So let's say you sell 220 dollars monthly to help your family with paying bills, food and basic expenses. I am making around that monthly and I need to help at home. I have no job right now and I can't find one since my studies and I can only aim at really low paying jobs which suck so I would rather keep making money online with trading and websites. I don't make much but enough to not have to work to buy myself some stuff.
Anyway, if I sell 220 dollars worth of bitcoin every month, does this need to get taxed or the amount is so small that I don't need to report it?
It would depend on what country you live in. If you live in the US, I heard that the IRS is really strict and they do not want its citizens to miss paying their taxes no matter how small they are. If you live in a 3rd world country then it would not matter. Who pays taxes out there anyway?  |
|
|
|
|
I just watched a video where Tony Vays mentioned that it would help reduce bitcoin's volatilty if the price is really high something like $10,000 per BTC. He explained that percentage wise the volatility will be low since the price is so high. A $100 price move will be huge if BTC is at $600 but minuscule if it is at $10,000. Also the supply of BTC goes only up to 21,000,000 coins. With a limited and low supply, it would make sense that BTC should be high enough in price to become more stable and have minimal volatility. I hope that helps.
|
|
|
|
|
I predict that the next financial crisis will be caused by hackers hacking in the banking network and cause chaos by installing malware, planting viruses and other stuff they can do to subvert the whole system. Kinda like Mr. Robot but did you guys know that Bangladesh's central bank was hacked a few months ago with the hackers stealing millions? It could have been billions if not for the hacker's mistake.
There was an inside job that partly made that hack successful and how many disgruntled employees with the technical capability to assist the hackers today? I assume there is quite a lot.
|
|
|
|
Thank you for the payment!  |
|
|
|
|
Until we all see a solid floor price made above $600 then there is nothing to get excited about yet. This could just be a blip and then go back to how it was doing before this blip. What really is going to make BTC go up again unless there is something brewing that is not yet out in the news. By the time the news comes out, people sell it down and it is back to being flat or even slightly down again.
|
|
|
|
|
Yeah I agree. It would be almost impossible for BTC to move down that low. But a man can dream right?
Anyway I think I might eat my words if BTC continues to go up and stays above $600 before the year ends. I will be the first to admit that I have made a mistake because of my comment. But it would be a mistake that I would love to see.
|
|
|
|
no problem its price bitcoin under 600 dollar
in now price bitcoin is under 600 dollar, i think 500 - 600 dollar still good price
but bitcoin price under 400 dollar is bad price
$400 per BTC is a really good price! That's a bargain! How I wish it will go back down to that price so I could buy more for a cheaper price. There is a difference when a person in altcoins is saying that compared to a person who wants to hold only BTC. That's because bitcoins have become so valuable that a fall in price is considered a good opportunity. |
|
|
|
Quantum computing is a pipe-dream and if this becomes a reality, this computer will not only be able to hack Bitcoin, but also ALL encryption using SHA256.
I don't think that quantum computing is a pipe dream. It's just not ready for mass use today. But I can imagine that it will be in 10-20 years - today's computing technology wasn't ready in a few years neither. The quantum effects to be used in a QC are well researched and there's enough motivation to implement them in practice, because the advantages could be enormous and the current technology is approaching the limits of miniaturization. If cracking SHA256 becomes a reality, Bitcoin's crypto will need an update. In my view, it's reasonable to assume that there will be prior indications for this and plenty of time will remain to roll out an update. Nothing is forever, progress goes on. That's especially true in the highly competitive field of encryption. ya.ya.yo! I would be interested in hearing what one of the core developers think about quantum computing and how they think it will affect bitcoin. Are the core developers taking this seriously or are they taking this all lightly? If they are taking it seriously, what are their plans for bitcoin's algorithm and how soon do they think they can change it? |
|
|
|
Why should I pay a website a few satoshis to get rid of the ads when I can use an adblocker for free?
This doesn't make much sense to me.
It should be the other way around. The sites should pay us to bear the ads. I mean they are the ones who want something from us.
It's our time! You want me to watch your ads because you think you've got something interesting for me than pay me for that time.
That's how I see it.
This is a good point. The better idea would be to create a browser that blocks all ads and pays the users to have them disabled. A part from the site's share of profits from displaying ads should be able to pay for this even if it is only a few satoshis a day. This will make one good outlet for bitcoin's distribution to the masses. |
|
|
|
|
I would be much better for you to use Multibit or Electrum. Do not risk your coins being held by a third party. The reason why we all went to bitcoin is to have total control of our money. Why would you need to sacrifice that by needing to trust Blockchain.info? Bitcoin was designed to be trustless so do not put yourself in a position that would need for you to trust anyone.
|
|
|
|
|
What is the best way to back up a Multibit HD wallet? Sometimes my paranoia is making me think to encrypt the folder containing all the data and encrypt it using 2 or 3 different methods and then moving that folder in a USB. Is this too much? Sometimes the inability to see the private keys also makes me paranoid too.
|
|
|
|
Example: The Bank Account
Public illusion. A commercial-bank 'deposit' is as good as money. You will get all your money back, any time you want.
Reality. 'Deposits' are really loans to the bank which lends them to borrowers, some of whom may never pay them back. Another danger is that savers may ask for their money at any time, while loans by the bank tend to have longer-term maturities.
I think I just had an epiphany. This is what bitcoiners have been saying all along! If you want to disrupt the banks then do not make deposits to them. What you should do is "deposit" them where you have total control of your money! Buy BTC. Well it is not really "buying", what you are actually doing is converting fiat to BTC. So do it now and encourage the people around you to do it too. Enough with the BS of the banks. |
|
|
|
Categorization of Bitcoin is never ending discussion. It is a currency, commodity, property? This actually is a problem.
In one country BTC is currency in others commodity and some others are waiting...
Semantics and legal issues are the reasons why we don't have any serious bitcoin legislation in place.
In US bitcoin is classified both as currency (by U.S. Treasury ) and commodity (by Commodity Futures Trading Commission).
How simple people can be smart when even pros have no idea what bitcoin really is?
Maybe the regulators should make a new category. Then in that category they should start from scratch and create new laws for it. If they will depend on the system they have now then there would be a lot of holes a lawyer could find. One good example is the man from Florida who was charged with money laundering using bitcoins. The judge dismissed his case because the judge declared that bitcoin is not real money. I think the judge did what he did because he does not want to make a mistake that will set a precedent in the upcoming money laundering cases involving bitcoin. It was way over his head. |
|
|
|
You have to keep using Multibit Classic. Multibit HD will not work since you are currently using Multibit classic. Try sending again, hopefully you will not run into that error since the S values are random. Try enough times and eventually you will get a Low S. You should also upgrade to Multibit HD, see instructions here: https://multibit.org/help/hd0.3/how-to-upgrade-from-classic.htmlAbout that error. In the signatures, there is an integer called 'S'. The S can be two different values and still be a valid signature. The Bitcoin protocol made High S values non standard. Since S is random, eventually you will get one with a Low S value. One of my wallets is still Multibit Classic. Is the "high S error" happening specifically found only in the classic wallet? I have version 0.5.19 that was released on 9/9/2015 if that is of any significance. |
|
|
|
Mining centralization is done by China already.. 90% of BTC transactions are from China... Who ever said Bitcoin is decentralized? Only the development process is decentralized. This is the correct answer. The cartelization of bitcoin mining has made it more centralized as opposed to before when anyone can enter the network and mine with their CPU. The rising difficulty is making it more and more a competitive area for miners. You need specialized hardware if you want to join the mining. With that idea in mind who is to say if collusion between miners is not possible today? The only thing that is stopping them is their incentive will be reduced in value if they are caught colluding. The number of nodes are also going down because it is getting more expensive to maintain one because of the blockchain's size. There should be a mechanism to incentivize people who want to maintain bitcoin nodes. |
|
|
|
|
Most cloud mining companies do not start as scams in my opinion. I think they truly thought that they could compete and make ROI for themselves and their clients. Maybe it is out of ignorance or naiveté but the bottom line is we should be responsible enough to give them the benefit of the doubt.
As for Bitminer I cannot speak personally if they really intend scam from the start but I can surely say that their success to get ROI is very small. It is better to avoid all cloud mining sites.
|
|
|
|
Is it not already a known fact that the exchanges with 0% fees trade with themselves in order to create fake volume? The CEO of Bitcoin China already said this about Okcoin. Okcoin is already known to be creating fake volume. So it will not come as a surprise that the other exchanges that have 0% fees are creating fake volume too.
It's been proposed enough times but I don't know if it's been comprehensively proven. I remember some ex OKcoin employee saying they were told to keep it churning. There's nothing stopping them from doing so however there are probably enough traders ready to ping coins back and forth for it not to be a necessity. Well it would be a necessity if the exchange owners want to attract more users. By increasing their volume artificially it makes them look like they have a good and healthy operation with liquid markets. I mean who would want to have and own a low volume exchange? With all the questionable schemes that we have seen in the bitcoin world, it would be stupid of us not to believe that faking the volume is not happening right now. |
|
|
|
Bragging once your prediction comes true is good and all. But there's still months left before the end of the year.  OP's prediction will be refuted once it's December. With the approach of Christmas and all the shopping frenzy, I hereby predict the price will shoot past $600  Your prediction is still lower, while everyone is saying here that we will be above $1k and create a new ATH once that month comes. Let us see if OP's pessimism wins or our hopes, I believe OP will regret for his decisions. We will be on a steep rise from this horrible price trap in November. Don't worry, OP's just spreading FUD. Bitcoin's just following last halving's price trend, plus the Bitfinex hack. Sorry if you think I am just being pessimistic and I am not spreading FUD. The basis of my statement is from the movement of BTC's price. To me it is better to tell the truth based on what is happening now than telling lies that bitcoin will reach ATH basing it on nothing but hope. I am aware that many people will hate me for it but come on, let us not live in denial. Bitcoin right now is indeed weak and could go even lower which is good because we all could buy cheaper coins. |
|
|
|
|
Newbie question here. Can "Abandon transaction" be done on SPV or light wallets or do I have to use the core wallet to do that? I have the impression that light wallets should have that feature too but I am not really sure that there is one at the moment.
|
|
|
|
|
Isn't it possible to rebroadcast your transaction and add more in your transaction fee if you think that the low fee is what's causing the transaction no to go through? I read it somewhere in the forum that it is now easier to do with version 0.13.0. I am not sure if what I read was right. If anyone knows the correct information please explain in more detail.
|
|
|
|
|
Show Posts
