What are the tax implications of selling a physical coin on here? Is it different whether you receive cash vs BTC?
Assuming you are in the U.S., it is not complicated. It is property so you report it as capital gains. The gain is the difference between the price you sold it for (in dollars at the time of the sale) and the price you bought it for (in dollars at the time of the purchase). For example, if you bought it for 1.05 BTC on 2012/01/03 (I think that was his price), you paid the equivalent of $6. If you sold it today for 1.1 BTC, you sold it for the equivalent of $57,200. You pay capital gains tax on a gain of $57,194. |
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- Address: Bitcoins are sent to an address. An address is derived from its public key. It is not a public key or a wallet.
- Private Key: Used to control the bitcoins at an address. A private key is not a password or a seed.
- Public Key: A public key is used in a transaction and is rarely used directly by a person. A public key is derived from its private key. It is not an address.
- Wallet: A wallet contains and manages private keys and their associated addresses. A wallet is not an address. A wallet typically uses a seed to generate all of its private keys.
- Seed/Recovery Phrase: Used by a wallet to generate private keys and their associated addresses. A seed is not a passphrase or a private key. A seed is also known as a recovery phrase because all of a wallet's private keys and associated addresses are derived from its seed.
- Passphrase/password: A passphrase is used to encrypt a wallet, private key, or seed. A passphrase is not a private key or a seed. However, sometimes a seed will contain an extra word that is actually a passphrase.
Here are sets of terms that are frequently confused with each other: - Public key <==> Address
- Address <==> Wallet
- Private key <==> Seed <==> Passphrase
Terms that should be avoided because they are ambiguous or probably being used incorrectly: - Wallet address: A wallet typically does not have a single address associated with it.
- Public address: Use of this term typically indicates a confusion between the terms "address" and "public key". All addresses are public.
- Public Key: Typically this term is mistakenly used in place of "address".
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If you have no idea what the password is and no other means of recovering your account, then there is no hope.
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Fees are very high right now (> 90 s/vb). I think your transaction (62 s/vb) might be confirmed tonight, and probably sometime this weekend if not.
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It is relatively safe, but there are issues. One issue is that you can distinguish between the two parts and that lowers the security. Another issue is that you must find 6 secure places to store the data. That is a lot to maintain. Also, I believe that a 12-word seed in random order is not considered secure. You should use a longer phrase. There may be better ways to do it. Why not simply encrypt the seed and store that in a few places? This looks interesting: https://trezor.io/shamir/ |
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Blink twice if you're human. Your post reads like a derailed Markov chain. Can you restate what you were trying to say?
By any chance, are you talking about possibility of turing-complete script for Bitcoin?
P.S. i think this post was written by AI
LOL. That was my thought. I see lots of English words in mostly grammatically and semantically correct sentences, but expressing no meaning whatsoever. |
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Also, what was the longest period of time you had to wait for a confirmation?
There are currently hundreds of low-fee transactions that have been waiting for a month to be confirmed. |
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I updated the graph. It now shows the recent increasing volatility. Despite the recent volatility, the trend is still falling.
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Still no scientific proof against the existence of God. Simply play-babies' theory stories and mumblings, as expected from jokers who believe in the religion of science, rather than understanding science.
True, perhaps, but lack of proof of the non-existence (or existence) of a god is not evidence of the existence (or non-existence) of a god. Also, they are not the same. Compare: Theist: God exists. Atheist: What's your proof? Theist: Bible, appeal to authority, flawed logic, etc. Atheist: Not good enough. Atheist: God does not exist. Theist: What's your proof? Atheist: Sorry, you're right. I can't prove it. Theist: Aha! God has no intelligence - god just is.
Simply making a claim that something exists is not evidence of its existence. You'll have to do better. Plus, if a god exists but that's all, then what good is that? |
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NFTs have some utility, but I think what we are seeing now is just another version of CryptoKitties.
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When creating an altcoin base on bitcoin you generate a genius block private key which controls that chain. I assume it's the same for Bitcoin
What is a "genesis block private key", what is it used for, and how is it generated? What exactly do you mean by "controls that chain"? |
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That's a scam. 3. Paid accelerators. But they are overly expensive ( pushtx.btc.com shows 85$ you'd have to pay, as estimation )
Accelerators that are not offered by major pools are scams. These are the only pools that can accelerate a bitcoin transaction with any success: - Poolin
- F2Pool
- AntPool
- Huobi.pool
- ViaBTC
- SlushPool
- BTC.TOP
- WAYI.CN
- SBI Crypto
- OKExPool
- EMCD Pool
- NovaBlock
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People talk about bitcoin price manipulation as if it is an established fact, yet there is not a single example.
Somebody please show me a documented example of bitcoin price manipulation. Note that simple buying and selling, and rapid changes in price by themselves are not examples of price manipulation.
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"Bitcoin is 100% faith" is a meaningless statement. It is nothing more than an admission of ignorance.
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Ok so suppose I buy a laptop from newegg.com and pay with bitcoin. Is newegg going to send me a 1099-K form next year (as an exchange would)? Or should I manually add it myself to the 8949 form?
Nothing is sent to the IRS. You must track it yourself. |
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I was dumb years ago and wrote a seed phrase down, but with no info about what the wallet is.
It's a 16 word seed where the 13th word is custom. My hunch is a weird HD wallet on blockchain.info, but I don't see where I can recover with 16 words. I've reached out to their support. It could also be metamask or myethereum wallet, but looks like those don't work. MEW didn't work. I'm positive it is not a hardware wallet.
I don't think there is much crypto on this wallet (somewhere between $0 and $1k at 2017 prices), but I will give the person who helps me solve this mystery 10%.
Did you try this? https://login.blockchain.com/wallet/forgot-passwordYour phrase might be a legacy blockchain.info seed and this is where would you recover your account using it. |
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I'm not selling any bitcoins to the merchant. I am just paying the merchant with bitcoins directly to buy a product. (the merchant processes my payment through bitpay)
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So buying something with bitcoins as I explained above is considered "send" right? The bitcoins->USD conversion which is done by bitpay is done at the merchant side right?
No, not taxable.
That is not correct for the U.S. If you used bitcoin by cashing it on an exchange or buying goods and services, you will owe taxes if the realized value (the sale price of bitcoin, for example) is greater than the price at which you acquired the bitcoin. You may have a capital gain that's taxable at either short-term or long-term rates.
That is mostly correct. In the U.S, when you exchange bitcoins for anything, whether it is dollars, goods, or even other coins, that is a taxable event -- a capital gain or a loss. This explains everything: https://www.irs.gov/individuals/international-taxpayers/frequently-asked-questions-on-virtual-currency-transactions |
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Bitcoin is not a stock. So, I guess it doesn't matter what he thinks.
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...When it will increase more, what do you think, will the price manipulation be decreased? Or even effected? If we look at the Tesla announcement, it didn’t create huge changes. India may have a ban on crypto, that doesn’t effect the market. So, as we see the increase in mcap, will we see power of manipulation is decreasing?
Before you can say that it will or will not decrease, you have to show that it exists and you have to be able to measure it. |
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Elon Musk? I don't think he qualifies. He has done nothing except buy some bitcoins. Putting "#bitcoin" in his twitter bio doesn't count as evangelizing.
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