It depends upon the volume that you are dealing with. If there is a large volume, I understand that there are tax advantages to an LLC. If you wait to take profit for one year then your capital gains taxes are greatly reduced.

Another way to reduce taxes is to itemize on your tax return and list ALL of the expenses incurred in getting your BTC. Power for mining, hardware, software, rental space, tech support, anything you have to pay for in obtaining the BTC is a deduction from the overall profit made.

Another angle might be to simply convert the BTC to Gold. You still would not be converting it to cash and could hold onto the gold. I understand you can do this on EOBOT.

Best:

George D. Greenberg, Esq.
www.attorneybitcoin.com

Thank you agent.

Morantis will you kindly delete your question regarding no record of my being an attorney? I am licensed and have been practicing for 24 years. The Nevada Bar has had me listed as such the entire time. Did you have a question Sir? 

I have been a Bitcoin attorney for 3 years and was a speaker at Inside Bitcoin in Las Vegas at the Flamingo. Best: George D. Greenberg, Esq. www.attorneybitcoin.com

Well put, Sir.

In the question above the facts assumed that the country (in which the BTC was used to purchase a good or service) did not recognize BTC. I believe it would be irrelevant whether the country recognize BTC as legal tender as the parties to the agreement both agreed that the BTC had value. This is not illusory as BTC does in fact have value. An agreement was struck and consideration was given. 

As to the measure of damages; if the BTC were considered personal property, it would be as if I were giving a valuable painting in consideration for a software program. The measure could come in the form of an expert opinion as to the value of the or painting at the time of the transaction.

A court could order specific performance, that the seller deliver the software program paid for, or monetary damages, which is more likely, which would then require (as you stated) an expert to determine the value of the BTC at the time of the transaction, and then reducing this to a fiat award.

AttorneyBitcoin

www.attorneybitcoin.com

 

Dear BTC/Crypto Service Announcement Forum:

As an experienced BTC attorney I'm happy to answer your questions here. But please read below so that I can help the most people.

I have noticed some misinformation in many of the answers here. Either from ego or from the misinformed informing the misinformed. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers. I can only give legal advice to laws in the United States but can discuss other countries in general terms

In sharing my legal expertise as a BTC Attorney for no charge here, I respectfully ask that your questions not be just out of curiosity but that you have in place or at least a good start on a business venture related to crypto currencies. That way the advice will go where it is most needed and we can all learn together. While I am happy to have initial answers and discussions here, anything that goes beyond that should then be addressed to me by PM. For more in-depth advice I do accept any coins listed on Bittrex or Poloniex.

Thank you.

George D. Greenberg, Esq.
AttorneyBitcoin
Las Vegas, Nevada, U.S.A.

Well put and you are on the right track. In the question above the buyer wanted to sue for some form of breach and was concerned that by having used BTC as the consideration (value traded) that a court would not deem the transaction as legal. My answer was that you can use any form of value as consideration to a transaction, as long as both parties agree to the form of the value of the consideration. The parties will be then be bound under law if there is a breach. Best, AttorneyBitcoin, www.attorneybitcoin.com

If you purchased something using BTC, in any country with a civil system of law, where you can sue for breach of contract, it will not matter if you used BTC, as long as you can show proof of delivery of your BTC to the seller and the failure of the seller to deliver the goods or services paid for.

It would be as if you traded a designer purse for a piece of art. If you can show that you sent the purse, that it was received by the seller of the art, and that the seller breached your agreement by not delivering the art to you, then you have a case. You will likely need the contract in writing. 

I think this would at the very least be considered personal property that has value. If I were filing a probate with court I would definitely list this as an asset of the estate. An Executor could hire an expert to retrieve the coins and convert them to cash in favor of the estate. George Greenberg www.attorneybitcoin.com

Dear BTC/Crypto Legal Forum:

As an experienced BTC attorney I'm happy to answer all questions here.

I have noticed some misinformation in some answers here. When it comes to taxes, laws and regulations, guessing or opinions are not helpful and can easily lead to problems. Most solutions to all the questions here can be summed up in a few short answers.

I can only give legal advice to laws in the United States but can discuss other countries in general terms. I've been involved as an attorney and a miner in BTC and Crypto's for 3 years. During that time I have represented many client's involved in our crypto world. Happy Mining!

George D. Greenberg, Esq.
AttorneyBitcoin
Las Vegas, Nevada, U.S.A.
www.attorneybitcoin.com

Great Post. I have been involved with crypto for 3 years as an attorney and as miner. I have met and discussed these things with those at the higher end who create macro policies and those in various endeavors at the micro or mid level.  Two of my best client's, who have been able to stay in business, helped me to create a list of elements needed for a successful alternate currency. The list is not exhaustive but I challenge others to add something meaningful to it. I do not name my client's as I have not sought their permission to do so.

These elements are for coins and not necessarily directly meaningful for businesses surrounding coins such as trading exchanges, cloud mining, day traders, and those on the cutting edge of utility in application, although it effects them. It seems that utility is where most come up short, and as to those that have great promise in utility, those come up short in other elements of a successful coin.

BTC has widespread utility. It can be used to purchase an enormous variety of goods and services. It also of course cuts middle man costs drastically, and in general makes for a more accountable eco system with open source, block chain and yes, regulations. It should be noted though, that many of the newer coins do many things better than BTC does. I'm just saying. There is lot's of room for improvement with BTC and we should look to and marvel at these innovations.

BTC and crypto are supplements to our financial systems. The thought of BTC or crypto replacing fiat in our lifetimes is, in my opinion, and respectfully, not realistic . Money is hard to come by and people in general want safety and security. The last I looked, the Feds do not give FDIC for alternate coin holdings.  

For the average person or business to take the trouble to understand and use alternate currencies, the currency needs to be made easy to acquire, use and also present a compelling alternative to fiat in a given situation. I say "currency" loosely as alternate currencies are in general not considered by Fed and States to be a store of value and a medium of exchange that can be used at a later time with a different party; although when it comes to taxes, miraculously, they are given some weight in these areas.  

The List:

Keys to a successful alternate cyptocurrency:


1. Market Cap: While obviously important is only reflective of how much money is invested into the coin; some from venture funds but more likely the majority from individuals who hope the coin will actually flourish and make them money. Most of those who buy/invest in any given coin are not likely to be sophisticated in what will make a coin flourish and last.


2. It Does Something Useful: Such as lend computing power; provides a unique platform for business; increases public acceptance and confidence, has uses in a particular industry such as online action/strategy games, adult, gaming; acts in a more anonymous fashion or acts in a fashion that is compliant with AML, KYC and the like; is a collectible item, targets a particular market or markets, has a unique identity.


3. It Works: It works better than predecessor coins, it works quickly, efficiently, cleanly, securely and is highly resistant to hacking.


4. It has POS Staking/Inflation Balance or Effective POW Mining Access: If inflation is too high for a coin, it becomes untenable in the long term. If it is too difficult or unrewarding to mine, and/or hold, then users lose interest.


5. It has Several Sophisticated Developers: Ethical programmers and business persons, who remain involved with the coin for an extended period of time.


6. It has an Active Community: Investors who support, invest in and believe in the coin as viable and other interested persons.


7. It has General Utility: It gains public acceptance and is used and accepted increasingly for various value transactions.


George D. Greenberg, Esq.
www.attorneybitcoin.com

All initial questions and discussions are free.
I've been involved in Bitcoin/Alternate Coin Law for the past 3 years.
25 years as a practicing attorney.

Thank you.

George D. Greenberg, Esq.
Las Vegas, Nevada

Vendor Accepting GAM.

I'm excited about this coin and impressed with the group and am therefor accepting GAM as payment for legal consultations related to BTC, crypto currencies, other related AND non-related personal legal matters. My GAMBIT deposit address is:

Gbay4Hz7WXQ2pMBv6adFPZCAmNp6wEYxJS

Current price for telephone consultations up to 30 minutes is 120 GAM;

Best:

George D. Greenberg, Esq.

www.attorneybitcoin.com
7674 W. Lake Mead Suite 245
Las Vegas, Nevada 89128
702 796 5221

Thank you for the prompt and respectful response. I have my password, but under settings or even console there is no option to unlock wallet.

Is this proof of work? Proof of Stake? POSP? Also, I sent question to contact on web site and never received a reply so here I am asking the same things. I can encrypt and lock wallet but how to unlock? Also coins transferred in and wallet has active connections with nodes but no confirmations on coins, explain? From OP the download link goes to a page that is not in existence. Downloaded from web site. You can't have things like that at the very beginning Sir. This is a great idea right place/right time and I'm putting my money where my mouth is, but respectfully Dev, you are behind the curve already, and will lose respect quickly if you are not hands on, responsive and have a great team. It's all up to you but the competition here is fierce and amateurs are quickly revealed and discarded. Best of luck on your venture, believe me, the alternate coin community is watching this like a hawk so go for it. Better to have things near perfect and wait for release than to have a stumbling release. Best: GDGreenberg.  

I own 100,000 + and I'm not worried. This seems to be a steady enough Dev crew. I like their ideas. Calm down children, don't expect instant gratification or instant results. Let the Dev's take their time, do their work properly. I don't want forks or mistakes. If they don't get back to you in a few days, try again. Tell me, do you have hundreds or thousands of dollars invested? I kind of doubt it. If you do declare it and back it up and prove it to the community and your attempts to contact them and what the "important" issue was that needed "immediate" attention. Then you will get respect. Otherwise you are immediately known as an obsessive, chronically discontent or FUD. Deep Breath! Another Deep Breath! Things of quality take time.

This is a risky business. You places your bets, you takes your chances, suck it up, be a man and DON'T WHINE! Lol!  Best: GDG

So on the new POSP after 30 days of staking and the beginning of a new cycle I take it I will be able to transfer my coins to a new xde II wallet on another computer without incurring much of a loss as to the age of the coins?

As an attorney, bitcoin attorney, miner and student of crypto I have been watching, investing and studying these matters for over 2 years. Your discussions on this page are some of the most insightful, intelligent, honest and eye opening that I have seen. I applaud your sincerity, honesty and class. I'm going to download this wallet now and purchase. Best:  George D. Greenberg, Esq. www.attorneybitcoin.com

Love and forgive Sir. You can't control anyone. Be understanding and patient with yourself and her. Respectfully, talk about these things privately with the members, not on a public post. It is not only (respectfully) unprofessional but it could also be used against you later legally. Please feel free to write me personally if I may advise you. I'm sorry for your grief and trouble but you are a young man. Best: George Greenberg GDGreenberg@aol.com (attorneybitcoin.)  Deep breath.

How do I unlock wallet? No option that I can see.

Thank you for bringing this to my attention. I will review the site. My site is not perfect but I am certainly honest and real and have a depth of experience with btc and alt coins that very few attorneys can claim. I do take exception to your equating your "grading" my sentence structure et. al.  with businesses that are "scams." I have been serving the public for 24 years. Please forgive me if there are any spelling, grammar or sentence structure errors in this reply. I do my best. Most importantly, I only charge when I can provide a service of value and have been giving free consultations in this area of law for the past two years. George D. Greenberg, Esq.

I own 10,000 + Hyper Coin and have faith in the utility and community of this coin. Therefore I offer to accept Hyper Coin as payment for legal advice and services. Best: George D. Greenberg, Esq. www.attorneybitcoin.com