Bitcoin Forum

"I don't really get why you'd store your money in cryptocurrencies," a friend asked me just a day ago, expressing skepticism about Bitcoin.

Well, who wouldn't appreciate a digital asset that grows on its own, free from the worries of taxation or government regulations on how much you can have?

I personally enjoy the fact that I'm in charge of storing and managing my crypto assets without anyone doing it for me.

Ever since I learned about the dollar-cost averaging (DCA) strategy on this forum  I've been committed to acquiring at least 1 BTC. It doesn't feel impossible anymore.

Even though BTC is banned in my region, I've found a community of crypto enthusiasts on this forum, sharing and gathering information. I strongly believe that crypto will someday be accepted worldwide.

As for my favorite reason for choosing Bitcoin over fiat currency, it's the sense of control and potential for growth that it offers. Plus, I'm in good company here, so feel free to share your thoughts too! 😊

If your interested in DCA I think you should follow up on this thread
https://bitcointalk.org/index.php?topic=5132720.0

Cryptocurrencies are not designed to evade tax and it won't be too long for the government such as IRS to track your assets cause everything is almost KYCed now so if you are someone dumping huge amounts in Bitcoin and not paying taxes then you are not safe.

If the status of bitcoin is banned in your region then you should be more careful even when you are holding and trying to accumulate funds via decentralized p2p modes only not in any way that includes exchanges or other parties related to crypto in their bank accounts.

Ask from those who living in country where crypto regulated and pay big fee when they deposit or withdraw. Indians brothers have to pay 30% tax for trading and sooner or later all countries will also follow them and I also support users who pay their tax on time which is sign of loyality towards country.


Yes DCA is best choice if anyone want to buy btc for long term. every dip is opportunity to increase your number of btc. If you add btc time to time without thinking of selling then yes one day you will be owner of whole btc



Is there any law made for cryptocurrency or you are saying banned just because buying through credit card is not allowed. In my country, Bitcoin is not fully banned but we cannot buy/sell openly. If btc is fully banned then P2P is also not secured because your all data is recorded.

You're right that Bitcoin is a digital asset that's free from regulations but it doesn't grow by its own there is a huge community to help it grow and they all are the supporters of the Bitcoin and its concept. Bitcoin can be acquired without any taxation but it isn't free from taxes and if the authorities found that you have enough Bitcoin then you may have to pay taxes. IRS has classified Bitcoin as a property and that's why it isn't free from taxes anymore in some regions.


That's a great strategy to acquire 1 Bitcoin because with that strategy you weekly or monthly spend some percentage of your earnings to purchase Bitcoin and if you continue that for some years then you'll be a proud owner of a Bitcoin.



I would recommend you to be careful with your investment in Bitcoin if it's banned in your region. I know that this forum is the best place where most Bitcoin lovers are present and you'll get a lot of information about Bitcoin from this forum but still you should be careful when investing in it because if something is banned in your country then it's a trouble taking job to hold that thing. I would recommend you to be very careful because if your government somehow gets information about your Bitcoin holdings then they can seize your coins and take legal action against you.



Well, almost everybody is interested in Bitcoin because of its decentralization and its potential to grow higher in value. The features that Bitcoin offers are unquie and the community that is backing up it is also huge. Fiat isn't anywhere close to Bitcoin when it comes to sense of control and that's why it's always better to choose Bitcoin and continue investing it in a secret way. Never ever tell anyone about your investment and again be careful because investing in it in a banned region may have some risks involved.

Don't misinterpret bitcoin to an asset through wish you can invade government taxes. Taxes are our obligation as citizens of a country . Yeah you can accumulate as much bitcoin as you wish but you have to pay your taxes where due.

Every human wants to be in control of his affairs and it's beautiful we have bitcoin giving us that opportunity and confidence at same time.

With an appropriate DCAing every bitcoiner will appreciate the equal advantage we all get in owning a bitcoin of our own or more through bit by bit purchasing. And when you possess the knowledge of knowing when to DCA at every intervals when the opportunity opens up in the market you'll be accumulating in profit.

A skeptic will remain as a skeptic for a long time but it doesn't mean that they won't change for the better. That friend of yours could have been skeptic to you even long time ago but soon he'll get to see how successful you are.

But that's not the point of it.

With his curiosity, everything is going to change when that matter ticks on his mind and it's becoming a more interesting question to him why you've been firm and keeps on doing what you've started as a bitcoin investor that does DCA.

I did not quite really understand what do you mean by faits. Are you trying to say, that Cryptocurrency beats fiat at every point? If yes, then you should edit your title, and be careful next time while creating a new topic. You are most welcome to make new topics but please try not to make topics blindly and in a sense of hurry.

Try to remain calm, make a topic, then read it again. Then post it.

And you should write BTC instead of cryptocurrency. Because in cryptocurrency there are alts involved too but if we only write BTC then the statement becomes more valid. Other than that, I totally agree with all of your facts and I am a promoter of BTC as I also do DCA at the rate that I can.

If the bitcoin or cryptocurrency need to change the fiat system,it need to wait.Because already the USD was spread all over the world,many of my friends also holding the cryptocurrency for the change.The system need to change for the better change in the currency world.The United States dollar had huge root in the currency world,the most of the countries in the world had their reserve in USD of the currency world.The world economy was depend on the cryptocurrency now on various form,many getting job using the cryptocurrency.

You are right about firmness. because doing DCA is not an easy task. It needs consistency, and dedication to accumulate BTC The OP seems to be so optimistic that he thinks accumulating 1 BTC is not impossible, and indeed it is not impossible, and one can really accumulate 1 BTC easily, but the journey is so hard for one to follow.
 
And it might take some time to get some good results to prove your skeptical friend wrong. But the point should not be that, as you mentioned. The point should be. To accumulate as much BTC as one can. Either by doing DCA, lump sum, or buying at dips. Whatever the method is, after accumulation, they go through the phase of holding it for an extended period of time to make a profit out of it.
 
Dear OP I hope you will reach the goal of 1 BTC soon and god will help you.

Op till now I don't understand your TOPIC and if there is a mistake please revisit your topic and make it more clear for us to understand. Well bitcoin is free from taxation if you are using p2p but when you are using centralized exchange, you pay tax though not all but some. Most local exchanges ask customers to pay transaction fee but I have not seen that in international exchanges like Remitano and Binance but Busa pays transaction fees. Cryptocurrency {bitcoin} makes things easy for the new generational technology age. There is no physical verification and identification. Those countries that have ban cryptocurrency are just wasting themselves, because people are using p2p to bypass the ban. Like my country we are not even feeling the impact of the restriction by banks.  

Just we wait and in the near future we find out cryptocurrency being taxed.  Another thing, if we sell our cryptocurrency in profit we are obliged to pay tax for its profit since cryptocurrency is considered as an intangible asset.


Who don't?  Well only lazy individuals and afraid of responsibilities let the exchange hold their cryptocurrency for them.  But for those who knows what they are doing, they are fond of holding their own wealth since control is always beautiful if we have them.



Corrected this one for you  :D.  I believe the right term is evade.

Using or investing in Bitcoin has so many benefits which sometimes force individuals to violate the laws of the land. If bitcoin is banned in your country and citizens are banned from owning it you have to be careful. You have to learn how to maintain privacy to avoid punishments. Bitcoin awareness has continued to spread even in the face of government restrictions. Like in my country, the number of Bitcoin users has kept increasing regardless of the restrictions placed on it. The people are embracing the currency because it is a potent hedge against inflation.

I like the word 'potential' because it is not certain that your investment will grow, sometimes it declines. But history has shown that it is better to keep money in bitcoin than fiat.  DCA is the right strategy to accumulate bitcoin but one can adopt the lump sum strategy if the price drops to a significant level and you can afford it.

The hedge against inflation is my second most favorite advantage of it against fiat currency. With this one can hold on to an asset that doesn’t depreciates and it is not hard to get like precious metals with similar advantages. The ability to also transact without having to covert from one currency to another is also important advantage.

My only advice is one to invest not all ones money into it so that you can hold on for longer time. Rushing to withdraw your bitcoin after investing everything into it all the time of emergency is bad

You can have both and they are distinct in their use and application apparently. Although the control of ones income is more certain with cryptocurrencies compared to fait where the government and other monetary agencies are keeping an eye out for customers.
The charges needed to complete international transactions and trades might also be too high when compared to crypto, hence why I can agree that crypto beats fiat both in its ease of using it and carriage.

The reality is that, you will find yourself oneday in a physical environment where only fiat is used, there's no network or internet coverage and few persons with crypto knowledge. What then becomes of the coins in your wallet when you are stranded without fiat in hand?

I would not blame your friend so much, he I probably just ignorant about what reasons you have in saving your funds by yourself in crypto-currency, yes there are many financial threats like ponzi (MMM e.t.c) that people have bad experience with so the are more skeptical about saving, sending their funds anywhere that isn't the banking system.

I think a proper enlightenment can really go a long way in educating that friend of yours, also on your part you should also know how to deal with crypto-currency seeing you coming from a region where crypto is ban

I hope you are making use of anonymity preserving tools like Tor, otherwise your government already knows about your account in here.

One of the fun of DCA is the fact that you already have a pre determine amount of Bitcoin to accumulate along the way,  and this mindset will guide you in your approach to the market and this is one if the cardinal point that have motivated a lot of us in our quest to accumulating Bitcoin using the dollar cost average to approach and take chances in the market.


Bitcoin have been the best alternative to fiat in every sense of it and this have been the main reason why most people to store the money in Bitcoin instead of saving your money in a bank that doesn't give them any form of interest and subject their balance to taxation.

It is indeed the lack of understanding about Bitcoin the reason why his friend is puzzled why @OP is saving his money in crypto. If his friend is knowledgeable  about cryptocurrency then he would not be asking that question. 


I like cryptocurrency because of its feature of boundless transfers.  It is not controlled by any third party financial system and we are free to send and receive coins from any part of the word.  Aside from that cryptocurrency enable the unbanked to participate in the global economy.

Cryptocurrencies like bitcoin and altcoins are volatile assets that have no fixed value. Stable coins are cryptocurrencies that are pegged to the US dollar and have a more stable price value. It’s not advisable to store all your money in crypto. You need to have just enough fiat in the bank to cover your expenses and lifestyle.

Bitcoin and other cryptocurrencies are taxable assets, it just depends on the government of the country where you live. I know bitcoin is taxed in the UK, and some bitcoin investors struggle with the calculation because it kind of tricky, do you pay tax based off your initial purchase or the ROI. It’s easier if you have a professional who handles your books on your behalf, tax evasion is a serious crime and bitcoin wasn’t created to help people cut taxes.

I don't understand why people are always coming up with the crypto is anti-fiat comparison. At best cryptocurrencies is anti-capitalism, but never did anyone specify that crypto is against the use of fiat.

Come to think of it, outside of El Salvador and any other country on the planet that uses bitcoin/crypto for payments and transactions you could never find any place that doesn't require you to pay with fiat for goods and services, try giving them bitcoin and see how sour their faces turn into once you say that to them lol. Crypto is your leverage, it's what you use to make sure your fiat's never losing its value against inflation, with the added bonus of turning a profit at the end of it. Fiat is what you use to transact and remain alive in this planet. If you single out crypto cause it's great and you can use it for transactions what you'd only end up with is yet another fiat in the making. It's time to stop comparing crypto and fiat cause these two work hand-in-hand, not against each other.

I like it when I see newbies making some nice research and I also like reading my post with tone of mood the op or writer might be and from your writings, I could feel the joy you already have for holding btc and I hope the joy stays and last forever.
I was wondering how you also manage cope with the transaction fees when doing DCA?
personally,  one of the major reasons I enjoy cryptocurrency, bitcoin precisely is the ease of buying and also selling it and also the fact that it aids international transactions in the shortest possible time.

Aside from the fact that fiat is government backed, I don’t see any reason why people will always prefer to save in fiat currency on some local bank account and not have there savings in bitcoin rather. The doubt has always come in when it comes to the government perspective of them but, that’s how shallow or little they know of the currency.
If they knew any better, they would have found reasons to take advantage of this time that volatility is very much playing out on your hodlings over time.

That’s the point, that’s why uou don’t have to procrastinate on buying bitcoin. You don’t have to look down on the little you start your investment with or continue to build a portfolio on. You have to understand that, it gets easier as you go and so long as you keep topping your portfolio, your goal of 1BTC is just at the corner.

What's even more interesting is that they constantly compare bitcoin with fiat, they are ready to talk bad about fiat  everywhere and praise the beauty of bitcoin. But then their real lives still use fiat money every day, including banks, they wouldn't even be able to survive if their lives didn't have fiat. It's confusing that we want to badmouth it everywhere but eventually we will convert our bitcoins to fiat and use fiat.
I agree with you, we should stop comparing those 2 with each other because we have different tasks and use cases.

Well, if you think you are "free from taxes" then you are wrong.... because the government will eventually figure out what you are doing and they will throw you in jail or give you a hefty fine.

The fact that Crypto currencies are banned in your country, makes this even worse for you, because you are not just breaking one law... but also the law that prohibit Bitcoin ownership.  ::)

I would say that 10 years of bitcoin provided an answer to everyone who had doubts about owning it in its entirety. Designed as a modern financial system and a transaction tool to make it easier for anyone and anywhere to do it.
Bitcoin was not designed with the intention of defying government regulations by avoiding taxes or other regulations.

Bitcoin only offers a solution to the financial system that is very easy and fast without the need for a third party. If the government wants to use the bitcoin network, of course it is allowed. But unfortunately, bitcoin is considered too negative which can have a bad impact on people.

Bitcoin users are fully responsible for their bitcoin ownership. My keys, my coins.

Whether it is cryptocurrency or fiat, it always have its importance and the advantage over the other. When we make use of it, we should make use of the good part than the bad which in reality is a difficult thing. It is really impossible to end the usage of fiat all around the world. The fiat system serves to be the backing, whereas cryptocurrency is developed as an alternate to fulfill what is being missed by the fiat system.

Different people have got different reasons for holding cryptocurrency. Tax evasion shouldn't be considered a reason. In the past people benefitted out of it, but things have changed over time. This is one of the reason why governments fear of legalizing cryptocurrency. Surely technical progress will be made by government to tax on cryptocurrency profit. As mentioned having control over own funds can be considered the best, along with the limited supply that assure with the growth on the investment.

Currently, most people's view of cryptocurrencies such as bitcoin is that they still consider them to be foreign and unclear assets. So it's natural for your friends to ask you this. Because maybe your friend only knows about cryptocurrency, but doesn't know what system runs in it.

Maybe in your country cryptocurrency is free from tax money. Because as you wrote, cryptocurrency is still illegal in your country, so you can be sure there will be no taxes for crypto investors. But in the country where I live, cryptocurrencies have been legalized as commodity assets, or rather they can be used freely as investment assets and are therefore taxed. Even though it still cannot be used as a means of payment, what is called tax money has been applied. So basically if you think that cryptocurrencies are completely tax free, I think that is an inaccurate opinion. So it is clear that government regulations regarding cryptocurrencies in several countries, including my country, have always existed.

Yes, this is a common reason for investors in the crypto space, especially for bitcoin investors. Because of the freedom in managing assets and its very promising potential, public interest in Bitcoin is increasing every year. So it's not strange for me to see why you like Bitcoin. Because I personally and maybe other investors also have almost the same reasons as you.

When you buy or sell, you have to pay trading fee to exchange but trading fee is not painful because it is not too expensive. The more and most expensive fee is withdrawal fee from your online account to your non custodial wallet.

Because exchange does not charge you too high trading fee but about withdrawal fee, they charge it not in percent of your withdrawal value but with a fixed withdrawal fee. The smaller your withdrawal value is, the more expensive cost you will feel with each small withdrawal.

You can complete your trade with Bitcoin on centralized exchanges very quickly and easily because Bitcoin has very high trading volume.

But your writing is inaccurate, if it is about transaction time, confirmation time, Bitcoin blockchain is not designed to give you confirmation after a few second or one minute. Sometimes, if you are lucky, you will have quick confirmation but the average block time is 10 minutes.

I think a lot of people are doing that now, but in my situation, I'm not doing DCA with Bitcoin because, even if I want to do DCA with Bitcoin, I won't be able to save Bitcoin that will reach 0.1 btc until the next year of halving.

Because only small capital can do it right now, it's better for me to shift to other crypto assets that I will hold for the long term, and there is still the same risk with Bitcoin or crypto. So I decided to take a risk on other cryptos like Matic, Ada, Shiba Inu, Bonk, Arb, and Pepe Coin. Others may not agree with me here, but it's okay because this is the choice, and I studied and researched it.

With the DCA method, you will minimize your risks and get the best performance even when the market is experiencing huge fluctuations. It will also protect you from the risk of buying assets at the wrong time. Since it doesn't require a lot of capital and advanced knowledge, it is one of the most preferred methods for beginners and small investors.

One of the biggest advantages of DCA is that it allows me to balance my investments and i am no longer under pressure in the market. It is not impossible to have 1 BTC with the DCA method and the more i see the contributions that the forum has created, the more I am connected to the forum. It is very good that DCA inspires you.

Those who don't understand the advantage of storing your bitcoins waiting for the price to rise or just merely saving it with the means of totally securing it by yourself are ignorance of how the banks work and how it always remains at the top to take their money in the name of securing it. there has been no good chance such as bitcoins and now that we have it right now, we should take advantage of having at least a small amount of it in order to have our own personal wallet. so that when the time comes that we decide to convert most of our assets to bitcoins, we no longer have a hard time doing it and we already know how to protect it.

Unfortunately for you OP, you can't evade tax with crypto, and I read that you said that crypto is ban in your country. I hope you know what you are doing, do not go online and start telling people about crypto, people like you needs to pretend as if you have never heard about crypto before, when others are buoyant to say a word about Bitcoin you should pretend like you know nothing.

If I were you, as you are this passionate about Bitcoin, I will leave that country and move to another, if your whole life is built on a crypto way of living it's better to leave, for your own sake, unless you are an expert at covering your every involvement with crypto.

Is your friend also from your country, which crypto is been banned? If yes that's even more dangerous, this could even be the reason why he is advising you to keep your money off crypto, people like them don't know that trading using P2P is still possible and it keeps all record of crypto involvement clean.

Do be careful out there.

I disagree with your point of view, especially when it comes to your claim that Bitcoin is "free from the worries of taxation or government regulations."

Although you find yourself in a region where Bitcoin is banned, let's not forget that cryptocurrencies are increasingly coming under the scrutiny of tax bodies and regulators worldwide. Ignoring these facts, in the long run, can lead to some unpleasant surprises. Also, storing and managing your assets personally could mean that you alone bear the responsibility of potential losses due to hacks, poor management, or volatility.

Crypto or Bitcoin is not a tool to evade tax. You will need to pay the tax on it no matter what but it is not our practice because the tax department won't know that you own it unless you've declared it to them. Since crypto got famous in our country our tax department keeps announcing that we should go to their office and declare our crypto holdings so that they can calculate how much tax we are paying. But people don't declare instead they keep quiet. But that doesn't mean that you'll use crypto just to evade tax.
 

What I thought of when reading this is that it sounds like the OP is trying to use bitcoin to avoid taxes and get around the law :D. 

I also just replied in another thread, in the future, I believe governments will lift the ban and bitcoin adoption is inevitable.  but with it will come a raft of regulations and taxes, things they will never spare us.  I believe that taxes are also one of the many reasons why governments accept bitcoin because they do not want to lose the huge tax source from the cryptocurrency market.

As we look at these goals, sometimes we're already giving up if we're looking at the price and think that it's impossible to collect and acquire 1 bitcoin in the long run.

But that's the keyword, and that's how long we're going to stay in here. That's why as we stay for long, we're firm to our decisions and no one can change that because we've experienced how this market is so bad during the bear markets but it's also giving the best days of our lives.

Can you please try to elaborate when you say Bitcoin is banned in your region? It is not allowed to own Bitcoin or not allowed to buy it locally from your region?

I agree with this especially since you are from the U.S. even if you own Bitcoin and sell for fiat, you really need to pay taxes for it. For me, there's nothing wrong about it because it is also another way to for scammers or hackers to avoid using Bitcoin for any illegal things because they could abuse it especially if there's no tax at all on it.

those people who sceptic about btc can have their opinion and decide what they doing but at the end those people only see many other people who own btc become rich and they didn't get anything from btc. no one force people to buy btc unlike government who force me to use national currency in my country, but I am okay to use my national currency because of the current economic system.

Bitcoin was created not for the purpose of tax evasion, but because it is related to our privacy, I think many people will not declare and pay full taxes to the government. People aren't evading taxes, they're just trying to protect their privacy. Are you paying taxes to your government? As for me, I really don't want to let them know I'm involved in cryptocurrency, I'm not afraid of paying taxes because that's how we contribute to the economic development of the country. Furthermore, I don't know what will happen if one day the government issues a cryptocurrency ban and imposes prison sentences on cryptocurrency owners. So I will continue to choose silence.

If those people only want to see many who own Bitcoin become rich, they will be disappointed and ask themselves why they did not follow their steps. But at that time, they did not decide to invest in Bitcoin instead just laughed when someone came and told them about Bitcoin. They do not search for more information about Bitcoin or ask that person what it is and why they should invest in it.

They will regret it when they see the Bitcoin price increase to a higher price. And if @OP can continue accumulating more Bitcoin, especially now, I am sure he will have a chance to have at least 1 BTC. If he can make a big profit, he can come to his friend and show what he already got from Bitcoin. But that does not guarantee his friend will follow his way because investing in Bitcoin is an option for everyone.

We can not force them if they do not want to invest in Bitcoin and leave them alone. Let them see what we can achieve with Bitcoin.

Investing in bitcoin is a good option for every individual many people who invest in bitcoin panic and sell when the price goes down, then they take more risk because they feel depressed when the price goes up. For this reason you need to use a good wallet to hold bitcoins and wait patiently. Crypto is risky for many reasons but the biggest reason it is a safe investment is that it can have huge price swings in the blink of an eye. There is no such great opportunity to invest in bitcoin. Nothing will affect bitcoin the government does not control and cannot operate the banks.

Depending on where you live, the worries over taxation can be different. In some places, you are expected to pay taxes on your cryptos, and not paying them can feel like a significant crime that a person would rather avoid committing. On the other hand, there are countries like mine where taxation in general is so lax that nobody cares about it, even with fiat money, because there's a mutual understanding in society that not paying income taxes is something so many people do that it's normalized, even though it's technically illegal.
But yeah, Bitcoin is a good currency, so I'm happy the op is giving it a shot, but it's important to be careful if cryptos are actually illegal and one can get in trouble for owning them.

Well most of the points are definitely true however it’s getting worst (sadly) with the time considering many countries are imposing heavy tax toll on our bitcoin. Though it doesn’t mean we are out of race, there are many loopholes to avoid this with p2p system but yeah things are weird. However, we will always have an upper hand whatsoever.

P2p is what we need to stress more and practice more. Meanwhile, fiat is already having lot of backend issues such as our money isn’t ours and you have to explain every bit of dime and it’s existence to the government. So definitely Bitcoin surpasses the test.

Another possibility for those that want to avoid the heavy taxation is to move to a country with friendly regulations which does not tax your earnings, as this market gets bigger and more influential I am sure that tax havens will be very interested on doing this as this will increase their profits even further, and in that case those with enough bitcoin on hand could move there and be able to profit from this market without having to pay any tax and do so legally.

Surprisingly, not paying taxes has become a norm for some people, even though its against the law. Significant socioeconomic gaps may result from this. The community as a whole suffers when taxes are not paid because vital public services may not receive enough funding. Although Bitcoin and other cryptocurrencies provide some privacy, using them is not an excuse to break the law.

Recall that just because tax evasion has become commonplace in a given country, it still doesnt make it acceptable. Despite their decentralized character, cryptocurrencies like Bitcoin shouldnt be employed as a means of facilitating this avoidance. Although its encouraging to hear favorable opinions about Bitcoin, everyone should behave sensibly and within the law.

Well, there are some people who don't appreciate digital assets, maybe for reasons best known to them, or perhaps not everyone is very educated about the advantages of investing in bitcoin. Everyone knows what they want and where they wish to make their investment. Some people like stocks more than crypto currency; it's just a choice, but there's a saying about never carrying all your eggs in one basket. Perhaps, depending on the level of your income, you can still invest in Bitcoin and have something else you are also investing in. Yes, like you have mentioned, bitcoin has some advantages, like having your asset in your full custody without your identity being revealed unless you personally want to do so.