shows, 2018 was simply a clarification and enforcement of previously published rules.
Like I said, I'm not an accountant. This accountant said on Styzhexanhammer666, that it is not traded like a currency. I dunno what that means, but I do know that it seems like I need to consult with a pro. Maybe this asshole was being confusing on purpose to drum up biz. Maybe he was referencing Vermont state law, and not federal law.

No fucking clue. Simple taxes I can do. Trying to figure out values of commodities and other shit, no idea.

kudos to Joan if you were right. For me: I will keep it under the table as long as possible.
 

Ghostse

Waffle SS Untermenchenfurher
kiwifarms.net
Like I said, I'm not an accountant. This accountant said on Styzhexanhammer666, that it is not traded like a currency. I dunno what that means, but I do know that it seems like I need to consult with a pro. Maybe this asshole was being confusing on purpose to drum up biz. Maybe he was referencing Vermont state law, and not federal law.

No fucking clue. Simple taxes I can do. Trying to figure out values of commodities and other shit, no idea.

kudos to Joan if you were right. For me: I will keep it under the table as long as possible.
That accountant is right, its not viewed as a currency. And that doesn't contradict Joan's post about crypto being subject to capital gains in the slightest.

Per the IRS, Bitcoin is treated like an asset - a stock or a collectible.
Whenever you divest yourself of that asset, according to the IRS, you must pay tax on any profit (That is, ammount received minus costs) from the transaction. That includes if you use BTC to buy any alt-coins, which I've seen people get into trouble with.

That is, if I bought 1 BTC for $1000, and later exchange it for $3000 worth of other things (goods, services, cash, other crypto) since the value of the BTC went up $2000, I am obligated to pay capital gains taxes on that $2000 profit. ($3000 - $1000). This is how stocks are treated. It also means if you lose money on a crypto sale, you will have a capital loss that you can use to offset any capital gains.

Joan said you must pay capital gains taxes on cryptocoins. This is true. This was technically always true, but there was a grey area because the IRS previously hadn't specified exactly what constituted a sale and under what conditions. This grey area was removed in 2014 when the IRS spelled out in previously linked publication what constituted a transaction, but not everyone got the memo. 2018 was essentially just the IRS actually enforcing this rule (mainly because there was now money to be made in enforcing it)

So, please stop repeating verifiably incorrect information.

Also, stop prodding my autism by saying Commodity. Per the IRS, crypto (or any other exchangable virtual currency) is Asset not a Commodity; a commodity is a type of asset and may be subject to special commodity rules. Commodities need to be tangible items, which the IRS has ruled crypto is not. Anyone who told you its a commodity is wrong or at least misusing the word ( at least as far as the IRS is concerned)
 

Kacchan

Carbon-based lifeform
kiwifarms.net
So, what are some places I can buy crypto where banks won't freak the fuck out because of a transaction coming from there? Localbitcoins removed the cash option, and my bank apparently really doesn't like transactions coming from crypto sites.

I had been using the Cash App to buy Bitcoin, since it's a P2P money transfer app that has Bitcoin trading as an option, but I want to explore some other cryptos.

Also @Null, LocalBitcoins suspended in-person trade functionality back in June to US customers, so perhaps update the OP that US customers can't use it for that?
 
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Particle Bored

I am made out of toothpicks and glue
kiwifarms.net
So, what are some places I can buy crypto where banks won't freak the fuck out because of a transaction coming from there? Localbitcoins removed the cash option, and my bank apparently really doesn't like transactions coming from crypto sites.

I had been using the Cash App to buy Bitcoin, since it's a P2P money transfer app that has Bitcoin trading as an option, but I want to explore some other cryptos.

Also @Null, LocalBitcoins suspended in-person trade functionality back in June to US customers, so perhaps update the OP that US customers can't use it for that?
My major mainstream bank has never said anything about my Coinbase use.

If youve already got a venue for BTC, why do you need another venue for fiat-to-alts? Just send some BTC to an exchange and buy alts with BTC.
 

Kacchan

Carbon-based lifeform
kiwifarms.net
My major mainstream bank has never said anything about my Coinbase use.

If youve already got a venue for BTC, why do you need another venue for fiat-to-alts? Just send some BTC to an exchange and buy alts with BTC.
BMO Harris marked my old account for fraud twice for using Coinbase, and apparently a lot of mainstream US banks do as well.

Also, Cash App will only let you withdraw if you have a specific amount of coin.
 
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Orange Rhymer

kiwifarms.net
BMO Harris marked my old account for fraud twice for using Coinbase, and apparently a lot of mainstream US banks do as well.

Also, Cash App will only let you withdraw if you have a specific amount of coin.
I've heard that all major BTC apps require registration and report your holdings to the IRS.
C/D ?
I would NEVER use a BTC service that requires irl credentials - but that's just me...
 
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